**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C.  20549**

 

**FORM 10-K**

** **

**(MarkOne)**

 
| **ý** | **Annual report pursuant to section  13 or 15(d) of the Securities Exchange Act of 1934** |
|------------|-------------------------------------------------------------------------------------------|

** **

**For the fiscal year ended December 31, 2001**

 

**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 0-20625**

 

**DUKE REALTY LIMITED PARTNERSHIP**

 

| State of Incorporation:                                          |   | IRS Employer ID Number: |
|------------------------------------------------------------------|--------|-------------------------|
| **Indiana**                                                      |   | **35-1898425**          |
|                                                             |   |                    |
| **600 East 96th Street, Suite 100**                              |
| **Indianapolis, Indiana 46240**                                  |
|                                                             |   |                    |
| Telephone:   **(317)   808-6000**                 |
|                                                             |   |                    |
| **Securities registered pursuant to Section  12(b) of the Act:** |

 

| **Title of  each class:** |   |   | **Name of  each exchange on which registered:** |   |
|---------------------------|--------|--------|-------------------------------------------------|--------|
|                      |   |   |
| None                      |   | N/A    |

 

**Securities registered pursuant to Section12(g) of the Act:  Limited Partner Units**

 

Indicate by check mark whetherthe Registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor 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  **ý**  No   **o**

 

Indicate by check mark ifdisclosure of delinquent filers pursuant to Item 405 Regulation S-K is notcontained herein, and will not be contained, to the best of Registrant’sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form10-K.   **ý**

 

The aggregate market value ofthe Limited Partner Units held by non-affiliates of Registrant is $357.5million based on the last reported sale price of the common shares of DukeRealty Corporation into which Limited Partner Units are exchangeable, on March1, 2002.

 

The number of LimitedPartnership Units outstanding as of March 1, 2002, was 16,930,124.

 

 

**TABLE OF CONTENTS**

 

**Form 10-K**

 
| Item No.   |   |
|------------|--------|
|       |
| PART I     |
|       |   |   |
|       | 1.     | Business |
|       | 2.     | Properties |
|       | 3.     | Legal  Proceedings |
|       | 4.     | Submission of Matters to a Vote of Security  Holders |
|       |   | Executive Officers of the General Partner |
| PART  II   |
|       |   |   |
|       | 5.     | Market for the Registrant’s Common Equity  and Related Stockholder Matters |
|       | 6.     | Selected Consolidated Financial Data |
|       | 7.     | Management’s Discussion and Analysis of  Financial Condition and Results of Operations |
|       | 7A.    | Quantitative and Qualitative Disclosures  about Market Risk |
|       | 8.     | Financial Statements and Supplementary Data |
|       | 9.     | Changes  in and Disagreements with Accountants on Accounting and Financial Disclosure |
|       |   |   |
| PART  III  |
|       |   |   |
|       | 10.    | Directors and Executive Officers of the  Registrant |
|       | 11.    | Executive Compensation |
|       | 12.    | Security Ownership of Certain Beneficial  Owners and Management |
|       | 13.    | Certain Relationships and Related  Transactions |
|       |   |   |
| PART  IV   |
|       |   |   |
|       | 14.    | Exhibits, Financial Statement Schedules and  Reports on Form 8-K |
|       |   |   |
| Signatures |
|            |        |  |  |  |  |

 

----

 

**PART I**

 

**Item 1.****  Business**

 

Duke Realty Limited Partnership(the “Partnership”) was formed on October 4, 1993, when Duke Realty Corporation(the “Predecessor” or the “General Partner”) contributed all of its propertiesand related assets and liabilities along with the net proceeds of $309.3 millionfrom the issuance of an additional 14,000,833 shares through an offering (the“1993 Offering”) to the Partnership. Simultaneously, the Partnership completedthe acquisition of Duke Associates, a full-service commercial real estate firmoperating in the Midwest. The General Partner was formed in 1985 and qualifiesas a Real Estate Investment Trust (“REIT”) under provisions of the InternalRevenue Code. The General Partner is the sole general partner of thePartnership, owning 88.5% of the partnership interest as of December 31, 2001(“General Partner Units”). The remaining 13.1% of the Partnership is owned bylimited partners (“Limited Partner Units” and, together with the GeneralPartner Units, the “Common Units”).  Asof December 31, 2001, the Partnership’s diversified portfolio of 913 rentalproperties (including 25 properties totaling 4.7 million square feet underdevelopment) encompass over 107 million rentable square feet and are leased bya diverse and stable base of approximately 4,500 tenants whose businessesinclude manufacturing, retailing, wholesale trade, distribution andprofessional services. The Partnership also owns or controls more than 4,200acres of unencumbered land ready for development.

 

The Partnership, through itsService Operations, also provides, on a fee basis, leasing, property and assetmanagement, development, construction, build-to-suit, and other tenant-relatedservices for approximately 400 tenants in over 8 million square feet of spaceat properties owned by third-party clients. With 13 primary operatingplatforms, the Partnership concentrates its activities in the Midwest andSoutheast United States. See Item 7, “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations” and Item 8, “FinancialStatements and Supplementary Data” for financial information. The Partnershipconducts its Service Operations through Duke Realty Services LimitedPartnership (“DRSLP”) and Duke Construction Limited Partnership (“DCLP”). Allreferences to the “Partnership” in this Annual Report Form 10-K include thePartnership and those entities owned or controlled by the Partnership, unlessthe context indicates otherwise.

 

The Partnership’s headquartersand executive offices are located in Indianapolis, Indiana. In addition, thePartnership has twelve regional offices located in Atlanta, Georgia;Cincinnati, Ohio; Columbus, Ohio; Cleveland, Ohio; Chicago, Illinois; Dallas,Texas; Minneapolis, Minnesota; Nashville, Tennessee; Orlando, Florida; Raleigh,North Carolina; St. Louis, Missouri and Tampa, Florida. The Partnership had1,050 employees as of December 31, 2001.

 

**BusinessStrategy**

 

The Partnership’s businessobjective is to increase its Funds From Operations (“FFO”) by (i) maintainingand increasing property occupancy and rental rates through the aggressivemanagement of its portfolio of existing properties; (ii) expanding existingproperties; (iii) developing and acquiring new properties; and (iv) providing afull line of real estate services to the Partnership’s tenants and tothird-parties. FFO is defined by the National Association of Real EstateInvestment Trusts as net income or loss, excluding gains or losses from debtrestructuring and sales of depreciated property, plus operating propertydepreciation and amortization and adjustments for minority interest andunconsolidated companies on the same basis. While management believes that FFOis a relevant measure of the Partnership’s operating performance because it iswidely used by industry analysts to measure the operating performance of equityREITs, such amount does not represent cash flow from operations as defined bygenerally accepted accounting principles, should not be considered as analternative to net income as an indicator of the Partnership’s operating performance,and is not indicative of cash available to fund all cash flow needs. As a fullyintegrated commercial real estate firm, the Partnership

 

1

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believes that its in-houseleasing, management, development and construction services and thePartnership’s significant base of commercially zoned and unencumbered land inexisting business parks should give the Partnership a competitive advantage inits future development activities.

 

The Partnership believes thatthe analysis of real estate opportunities and risks can be done mosteffectively at regional or local levels. As a result, the Partnership intendsto continue its emphasis on increasing its market share and effective rents inits primary markets where it owns properties. The Partnership also expects toutilize its more than 4,200 acres of unencumbered land and its many businessrelationships with nearly 4,500 commercial tenants to expand its build-to-suitbusiness (development projects substantially pre-leased to a single tenant) andto pursue other development and acquisition opportunities in its primarymarkets. The Partnership believes that this regional focus will allow it toassess market supply and demand for real estate more effectively as well as tocapitalize on its strong relationships with its tenant base.

 

The Partnership’s policy is toseek to develop and acquire Class A commercial properties located in marketswith high growth potential for Fortune 500 companies and other quality regionaland local firms. The Partnership’s industrial and suburban office developmentfocuses on business parks and mixed-use developments suitable for developmentof multiple projects on a single site where the Partnership can create andcontrol the business environment. These business parks and mixed-usedevelopments generally include restaurants and other amenities that thePartnership believes will create an atmosphere that is particularly efficientand desirable. The Partnership’s retail development focuses on community, powerand neighborhood centers in its existing markets. As a fully integrated realestate company, the Partnership is able to arrange for or provide to itsindustrial, office and retail tenants not only well located and well maintainedfacilities, but also additional services such as build-to-suit construction,tenant finish construction, expansion flexibility and advertising and marketingservices.

 

All of the Partnership’sproperties are located in areas that include competitive properties. Suchproperties are generally owned by institutional investors, other REITs or localreal estate operators; however, no single competitor or small group ofcompetitors is dominant in the Partnership’s current markets. The supply anddemand of similar available rental properties may affect the rental rates thePartnership will receive on its properties.

 

**FinancingStrategy**

 

The Partnership seeks tomaintain a well-balanced, conservative and flexible capital structure by: (i)currently targeting a ratio of long-term debt to total market capitalization inthe range of 25% to 40%; (ii) extending and sequencing the maturity dates ofits debt; (iii) borrowing primarily at fixed rates; (iv) generally pursuingcurrent and future long-term debt financings and refinancings on an unsecuredbasis; and (v) maintaining conservative debt service and fixed charge coverageratios. Management believes that these strategies have enabled and shouldcontinue to enable the General Partner and the Partnership to access the debt andequity capital markets for their long-term requirements such as debtrefinancings and financing development and acquisitions of additional rentalproperties. In addition, as discussed under Item 7, “Management’s Discussionand Analysis of Financial Condition and Results of Operations,” the Partnershiphas $650 million in unsecured lines of credit and a $100 million secured lineof credit available for short-term fundings of development and acquisition ofadditional rental properties. In addition, the Partnership has developed astrategy to pursue favorable opportunities to dispose of assets that no longermeet long-term investment criteria and re-deploy the proceeds into newinvestments that the Partnership believes have long-term growth prospects. Seeadditional discussion under Item 7, “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations.” The Partnership’s debt to totalmarket capitalization ratio (total market capitalization is defined as thetotal market value of all outstanding Common Units and Preferred equity plus

 

2

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outstanding indebtedness) atDecember 31, 2001 was 29.5%. The Partnership’s ratio of earnings to debtservice and ratio of earnings to fixed charges for the year ended December 31,2001, were 2.82x and 1.95x, respectively. In computing the ratio of earnings todebt service, earnings have been calculated by adding debt service to incomebefore gains or losses on property. Debt service consists of interest expenseand recurring principal amortization (excluding maturities) and excludesamortization of debt issuance costs. In computing the ratio of earnings tofixed charges, earnings have been calculated by adding fixed charges, excludingcapitalized interest, to income before gains or losses on property sales. Fixedcharges consist of interest costs, whether expensed or capitalized, theinterest component of rental expense, amortization of debt issuance costs andpreferred equity dividend requirements.

 

**Other**

 

The Partnership’s operationsare not dependent on a single or few customers as no single customer accountsfor more than 1.7% of the Partnership’s total revenue. The Partnership’soperations are not subject to any significant seasonal fluctuations. The Partnershipbelieves it is in compliance with environmental regulations and does notanticipate material effects of continued compliance.

 

For additional informationregarding the Partnership’s investments and operations, see Item 7,“Management’s Discussion and Analysis of Financial Condition and Results ofOperations,” and Item 8, “Financial Statements and Supplementary Data.” Foradditional information about the Partnership’s business segments, see Item 8,“Financial Statements and Supplementary Data.”

 

**Item 2.****  Properties**

 

**ProductReview**

 

As of December 31, 2001, thePartnership owns an interest in a diversified portfolio of 913 commercial  properties encompassing over 107 million netrentable square feet (including 25 properties comprising 4.7 million squarefeet under development) and more than 4,200 acres of land for futuredevelopment.

 

**Industrial Properties:**The Partnership owns interests in 663 industrial properties encompassingapproximately 81.8 million square feet (76% of total square feet) more specificallydescribed as follows:

**•****            ****   Bulk Warehouses -**Industrialwarehouse/distribution buildings with clear ceiling heights of 20 feet or more.The Partnership owns 435 buildings totaling 67.8 million square feet of suchproperties.

•                **Service Centers -**Also known as flexbuildings or light industrial, this product type has 12-18 foot clear ceilingheights and a combination of drive-up and dock-height loading access. ThePartnership owns 228 buildings totaling 14.0 million square feet of suchproperties.

 

**Office Properties:**  The Partnership owns interests in 239 officebuildings totaling approximately 25.0 million square feet (23% of total squarefeet) more specifically described as follows:

•                **Suburban Office -**The Partnership owns 235suburban office buildingstotaling 24.1 million square feet.

•                **CBD Office -** The Partnership owns fourdowntown office projects totaling approximately 861,000 square feet.

 

**Retail Properties:**  The Partnership owns interests in 11 retailprojects totaling approximately 840,000 square feet (1% of total square feet).These properties encompass both power and neighborhood shopping centers.

 

**Land:**  The Partnership owns or controls more than4,200 acres of land located primarily in its existing business parks. The landis ready for immediate use and is unencumbered by debt. Over 64 million squarefeet of additional space can be developed on these sites and all of the land iszoned for either office, industrial or retail development.

 

3

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**Service Operations:**  The Partnership provides property and assetmanagement, development, leasing and construction services to third partyowners in addition to its own properties. The Partnership’s current propertymanagement base for third parties includes over 8.6 million square feet ofproperties serving approximately 400 tenants.

 

**Property Descriptions**

 

ThePartnership’s properties are described on the following pages:

 
| **Project Name/  Location**    |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|--------------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| **In-Service**                 |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Industrial**                 |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Lake Mary, FL**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Technology Park I              |   | Fee                     |   | 100                              | %      | 1986                              |   | 5.51                    |   | 60,711                            |   | 94                                    | %      |
| Technology Park II             |   | Fee                     |   | 100                              | %      | 1998                              |   | 6.20                    |   | 67,185                            |   | 100                                   | %      |
| Technology Park III            |   | Fee                     |   | 100                              | %      | 1998                              |   | 5.16                    |   | 54,590                            |   | 100                                   | %      |
| Technology Park IV             |   | Fee                     |   | 100                              | %      | 1999                              |   | 6.00                    |   | 68,726                            |   | 100                                   | %      |
| Technology Park V              |   | Fee                     |   | 100                              | %      | 1999                              |   | 5.00                    |   | 46,481                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Lakeland, FL**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Lakeland Interstate Park I     |   | Fee                     |   | 100                              | %      | 2001                              |   | 9.95                    |   | 166,800                           |   | 0                                     | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Miami, FL**                  |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Beacon Station #22             |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 10.75                   |   | 179,832                           |   | 100                                   | %      |
| Beacon Station #23             |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 10.75                   |   | 179,832                           |   | 100                                   | %      |
| Beacon Station #24             |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 10.75                   |   | 179,672                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Orlando, FL**                |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Lee Vista Distribution Ctr I   |   | Fee                     |   | 100                              | %      | 1998                              |   | 7.26                    |   | 84,650                            |   | 100                                   | %      |
| Lee Vista Distribution Ctr II  |   | Fee                     |   | 100                              | %      | 1999                              |   | 7.04                    |   | 86,316                            |   | 84                                    | %      |
| Lee Vista Service Center I     |   | Fee                     |   | 100                              | %      | 2000                              |   | 5.30                    |   | 52,800                            |   | 0                                     | %      |
| Parksouth Dist. Ctr-Bldg B     |   | Fee                     |   | 100                              | %      | 1996                              |   | 7.50                    |   | 140,015                           |   | 100                                   | %      |
| Parksouth Dist. Ctr-Bldg A     |   | Fee                     |   | 100                              | %      | 1997                              |   | 5.58                    |   | 101,800                           |   | 100                                   | %      |
| Parksouth Dist. Ctr-Bldg D     |   | Fee                     |   | 100                              | %      | 1998                              |   | 6.32                    |   | 118,250                           |   | 100                                   | %      |
| Parksouth Dist. Ctr-Bldg E     |   | Fee                     |   | 100                              | %      | 1997                              |   | 7.05                    |   | 126,818                           |   | 100                                   | %      |
| Parksouth Dist. Ctr-Bldg F     |   | Fee                     |   | 100                              | %      | 1999                              |   | 10.88                   |   | 203,900                           |   | 100                                   | %      |
| Parksouth Dist. Ctr-Bldg H     |   | Fee                     |   | 100                              | %      | 2000                              |   | 6.79                    |   | 134,600                           |   | 47                                    | %      |
| Chase BTS-Orlando              |   | Fee                     |   | 100                              | %      | 2000                              |   | 5.60                    |   | 61,413                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Tampa, FL**                  |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Fairfield Distribution Ctr I   |   | Fee                     |   | 100                              | %      | 1998                              |   | 4.06                    |   | 68,413                            |   | 100                                   | %      |
| Fairfield Distribution Ctr II  |   | Fee                     |   | 100                              | %      | 1998                              |   | 10.23                   |   | 173,514                           |   | 100                                   | %      |
| Fairfield Distribution Ctr III |   | Fee                     |   | 100                              | %      | 1999                              |   | 4.45                    |   | 92,200                            |   | 100                                   | %      |
| Fairfield Distribution Ctr IV  |   | Fee                     |   | 100                              | %      | 1999                              |   | 6.00                    |   | 86,458                            |   | 100                                   | %      |
| Fairfield Distribution Ctr V   |   | Fee                     |   | 100                              | %      | 2000                              |   | 6.72                    |   | 101,100                           |   | 56                                    | %      |
| Fairfield Distribution Ctr VI  |   | Fee                     |   | 100                              | %      | 2001                              |   | 7.80                    |   | 156,500                           |   | 46                                    | %      |
| Fairfield Distribution Ctr VII |   | Fee                     |   | 100                              | %      | 2001                              |   | 4.81                    |   | 90,640                            |   | 36                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Alpharetta, GA**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| NMeadow SC I @ Founders        |   | Fee                     |   | 100                              | %      | 1999                              |   | 9.10                    |   | 112,559                           |   | 86                                    | %      |
| NMeadow SC II @ Founders       |   | Fee                     |   | 100                              | %      | 2001                              |   | 7.96                    |   | 89,618                            |   | 0                                     | %      |
| 11800 Wills Road               |   | Fee                     |   | 100                              | %      | 1987                              |   | 3.79                    |   | 42,691                            |   | 100                                   | %      |
| 11810 Wills Road               |   | Fee                     |   | 100                              | %      | 1987                              |   | 3.68                    |   | 59,334                            |   | 100                                   | %      |
| 11820 Wills Road               |   | Fee                     |   | 100                              | %      | 1987                              |   | 6.06                    |   | 103,222                           |   | 100                                   | %      |
| 11415 Old Roswell Road         |   | Fee                     |   | 100                              | %      | 1991                              |   | 8.08                    |   | 80,000                            |   | 100                                   | %      |
| 1350 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1994                              |   | 6.40                    |   | 64,500                            |   | 100                                   | %      |
| 1320 Ridgeland Pkwy            |   | Fee                     |   | 100                              | %      | 1999                              |   | 10.39                   |   | 125,000                           |   | 100                                   | %      |
| Ridgeland Business Dist I      |   | Fee                     |   | 100                              | %      | 1999                              |   | 6.03                    |   | 73,600                            |   | 100                                   | %      |
| Ridgeland Business Dist. II    |   | Fee                     |   | 100                              | %      | 1999                              |   | 7.15                    |   | 78,400                            |   | 83                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Braselton, GA**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Braselton II                   |   | Fee                     |   | 100                              | %      | 2001                              |   | 23.64                   |   | 520,570                           |   | 0                                     | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Duluth, GA**                 |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 2475 Meadowbrook Parkway       |   | Fee                     |   | 100                              | %      | 1986                              |   | 6.07                    |   | 59,086                            |   | 100                                   | %      |
| 2505 Meadowbrook Parkway       |   | Fee                     |   | 100                              | %      | 1990                              |   | 3.36                    |   | 53,481                            |   | 100                                   | %      |
| 2450 Meadowbrook Parkway       |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 4.26                    |   | 68,400                            |   | 100                                   | %      |
| 2500 Meadowbrook Parkway       |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 4.50                    |   | 68,800                            |   | 100                                   | %      |
| 2825 Breckinridge Blvd         |   | Fee                     |   | 100                              | %      | 1986                              |   | 6.80                    |   | 45,442                            |   | 67                                    | %      |
| 2875 Breckinridge Blvd         |   | Fee                     |   | 100                              | %      | 1986                              |   | 8.75                    |   | 57,918                            |   | 100                                   | %      |
| 2885 Breckinridge Blvd         |   | Fee                     |   | 100                              | %      | 1997                              |   | 8.85                    |   | 80,450                            |   | 100                                   | %      |
| 2625 Pinemeadow Court          |   | Fee                     |   | 50                               | %[1]   | 1994                              |   | 9.57                    |   | 139,540                           |   | 100                                   | %      |
| 2660 Pinemeadow Court          |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 6.00                    |   | 104,000                           |   | 100                                   | %      |
| 3450 River Green Court         |   | Fee                     |   | 100                              | %      | 1989                              |   | 4.20                    |   | 33,600                            |   | 100                                   | %      |

 

4

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| **Project Name/  Location** |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|-----------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| 2775 Premiere Parkway       |   | Fee                     |   | 100                              | %      | 1997                              |   | 6.20                    |   | 79,110                            |   | 100                                   | %      |
| 3079 Premiere Parkway       |   | Fee                     |   | 100                              | %      | 1998                              |   | 9.70                    |   | 101,600                           |   | 94                                    | %      |
| Sugarloaf Office I          |   | Fee                     |   | 100                              | %      | 1998                              |   | 11.58                   |   | 90,350                            |   | 100                                   | %      |
| 2850 Premiere Parkway       |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 7.50                    |   | 86,000                            |   | 100                                   | %      |
| Sugarloaf Office II         |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 8.85                    |   | 56,251                            |   | 100                                   | %      |
| Sugarloaf Office III        |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 5.39                    |   | 56,795                            |   | 90                                    | %      |
| 2855 Premiere Parkway       |   | Fee                     |   | 100                              | %      | 1999                              |   | 7.20                    |   | 89,636                            |   | 100                                   | %      |
| Sugarloaf Office IV         |   | Fee                     |   | 100                              | %      | 2000                              |   | 4.87                    |   | 51,031                            |   | 100                                   | %      |
| Sugarloaf Office V          |   | Fee                     |   | 100                              | %      | 2001                              |   | 5.82                    |   | 61,903                            |   | 74                                    | %      |
| 6655 Sugarloaf              |   | Fee                     |   | 100                              | %      | 1998                              |   | 18.40                   |   | 250,000                           |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **East Point, GA**          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Camp Creek Bldg 1400        |   | Fee                     |   | 100                              | %      | 1988                              |   | 6.32                    |   | 60,102                            |   | 95                                    | %      |
| Camp Creek Bldg 1800        |   | Fee                     |   | 100                              | %      | 1989                              |   | 3.70                    |   | 44,846                            |   | 100                                   | %      |
| Camp Creek Bldg 2000        |   | Fee                     |   | 100                              | %      | 1989                              |   | 3.44                    |   | 34,146                            |   | 100                                   | %      |
| Camp Creek Bldg 2400        |   | Fee                     |   | 100                              | %      | 1988                              |   | 4.81                    |   | 61,318                            |   | 100                                   | %      |
| Camp Creek Bldg 2600        |   | Fee                     |   | 100                              | %      | 1990                              |   | 4.86                    |   | 57,168                            |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Kennesaw, GA**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 1950 Vaughn Street          |   | Fee                     |   | 100                              | %      | 1992                              |   | 15.47                   |   | 162,651                           |   | 100                                   | %      |
| 240 Northpoint Parkway      |   | Fee                     |   | 50                               | %[1]   | 1995/1997                         |   | 12.78                   |   | 222,900                           |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Marietta, GA**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 805 Franklin Court          |   | Fee                     |   | 100                              | %      | 1983                              |   | 3.13                    |   | 40,410                            |   | 100                                   | %      |
| 810 Franklin Court          |   | Fee                     |   | 100                              | %      | 1983                              |   | 2.42                    |   | 27,386                            |   | 100                                   | %      |
| 811 Livingston Court        |   | Fee                     |   | 100                              | %      | 1983                              |   | 1.58                    |   | 20,780                            |   | 100                                   | %      |
| 825 Franklin Court          |   | Fee                     |   | 100                              | %      | 1983                              |   | 3.58                    |   | 55,259                            |   | 100                                   | %      |
| 830 Franklin Court          |   | Fee                     |   | 100                              | %      | 1983                              |   | 1.03                    |   | 14,340                            |   | 100                                   | %      |
| 835 Franklin Court          |   | Fee                     |   | 100                              | %      | 1983                              |   | 3.93                    |   | 60,772                            |   | 100                                   | %      |
| 840 Franklin Court          |   | Fee                     |   | 100                              | %      | 1983                              |   | 2.42                    |   | 35,908                            |   | 100                                   | %      |
| 821 Livingston Court        |   | Fee                     |   | 100                              | %      | 1983                              |   | 1.59                    |   | 15,558                            |   | 83                                    | %      |
| 841 Livingston Court        |   | Fee                     |   | 100                              | %      | 1983                              |   | 2.75                    |   | 35,908                            |   | 100                                   | %      |
| 1335 Capital Circle         |   | Fee                     |   | 100                              | %      | 1985                              |   | 3.97                    |   | 56,616                            |   | 100                                   | %      |
| 1337-41-51 Capital Circle   |   | Fee                     |   | 100                              | %      | 1985                              |   | 7.38                    |   | 80,164                            |   | 87                                    | %      |
| 2260 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1982                              |   | 3.06                    |   | 50,220                            |   | 100                                   | %      |
| 2252 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1982                              |   | 0.95                    |   | 14,435                            |   | 84                                    | %      |
| 2242 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1982                              |   | 1.72                    |   | 26,614                            |   | 91                                    | %      |
| 2256 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1982                              |   | 0.84                    |   | 13,265                            |   | 85                                    | %      |
| 2244 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1982                              |   | 0.64                    |   | 7,384                             |   | 100                                   | %      |
| 2150 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1982                              |   | 2.90                    |   | 46,214                            |   | 89                                    | %      |
| 2152 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1982                              |   | 1.49                    |   | 25,317                            |   | 69                                    | %      |
| 2130 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1982                              |   | 3.51                    |   | 55,325                            |   | 100                                   | %      |
| 2270 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1988                              |   | 4.50                    |   | 60,985                            |   | 89                                    | %      |
| 2275 Northwest Parkway      |   | Fee                     |   | 100                              | %      | 1988                              |   | 2.60                    |   | 35,786                            |   | 90                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **McDonough, GA**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 120 Declaration Drive       |   | Fee                     |   | 100                              | %      | 1997                              |   | 14.70                   |   | 301,200                           |   | 70                                    | %      |
| Liberty III                 |   | Fee                     |   | 100                              | %      | 2001                              |   | 31.28                   |   | 759,300                           |   | 30                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Norcross, GA**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 1750 Beaver Ruin            |   | Fee                     |   | 100                              | %      | 1997                              |   | 6.40                    |   | 67,878                            |   | 100                                   | %      |
| 4258 Communications Drive   |   | Fee                     |   | 100                              | %      | 1981                              |   | 3.00                    |   | 57,000                            |   | 0                                     | %      |
| 4261 Communications Drive   |   | Fee                     |   | 100                              | %      | 1981                              |   | 3.29                    |   | 56,600                            |   | 0                                     | %      |
| 4291 Communications Drive   |   | Fee                     |   | 100                              | %      | 1981                              |   | 1.76                    |   | 31,500                            |   | 100                                   | %      |
| 1826 Doan Way               |   | Fee                     |   | 100                              | %      | 1984                              |   | 3.90                    |   | 57,200                            |   | 100                                   | %      |
| 1857 Doan Way               |   | Fee                     |   | 100                              | %      | 1970                              |   | 5.00                    |   | 16,000                            |   | 100                                   | %      |
| 1650 International Blvd     |   | Fee                     |   | 100                              | %      | 1984                              |   | 3.79                    |   | 52,461                            |   | 4                                     | %      |
| 4245 International Blvd     |   | Fee                     |   | 100                              | %      | 1985/1995                         |   | 10.58                   |   | 249,200                           |   | 100                                   | %      |
| 4250 International Blvd     |   | Fee                     |   | 100                              | %      | 1986                              |   | 5.03                    |   | 47,030                            |   | 0                                     | %      |
| 4295 International Blvd     |   | Fee                     |   | 100                              | %      | 1984                              |   | 3.22                    |   | 49,896                            |   | 100                                   | %      |
| 4320 International Blvd     |   | Fee                     |   | 100                              | %      | 1984                              |   | 2.44                    |   | 32,000                            |   | 0                                     | %      |
| 4350 International Blvd     |   | Fee                     |   | 100                              | %      | 1982                              |   | 4.29                    |   | 64,152                            |   | 100                                   | %      |
| 4355 International Blvd     |   | Fee                     |   | 100                              | %      | 1983                              |   | 4.54                    |   | 60,760                            |   | 59                                    | %      |
| 4405A International Blvd    |   | Fee                     |   | 100                              | %      | 1984                              |   | 4.30                    |   | 50,000                            |   | 100                                   | %      |
| 4405B International Blvd    |   | Fee                     |   | 100                              | %      | 1984                              |   | 4.30                    |   | 60,950                            |   | 91                                    | %      |
| 4405C International Blvd    |   | Fee                     |   | 100                              | %      | 1984                              |   | 4.30                    |   | 10,644                            |   | 89                                    | %      |
| 1828 Meca Way               |   | Fee                     |   | 100                              | %      | 1975                              |   | 3.90                    |   | 63,000                            |   | 100                                   | %      |
| 1858 Meca Way               |   | Fee                     |   | 100                              | %      | 1975                              |   | 3.36                    |   | 58,600                            |   | 100                                   | %      |
| 4316 Park Drive             |   | Fee                     |   | 100                              | %      | 1980                              |   | 2.76                    |   | 50,000                            |   | 100                                   | %      |
| 4357 Park Drive             |   | Fee                     |   | 100                              | %      | 1979                              |   | 4.89                    |   | 65,800                            |   | 100                                   | %      |
| 4386 Park Drive             |   | Fee                     |   | 100                              | %      | 1973                              |   | 3.73                    |   | 54,848                            |   | 100                                   | %      |
| 4436 Park Drive             |   | Fee                     |   | 100                              | %      | 1968                              |   | 3.90                    |   | 66,232                            |   | 100                                   | %      |

 

5

----

 
| **Project Name/  Location**    |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|--------------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| 4437 Park Drive                |   | Fee                     |   | 100                              | %      | 1978                              |   | 4.40                    |   | 73,456                            |   | 100                                   | %      |
| 4467 Park Drive                |   | Fee                     |   | 100                              | %      | 1978                              |   | 4.68                    |   | 66,203                            |   | 100                                   | %      |
| 4487 Park Drive                |   | Fee                     |   | 100                              | %      | 1978                              |   | 4.68                    |   | 89,204                            |   | 100                                   | %      |
| 4274 Shackleford Road          |   | Fee                     |   | 100                              | %      | 1974                              |   | 6.18                    |   | 80,822                            |   | 100                                   | %      |
| 4344 Shackleford Road          |   | Fee                     |   | 100                              | %      | 1975                              |   | 3.85                    |   | 52,924                            |   | 100                                   | %      |
| 4355 Shackleford Road          |   | Fee                     |   | 100                              | %      | 1972                              |   | 8.12                    |   | 137,100                           |   | 100                                   | %      |
| 4364 Shackleford Road          |   | Fee                     |   | 100                              | %      | 1973                              |   | 2.12                    |   | 31,040                            |   | 100                                   | %      |
| 4366 Shackleford Road          |   | Fee                     |   | 100                              | %      | 1981                              |   | 3.30                    |   | 56,709                            |   | 100                                   | %      |
| 4388 Shackelford Road          |   | Fee                     |   | 100                              | %      | 1981                              |   | 5.40                    |   | 89,612                            |   | 100                                   | %      |
| 4400 Shackleford Road          |   | Fee                     |   | 100                              | %      | 1981                              |   | 2.30                    |   | 39,004                            |   | 100                                   | %      |
| 4444 Shackleford Road          |   | Fee                     |   | 100                              | %      | 1979                              |   | 5.20                    |   | 85,200                            |   | 100                                   | %      |
| 1505 Pavillion Place           |   | Fee                     |   | 100                              | %      | 1988                              |   | 5.11                    |   | 78,400                            |   | 100                                   | %      |
| 3883 Steve Reynolds Blvd.      |   | Fee                     |   | 100                              | %      | 1990                              |   | 7.00                    |   | 137,061                           |   | 100                                   | %      |
| 3890 Steve Reynolds Blvd       |   | Fee                     |   | 100                              | %      | 1991                              |   | 4.74                    |   | 48,800                            |   | 100                                   | %      |
| 3950 Steve Reynolds Blvd.      |   | Fee                     |   | 100                              | %      | 1992                              |   | 5.73                    |   | 80,000                            |   | 100                                   | %      |
| 2915 Courtyards Drive          |   | Fee                     |   | 100                              | %      | 1986                              |   | 3.82                    |   | 40,058                            |   | 87                                    | %      |
| 2925 Courtyards Drive          |   | Fee                     |   | 100                              | %      | 1986                              |   | 4.76                    |   | 71,763                            |   | 100                                   | %      |
| 2975 Courtyards Drive          |   | Fee                     |   | 100                              | %      | 1986                              |   | 2.05                    |   | 27,342                            |   | 100                                   | %      |
| 2995 Courtyards Drive          |   | Fee                     |   | 100                              | %      | 1986                              |   | 1.56                    |   | 18,542                            |   | 100                                   | %      |
| 2725 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1984                              |   | 4.40                    |   | 76,686                            |   | 56                                    | %      |
| 2755 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1986                              |   | 2.49                    |   | 48,270                            |   | 100                                   | %      |
| 2775 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1986                              |   | 3.22                    |   | 32,192                            |   | 100                                   | %      |
| 2850 Colonnades Court          |   | Fee                     |   | 100                              | %      | 1988                              |   | 8.03                    |   | 102,128                           |   | 100                                   | %      |
| 3040 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1984                              |   | 2.98                    |   | 50,480                            |   | 100                                   | %      |
| 3044 Northwoods Circle         |   | Fee                     |   | 100                              | %      | 1984                              |   | 2.38                    |   | 24,367                            |   | 100                                   | %      |
| 3055 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1985                              |   | 2.13                    |   | 31,946                            |   | 100                                   | %      |
| 3075 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1985                              |   | 3.74                    |   | 41,400                            |   | 100                                   | %      |
| 3100 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1985                              |   | 3.93                    |   | 39,728                            |   | 100                                   | %      |
| 3155 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1985                              |   | 3.31                    |   | 40,530                            |   | 100                                   | %      |
| 3175 Northwoods Pkwy           |   | Fee                     |   | 100                              | %      | 1985                              |   | 2.50                    |   | 33,405                            |   | 100                                   | %      |
| 6525-27 Jimmy Carter Blvd      |   | Fee                     |   | 100                              | %      | 1983                              |   | 5.62                    |   | 92,735                            |   | 55                                    | %      |
| 5765 Peachtree Industrial Blvd |   | Fee                     |   | 100                              | %      | 1997                              |   | 4.73                    |   | 60,000                            |   | 100                                   | %      |
| 5775 Peachtree Industrial Blvd |   | Fee                     |   | 100                              | %      | 1997                              |   | 4.73                    |   | 60,000                            |   | 100                                   | %      |
| 2450 Satellite Blvd            |   | Fee                     |   | 50                               | %[1]   | 1994                              |   | 6.18                    |   | 102,862                           |   | 100                                   | %      |
| 3170 Reps Miller Road          |   | Fee                     |   | 100                              | %      | 1998                              |   | 4.48                    |   | 51,400                            |   | 100                                   | %      |
| 3180 Reps Miller Road          |   | Fee                     |   | 100                              | %      | 1998                              |   | 4.48                    |   | 51,400                            |   | 33                                    | %      |
| 3190 Reps Miller Road          |   | Fee                     |   | 100                              | %      | 1998                              |   | 4.48                    |   | 59,034                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Roswell, GA**                |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 11545 Wills Road               |   | Fee                     |   | 100                              | %      | 1998                              |   | 8.70                    |   | 71,140                            |   | 100                                   | %      |
| 105 Hembree Park Drive         |   | Fee                     |   | 100                              | %      | 1988                              |   | 3.61                    |   | 45,490                            |   | 100                                   | %      |
| 150 Hembree Park Drive         |   | Fee                     |   | 100                              | %      | 1985                              |   | 5.03                    |   | 44,343                            |   | 0                                     | %      |
| 200 Hembree Park Drive         |   | Fee                     |   | 100                              | %      | 1985                              |   | 1.97                    |   | 43,559                            |   | 100                                   | %      |
| 645 Hembree Parkway            |   | Fee                     |   | 100                              | %      | 1986                              |   | 3.08                    |   | 45,037                            |   | 100                                   | %      |
| 655 Hembree Parkway            |   | Fee                     |   | 100                              | %      | 1986                              |   | 3.09                    |   | 43,956                            |   | 18                                    | %      |
| 250 Hembree Park Drive         |   | Fee                     |   | 100                              | %      | 1996                              |   | 8.07                    |   | 94,500                            |   | 71                                    | %      |
| 660 Hembree Park Drive         |   | Fee                     |   | 100                              | %      | 1998                              |   | 9.23                    |   | 94,500                            |   | 100                                   | %      |
| 993 Mansell Road               |   | Fee                     |   | 100                              | %      | 1987                              |   | 1.69                    |   | 21,600                            |   | 100                                   | %      |
| 995 Mansell Road               |   | Fee                     |   | 100                              | %      | 1987                              |   | 0.97                    |   | 16,800                            |   | 100                                   | %      |
| 997 Mansell Road               |   | Fee                     |   | 100                              | %      | 1987                              |   | 0.86                    |   | 14,400                            |   | 100                                   | %      |
| 999 Mansell Road               |   | Fee                     |   | 100                              | %      | 1987                              |   | 1.32                    |   | 19,200                            |   | 100                                   | %      |
| 1003 Mansell Road              |   | Fee                     |   | 100                              | %      | 1987                              |   | 1.66                    |   | 20,800                            |   | 100                                   | %      |
| 1005 Mansell Road              |   | Fee                     |   | 100                              | %      | 1987                              |   | 0.94                    |   | 16,800                            |   | 100                                   | %      |
| 1007 Mansell Road              |   | Fee                     |   | 100                              | %      | 1987                              |   | 2.07                    |   | 37,450                            |   | 66                                    | %      |
| 1009 Mansell Road              |   | Fee                     |   | 100                              | %      | 1986                              |   | 3.26                    |   | 38,082                            |   | 100                                   | %      |
| 1011 Mansell Road              |   | Fee                     |   | 100                              | %      | 1984                              |   | 3.23                    |   | 38,677                            |   | 100                                   | %      |
| Northbrook Business Dist II    |   | Fee                     |   | 100                              | %      | 2000                              |   | 4.84                    |   | 64,000                            |   | 0                                     | %      |
| 1100 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1989                              |   | 6.94                    |   | 50,891                            |   | 100                                   | %      |
| 1150 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1988                              |   | 3.98                    |   | 52,050                            |   | 100                                   | %      |
| 1125 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1987                              |   | 5.78                    |   | 67,104                            |   | 100                                   | %      |
| 1175 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1987                              |   | 4.06                    |   | 71,264                            |   | 100                                   | %      |
| 1250 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1989                              |   | 4.17                    |   | 52,224                            |   | 54                                    | %      |
| 1225 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1989                              |   | 3.89                    |   | 37,520                            |   | 79                                    | %      |
| 1325 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1990                              |   | 5.89                    |   | 70,050                            |   | 100                                   | %      |
| 1335 Northmeadow Parkway       |   | Fee                     |   | 100                              | %      | 1996                              |   | 8.60                    |   | 88,784                            |   | 93                                    | %      |
| 11390 Old Roswell Road         |   | Fee                     |   | 100                              | %      | 1997                              |   | 4.42                    |   | 47,628                            |   | 94                                    | %      |
| 1400 Hembree Road              |   | Fee                     |   | 100                              | %      | 1998                              |   | 3.68                    |   | 34,615                            |   | 100                                   | %      |
| 245 Hembree Park Drive         |   | Fee                     |   | 100                              | %      | 1999                              |   | 7.50                    |   | 104,006                           |   | 100                                   | %      |
| Northmeadow BD IV              |   | Fee                     |   | 100                              | %      | 1999                              |   | 6.68                    |   | 93,363                            |   | 100                                   | %      |
| Northmeadow Service Ctr V      |   | Fee                     |   | 100                              | %      | 1999                              |   | 4.68                    |   | 38,845                            |   | 100                                   | %      |
| Northmeadow BD VI              |   | Fee                     |   | 100                              | %      | 2000                              |   | 4.96                    |   | 63,112                            |   | 100                                   | %      |

 

6

----

 
| **Project Name/  Location** |   | **Ownership  Interest** |       | **Partnership’s  Interest** |       | **Year   Constructed/  Expanded** |       | **Land  Area  (Acres)** |       | **Net  Rentable  Area (Sq. Ft.)** |       | **Percent  Leased********12/31/2001** |       |
|-----------------------------|--------|-------------------------|------------|----------------------------------|------------|-----------------------------------|------------|-------------------------|------------|-----------------------------------|------------|---------------------------------------|------------|
| **Suwanee, GA**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 90 Horizon Drive            |   | Fee                     |       | 50                               | %[1]       | 1992/2001                         |       | 2.00                    |       | 13,400                            |       | 100                                   | %          |
| 225 Horizon Drive           |   | Fee                     |       | 50                               | %[1]       | 1990                              |       | 5.08                    |       | 96,000                            |       | 100                                   | %          |
| 250 Horizon Drive           |   | Fee                     |       | 50                               | %[1]       | 1997                              |       | 18.05                   |       | 267,600                           |       | 100                                   | %          |
| 70 Crestridge Drive         |   | Fee                     |       | 50                               | %[1]       | 1998                              |       | 10.62                   |       | 132,128                           |       | 100                                   | %          |
| 2775 Horizon Ridge          |   | Fee                     |       | 50                               | %[1]       | 1996                              |       | 12.20                   |       | 223,219                           |       | 100                                   | %          |
| 2780 Horizon Ridge          |   | Fee                     |       | 50                               | %[1]       | 1997                              |       | 12.70                   |       | 222,643                           |       | 100                                   | %          |
| 2800 Vista Ridge Drive      |   | Fee                     |       | 50                               | %[1]       | 1995                              |       | 17.30                   |       | 252,092                           |       | 100                                   | %          |
| 410 Horizon Dr.             |   | Fee                     |       | 50                               | %[1]       | 1999                              |       | 15.39                   |       | 247,500                           |       | 85                                    | %          |
| 100 Crestridge Drive        |   | Fee                     |       | 50                               | %[1]       | 1999                              |       | 8.03                    |       | 99,822                            |       | 100                                   | %          |
| 1000 Northbrook Parkway     |   | Fee                     |       | 50                               | %[1]       | 1986                              |       | 8.40                    |       | 131,660                           |       | 100                                   | %          |
| 675 Old Peachtree Rd        |   | Fee                     |       | 50                               | %[1]       | 1988                              |       | 10.06                   |       | 176,820                           |       | 100                                   | %          |
| 7250 McGinnis Ferry Road    |   | Fee                     |       | 100                              | %          | 1996                              |       | 6.22                    |       | 70,600                            |       | 100                                   | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Aurora, IL**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 535 Exchange                |   | Fee                     |       | 100                              | %          | 1984                              |       | 4.63                    |       | 25,943                            |       | 100                                   | %          |
| 515-525 North Enterprise    |   | Fee                     |       | 100                              | %          | 1984                              |       | 3.39                    |       | 66,017                            |       | 100                                   | %          |
| 615 Enterprise              |   | Fee                     |       | 100                              | %          | 1984                              |       | 4.63                    |       | 83,818                            |       | 50                                    | %          |
| 3615 Exchange               |   | Fee                     |       | 100                              | %          | 1986                              |       | 4.06                    |       | 64,755                            |       | 100                                   | %          |
| 4000 Sussex                 |   | Fee                     |       | 100                              | %          | 1990                              |       | 4.13                    |       | 75,203                            |       | 100                                   | %          |
| 3737 East Exchange          |   | Fee                     |       | 100                              | %          | 1985                              |       | 5.92                    |       | 104,928                           |       | 100                                   | %          |
| 444 North Commerce          |   | Fee                     |       | 100                              | %          | 1985                              |       | 7.15                    |       | 92,692                            |       | 100                                   | %          |
| Meridian I                  |   | Fee                     |       | 100                              | %          | 1999                              |       | 11.65                   |       | 188,700                           |       | 100                                   | %          |
| Meridian II                 |   | Fee                     |       | 100                              | %          | 2001                              |       | 5.03                    |       | 46,050                            |       | 0                                     | %          |
|                        |   |                    | ** ** |                             | ** ** |                              | ** ** |                    | ** ** |                              | ** ** |                                  | ** ** |
| **Bolingbrook, IL**         |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Chapco Carton Company       |   | Fee                     |       | 100                              | %          | 2000                              |       | 7.58                    |       | 145,000                           |       | 100                                   | %          |
| Crossroads 1                |   | Fee                     |       | 50                               | %[1]       | 1998                              |       | 11.34                   |       | 289,920                           |       | 79                                    | %          |
| Crossroads 3                |   | Fee                     |       | 50                               | %[1]       | 2000                              |       | 10.64                   |       | 187,000                           |       | 62                                    | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Carol Stream, IL**        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Carol Stream  Building 1    |   | Fee                     |       | 50                               | %[1]       | 1998                              |       | 8.76                    |       | 187,850                           |       | 100                                   | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Des Plaines, IL**         |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Wolf Road Building          |   | Fee                     |       | 100                              | %          | 1966/1969                         |       | 2.70                    |       | 60,922                            |       | 0                                     | %          |
| 105 East Oakton             |   | Fee                     |       | 100                              | %          | 1974                              |       | 6.50                    |       | 180,000                           |       | 73                                    | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Lake Forest, IL**         |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Ballard Drive Building      |   | Fee                     |       | 100                              | %          | 1985                              |       | 3.33                    |       | 54,274                            |       | 100                                   | %          |
| Laurel Drive Building       |   | Fee                     |       | 100                              | %          | 1981                              |       | 1.12                    |       | 19,570                            |       | 100                                   | %          |
| 13825 W. Laurel Dr.         |   | Fee                     |       | 100                              | %          | 1978/1985                         |       | 3.51                    |       | 61,050                            |       | 100                                   | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Romeoville, IL**          |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Crossroads 2                |   | Fee                     |       | 50                               | %[1]       | 1999                              |       | 23.50                   |       | 460,800                           |       | 100                                   | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Westmont, IL**            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Oakmont Tech Center         |   | Fee                     |       | 100                              | %          | 1989                              |       | 6.30                    |       | 111,659                           |       | 81                                    | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Carmel, IN**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Hamilton Crossing Bldg 1    |   | Fee                     |       | 100                              | %          | 1989/2000                         |       | 4.70                    |       | 103,209                           |       | 89                                    | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Fishers, IN**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Exit 5 Bldg I               |   | Fee                     | [3]        | 100                              | %          | 1999                              |       | 9.00                    |       | 134,400                           |       | 100                                   | %          |
| Exit 5 Bldg. II             |   | Fee                     |       | 100                              | %          | 1999                              |       | 8.60                    |       | 124,000                           |       | 100                                   | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Greenwood, IN**           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| South Park Bldg 2           |   | Fee                     |       | 100                              | %          | 1990                              |       | 7.10                    |       | 86,806                            |       | 95                                    | %          |
|                        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Indianapolis, IN**        |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 3200 North Elizabeth        |   | Fee                     |       | 50                               | %[1]       | 1973                              |       | 4.50                    |       | 99,350                            |       | 100                                   | %          |
| Franklin Road Bus. Ctr.     |   | Fee                     |       | 100                              | %          | 1962/1998                         |       | 28.00                   |       | 488,925                           |       | 95                                    | %          |
| Georgetown Rd.  Bldg 1      |   | Fee                     |       | 50                               | %[1]       | 1987                              |       | 5.85                    |       | 111,883                           |       | 100                                   | %          |
| Georgetown Rd.  Bldg 2      |   | Fee                     |       | 50                               | %[1]       | 1987                              |       | 5.81                    |       | 72,120                            |       | 100                                   | %          |
| Georgetown Rd.  Bldg 3      |   | Fee                     |       | 50                               | %[1]       | 1987                              |       | 5.10                    |       | 45,896                            |       | 100                                   | %          |
| 6061 Guion Rd               |   | Fee                     |       | 100                              | %          | 1974                              |       | 6.20                    |       | 87,064                            |       | 100                                   | %          |
| 6060 Guion Rd               |   | Fee                     |       | 100                              | %          | 1968/1977                         |       | 14.05                   |       | 182,311                           |       | 2                                     | %          |
| Hillsdale Bldg 1            |   | Fee                     |       | 50                               | %[1]       | 1986                              |       | 9.16                    |       | 73,866                            |       | 100                                   | %          |
| Hillsdale Bldg 2            |   | Fee                     |       | 50                               | %[1]       | 1986                              |       | 5.50                    |       | 83,600                            |       | 100                                   | %          |
| Hillsdale Bldg 3            |   | Fee                     |       | 50                               | %[1]       | 1987                              |       | 5.50                    |       | 84,050                            |       | 100                                   | %          |
| Hillsdale Bldg 4            |   | Fee                     |       | 100                              | %          | 1987                              |       | 7.85                    |       | 73,874                            |       | 100                                   | %          |
| Hillsdale Bldg 5            |   | Fee                     |       | 100                              | %          | 1987                              |       | 5.44                    |       | 66,505                            |       | 100                                   | %          |
| Hillsdale Bldg 6            |   | Fee                     |       | 100                              | %          | 1987                              |       | 4.25                    |       | 64,000                            |       | 22                                    | %          |
| Hunter Creek Bldg 1         |   | Fee                     |       | 10-50                            | %[2]       | 1989                              |       | 5.97                    |       | 86,500                            |       | 85                                    | %          |
| Hunter Creek Bldg 2         |   | Fee                     |       | 10-50                            | %[2]       | 1989                              |       | 8.86                    |       | 202,561                           |       | 62                                    | %          |
| 4750 Kentucky Avenue        |   | Fee                     |       | 100                              | %          | 1974                              |       | 11.01                   |       | 125,000                           |       | 100                                   | %          |
| North Airport Park Bldg 1   |   | Fee                     |       | 50                               | %[1]       | 1996/1998                         |       | 64.02                   |       | 1,339,195                         |       | 100                                   | %          |
| North Airport Park Bldg 2   |   | Fee                     |       | 50                               | %[1]       | 1997                              |       | 22.50                   |       | 377,280                           |       | 100                                   | %          |
| Park 100 Bldg 111           |   | Fee                     |       | 50                               | %[1]       | 1987                              |       | 7.91                    |       | 83,545                            |       | 100                                   | %          |
| Park 100 Bldg 112           |   | Fee                     |       | 50                               | %[1]       | 1987                              |       | 4.45                    |       | 37,800                            |       | 100                                   | %          |

 

7

----

 
| **Project Name/  Location** |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|-----------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| Park 100 Bldg 128           |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 14.40                   |   | 322,000                           |   | 57                                    | %      |
| Park 100 Bldg 129           |   | Fee                     |   | 50                               | %[1]   | 1996/2000                         |   | 16.00                   |   | 457,600                           |   | 100                                   | %      |
| Vanstar                     |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 21.00                   |   | 415,680                           |   | 100                                   | %      |
| Park 100 Bldg 133           |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 1.30                    |   | 20,530                            |   | 100                                   | %      |
| Park 100 Bldg 48            |   | Fee                     |   | 50                               | %[1]   | 1984                              |   | 8.63                    |   | 127,410                           |   | 100                                   | %      |
| Park 100 Bldg 49            |   | Fee                     |   | 50                               | %[1]   | 1982                              |   | 4.55                    |   | 89,600                            |   | 86                                    | %      |
| Park 100 Bldg 50            |   | Fee                     |   | 50                               | %[1]   | 1982                              |   | 4.09                    |   | 51,200                            |   | 100                                   | %      |
| Park 100 Bldg 52            |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 2.70                    |   | 34,800                            |   | 100                                   | %      |
| Park 100 Bldg 53            |   | Fee                     |   | 50                               | %[1]   | 1984                              |   | 4.23                    |   | 76,800                            |   | 42                                    | %      |
| Park 100 Bldg 54            |   | Fee                     |   | 50                               | %[1]   | 1984                              |   | 4.42                    |   | 76,800                            |   | 100                                   | %      |
| Park 100 Bldg 55            |   | Fee                     |   | 50                               | %[1]   | 1984                              |   | 3.83                    |   | 43,200                            |   | 77                                    | %      |
| Park 100 Bldg 56            |   | Fee                     |   | 50                               | %[1]   | 1984                              |   | 15.94                   |   | 300,000                           |   | 67                                    | %      |
| Park 100 Bldg 57            |   | Fee                     |   | 50                               | %[1]   | 1984                              |   | 7.70                    |   | 128,800                           |   | 100                                   | %      |
| Park 100 Bldg 58            |   | Fee                     |   | 50                               | %[1]   | 1984                              |   | 8.03                    |   | 128,800                           |   | 100                                   | %      |
| Park 100 Bldg 59            |   | Fee                     |   | 50                               | %[1]   | 1985                              |   | 5.14                    |   | 83,200                            |   | 100                                   | %      |
| Park 100 Bldg 60            |   | Fee                     |   | 50                               | %[1]   | 1985                              |   | 4.78                    |   | 83,200                            |   | 92                                    | %      |
| Park 100 Bldg 62            |   | Fee                     |   | 50                               | %[1]   | 1986                              |   | 7.70                    |   | 128,800                           |   | 100                                   | %      |
| Park 100 Bldg 67            |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 4.23                    |   | 72,350                            |   | 100                                   | %      |
| Park 100 Bldg 68            |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 4.23                    |   | 72,360                            |   | 100                                   | %      |
| Park 100 Bldg 71            |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 9.06                    |   | 193,400                           |   | 53                                    | %      |
| Park 100 Bldg 74            |   | Fee                     |   | 10-50                            | %[2]   | 1988                              |   | 12.41                   |   | 257,400                           |   | 70                                    | %      |
| Park 100 Bldg 76            |   | Fee                     |   | 10-50                            | %[2]   | 1988                              |   | 5.10                    |   | 81,695                            |   | 100                                   | %      |
| Park 100 Bldg 78            |   | Fee                     |   | 10-50                            | %[2]   | 1988                              |   | 21.80                   |   | 512,777                           |   | 100                                   | %      |
| Park 100 Bldg 85            |   | Fee                     |   | 10-50                            | %[2]   | 1989                              |   | 9.70                    |   | 180,100                           |   | 100                                   | %      |
| Park 100 Bldg 89            |   | Fee                     |   | 10-50                            | %[2]   | 1990                              |   | 11.28                   |   | 311,600                           |   | 100                                   | %      |
| Park 100 Bldg 91            |   | Fee                     |   | 10-50                            | %[2]   | 1990/1996                         |   | 7.53                    |   | 196,800                           |   | 27                                    | %      |
| Park 100 Bldg 92            |   | Fee                     |   | 10-50                            | %[2]   | 1991                              |   | 4.38                    |   | 45,917                            |   | 100                                   | %      |
| Silver Burdett              |   | Fee                     |   | 100                              | %      | 1994/1997                         |   | 27.69                   |   | 737,850                           |   | 100                                   | %      |
| Park 100 Bldg 98            |   | Fee                     |   | 100                              | %      | 1968/1995                         |   | 37.34                   |   | 508,300                           |   | 100                                   | %      |
| Park 100 Bldg 100           |   | Fee                     |   | 100                              | %      | 1995                              |   | 7.00                    |   | 117,500                           |   | 75                                    | %      |
| Park 100 Bldg 101           |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 4.37                    |   | 45,000                            |   | 90                                    | %      |
| Park 100 Bldg 105           |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 4.64                    |   | 41,400                            |   | 83                                    | %      |
| Park 100 Bldg 106           |   | Fee                     |   | 50                               | %[1]   | 1978                              |   | 4.64                    |   | 41,400                            |   | 96                                    | %      |
| Park 100 Bldg 107           |   | Fee                     |   | 100                              | %      | 1984                              |   | 3.56                    |   | 58,783                            |   | 100                                   | %      |
| Park 100 Bldg 108           |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 6.36                    |   | 60,300                            |   | 91                                    | %      |
| Park 100 Bldg 109           |   | Fee                     |   | 100                              | %      | 1985                              |   | 4.80                    |   | 46,000                            |   | 89                                    | %      |
| Park 100 Bldg 113           |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 6.20                    |   | 72,166                            |   | 100                                   | %      |
| Park 100 Bldg 114           |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 6.20                    |   | 56,700                            |   | 100                                   | %      |
| Park 100 Bldg 117           |   | Fee                     |   | 10-50                            | %[2]   | 1988                              |   | 13.36                   |   | 135,461                           |   | 98                                    | %      |
| Park 100 Bldg 120           |   | Fee                     |   | 10-50                            | %[2]   | 1989                              |   | 4.54                    |   | 54,982                            |   | 87                                    | %      |
| Park 100 Bldg 122           |   | Fee                     |   | 100                              | %      | 1990                              |   | 6.17                    |   | 73,274                            |   | 100                                   | %      |
| Park 100 Bldg 127           |   | Fee                     |   | 100                              | %      | 1995                              |   | 6.50                    |   | 93,600                            |   | 100                                   | %      |
| Park 100 Bldg 39            |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 7.85                    |   | 128,000                           |   | 100                                   | %      |
| Park 100 Bldg 63            |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 4.85                    |   | 83,200                            |   | 40                                    | %      |
| Park 100 Bldg 64            |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 4.86                    |   | 83,200                            |   | 100                                   | %      |
| Park 100 Bldg 65            |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 12.20                   |   | 257,600                           |   | 100                                   | %      |
| Park 100 Bldg 66            |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 5.30                    |   | 64,800                            |   | 100                                   | %      |
| Park 100 Bldg 79            |   | Fee                     |   | 50                               | %[1]   | 1988                              |   | 4.47                    |   | 66,000                            |   | 85                                    | %      |
| Park 100 Bldg 80            |   | Fee                     |   | 50                               | %[1]   | 1988                              |   | 4.47                    |   | 66,000                            |   | 90                                    | %      |
| Park 100 Bldg 83            |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 5.34                    |   | 96,000                            |   | 78                                    | %      |
| Park 100 Bldg 84            |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 5.34                    |   | 96,000                            |   | 75                                    | %      |
| Park 100 Bldg 87            |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 14.20                   |   | 462,000                           |   | 100                                   | %      |
| Park 100 Building 97        |   | Fee                     |   | 50                               | %[1]   | 1994                              |   | 13.38                   |   | 280,800                           |   | 79                                    | %      |
| Park Fletcher Bldg 2        |   | Fee                     |   | 50                               | %[1]   | 1970                              |   | 1.31                    |   | 20,160                            |   | 100                                   | %      |
| Park Fletcher Bldg 4        |   | Fee                     |   | 50                               | %[1]   | 1974                              |   | 1.73                    |   | 23,000                            |   | 100                                   | %      |
| Park Fletcher Bldg 6        |   | Fee                     |   | 50                               | %[1]   | 1971                              |   | 3.13                    |   | 36,180                            |   | 100                                   | %      |
| Park Fletcher Bldg 7        |   | Fee                     |   | 50                               | %[1]   | 1974                              |   | 3.00                    |   | 41,900                            |   | 43                                    | %      |
| Park Fletcher Bldg 8        |   | Fee                     |   | 50                               | %[1]   | 1974                              |   | 2.11                    |   | 18,000                            |   | 60                                    | %      |
| Park Fletcher Bldg 14       |   | Fee                     |   | 100                              | %      | 1978                              |   | 1.39                    |   | 19,480                            |   | 100                                   | %      |
| Park Fletcher Bldg 15       |   | Fee                     |   | 50                               | %[1]   | 1979                              |   | 5.74                    |   | 72,800                            |   | 100                                   | %      |
| Park Fletcher Bldg 16       |   | Fee                     |   | 50                               | %[1]   | 1979                              |   | 3.17                    |   | 35,200                            |   | 78                                    | %      |
| Park Fletcher Bldg 18       |   | Fee                     |   | 50                               | %[1]   | 1980                              |   | 5.52                    |   | 43,950                            |   | 82                                    | %      |
| Park Fletcher Bldg 21       |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 2.95                    |   | 37,224                            |   | 100                                   | %      |
| Park Fletcher Bldg 22       |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 2.96                    |   | 48,635                            |   | 100                                   | %      |
| Park Fletcher Bldg 26       |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 2.91                    |   | 28,340                            |   | 100                                   | %      |
| Park Fletcher Bldg 27       |   | Fee                     |   | 25                               | %[1]   | 1985                              |   | 3.01                    |   | 39,178                            |   | 100                                   | %      |
| Park Fletcher Bldg 28       |   | Fee                     |   | 25                               | %[1]   | 1985                              |   | 7.22                    |   | 93,880                            |   | 100                                   | %      |
| Park Fletcher Bldg 29       |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 7.16                    |   | 92,044                            |   | 100                                   | %      |
| Park Fletcher Bldg 30       |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 5.93                    |   | 78,568                            |   | 92                                    | %      |
| Park Fletcher Bldg 31       |   | Fee                     |   | 50                               | %[1]   | 1990                              |   | 2.62                    |   | 33,029                            |   | 100                                   | %      |
| Park Fletcher Bldg 32       |   | Fee                     |   | 50                               | %[1]   | 1990                              |   | 5.43                    |   | 67,297                            |   | 100                                   | %      |

 

8

----

 
| **Project Name/  Location**   |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|-------------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| Park Fletcher Bldg 33         |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 7.50                    |   | 112,710                           |   | 100                                   | %      |
| Park Fletcher Bldg 34         |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 13.00                   |   | 230,400                           |   | 100                                   | %      |
| Park Fletcher Bldg 35         |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 8.10                    |   | 96,427                            |   | 100                                   | %      |
| Park Fletcher Bldg 36         |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 3.90                    |   | 52,800                            |   | 100                                   | %      |
| Park Fletcher Bldg 37         |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 1.90                    |   | 14,850                            |   | 100                                   | %      |
| Park Fletcher Bldg 38         |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 13.70                   |   | 253,866                           |   | 100                                   | %      |
| Park Fletcher Bldg 39         |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 5.40                    |   | 91,122                            |   | 100                                   | %      |
| Park Fletcher Bldg 40         |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 5.40                    |   | 89,508                            |   | 100                                   | %      |
| 4316 West Minnesota           |   | Fee                     |   | 100                              | %      | 1970                              |   | 10.40                   |   | 121,250                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Lebanon, IN**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Lebanon Building 2            |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 31.60                   |   | 500,455                           |   | 100                                   | %      |
| Lebanon Building 4            |   | Fee                     |   | 100                              | %      | 1997/2000                         |   | 14.90                   |   | 418,400                           |   | 100                                   | %      |
| Lebanon Building 9            |   | Fee                     |   | 100                              | %      | 1999                              |   | 26.80                   |   | 395,679                           |   | 64                                    | %      |
| Lebanon Building 1            |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 10.40                   |   | 153,600                           |   | 100                                   | %      |
| Pearson                       |   | Fee                     |   | 100                              | %      | 1997/2001                         |   | 49.18                   |   | 1,091,435                         |   | 100                                   | %      |
| Lebanon Building 6            |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 23.30                   |   | 395,472                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Plainfield, IN**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Plainfield Building 1         |   | Fee                     |   | 100                              | %      | 2000                              |   | 21.25                   |   | 450,000                           |   | 100                                   | %      |
| Plainfield Building 2         |   | Fee                     |   | 100                              | %      | 2000                              |   | 26.70                   |   | 481,874                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Florence, KY**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Empire Commerce Center        |   | Fee                     |   | 50                               | %[1]   | 1973/1980                         |   | 11.62                   |   | 148,445                           |   | 100                                   | %      |
| 7910 Kentucky Drive           |   | Fee                     |   | 50                               | %[1]   | 1980                              |   | 3.78                    |   | 38,329                            |   | 100                                   | %      |
| 7920 Kentucky Drive           |   | Fee                     |   | 50                               | %[1]   | 1974                              |   | 9.33                    |   | 93,945                            |   | 51                                    | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Hebron, KY**                |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Skyport Building 1            |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 15.10                   |   | 316,800                           |   | 100                                   | %      |
| Skyport Building 2            |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 20.00                   |   | 453,300                           |   | 100                                   | %      |
| Skyport Building 3            |   | Fee                     |   | 50                               | %[1]   | 2000                              |   | 28.80                   |   | 473,000                           |   | 100                                   | %      |
| Skyport Bldg 4                |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 6.76                    |   | 72,600                            |   | 55                                    | %      |
| Ky. Southpark Bldg 4          |   | Fee                     |   | 100                              | %      | 1994                              |   | 28.79                   |   | 166,400                           |   | 0                                     | %      |
| CR Services                   |   | Fee                     |   | 100                              | %      | 1994/1998                         |   | 22.50                   |   | 253,664                           |   | 100                                   | %      |
| KY. Southpark Bldg 1          |   | Fee                     |   | 50                               | %[1]   | 1990                              |   | 7.90                    |   | 96,000                            |   | 100                                   | %      |
| Ky. Southpark Bldg 3          |   | Fee                     |   | 50                               | %[1]   | 1991                              |   | 10.79                   |   | 192,000                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Louisville, KY**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Dayco                         |   | Fee                     |   | 50                               | %[1]   | 1995                              |   | 30.00                   |   | 282,539                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Bloomington, MN**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Alpha Business Ctr III&IV |   | Fee                     |   | 100                              | %      | 1980                              |   | 4.68                    |   | 50,400                            |   | 100                                   | %      |
| Alpha Business Ctr V          |   | Fee                     |   | 100                              | %      | 1980                              |   | 5.96                    |   | 80,640                            |   | 100                                   | %      |
| Bloomington Industrial Center |   | Fee                     |   | 100                              | %      | 1963                              |   | 7.40                    |   | 100,850                           |   | 100                                   | %      |
| Lyndale Commons I             |   | Fee                     |   | 100                              | %      | 1981                              |   | 2.60                    |   | 43,770                            |   | 98                                    | %      |
| Lyndale Commons II            |   | Fee                     |   | 100                              | %      | 1985                              |   | 2.51                    |   | 34,816                            |   | 79                                    | %      |
| Hampshire Dist Center North   |   | Fee                     |   | 100                              | %      | 1979                              |   | 9.26                    |   | 159,200                           |   | 100                                   | %      |
| Hampshire Dist Center South   |   | Fee                     |   | 100                              | %      | 1979                              |   | 9.40                    |   | 157,000                           |   | 84                                    | %      |
| Hampshire Tech Center         |   | Fee                     |   | 100                              | %      | 1998                              |   | 14.22                   |   | 142,526                           |   | 63                                    | %      |
| Penn Corporate Bldg           |   | Fee                     |   | 100                              | %      | 1977                              |   | 2.08                    |   | 40,844                            |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Brooklyn Park, MN**         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Crosstown North Bus. Ctr. 1   |   | Fee                     |   | 100                              | %      | 1998                              |   | 12.09                   |   | 157,453                           |   | 100                                   | %      |
| Crosstown North Bus. Ctr. 2   |   | Fee                     |   | 100                              | %      | 1998                              |   | 5.00                    |   | 67,837                            |   | 94                                    | %      |
| Crosstown North Bus. Ctr. 3   |   | Fee                     |   | 100                              | %      | 1999                              |   | 5.00                    |   | 67,961                            |   | 92                                    | %      |
| Crosstown North Bus. Ctr. 4   |   | Fee                     |   | 100                              | %      | 1999                              |   | 16.90                   |   | 213,641                           |   | 100                                   | %      |
| Crosstown North Bus Ctr 5     |   | Fee                     |   | 100                              | %      | 1999                              |   | 8.87                    |   | 142,708                           |   | 100                                   | %      |
| Crosstown North Bus Ctr 6     |   | Fee                     |   | 100                              | %      | 2000                              |   | 5.57                    |   | 73,109                            |   | 27                                    | %      |
| 7300 Northland Drive          |   | Fee                     |   | 100                              | %      | 1980/1999                         |   | 10.98                   |   | 185,500                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Burnsville, MN**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Professional Plaza IV         |   | Fee                     |   | 100                              | %      | 1980                              |   | 2.79                    |   | 37,528                            |   | 100                                   | %      |
| Cliff Road Industrial Ctr     |   | Fee                     |   | 100                              | %      | 1972                              |   | 3.31                    |   | 49,857                            |   | 97                                    | %      |
| Professional Plaza III        |   | Fee                     |   | 100                              | %      | 1985                              |   | 2.24                    |   | 35,987                            |   | 59                                    | %      |
| Professional Plaza II         |   | Fee                     |   | 100                              | %      | 1984                              |   | 2.41                    |   | 35,619                            |   | 93                                    | %      |
| Larc Industrial Park I        |   | Fee                     |   | 100                              | %      | 1977                              |   | 4.59                    |   | 67,200                            |   | 95                                    | %      |
| Larc Industrial Park II       |   | Fee                     |   | 100                              | %      | 1976                              |   | 3.70                    |   | 54,180                            |   | 80                                    | %      |
| Larc Industrial Park III      |   | Fee                     |   | 100                              | %      | 1980                              |   | 2.38                    |   | 30,800                            |   | 100                                   | %      |
| Larc Industrial Park IV       |   | Fee                     |   | 100                              | %      | 1980                              |   | 1.06                    |   | 13,800                            |   | 100                                   | %      |
| Larc Industrial Park V        |   | Fee                     |   | 100                              | %      | 1980                              |   | 1.54                    |   | 22,880                            |   | 100                                   | %      |
| Larc Industrial Park VI       |   | Fee                     |   | 100                              | %      | 1975                              |   | 3.91                    |   | 63,600                            |   | 99                                    | %      |
| Larc Industrial Park VII      |   | Fee                     |   | 100                              | %      | 1973                              |   | 2.65                    |   | 41,088                            |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Chanhassen, MN**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Chanhassen Lakes I            |   | Fee                     |   | 100                              | %      | 1983                              |   | 5.40                    |   | 49,072                            |   | 74                                    | %      |
| Chanhassen Lakes II           |   | Fee                     |   | 100                              | %      | 1986                              |   | 6.36                    |   | 56,670                            |   | 100                                   | %      |

 

9

----

 
| **Project Name/  Location**    |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|--------------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| **Crystal, MN**                |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Crystal Industrial Center      |   | Fee                     |   | 100                              | %      | 1974                              |   | 3.23                    |   | 72,000                            |   | 99                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Eagan, MN**                  |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Apollo Industrial Ctr I        |   | Fee                     |   | 100                              | %      | 1997                              |   | 11.05                   |   | 168,480                           |   | 100                                   | %      |
| Apollo Industrial  Ctr II      |   | Fee                     |   | 100                              | %      | 2000                              |   | 4.30                    |   | 70,089                            |   | 100                                   | %      |
| Apollo Industrial  Ctr III     |   | Fee                     |   | 100                              | %      | 2000                              |   | 13.00                   |   | 240,439                           |   | 100                                   | %      |
| Eagandale Crossing             |   | Fee                     |   | 100                              | %      | 1998                              |   | 6.60                    |   | 80,104                            |   | 100                                   | %      |
| Eagan Pointe Business Center I |   | Fee                     |   | 100                              | %      | 2001                              |   | 6.32                    |   | 128,000                           |   | 100                                   | %      |
| Eagandale Tech Center          |   | Fee                     |   | 100                              | %      | 1998                              |   | 7.61                    |   | 76,520                            |   | 35                                    | %      |
| Lunar Pointe                   |   | Fee                     |   | 100                              | %      | 2001                              |   | 8.00                    |   | 115,200                           |   | 0                                     | %      |
| Silverbell Commons             |   | Fee                     |   | 100                              | %      | 1999                              |   | 16.62                   |   | 235,120                           |   | 100                                   | %      |
| Sibley Industrial Center I     |   | Fee                     |   | 100                              | %      | 1973                              |   | 2.88                    |   | 54,612                            |   | 100                                   | %      |
| Sibley Industrial Center II    |   | Fee                     |   | 100                              | %      | 1972                              |   | 2.58                    |   | 37,800                            |   | 100                                   | %      |
| Sibley Industrial Center III   |   | Fee                     |   | 100                              | %      | 1968                              |   | 4.10                    |   | 32,810                            |   | 100                                   | %      |
| Trapp Road Commerce I          |   | Fee                     |   | 100                              | %      | 1996                              |   | 6.50                    |   | 96,800                            |   | 100                                   | %      |
| Trapp Road Commerce II         |   | Fee                     |   | 100                              | %      | 1998                              |   | 11.86                   |   | 180,480                           |   | 100                                   | %      |
| Yankee Place                   |   | Fee                     |   | 100                              | %      | 1986                              |   | 19.03                   |   | 221,075                           |   | 42                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Eden Prairie, MN**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Edenvale Executive Center      |   | Fee                     |   | 100                              | %      | 1987                              |   | 9.82                    |   | 111,485                           |   | 97                                    | %      |
| Golden Triangle Tech Ctr       |   | Fee                     |   | 100                              | %      | 1997                              |   | 11.10                   |   | 90,704                            |   | 76                                    | %      |
| Valley Gate North              |   | Fee                     |   | 100                              | %      | 1986                              |   | 4.17                    |   | 53,079                            |   | 65                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Edina, MN**                  |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Cahill Business Center         |   | Fee                     |   | 100                              | %      | 1980                              |   | 3.90                    |   | 60,082                            |   | 100                                   | %      |
| Edina Interchange I            |   | Fee                     |   | 100                              | %      | 1995                              |   | 4.73                    |   | 73,817                            |   | 100                                   | %      |
| Edina Interchange II           |   | Fee                     |   | 100                              | %      | 1980                              |   | 3.46                    |   | 55,006                            |   | 100                                   | %      |
| Edina Interchange III          |   | Fee                     |   | 100                              | %      | 1981                              |   | 6.39                    |   | 62,784                            |   | 100                                   | %      |
| Edina Interchange IV           |   | Fee                     |   | 100                              | %      | 1974                              |   | 1.99                    |   | 22,440                            |   | 100                                   | %      |
| Edina Interchange V            |   | Fee                     |   | 100                              | %      | 1974                              |   | 4.92                    |   | 139,101                           |   | 100                                   | %      |
| Edina Interchange VII          |   | Fee                     |   | 100                              | %      | 1970                              |   | 2.36                    |   | 30,655                            |   | 87                                    | %      |
| Pakwa I                        |   | Fee                     |   | 100                              | %      | 1979                              |   | 1.67                    |   | 38,196                            |   | 100                                   | %      |
| Pakwa II                       |   | Fee                     |   | 100                              | %      | 1979                              |   | 1.67                    |   | 21,254                            |   | 90                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Fridley, MN**                |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| River Road Business Ctr. S.    |   | Fee                     |   | 100                              | %      | 1986                              |   | 8.91                    |   | 119,860                           |   | 100                                   | %      |
| University Center I&II     |   | Fee                     |   | 100                              | %      | 1983                              |   | 4.70                    |   | 51,893                            |   | 85                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Golden Valley, MN**          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Golden Hills 1                 |   | Fee                     |   | 100                              | %      | 1996                              |   | 7.50                    |   | 91,368                            |   | 100                                   | %      |
| Golden Hills 2                 |   | Fee                     |   | 100                              | %      | 1999                              |   | 7.50                    |   | 79,294                            |   | 100                                   | %      |
| Golden Hills 3                 |   | Fee                     |   | 100                              | %      | 1999                              |   | 7.20                    |   | 87,456                            |   | 100                                   | %      |
| Sandburg Industrial Center     |   | Fee                     |   | 100                              | %      | 1973                              |   | 5.68                    |   | 94,612                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Hopkins, MN**                |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Cornerstone Business Center    |   | Fee                     |   | 100                              | %      | 1996                              |   | 13.49                   |   | 222,494                           |   | 100                                   | %      |
| Westside Business Park         |   | Fee                     |   | 100                              | %      | 1987                              |   | 9.10                    |   | 114,800                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Mendota Heights, MN**        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Enterprise Industrial Center   |   | Fee                     |   | 100                              | %      | 1979                              |   | 10.88                   |   | 165,755                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Minneapolis, MN**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Broadway Business Ctr III      |   | Fee                     |   | 100                              | %      | 1983                              |   | 2.77                    |   | 21,600                            |   | 100                                   | %      |
| Broadway Business Ctr IV       |   | Fee                     |   | 100                              | %      | 1983                              |   | 2.77                    |   | 29,920                            |   | 100                                   | %      |
| Broadway Business Ctr VI       |   | Fee                     |   | 100                              | %      | 1983                              |   | 2.77                    |   | 66,961                            |   | 100                                   | %      |
| Broadway Business Ctr VII      |   | Fee                     |   | 100                              | %      | 1983                              |   | 2.78                    |   | 36,000                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Minnetonka, MN**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Encore Park                    |   | Fee                     |   | 100                              | %      | 1977                              |   | 14.50                   |   | 126,858                           |   | 85                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **New Hope, MN**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Bass Lake Business Bldg        |   | Fee                     |   | 100                              | %      | 1981                              |   | 5.33                    |   | 47,368                            |   | 59                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Plymouth, MN**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Medicine Lake Indus. Center    |   | Fee                     |   | 100                              | %      | 1970                              |   | 16.37                   |   | 222,893                           |   | 100                                   | %      |
| Plymouth Office/Tech Center    |   | Fee                     |   | 100                              | %      | 1986                              |   | 3.77                    |   | 52,487                            |   | 100                                   | %      |
| Plymouth Service Center        |   | Fee                     |   | 100                              | %      | 1978                              |   | 6.00                    |   | 74,042                            |   | 87                                    | %      |
| Westpoint Bldg B&C         |   | Fee                     |   | 100                              | %      | 1978                              |   | 4.92                    |   | 65,539                            |   | 93                                    | %      |
| Westpoint Bldg D&E         |   | Fee                     |   | 100                              | %      | 1978                              |   | 6.34                    |   | 81,030                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **St. Louis Park, MN**         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Cedar Lake Business Center     |   | Fee                     |   | 100                              | %      | 1976                              |   | 3.05                    |   | 50,400                            |   | 100                                   | %      |
| Novartis Warehouse             |   | Fee                     |   | 100                              | %      | 1960                              |   | 14.40                   |   | 355,798                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **St. Paul, MN**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| University Crossing            |   | Fee                     |   | 100                              | %      | 1990                              |   | 5.65                    |   | 83,470                            |   | 97                                    | %      |

 

10

----

 
| **Project Name/  Location**    |   | **Ownership  Interest** |       | **Partnership’s  Interest** |       | **Year   Constructed/  Expanded** |       | **Land  Area  (Acres)** |       | **Net  Rentable  Area (Sq. Ft.)** |       | **Percent  Leased********12/31/2001** |       |
|--------------------------------|--------|-------------------------|------------|----------------------------------|------------|-----------------------------------|------------|-------------------------|------------|-----------------------------------|------------|---------------------------------------|------------|
| **Bridgeton, MO**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Dukeport 1                     |   | Fee                     |       | 50                               | %[1]       | 1996                              |       | 21.24                   |       | 403,200                           |       | 100                                   | %          |
| Dukeport 2                     |   | Fee                     |       | 50                               | %[1]       | 1997                              |       | 14.70                   |       | 244,800                           |       | 100                                   | %          |
| Dukeport V                     |   | Fee                     |       | 50                               | %[1]       | 1998                              |       | 6.00                    |       | 95,280                            |       | 100                                   | %          |
| Dukeport VI                    |   | Fee                     |       | 50                               | %[1]       | 1999                              |       | 16.64                   |       | 320,000                           |       | 100                                   | %          |
| Dukeport VII                   |   | Fee                     |       | 50                               | %[1]       | 1999                              |       | 8.34                    |       | 123,480                           |       | 100                                   | %          |
| Dukeport VIII                  |   | Fee                     |       | 50                               | %[1]       | 1999                              |       | 16.64                   |       | 260,160                           |       | 100                                   | %          |
| Dukeport 9                     |   | Fee                     |       | 50                               | %[1]       | 2001                              |       | 24.75                   |       | 448,975                           |       | 54                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Earth City, MO**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Corporate Center, Earth City   |   | Fee                     |       | 100                              | %          | 2000                              |       | 6.93                    |       | 73,200                            |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Fenton, MO**                 |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Fenton Interstate Building C   |   | Fee                     |       | 100                              | %          | 1986                              |       | 5.50                    |       | 95,519                            |       | 100                                   | %          |
| Fenton Interstate Building D   |   | Fee                     |       | 100                              | %          | 1987                              |       | 5.85                    |       | 105,651                           |       | 100                                   | %          |
| Fenton Industrial Bldg A       |   | Fee                     |       | 100                              | %          | 1987                              |       | 3.44                    |       | 67,200                            |       | 100                                   | %          |
| Fenton Industrial Bldg B       |   | Fee                     |       | 100                              | %          | 1986                              |       | 5.20                    |       | 101,366                           |       | 100                                   | %          |
| Southport I                    |   | Fee                     |       | 100                              | %          | 1977                              |       | 1.36                    |       | 20,810                            |       | 100                                   | %          |
| Southport II                   |   | Fee                     |       | 100                              | %          | 1978                              |       | 1.53                    |       | 22,400                            |       | 100                                   | %          |
| Southport Commerce Ctr         |   | Fee                     |       | 100                              | %          | 1978                              |       | 2.65                    |       | 34,873                            |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Maryland Heights, MO**       |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Riverport Distribution A       |   | Fee                     |       | 100                              | %          | 1990                              |       | 5.96                    |       | 100,000                           |       | 100                                   | %          |
| Express Scripts Service Center |   | Fee                     |       | 100                              | %          | 1992                              |       | 10.81                   |       | 119,000                           |       | 100                                   | %          |
| Riverport 1                    |   | Fee                     |       | 100                              | %          | 1999                              |       | 6.64                    |       | 72,000                            |       | 100                                   | %          |
| Riverport 2                    |   | Fee                     |       | 100                              | %          | 2000                              |       | 9.51                    |       | 104,800                           |       | 100                                   | %          |
| Riverport 3                    |   | Fee                     |       | 100                              | %          | 2001                              |       | 8.68                    |       | 129,400                           |       | 0                                     | %          |
| Westport Center I              |   | Fee                     |       | 100                              | %          | 1998                              |       | 11.90                   |       | 177,600                           |       | 100                                   | %          |
| Westport Center II             |   | Fee                     |       | 100                              | %          | 1998                              |       | 5.25                    |       | 51,053                            |       | 100                                   | %          |
| Westport Center III            |   | Fee                     |       | 100                              | %          | 1998                              |       | 8.70                    |       | 91,000                            |       | 100                                   | %          |
|                           |   |                    | ** ** |                             | ** ** |                              | ** ** |                    | ** ** |                              | ** ** |                                  | ** ** |
| **Olivette, MO**               |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| I-170 Center                   |   | Fee                     |       | 100                              | %          | 1986                              |       | 4.57                    |       | 76,415                            |       | 89                                    | %          |
| Warson Commerce Center         |   | Fee                     |       | 100                              | %          | 1987/1997                         |       | 8.83                    |       | 122,886                           |       | 90                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **St. Louis, MO**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Craig Park Center              |   | Fee                     |       | 100                              | %          | 1984                              |       | 3.19                    |       | 42,210                            |       | 78                                    | %          |
| St. Louis Business Center A    |   | Fee                     |       | 100                              | %          | 1987                              |       | 2.49                    |       | 47,876                            |       | 71                                    | %          |
| St. Louis Business Center B    |   | Fee                     |       | 100                              | %          | 1986                              |       | 3.14                    |       | 58,986                            |       | 100                                   | %          |
| St. Louis Business Center C    |   | Fee                     |       | 100                              | %          | 1986                              |       | 2.10                    |       | 38,628                            |       | 100                                   | %          |
| St. Louis Business Center D    |   | Fee                     |       | 100                              | %          | 1987                              |       | 1.81                    |       | 33,953                            |       | 100                                   | %          |
| Westport Center IV             |   | Fee                     |       | 100                              | %          | 2000                              |       | 14.71                   |       | 173,400                           |       | 100                                   | %          |
| Westport Center V              |   | Fee                     |       | 100                              | %          | 1999                              |       | 5.09                    |       | 35,000                            |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **St. Peters, MO**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Horizon Business Center        |   | Fee                     |       | 100                              | %          | 1985                              |       | 5.31                    |       | 75,746                            |       | 72                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Morrisville, NC**            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 507 Airport Blvd               |   | Fee                     |       | 100                              | %          | 1993                              |       | 7.15                    |       | 106,862                           |       | 94                                    | %          |
| 5151 McCrimmon Pkwy            |   | Fee                     |       | 100                              | %          | 1995                              |       | 7.67                    |       | 104,806                           |       | 100                                   | %          |
| 2600 Perimeter Park Dr         |   | Fee                     |       | 100                              | %          | 1997                              |       | 6.07                    |       | 70,848                            |       | 100                                   | %          |
| 5150 McCrimmon Pkwy            |   | Fee                     |       | 100                              | %          | 1998                              |       | 12.32                   |       | 143,737                           |       | 100                                   | %          |
| 3000 Perimeter Park Dr         |   | Fee                     |       | 100                              | %          | 1989                              |       | 5.76                    |       | 75,000                            |       | 100                                   | %          |
| 2900 Perimeter Park Dr         |   | Fee                     |       | 100                              | %          | 1990                              |       | 4.52                    |       | 59,912                            |       | 100                                   | %          |
| 2800 Perimeter Park Dr         |   | Fee                     |       | 100                              | %          | 1992                              |       | 8.22                    |       | 136,370                           |       | 100                                   | %          |
| 100 Perimeter Park Drive       |   | Fee                     |       | 100                              | %          | 1987                              |       | 5.30                    |       | 55,666                            |       | 88                                    | %          |
| 200 Perimeter Park Drive       |   | Fee                     |       | 100                              | %          | 1987                              |       | 6.30                    |       | 55,664                            |       | 100                                   | %          |
| 300 Perimeter Park Drive       |   | Fee                     |       | 100                              | %          | 1986                              |       | 6.30                    |       | 55,664                            |       | 100                                   | %          |
| 400 Perimeter Park Drive       |   | Fee                     |       | 100                              | %          | 1983                              |       | 5.40                    |       | 74,088                            |       | 100                                   | %          |
| 500 Perimeter Park Drive       |   | Fee                     |       | 100                              | %          | 1985                              |       | 5.80                    |       | 74,107                            |       | 100                                   | %          |
| 800 Perimeter Park Drive       |   | Fee                     |       | 100                              | %          | 1984                              |       | 4.50                    |       | 55,637                            |       | 100                                   | %          |
| 900 Perimeter Park Drive       |   | Fee                     |       | 100                              | %          | 1982                              |       | 4.00                    |       | 48,307                            |       | 79                                    | %          |
| 1000 Perimeter Park Drive      |   | Fee                     |       | 100                              | %          | 1982                              |       | 4.50                    |       | 55,420                            |       | 100                                   | %          |
| 1100 Perimeter Park Drive      |   | Fee                     |       | 100                              | %          | 1990                              |       | 9.50                    |       | 83,755                            |       | 85                                    | %          |
| 2700 Perimeter Park            |   | Fee                     |       | 100                              | %          | 2001                              |       | 6.00                    |       | 86,400                            |       | 0                                     | %          |
| 409 Airport Blvd Bldg A        |   | Fee                     |       | 100                              | %          | 1983                              |       | 3.07                    |       | 42,712                            |       | 50                                    | %          |
| 409 Airport Blvd Bldg B        |   | Fee                     |       | 100                              | %          | 1986                              |       | 1.89                    |       | 26,215                            |       | 50                                    | %          |
| 409 Airport Blvd bldg C        |   | Fee                     |       | 100                              | %          | 1982                              |       | 3.07                    |       | 84,702                            |       | 100                                   | %          |
| 100 Innovation Avenue          |   | Fee                     |       | 100                              | %          | 1994                              |       | 7.51                    |       | 108,000                           |       | 100                                   | %          |
| 101 Innovation Ave             |   | Fee                     |       | 100                              | %          | 1997                              |       | 7.94                    |       | 97,500                            |       | 100                                   | %          |
| 200 Innovation Drive           |   | Fee                     |       | 100                              | %          | 1999                              |       | 5.26                    |       | 96,000                            |       | 100                                   | %          |
| 501 Innovation Ave.            |   | Fee                     |       | 100                              | %          | 1999                              |       | 8.00                    |       | 140,400                           |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Raleigh, NC**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 3200 Spring Forest Road        |   | Fee                     |       | 100                              | %          | 1986                              |       | 5.61                    |       | 59,971                            |       | 98                                    | %          |
| 3100 Spring Forest Road        |   | Fee                     |       | 100                              | %          | 1992                              |       | 9.16                    |       | 50,306                            |       | 100                                   | %          |
| Walnut Creek Business Park #1  |   | Fee                     |       | 100                              | %          | 2001                              |       | 4.19                    |       | 65,000                            |       | 50                                    | %          |

 

11

----

 
| **Project Name/  Location**    |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|--------------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| Walnut Creek Business Park #2  |   | Fee                     |   | 100                              | %      | 2001                              |   | 5.79                    |   | 106,000                           |   | 69                                    | %      |
| Walnut Creek Business Park #3  |   | Fee                     |   | 100                              | %      | 2001                              |   | 7.20                    |   | 132,000                           |   | 0                                     | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Blue Ash, OH**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Cornell Commerce Center        |   | Fee                     |   | 100                              | %      | 1989                              |   | 9.91                    |   | 167,695                           |   | 84                                    | %      |
| Creek Road Bldg 1              |   | Fee                     |   | 100                              | %      | 1971                              |   | 2.05                    |   | 38,715                            |   | 100                                   | %      |
| Creek Road Bldg 2              |   | Fee                     |   | 100                              | %      | 1971                              |   | 2.63                    |   | 53,210                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Canal Winchester, OH**       |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Nifco at Canal Winchester      |   | Fee                     |   | 100                              | %      | 2000                              |   | 6.82                    |   | 124,800                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Cincinnati, OH**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| U.S. Post Office               |   | Fee                     |   | 40                               | %[1]   | 1992                              |   | 2.60                    |   | 57,886                            |   | 100                                   | %      |
| Cincinnati Bell Supply         |   | Fee                     |   | 100                              | %      | 1999                              |   | 9.00                    |   | 80,100                            |   | 100                                   | %      |
| World Park Bldg 30             |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 33.23                   |   | 615,600                           |   | 100                                   | %      |
| World Park Bldg 5              |   | Fee                     |   | 100                              | %      | 1987                              |   | 5.00                    |   | 59,690                            |   | 74                                    | %      |
| World Park Bldg 6              |   | Fee                     |   | 100                              | %      | 1987                              |   | 7.26                    |   | 92,400                            |   | 100                                   | %      |
| World Park Bldg 7              |   | Fee                     |   | 100                              | %      | 1987                              |   | 8.63                    |   | 96,000                            |   | 100                                   | %      |
| World Park Bldg 17             |   | Fee                     |   | 50                               | %[1]   | 1994                              |   | 15.10                   |   | 304,000                           |   | 100                                   | %      |
| World Park Bldg 8              |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 14.60                   |   | 192,000                           |   | 100                                   | %      |
| World Park Bldg 9              |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 4.47                    |   | 58,800                            |   | 87                                    | %      |
| World Park Bldg 11             |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 8.98                    |   | 96,000                            |   | 100                                   | %      |
| World Park Bldg 14             |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 8.91                    |   | 166,400                           |   | 100                                   | %      |
| World Park Bldg 15             |   | Fee                     |   | 50                               | %[1]   | 1990                              |   | 6.50                    |   | 93,600                            |   | 100                                   | %      |
| World Park Bldg 16             |   | Fee                     |   | 50                               | %[1]   | 1989                              |   | 7.00                    |   | 93,600                            |   | 69                                    | %      |
| World Park Bldg 18             |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 16.90                   |   | 252,000                           |   | 100                                   | %      |
| World Park Bldg 28             |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 11.60                   |   | 220,160                           |   | 100                                   | %      |
| World Park Bldg 29             |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 21.40                   |   | 452,000                           |   | 100                                   | %      |
| World Park Bldg 31             |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 7.10                    |   | 122,120                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Columbus, OH**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 2190-2200 Westbelt Drive       |   | Fee                     |   | 100                              | %      | 1986                              |   | 6.12                    |   | 95,516                            |   | 100                                   | %      |
| Westbelt West #1               |   | Fee                     |   | 100                              | %      | 1999                              |   | 9.53                    |   | 132,800                           |   | 100                                   | %      |
| Westbelt West #2               |   | Fee                     |   | 100                              | %      | 1999                              |   | 11.24                   |   | 184,152                           |   | 100                                   | %      |
| 3800 Zane Trace Drive          |   | Fee                     |   | 100                              | %      | 1978                              |   | 3.98                    |   | 83,167                            |   | 100                                   | %      |
| 3635 Zane Trace Drive          |   | Fee                     |   | 100                              | %      | 1980                              |   | 5.24                    |   | 98,880                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Fairfield, OH**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Fairfield Bus. Ctr. D          |   | Fee                     |   | 100                              | %      | 1990                              |   | 3.23                    |   | 40,223                            |   | 65                                    | %      |
| Fairfield Bus. Ctr. E          |   | Fee                     |   | 100                              | %      | 1990                              |   | 6.07                    |   | 75,356                            |   | 100                                   | %      |
| University Moving              |   | Fee                     |   | 100                              | %      | 1991                              |   | 4.95                    |   | 70,000                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Glenwillow, OH**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Royal Appliance                |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 35.00                   |   | 458,000                           |   | 100                                   | %      |
| Emerald Valley Bldg I          |   | Fee                     |   | 100                              | %      | 1999                              |   | 11.50                   |   | 200,928                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Grove City, OH**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| South Pointe Bldg A            |   | Fee                     |   | 50                               | %[1]   | 1995                              |   | 14.06                   |   | 293,824                           |   | 100                                   | %      |
| South Pointe Bldg B            |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 13.16                   |   | 307,200                           |   | 100                                   | %      |
| South Pointe Bldg C            |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 12.57                   |   | 322,000                           |   | 100                                   | %      |
| South Pointe Bldg D            |   | Fee                     |   | 100                              | %      | 1997                              |   | 6.55                    |   | 116,590                           |   | 94                                    | %      |
| South Pointe Bldg E            |   | Fee                     |   | 100                              | %      | 1997                              |   | 6.55                    |   | 82,520                            |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Groveport, OH**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Groveport Comm Ctr #1          |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 17.78                   |   | 354,814                           |   | 75                                    | %      |
| Groveport Comm Ctr #2          |   | Fee                     |   | 100                              | %      | 1999                              |   | 21.80                   |   | 437,000                           |   | 100                                   | %      |
| Groveport Comm Ctr #3          |   | Fee                     |   | 100                              | %      | 1999                              |   | 10.60                   |   | 168,000                           |   | 0                                     | %      |
| Groveport Comm Ctr #4          |   | Fee                     |   | 100                              | %      | 2000                              |   | 22.95                   |   | 427,432                           |   | 100                                   | %      |
| Groveport Commerce Ctr. #345   |   | Fee                     |   | 100                              | %      | 2000                              |   | 20.47                   |   | 345,000                           |   | 0                                     | %      |
| 6600 Port Road                 |   | Fee                     |   | 100                              | %      | 1995/1998                         |   | 45.42                   |   | 1,019,312                         |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Lewis Center, OH**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Orange Point #73               |   | Fee                     |   | 100                              | %      | 2001                              |   | 6.22                    |   | 74,237                            |   | 26                                    | %      |
| Orange Point 144               |   | Fee                     |   | 100                              | %      | 2001                              |   | 9.94                    |   | 145,712                           |   | 45                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Mason, OH**                  |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Governor’s Pointe 4700    |   | Fee                     |   | 100                              | %      | 1987                              |   | 5.51                    |   | 77,890                            |   | 92                                    | %      |
| Governor’s Pointe 4900    |   | Fee                     |   | 100                              | %      | 1987                              |   | 9.41                    |   | 79,034                            |   | 89                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Middletown, OH**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Monroe Business Center 2       |   | Fee                     |   | 100                              | %      | 2000                              |   | 25.89                   |   | 525,000                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Milford, OH**                |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Park 50 Bldg 20                |   | Fee                     |   | 100                              | %      | 1987                              |   | 8.37                    |   | 96,714                            |   | 78                                    | %      |
| Park 50 Bldg 25                |   | Fee                     |   | 100                              | %      | 1989                              |   | 12.20                   |   | 78,328                            |   | 84                                    | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Monroe, OH**                 |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Monroe Business Center Bldg. 1 |   | Fee                     |   | 100                              | %      | 1992                              |   | 24.50                   |   | 399,600                           |   | 100                                   | %      |
|                           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Sharonville, OH**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Enterprise Bldg 1              |   | Fee                     |   | 100                              | %      | 1990                              |   | 7.52                    |   | 87,400                            |   | 100                                   | %      |

 

12

----

 
| **Project Name/  Location**   |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|-------------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| Enterprise Bldg 2             |   | Fee                     |   | 100                              | %      | 1990                              |   | 7.52                    |   | 84,963                            |   | 91                                    | %      |
| Enterprise Bldg A             |   | Fee                     |   | 100                              | %      | 1987                              |   | 2.65                    |   | 20,887                            |   | 80                                    | %      |
| Enterprise Bldg B             |   | Fee                     |   | 100                              | %      | 1988                              |   | 2.65                    |   | 34,940                            |   | 64                                    | %      |
| Enterprise Bldg D             |   | Fee                     |   | 100                              | %      | 1989                              |   | 5.40                    |   | 60,329                            |   | 100                                   | %      |
| Mosteller Distribution Ctr I  |   | Fee                     |   | 100                              | %      | 1957/1996                         |   | 25.80                   |   | 357,796                           |   | 43                                    | %      |
| Mosteller Distribution Ctr II |   | Fee                     |   | 100                              | %      | 1997                              |   | 12.20                   |   | 261,440                           |   | 74                                    | %      |
| Perimeter Park Bldg A         |   | Fee                     |   | 100                              | %      | 1991                              |   | 2.92                    |   | 28,100                            |   | 100                                   | %      |
| Perimeter Park Bldg B         |   | Fee                     |   | 100                              | %      | 1991                              |   | 3.84                    |   | 30,000                            |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Solon, OH**                 |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Fountain Parkway Bldg 2       |   | Fee                     |   | 100                              | %      | 1998                              |   | 12.90                   |   | 224,600                           |   | 100                                   | %      |
| Fountain Parkway Bldg 1       |   | Fee                     |   | 100                              | %      | 1997                              |   | 6.50                    |   | 108,700                           |   | 100                                   | %      |
| 30600 Carter                  |   | Fee                     |   | 100                              | %      | 1971                              |   | 11.30                   |   | 190,188                           |   | 100                                   | %      |
| 6230 Cochran                  |   | Fee                     |   | 100                              | %      | 1977                              |   | 7.20                    |   | 100,365                           |   | 100                                   | %      |
| 5821 Harper                   |   | Fee                     |   | 100                              | %      | 1970                              |   | 5.80                    |   | 66,638                            |   | 95                                    | %      |
| 6161 Cochran                  |   | Fee                     |   | 100                              | %      | 1978                              |   | 6.10                    |   | 62,400                            |   | 78                                    | %      |
| 5901 Harper                   |   | Fee                     |   | 100                              | %      | 1970                              |   | 4.10                    |   | 55,263                            |   | 100                                   | %      |
| 29125 Solon                   |   | Fee                     |   | 100                              | %      | 1980                              |   | 5.90                    |   | 47,329                            |   | 100                                   | %      |
| 6661 Cochran                  |   | Fee                     |   | 100                              | %      | 1979                              |   | 4.70                    |   | 39,000                            |   | 62                                    | %      |
| 6521 Davis                    |   | Fee                     |   | 100                              | %      | 1979                              |   | 3.20                    |   | 21,600                            |   | 100                                   | %      |
| 30301 Carter Street           |   | Fee                     |   | 100                              | %      | 1972                              |   | 12.58                   |   | 219,574                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Strongsville, OH**          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Park 82 Bldg 2                |   | Fee                     |   | 100                              | %      | 1998                              |   | 7.10                    |   | 105,150                           |   | 100                                   | %      |
| Park 82 Bldg 1                |   | Fee                     |   | 100                              | %      | 1998                              |   | 4.50                    |   | 67,540                            |   | 100                                   | %      |
| Park 82 Bldg 3                |   | Fee                     |   | 100                              | %      | 1999                              |   | 6.37                    |   | 85,912                            |   | 100                                   | %      |
| Park 82 Bldg 4                |   | Fee                     |   | 100                              | %      | 2000                              |   | 8.24                    |   | 170,705                           |   | 100                                   | %      |
| Park 82 Bldg 5                |   | Fee                     |   | 100                              | %      | 2000                              |   | 8.05                    |   | 161,984                           |   | 65                                    | %      |
| Johnson Controls              |   | Fee                     |   | 100                              | %      | 1972                              |   | 14.56                   |   | 85,410                            |   | 100                                   | %      |
| Mohawk Dr. Bldg. 1            |   | Fee                     |   | 100                              | %      | 2000                              |   | 9.50                    |   | 77,500                            |   | 100                                   | %      |
| Dyment                        |   | Fee                     |   | 100                              | %      | 1988                              |   | 12.00                   |   | 246,140                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Twinsburg, OH**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Enterprise Parkway #1         |   | Fee                     |   | 100                              | %      | 1974/1995                         |   | 7.40                    |   | 66,109                            |   | 100                                   | %      |
| Enterprise Parkway Bldg 2     |   | Fee                     |   | 100                              | %      | 2000                              |   | 12.00                   |   | 197,565                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **West Chester, OH**          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| World Park at Union Ctr 12    |   | Fee                     |   | 100                              | %      | 2000                              |   | 4.70                    |   | 55,000                            |   | 100                                   | %      |
| World Park at Union Ctr 1     |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 4.00                    |   | 59,400                            |   | 100                                   | %      |
| World Park at Union Ctr 2     |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 3.82                    |   | 64,800                            |   | 100                                   | %      |
| World Park at Union Ctr 3     |   | Fee                     |   | 50                               | %[1]   | 1998                              |   | 15.00                   |   | 321,200                           |   | 100                                   | %      |
| World Park at Union Ctr 4     |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 4.46                    |   | 48,400                            |   | 100                                   | %      |
| World Park at Union Ctr 5     |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 6.43                    |   | 86,400                            |   | 100                                   | %      |
| World Park at Union Ctr 6     |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 16.25                   |   | 321,464                           |   | 100                                   | %      |
| World Park at Union Ctr 8     |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 15.47                   |   | 340,560                           |   | 100                                   | %      |
| World Park at Union Centre 9  |   | Fee                     |   | 50                               | %[1]   | 2001                              |   | 15.85                   |   | 316,800                           |   | 34                                    | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Falls Township, PA**        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| GM-Philadelphia               |   | Fee                     |   | 100                              | %      | 2001                              |   | 43.54                   |   | 394,450                           |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Antioch, TN**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Keebler                       |   | Fee                     |   | 100                              | %      | 1985                              |   | 4.39                    |   | 36,150                            |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Brentwood, TN**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 7104 Crossroads Blvd          |   | Fee                     |   | 100                              | %      | 1987                              |   | 7.00                    |   | 103,200                           |   | 100                                   | %      |
| 7106 Crossroads Blvd          |   | Fee                     |   | 100                              | %      | 1987                              |   | 6.70                    |   | 103,200                           |   | 100                                   | %      |
| 7108 Crossroads Blvd          |   | Fee                     |   | 100                              | %      | 1989                              |   | 6.60                    |   | 99,000                            |   | 61                                    | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Franklin, TN**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 277 Mallory Station           |   | Fee                     |   | 100                              | %      | 1996                              |   | 8.69                    |   | 127,318                           |   | 81                                    | %      |
| 320 Premier Court             |   | Fee                     |   | 100                              | %      | 1996                              |   | 7.26                    |   | 106,368                           |   | 100                                   | %      |
| 305 Seaboard Lane             |   | Fee                     |   | 100                              | %      | 1998                              |   | 14.23                   |   | 122,094                           |   | 100                                   | %      |
| 416 Mary Lindsay Polk Dr      |   | Fee                     |   | 100                              | %      | 1996                              |   | 10.00                   |   | 161,037                           |   | 100                                   | %      |
| 318 Seaboard Lane Bldg 200    |   | Fee                     |   | 100                              | %      | 1999                              |   | 4.07                    |   | 29,276                            |   | 100                                   | %      |
| 318 Seaboard Lane Bldg 100    |   | Fee                     |   | 100                              | %      | 1999                              |   | 3.25                    |   | 37,019                            |   | 100                                   | %      |
| Aspen Grove Flex Ctr III      |   | Fee                     |   | 100                              | %      | 2001                              |   | 4.02                    |   | 37,766                            |   | 0                                     | %      |
| Aspen Grove Flex Ctr IV       |   | Fee                     |   | 100                              | %      | 2001                              |   | 2.52                    |   | 23,704                            |   | 97                                    | %      |
| 119 Seaboard Lane             |   | Fee                     |   | 100                              | %      | 1990                              |   | 5.40                    |   | 90,024                            |   | 100                                   | %      |
| 121 Seaboard Lane             |   | Fee                     |   | 100                              | %      | 1990                              |   | 3.10                    |   | 45,224                            |   | 100                                   | %      |
| 123 Seaboard Lane             |   | Fee                     |   | 100                              | %      | 1990                              |   | 4.10                    |   | 63,360                            |   | 100                                   | %      |
|                          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Nashville, TN**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 1420 Donelson Pike            |   | Fee                     |   | 100                              | %      | 1985                              |   | 7.20                    |   | 90,000                            |   | 79                                    | %      |
| 1410 Donelson Pike            |   | Fee                     |   | 100                              | %      | 1986                              |   | 9.30                    |   | 108,300                           |   | 95                                    | %      |
| 1400 Donelson Pike            |   | Fee                     |   | 100                              | %      | 1996                              |   | 7.70                    |   | 102,519                           |   | 100                                   | %      |
| 400 Airpark Center            |   | Fee                     |   | 100                              | %      | 1989                              |   | 3.20                    |   | 52,748                            |   | 100                                   | %      |
| 500 Airpark Center Dr.        |   | Fee                     |   | 100                              | %      | 1988                              |   | 5.40                    |   | 90,150                            |   | 95                                    | %      |

 

13

----

 
| **Project Name/  Location**  |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|------------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| 600 Airport Center Dr.       |   | Fee                     |   | 100                              | %      | 1990                              |   | 4.70                    |   | 78,639                            |   | 72                                    | %      |
| 700 Airpark Center Dr.       |   | Fee                     |   | 100                              | %      | 1992                              |   | 4.50                    |   | 77,401                            |   | 96                                    | %      |
| 800 Airpark Center Dr.       |   | Fee                     |   | 100                              | %      | 1995                              |   | 6.00                    |   | 93,928                            |   | 92                                    | %      |
| 900 Airpark Center Dr.       |   | Fee                     |   | 100                              | %      | 1995                              |   | 6.00                    |   | 84,307                            |   | 74                                    | %      |
| 1000 Airpark Center Dr.      |   | Fee                     |   | 100                              | %      | 1997                              |   | 8.00                    |   | 106,122                           |   | 100                                   | %      |
| 5270 Harding place           |   | Fee                     |   | 100                              | %      | 1996                              |   | 4.01                    |   | 51,960                            |   | 100                                   | %      |
| 1415 Donelson Pike           |   | Fee                     |   | 100                              | %      | 1996                              |   | 12.40                   |   | 156,933                           |   | 100                                   | %      |
| 1413 Donelson Pike           |   | Fee                     |   | 100                              | %      | 1996                              |   | 5.15                    |   | 66,737                            |   | 100                                   | %      |
| 5233 Harding Place           |   | Fee                     |   | 100                              | %      | 1998                              |   | 4.01                    |   | 47,938                            |   | 100                                   | %      |
| Cumberland Business Center I |   | Fee                     |   | 100                              | %      | 1999                              |   | 19.29                   |   | 166,137                           |   | 100                                   | %      |
| 700 Melrose Avenue           |   | Fee                     |   | 100                              | %      | 1997                              |   | 8.32                    |   | 165,776                           |   | 100                                   | %      |
| 684 Melrose Ave.             |   | Fee                     |   | 100                              | %      | 1998                              |   | 10.75                   |   | 137,479                           |   | 100                                   | %      |
| 782 Melrose Avenue           |   | Fee                     |   | 100                              | %      | 1997                              |   | 8.10                    |   | 103,600                           |   | 100                                   | %      |
| 784 Melrose Ave.             |   | Fee                     |   | 100                              | %      | 1999                              |   | 2.89                    |   | 32,863                            |   | 100                                   | %      |
| Greenbriar Business Park     |   | Fee                     |   | 100                              | %      | 1986                              |   | 10.73                   |   | 134,759                           |   | 79                                    | %      |
| Haywood Oaks Bldg 2          |   | Fee                     |   | 100                              | %      | 1988                              |   | 2.94                    |   | 50,400                            |   | 100                                   | %      |
| Haywood Oaks Bldg 3          |   | Fee                     |   | 100                              | %      | 1988                              |   | 2.94                    |   | 53,698                            |   | 60                                    | %      |
| Haywood Oaks Bldg 4          |   | Fee                     |   | 100                              | %      | 1988                              |   | 5.23                    |   | 46,800                            |   | 86                                    | %      |
| Haywood Oaks Bldg 5          |   | Fee                     |   | 100                              | %      | 1988                              |   | 5.23                    |   | 61,172                            |   | 62                                    | %      |
| Haywood Oaks Bldg 6          |   | Fee                     |   | 100                              | %      | 1989                              |   | 10.53                   |   | 113,691                           |   | 75                                    | %      |
| Haywood Oaks Bldg 7          |   | Fee                     |   | 100                              | %      | 1995                              |   | 8.24                    |   | 66,873                            |   | 100                                   | %      |
| Haywood Oaks Bldg 8          |   | Fee                     |   | 100                              | %      | 1997                              |   | 15.44                   |   | 71,615                            |   | 83                                    | %      |
| Haywood Oaks East            |   | Fee                     |   | 100                              | %      | 2000                              |   | 13.00                   |   | 120,657                           |   | 53                                    | %      |
| Metro Airport Center Bldg 1  |   | Fee                     |   | 100                              | %      | 1999                              |   | 6.37                    |   | 80,675                            |   | 94                                    | %      |
| Metro Airport Bus Ctr C      |   | Fee                     |   | 100                              | %      | 2001                              |   | 7.25                    |   | 85,000                            |   | 83                                    | %      |
| 566 Mainstream Dr.           |   | Fee                     |   | 100                              | %      | 1982                              |   | 6.92                    |   | 95,644                            |   | 88                                    | %      |
| 621 Mainstream Dr.           |   | Fee                     |   | 100                              | %      | 1984                              |   | 7.18                    |   | 52,302                            |   | 79                                    | %      |
| Riverview Business Center I  |   | Fee                     |   | 100                              | %      | 2000                              |   | 8.26                    |   | 42,015                            |   | 100                                   | %      |
| Riverview Business Center II |   | Fee                     |   | 100                              | %      | 2001                              |   | 4.84                    |   | 59,398                            |   | 20                                    | %      |
| 3300 Briley Park Blvd        |   | Fee                     |   | 100                              | %      | 1997                              |   | 18.27                   |   | 195,379                           |   | 100                                   | %      |
| 2515 Perimeter Park          |   | Fee                     |   | 100                              | %      | 1990                              |   | 4.46                    |   | 71,031                            |   | 100                                   | %      |
| 500 Royal Parkway            |   | Fee                     |   | 100                              | %      | 1990                              |   | 4.70                    |   | 75,000                            |   | 100                                   | %      |
|                         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Carrollton, TX**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Trinity Mills VI             |   | Fee                     |   | 50                               | %[1]   | 1986                              |   | 11.70                   |   | 241,477                           |   | 100                                   | %      |
| Trinity Mills VII            |   | Fee                     |   | 50                               | %[1]   | 1986                              |   | 4.97                    |   | 106,472                           |   | 100                                   | %      |
| Frankford Distribution I     |   | Fee                     |   | 50                               | %[1]   | 1994                              |   | 7.26                    |   | 153,200                           |   | 100                                   | %      |
| Frankford Distribution II    |   | Fee                     |   | 50                               | %[1]   | 1995                              |   | 5.54                    |   | 123,200                           |   | 100                                   | %      |
| Frankford III                |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 9.96                    |   | 221,400                           |   | 100                                   | %      |
| Dickerson Service Center     |   | Fee                     |   | 50                               | %[1]   | 1995                              |   | 2.32                    |   | 42,225                            |   | 100                                   | %      |
| Frankford Interchange        |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 21.03                   |   | 380,002                           |   | 100                                   | %      |
| McDaniel                     |   | Fee                     |   | 50                               | %[1]   | 1981                              |   | 4.85                    |   | 125,000                           |   | 100                                   | %      |
| Hutton Drive                 |   | Fee                     |   | 50                               | %[1]   | 1981                              |   | 4.86                    |   | 97,921                            |   | 100                                   | %      |
|                         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Coppell, TX**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Freeport IX                  |   | Fee                     |   | 50                               | %[1]   | 2001                              |   | 26.66                   |   | 559,582                           |   | 72                                    | %      |
| Freeport II                  |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 14.40                   |   | 280,000                           |   | 100                                   | %      |
| Freeport III                 |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 15.59                   |   | 297,903                           |   | 100                                   | %      |
| Freeport IV                  |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 12.26                   |   | 125,103                           |   | 100                                   | %      |
| Freeport V                   |   | Fee                     |   | 50                               | %[1]   | 2000                              |   | 9.55                    |   | 115,950                           |   | 45                                    | %      |
| Freeport VI                  |   | Fee                     |   | 50                               | %[1]   | 2000                              |   | 12.09                   |   | 228,210                           |   | 100                                   | %      |
| Freeport VII                 |   | Fee                     |   | 50                               | %[1]   | 2001                              |   | 17.82                   |   | 383,449                           |   | 0                                     | %      |
|                         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Farmers Branch, TX**       |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| One Valwood Park             |   | Fee                     |   | 50                               | %[1]   | 1991                              |   | 12.20                   |   | 113,000                           |   | 100                                   | %      |
| Two Valwood Park             |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 5.27                    |   | 126,800                           |   | 100                                   | %      |
|                         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Fort Worth, TX**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 14900 Trinity Blvd.          |   | Fee                     |   | 50                               | %[1]   | 1984                              |   | 14.30                   |   | 310,000                           |   | 100                                   | %      |
|                         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Garland, TX**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Garland Business Center II   |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 15.15                   |   | 143,598                           |   | 100                                   | %      |
| International I              |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 7.70                    |   | 151,200                           |   | 100                                   | %      |
| International II             |   | Fee                     |   | 50                               | %[1]   | 1996                              |   | 12.70                   |   | 283,600                           |   | 100                                   | %      |
|                         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Grand Prairie, TX**        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 1252 Avenue T                |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 5.86                    |   | 50,000                            |   | 100                                   | %      |
| 1302 Avenue T                |   | Fee                     |   | 50                               | %[1]   | 1983                              |   | 5.81                    |   | 70,000                            |   | 100                                   | %      |
| Carrier Warehouse            |   | Fee                     |   | 50                               | %[1]   | 1980                              |   | 5.11                    |   | 110,880                           |   | 100                                   | %      |
| Regency                      |   | Fee                     |   | 50                               | %[1]   | 1980                              |   | 7.85                    |   | 132,521                           |   | 100                                   | %      |
|                         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Irving, TX**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Texas Plaza I                |   | Fee                     |   | 50                               | %[1]   | 1997                              |   | 9.10                    |   | 115,926                           |   | 93                                    | %      |
| Texas Plaza II               |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 5.22                    |   | 71,550                            |   | 100                                   | %      |

 

14

----

 
| **Project Name/  Location**    |   | **Ownership  Interest** |       | **Partnership’s  Interest** |       | **Year   Constructed/  Expanded** |       | **Land  Area  (Acres)** |       | **Net  Rentable  Area (Sq. Ft.)** |       | **Percent  Leased********12/31/2001** |       |
|--------------------------------|--------|-------------------------|------------|----------------------------------|------------|-----------------------------------|------------|-------------------------|------------|-----------------------------------|------------|---------------------------------------|------------|
| **Lewisville, TX**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 1550 Lakeway Drive             |   | Fee                     |       | 50                               | %[1]       | 1997                              |       | 11.92                   |       | 200,515                           |       | 100                                   | %          |
| 501 E Corporate Dr             |   | Fee                     |       | 50                               | %[1]       | 1998                              |       | 9.72                    |       | 159,000                           |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Roanoke, TX**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| General Motors at Alliance     |   | Fee                     |       | 100                              | %          | 2001                              |       | 26.00                   |       | 394,450                           |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Milwaukee, WI**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| San Francisco Music Box        |   | Fee                     |       | 33.33                            | %[1]       | 1993                              |       | 8.90                    |       | 153,600                           |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Office**                     |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Brandon, FL**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Regency I                      |   | Fee                     |       | 100                              | %          | 2000                              |       | 5.72                    |       | 58,210                            |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Celebration, FL**            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Celebration Business Center I  |   | Fee                     |       | 100                              | %          | 1997                              |       | 5.78                    |       | 62,876                            |       | 100                                   | %          |
| Celebration Business Center II |   | Fee                     |       | 100                              | %          | 1997                              |       | 4.00                    |       | 43,020                            |       | 100                                   | %          |
| Celebration Office Center I    |   | Fee                     |       | 100                              | %          | 2000                              |       | 6.08                    |       | 80,736                            |       | 94                                    | %          |
| Celebration Office Center II   |   | Fee                     |       | 100                              | %          | 2001                              |       | 6.08                    |       | 80,736                            |       | 6                                     | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Ft. Lauderdale, FL**         |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Sawgrass - Building 1          |   | Fee                     |       | 84.5                             | %[1]       | 1999                              |       | 8.55                    |       | 83,374                            |       | 100                                   | %          |
| Beacon Pointe at Weston Bldg 1 |   | Fee                     |       | 50                               | %[1]       | 1999                              |       | 6.88                    |       | 97,579                            |       | 95                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Jacksonville, FL**           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 7011 A.C. Skinner Pkwy         |   | Fee                     |       | 100                              | %          | 1999                              |       | 4.76                    |       | 59,448                            |       | 100                                   | %          |
|                           |   |                    | ** ** |                             | ** ** |                              | ** ** |                    | ** ** |                              | ** ** |                                  | ** ** |
| **Lake Mary, FL**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Northpoint Center I            |   | Fee                     |       | 85                               | %[1]       | 1998                              |       | 8.49                    |       | 108,272                           |       | 100                                   | %          |
| Northpoint Center II           |   | Fee                     |       | 94.75                            | %[1]       | 1999                              |       | 8.76                    |       | 108,499                           |       | 50                                    | %          |
| Northpoint III                 |   | Fee                     |       | 100                              | %          | 2001                              |       | 8.79                    |       | 108,499                           |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Sunrise, FL**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Sawgrass Commerce Ctr Phase II |   | Fee                     |       | 94.7                             | %[1]       | 2000                              |       | 7.73                    |       | 69,872                            |       | 36                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Tampa, FL**                  |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Highland Oaks I                |   | Fee                     |       | 100                              | %          | 1999                              |       | 10.70                   |       | 124,597                           |       | 100                                   | %          |
| Highland Oaks II               |   | Fee                     |       | 100                              | %          | 1999                              |       | 10.70                   |       | 124,997                           |       | 31                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Weston, FL**                 |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Beacon Pointe at Weston Ph II  |   | Fee                     |       | 50                               | [1]%       | 2000                              |       | 5.82                    |       | 97,178                            |       | 18                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Alpharetta, GA**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 3925 Brookside Parkway         |   | Fee                     |       | 100                              | %          | 1998                              |       | 9.98                    |       | 106,631                           |       | 100                                   | %          |
| 3625 Brookside Parkway         |   | Fee                     |       | 100                              | %          | 1999                              |       | 10.75                   |       | 133,355                           |       | 86                                    | %          |
| Radiant II                     |   | Fee                     |       | 100                              | %          | 2000                              |       | 5.60                    |       | 80,314                            |       | 100                                   | %          |
| Brookside II                   |   | Fee                     |       | 100                              | %          | 2000                              |       | 10.80                   |       | 133,442                           |       | 17                                    | %          |
| 2550 Northwinds Parkway        |   | Fee                     |       | 100                              | %          | 1998                              |       | 14.22                   |       | 148,509                           |       | 93                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Atlanta, GA**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 6 W. Druid Hills Drive         |   | Fee                     |       | 100                              | %          | 1968                              |       | 2.83                    |       | 80,757                            |       | 100                                   | %          |
| 2801 Buford Highway            |   | Fee                     |       | 100                              | %          | 1977                              |       | 5.82                    |       | 115,712                           |       | 98                                    | %          |
| 1190 W. Druid Hills Drive      |   | Fee                     |       | 100                              | %          | 1980                              |       | 5.56                    |       | 79,384                            |       | 94                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Duluth, GA**                 |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 3805 Crestwood Parkway         |   | Fee                     |       | 100                              | %          | 1997                              |       | 7.20                    |       | 104,947                           |       | 81                                    | %          |
| 3885 Crestwood Parkway         |   | Fee                     |       | 100                              | %          | 1998                              |       | 6.33                    |       | 103,607                           |       | 100                                   | %          |
| Hampton Green Off I            |   | Fee                     |       | 100                              | %          | 2000                              |       | 10.11                   |       | 122,809                           |       | 82                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Kennesaw, GA**               |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 3391 Town Point Drive          |   | Fee                     |       | 100                              | %          | 1999                              |       | 7.35                    |       | 93,849                            |       | 92                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Lawrenceville, GA**          |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Huntcrest I                    |   | Fee                     |       | 100                              | %          | 2000                              |       | 7.19                    |       | 103,650                           |       | 100                                   | %          |
| Huntcrest II                   |   | Fee                     |       | 100                              | %          | 2000                              |       | 6.18                    |       | 103,712                           |       | 98                                    | %          |
|                           |   |                    | ** ** |                             | ** ** |                              | ** ** |                    | ** ** |                              | ** ** |                                  | ** ** |
| **Norcross, GA**               |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 4366 Park Drive                |   | Fee                     |       | 100                              | %          | 1981                              |       | 1.00                    |       | 9,481                             |       | 34                                    | %          |
| 1835 Shackleford Court         |   | Fee                     |       | 100                              | %          | 1990                              |       | 3.29                    |       | 56,576                            |       | 87                                    | %          |
| 1854 Shackleford Road          |   | Fee                     |       | 100                              | %          | 1985/1995                         |       | 6.30                    |       | 94,677                            |       | 83                                    | %          |
| 4275 Shackleford Court         |   | Fee                     |       | 100                              | %          | 1985                              |       | 2.86                    |       | 32,280                            |       | 98                                    | %          |
| 5755 Peachtree Industrial Blvd |   | Fee                     |       | 100                              | %          | 1997                              |       | 6.00                    |       | 50,000                            |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Roswell, GA**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 1357 Hembree Road              |   | Fee                     |       | 100                              | %          | 1999                              |       | 5.62                    |       | 51,189                            |       | 100                                   | %          |
| 10745 Westside Parkway         |   | Fee                     |       | 100                              | %          | 1995                              |       | 5.00                    |       | 58,093                            |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Arlington Heights, IL**      |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Atrium II                      |   | Fee                     |       | 100                              | %          | 1986                              |       | 6.55                    |       | 100,952                           |       | 100                                   | %          |

 

15

----

 
| **Project Name/  Location** |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|-----------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| **Downers Grove, IL**       |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Executive Towers I          |   | Fee                     |   | 100                              | %      | 1983                              |   | 6.33                    |   | 204,701                           |   | 89                                    | %      |
| Executive Towers II         |   | Fee                     |   | 100                              | %      | 1984                              |   | 6.33                    |   | 224,206                           |   | 65                                    | %      |
| Executive Towers III        |   | Fee                     |   | 100                              | %      | 1987                              |   | 6.33                    |   | 222,400                           |   | 38                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Lake Forest, IL**         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| One Conway Park             |   | Fee                     |   | 100                              | %      | 1989                              |   | 8.97                    |   | 102,579                           |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Lisle, IL**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Central Park of Lisle 1     |   | Fee                     |   | 50                               | %[1]   | 1990                              |   | 8.88                    |   | 345,200                           |   | 96                                    | %      |
| Central Park of Lisle 2     |   | Fee                     |   | 50                               | %[1]   | 1999                              |   | 8.36                    |   | 303,246                           |   | 93                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Westmont, IL**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Oakmont Circle Office       |   | Fee                     |   | 100                              | %      | 1990                              |   | 6.90                    |   | 115,737                           |   | 97                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Carmel, IN**              |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Hamilton Crossing Bldg 2    |   | Fee                     |   | 100                              | %      | 1997                              |   | 5.10                    |   | 33,784                            |   | 100                                   | %      |
| Hamilton Crossing Bldg 3    |   | Fee                     |   | 100                              | %      | 2000                              |   | 8.63                    |   | 141,812                           |   | 93                                    | %      |
| Hamilton Crossing Bldg 4    |   | Fee                     |   | 100                              | %      | 1999                              |   | 5.80                    |   | 84,374                            |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Greenwood, IN**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| South Park Bldg 1           |   | Fee                     |   | 100                              | %      | 1989                              |   | 5.40                    |   | 39,715                            |   | 82                                    | %      |
| South Park Bldg 3           |   | Fee                     |   | 100                              | %      | 1990                              |   | 3.25                    |   | 36,023                            |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Indianapolis, IN**        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 8465 Katc 2-story           |   | Fee                     |   | 100                              | %      | 1983                              |   | 1.31                    |   | 28,532                            |   | 97                                    | %      |
| F.C. Tucker                 |   | Fee                     | [3]    | 100                              | %      | 1978                              |   | 4.70                    |   | 4,840                             |   | 100                                   | %      |
| 8555 Katc 4-story           |   | Fee                     | [3]    | 100                              | %      | 1985                              |   | 5.42                    |   | 75,545                            |   | 100                                   | %      |
| 3520 Commerce Crossing      |   | Fee                     |   | 100                              | %      | 1976                              |   | 2.69                    |   | 30,900                            |   | 72                                    | %      |
| Park 100 Bldg 110           |   | Fee                     |   | 50                               | %[1]   | 1987                              |   | 4.70                    |   | 35,700                            |   | 7                                     | %      |
| One North Capitol           |   | Fee                     | [4]    | 100                              | %      | 1980                              |   | 0.34                    |   | 161,984                           |   | 90                                    | %      |
| Park 100 Bldg 116           |   | Fee                     |   | 100                              | %      | 1988                              |   | 5.28                    |   | 35,713                            |   | 100                                   | %      |
| Park 100 Bldg 118           |   | Fee                     |   | 100                              | %      | 1988                              |   | 6.50                    |   | 35,700                            |   | 46                                    | %      |
| Park 100 Bldg 119           |   | Fee                     |   | 100                              | %      | 1989                              |   | 6.50                    |   | 53,300                            |   | 100                                   | %      |
| Park 100 Bldg 124           |   | Fee                     |   | 50                               | %[1]   | 1992                              |   | 3.88                    |   | 48,000                            |   | 100                                   | %      |
| Park 100 Bldg 132           |   | Fee                     |   | 100                              | %      | 1997                              |   | 4.40                    |   | 27,600                            |   | 100                                   | %      |
| Woodland Corporate Park I   |   | Fee                     |   | 100                              | %      | 1998                              |   | 6.00                    |   | 77,186                            |   | 100                                   | %      |
| Woodland Corporate Park II  |   | Fee                     |   | 100                              | %      | 1999                              |   | 5.25                    |   | 61,700                            |   | 92                                    | %      |
| One Parkwood                |   | Fee                     |   | 100                              | %      | 1989                              |   | 5.93                    |   | 109,170                           |   | 97                                    | %      |
| Two Parkwood                |   | Fee                     |   | 100                              | %      | 1996                              |   | 5.96                    |   | 94,177                            |   | 91                                    | %      |
| Three Parkwood              |   | Fee                     |   | 100                              | %      | 1997                              |   | 6.24                    |   | 122,839                           |   | 100                                   | %      |
| Four Parkwood               |   | Fee                     |   | 100                              | %      | 1998                              |   | 5.90                    |   | 133,086                           |   | 96                                    | %      |
| Five Parkwood               |   | Fee                     |   | 100                              | %      | 1999                              |   | 3.37                    |   | 133,758                           |   | 100                                   | %      |
| Six Parkwood                |   | Fee                     |   | 100                              | %      | 2000                              |   | 6.10                    |   | 199,284                           |   | 94                                    | %      |
| Seven Parkwood              |   | Fee                     |   | 50                               | %[1]   | 2000                              |   | 4.40                    |   | 89,259                            |   | 94                                    | %      |
| Software Artistry           |   | Fee                     |   | 100                              | %      | 1997                              |   | 6.90                    |   | 108,273                           |   | 100                                   | %      |
| Woodland Corporate Park III |   | Fee                     |   | 100                              | %      | 1999                              |   | 6.03                    |   | 65,500                            |   | 98                                    | %      |
| Woodland Corporate Park IV  |   | Fee                     |   | 100                              | %      | 2000                              |   | 6.40                    |   | 91,067                            |   | 100                                   | %      |
| Two Woodfield Crossing      |   | Fee                     |   | 100                              | %      | 1987                              |   | 7.50                    |   | 119,552                           |   | 74                                    | %      |
| Three Woodfield Crossing    |   | Fee                     |   | 100                              | %      | 1989                              |   | 13.30                   |   | 259,777                           |   | 87                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Bloomington, MN**         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Alpha Business Ctr I&II |   | Fee                     |   | 100                              | %      | 1980                              |   | 2.93                    |   | 41,581                            |   | 88                                    | %      |
| Norman Center 2             |   | Fee                     |   | 100                              | %      | 1970                              |   | 6.23                    |   | 62,301                            |   | 100                                   | %      |
| Norman Center 4             |   | Fee                     |   | 100                              | %      | 1967                              |   | 4.27                    |   | 45,332                            |   | 100                                   | %      |
| Norman Pointe I             |   | Fee                     |   | 100                              | %      | 2000                              |   | 4.00                    |   | 210,000                           |   | 28                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Burnsville, MN**          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Professional Plaza I        |   | Fee                     |   | 100                              | %      | 1986                              |   | 2.80                    |   | 38,033                            |   | 88                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Edina, MN**               |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Pakwa III                   |   | Fee                     |   | 100                              | %      | 1979                              |   | 1.67                    |   | 19,978                            |   | 90                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Golden Valley, MN**       |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Edina Realty                |   | Fee                     |   | 100                              | %      | 1965                              |   | 1.93                    |   | 24,080                            |   | 100                                   | %      |
| 5075 Building               |   | Fee                     |   | 100                              | %      | 1965                              |   | 3.41                    |   | 42,479                            |   | 36                                    | %      |
| Tyrol West                  |   | Fee                     |   | 100                              | %      | 1968                              |   | 2.98                    |   | 37,098                            |   | 76                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Minnetonka, MN**          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 10801 Red Circle Dr.        |   | Fee                     |   | 100                              | %      | 1977                              |   | 4.00                    |   | 60,078                            |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Plymouth, MN**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Westpoint Business Ctr      |   | Fee                     |   | 100                              | %      | 1978                              |   | 1.28                    |   | 16,708                            |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **St. Louis Park, MN**      |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 5219 Building               |   | Fee                     |   | 100                              | %      | 1965                              |   | 0.73                    |   | 9,141                             |   | 90                                    | %      |
| North Plaza                 |   | Fee                     |   | 100                              | %      | 1966                              |   | 2.26                    |   | 28,693                            |   | 94                                    | %      |

 

16

----

 
| **Project Name/  Location** |   | **Ownership  Interest** |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|-----------------------------|--------|-------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| 1600 Tower                  |   | Fee                     |   | 100                              | %      | 2000                              |   | 3.00                    |   | 248,541                           |   | 54                                    | %      |
| South Plaza                 |   | Fee                     |   | 100                              | %      | 1966                              |   | 2.68                    |   | 33,370                            |   | 80                                    | %      |
| Travelers Express Tower     |   | Fee                     |   | 100                              | %      | 1987                              |   | 5.40                    |   | 237,643                           |   | 85                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Creve Couer, MO**         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Twin Oaks                   |   | Fee                     |   | 100                              | %      | 1995                              |   | 5.91                    |   | 85,070                            |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Earth City, MO**          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 3322 NGIC                   |   | Fee                     |   | 100                              | %[4]   | 1987                              |   | 6.61                    |   | 112,000                           |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Maryland Heights, MO**    |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Riverport Tower             |   | Fee                     |   | 100                              | %      | 1991                              |   | 20.40                   |   | 317,891                           |   | 67                                    | %      |
| Express Scripts HQ          |   | Fee                     |   | 100                              | %      | 1999                              |   | 11.40                   |   | 141,774                           |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **St. Louis, MO**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 3300 Pointe 70              |   | Fee                     |   | 100                              | %[4]   | 1989                              |   | 6.61                    |   | 104,583                           |   | 100                                   | %      |
| Laumeier I                  |   | Fee                     |   | 100                              | %      | 1987                              |   | 4.26                    |   | 114,037                           |   | 100                                   | %      |
| Laumeier II                 |   | Fee                     |   | 100                              | %      | 1988                              |   | 4.64                    |   | 113,308                           |   | 99                                    | %      |
| Laumeier IV                 |   | Fee                     |   | 100                              | %      | 1987                              |   | 2.24                    |   | 61,340                            |   | 67                                    | %      |
| 500-510 Maryville Centre    |   | Fee                     |   | 100                              | %      | 1984                              |   | 9.27                    |   | 165,544                           |   | 91                                    | %      |
| 530 Maryville Centre        |   | Fee                     |   | 100                              | %      | 1990                              |   | 5.31                    |   | 107,962                           |   | 98                                    | %      |
| 550 Maryville Centre        |   | Fee                     |   | 100                              | %      | 1988                              |   | 4.55                    |   | 97,106                            |   | 95                                    | %      |
| 635-645 Maryville Centre    |   | Fee                     |   | 100                              | %      | 1987                              |   | 8.78                    |   | 151,564                           |   | 98                                    | %      |
| 655 Maryville Centre        |   | Fee                     |   | 100                              | %      | 1994                              |   | 6.26                    |   | 93,527                            |   | 100                                   | %      |
| 540 Maryville Centre        |   | Fee                     |   | 100                              | %      | 1990                              |   | 5.23                    |   | 107,972                           |   | 89                                    | %      |
| 625 Maryville Centre        |   | Fee                     |   | 49                               | %[1]   | 1994                              |   | 6.26                    |   | 104,990                           |   | 83                                    | %      |
| 520 Maryville Centre        |   | Fee                     |   | 100                              | %      | 1998                              |   | 5.30                    |   | 115,453                           |   | 100                                   | %      |
| 700 Maryville Centre        |   | Fee                     |   | 100                              | %      | 1999                              |   | 5.70                    |   | 215,564                           |   | 100                                   | %      |
| 533 Maryville Centre        |   | Fee                     |   | 100                              | %      | 2000                              |   | 5.44                    |   | 125,296                           |   | 100                                   | %      |
| 555 Maryville Centre        |   | Fee                     |   | 100                              | %      | 2000                              |   | 5.43                    |   | 127,082                           |   | 34                                    | %      |
| Westmark                    |   | Fee                     |   | 100                              | %      | 1987                              |   | 6.95                    |   | 132,736                           |   | 100                                   | %      |
| Westport Place              |   | Fee                     |   | 100                              | %      | 1999                              |   | 6.03                    |   | 94,006                            |   | 100                                   | %      |
| Westview Place              |   | Fee                     |   | 100                              | %      | 1988                              |   | 2.69                    |   | 124,381                           |   | 90                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Cary, NC**                |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| One Gateway Centre          |   | Fee                     |   | [6]                              |   | 2001                              |   | 5.85                    |   | 75,528                            |   | 44                                    | %      |
| Two Gateway Centre          |   | Fee                     |   | [6]                              |   | 2001                              |   | 5.90                    |   | 70,340                            |   | 0                                     | %      |
| 200 Regency Forest Dr.      |   | Fee                     |   | 100                              | %      | 1999                              |   | 16.94                   |   | 102,561                           |   | 100                                   | %      |
| 100 Regency Forest Dr.      |   | Fee                     |   | 100                              | %      | 1997                              |   | 11.90                   |   | 103,597                           |   | 99                                    | %      |
| Regency Forest III          |   | Fee                     |   | 100                              | %      | 2000                              |   | 8.47                    |   | 109,570                           |   | 100                                   | %      |
| 6501 Weston Parkway         |   | Fee                     |   | 100                              | %      | 1996                              |   | 8.52                    |   | 93,990                            |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Chapel Hill, NC**         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Governors Village           |   | Fee                     |   | 100                              | %      | 2000                              |   | 3.88                    |   | 54,400                            |   | 36                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Morrisville, NC**         |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 2400 Perimeter Park Dr.     |   | Fee                     |   | 100                              | %      | 1999                              |   | 5.50                    |   | 59,629                            |   | 100                                   | %      |
| 1400 Perimeter Park Drive   |   | Fee                     |   | 100                              | %      | 1991                              |   | 3.33                    |   | 44,916                            |   | 100                                   | %      |
| 1500 Perimeter Park Drive   |   | Fee                     |   | 100                              | %      | 1996                              |   | 5.47                    |   | 79,745                            |   | 100                                   | %      |
| 1600 Perimeter Park Drive   |   | Fee                     |   | 100                              | %      | 1994                              |   | 5.70                    |   | 94,897                            |   | 75                                    | %      |
| 1800 Perimeter Park Drive   |   | Fee                     |   | 100                              | %      | 1994                              |   | 3.94                    |   | 54,434                            |   | 88                                    | %      |
| 2000 Perimeter Park Drive   |   | Fee                     |   | 100                              | %      | 1997                              |   | 4.25                    |   | 55,906                            |   | 100                                   | %      |
| 1700 Perimeter Center West  |   | Fee                     |   | 100                              | %      | 1997                              |   | 5.08                    |   | 77,239                            |   | 100                                   | %      |
| 3900 N. Paramount Parkway   |   | Fee                     |   | 100                              | %      | 1998                              |   | 5.88                    |   | 100,987                           |   | 100                                   | %      |
| 3900 S.Paramount Pkwy       |   | Fee                     |   | 100                              | %      | 2000                              |   | 5.88                    |   | 119,170                           |   | 100                                   | %      |
| 5200 East Paramount         |   | Fee                     |   | 100                              | %      | 1999                              |   | 12.19                   |   | 154,853                           |   | 100                                   | %      |
| 3500 Paramount Pkwy         |   | Fee                     |   | 100                              | %      | 1999                              |   | 3.36                    |   | 61,603                            |   | 100                                   | %      |
| 5200 West Paramount         |   | Fee                     |   | 100                              | %      | 2000                              |   | 12.36                   |   | 160,747                           |   | 100                                   | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Raleigh, NC**             |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 5520 Capital Ctr Dr         |   | Fee                     |   | 100                              | %      | 1993                              |   | 3.67                    |   | 37,630                            |   | 100                                   | %      |
| 801 Jones Franklin Rd       |   | Fee                     |   | 100                              | %      | 1995                              |   | 4.09                    |   | 69,217                            |   | 71                                    | %      |
| Brook Forest I              |   | Fee                     |   | 100                              | %      | 2000                              |   | 4.88                    |   | 65,721                            |   | 36                                    | %      |
| Crabtree Overlook           |   | Fee                     |   | 100                              | %      | 2000                              |   | 8.70                    |   | 154,475                           |   | 35                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Beachwood, OH**           |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| One Corporate Exchange      |   | Fee                     |   | 100                              | %      | 1989                              |   | 5.30                    |   | 88,376                            |   | 97                                    | %      |
| Corporate Place             |   | Fee                     |   | 100                              | %      | 1988                              |   | 4.50                    |   | 85,845                            |   | 92                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Blue Ash, OH**            |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Alliance Woods              |   | Fee                     |   | 100                              | %      | 2000                              |   | 7.10                    |   | 190,733                           |   | 68                                    | %      |
| Huntington Bank Building    |   | Fee                     |   | 100                              | %      | 1986                              |   | 0.94                    |   | 3,235                             |   | 100                                   | %      |
| Lake Forest Place           |   | Fee                     |   | 100                              | %      | 1985                              |   | 13.50                   |   | 217,264                           |   | 92                                    | %      |
| Westlake Center             |   | Fee                     |   | 100                              | %      | 1981                              |   | 11.76                   |   | 179,850                           |   | 88                                    | %      |
|                        |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Cincinnati, OH**          |   |                    |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| One Ashview Place           |   | Fee                     |   | 100                              | %      | 1989                              |   | 6.88                    |   | 120,924                           |   | 76                                    | %      |
| Blue Ash Office Ctr VI      |   | Fee                     |   | 100                              | %      | 1989                              |   | 2.96                    |   | 36,138                            |   | 59                                    | %      |

 

17

----

 
| **Project Name/  Location**    |   | **Ownership  Interest** |       | **Partnership’s  Interest** |       | **Year   Constructed/  Expanded** |       | **Land  Area  (Acres)** |       | **Net  Rentable  Area (Sq. Ft.)** |       | **Percent  Leased********12/31/2001** |       |
|--------------------------------|--------|-------------------------|------------|----------------------------------|------------|-----------------------------------|------------|-------------------------|------------|-----------------------------------|------------|---------------------------------------|------------|
| Zussman Bldg                   |   | Fee                     | [5]        | 100                              | %          | 1986                              |       | 0.69                    |       | 90,127                            |       | 95                                    | %          |
| 312 Elm                        |   | Fee                     |       | 100                              | %          | 1992                              |       | 1.10                    |       | 378,786                           |       | 84                                    | %          |
| Executive Plaza I              |   | Fee                     |       | 100                              | %          | 1980                              |       | 5.83                    |       | 88,481                            |       | 75                                    | %          |
| Executive Plaza II             |   | Fee                     |       | 100                              | %          | 1981                              |       | 5.02                    |       | 88,885                            |       | 100                                   | %          |
| Executive Plaza III            |   | Fee                     |       | 100                              | %          | 1998                              |       | 5.60                    |       | 89,341                            |       | 94                                    | %          |
| Dun & Bradstreet Bldg      |   | Fee                     |       | 100                              | %          | 1972                              |       | 8.34                    |       | 38,000                            |       | 100                                   | %          |
| 8790 Governor’s Hill      |   | Fee                     |       | 100                              | %          | 1985                              |       | 5.00                    |       | 58,177                            |       | 67                                    | %          |
| 8800 Governor’s Hill      |   | Fee                     |       | 100                              | %          | 1985                              |       | 2.13                    |       | 28,700                            |       | 82                                    | %          |
| 8600 Governor’s Hill      |   | Fee                     |       | 100                              | %          | 1986                              |       | 10.79                   |       | 202,106                           |       | 100                                   | %          |
| Kenwood Executive Center       |   | Fee                     |       | 100                              | %          | 1981                              |       | 3.46                    |       | 54,207                            |       | 75                                    | %          |
| 8230 Kenwood Commons           |   | Fee                     |       | 75                               | %[1]       | 1986                              |       | 2.09                    |       | 46,145                            |       | 98                                    | %          |
| 8280 Kenwood Commons           |   | Fee                     |       | 75                               | %[1]       | 1986                              |       | 2.09                    |       | 46,434                            |       | 83                                    | %          |
| Kenwood MOB                    |   | Fee                     |       | 100                              | %          | 1999                              |       | 7.50                    |       | 80,074                            |       | 100                                   | %          |
| Pfeiffer Woods                 |   | Fee                     |       | 100                              | %          | 1998                              |       | 11.30                   |       | 116,364                           |       | 100                                   | %          |
| Pfeiffer Place                 |   | Fee                     |       | 100                              | %          | 2001                              |       | 8.05                    |       | 157,566                           |       | 52                                    | %          |
| 312 Plum                       |   | Fee                     |       | 100                              | %          | 1987                              |       | 0.69                    |       | 230,489                           |       | 98                                    | %          |
| Remington Park Bldg A          |   | Fee                     |       | 100                              | %          | 1982                              |       | 3.20                    |       | 38,473                            |       | 100                                   | %          |
| Remington Park Bldg B          |   | Fee                     |       | 100                              | %          | 1982                              |       | 3.20                    |       | 38,278                            |       | 52                                    | %          |
| Triangle Office Park           |   | Fee                     |       | 100                              | %          | 1965/1985                         |       | 15.64                   |       | 172,650                           |       | 82                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Columbus, OH**               |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| One Easton Oval                |   | Fee                     |       | 100                              | %          | 1998                              |       | 7.69                    |       | 125,031                           |       | 100                                   | %          |
| Two Easton Oval                |   | Fee                     |       | 100                              | %          | 1996                              |       | 7.66                    |       | 128,690                           |       | 100                                   | %          |
| Easton Way One                 |   | Fee                     |       | 100                              | %          | 2000                              |       | 5.12                    |       | 106,765                           |       | 100                                   | %          |
| Easton Way Two                 |   | Fee                     |       | 100                              | %          | 2001                              |       | 5.17                    |       | 114,548                           |       | 0                                     | %          |
| 1000 Polaris Parkway           |   | Fee                     |       | 100                              | %          | 1992                              |       | 8.42                    |       | 72,588                            |       | 100                                   | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Dublin, OH**                 |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Metrocenter III                |   | Fee                     |       | 100                              | %          | 1983                              |       | 5.91                    |       | 75,342                            |       | 92                                    | %          |
| Scioto Corporate Center        |   | Fee                     |       | 100                              | %          | 1987                              |       | 7.58                    |       | 57,242                            |       | 90                                    | %          |
| Qwest                          |   | Fee                     |       | 100                              | %          | 1990                              |       | 13.00                   |       | 164,639                           |       | 100                                   | %          |
| Sterling 1                     |   | Fee                     |       | 100                              | %          | 1990                              |       | 7.66                    |       | 106,300                           |       | 100                                   | %          |
| 4700 Lakehurst Ct.             |   | Fee                     |       | 100                              | %          | 1994                              |       | 3.86                    |       | 49,809                            |       | 84                                    | %          |
| Sterling 2                     |   | Fee                     |       | 100                              | %          | 1995                              |       | 3.33                    |       | 57,660                            |       | 100                                   | %          |
| John Alden Life Ins.           |   | Fee                     |       | 100                              | %          | 1995                              |       | 6.51                    |       | 104,016                           |       | 92                                    | %          |
| 5555 Glendon Court             |   | Fee                     |       | 100                              | %          | 1995                              |       | 10.95                   |       | 132,939                           |       | 100                                   | %          |
| Sterling 3                     |   | Fee                     |       | 100                              | %          | 1996                              |       | 3.56                    |       | 64,500                            |       | 100                                   | %          |
| Compmanagement                 |   | Fee                     |       | 100                              | %          | 1997                              |       | 5.60                    |       | 68,700                            |       | 100                                   | %          |
| Sterling 4                     |   | Fee                     |       | 100                              | %          | 1998                              |       | 3.10                    |       | 94,219                            |       | 100                                   | %          |
| Xerox Bldg-5555 Parkcenter Cir |   | Fee                     |       | 100                              | %          | 1992                              |       | 6.09                    |       | 84,167                            |       | 100                                   | %          |
| Parkwood Place                 |   | Fee                     |       | 100                              | %          | 1997                              |       | 9.08                    |       | 156,000                           |       | 100                                   | %          |
| Nationwide                     |   | Fee                     |       | 100                              | %          | 1996                              |       | 17.90                   |       | 315,102                           |       | 100                                   | %          |
| Emerald II                     |   | Fee                     |       | 100                              | %          | 1998                              |       | 3.21                    |       | 45,716                            |       | 76                                    | %          |
| Atrium II, Phase I             |   | Fee                     |       | 100                              | %          | 1997                              |       | 11.04                   |       | 145,064                           |       | 93                                    | %          |
| Atrium II, Phase II            |   | Fee                     |       | 100                              | %          | 1998                              |       | 10.42                   |       | 145,512                           |       | 95                                    | %          |
| Blazer I                       |   | Fee                     |       | 100                              | %          | 1999                              |       | 5.65                    |       | 71,491                            |       | 100                                   | %          |
| Parkwood II                    |   | Fee                     |       | 100                              | %          | 2000                              |       | 8.98                    |       | 164,900                           |       | 100                                   | %          |
| Blazer II                      |   | Fee                     |       | 100                              | %          | 2000                              |       | 5.93                    |       | 85,082                            |       | 93                                    | %          |
| Emerald III                    |   | Fee                     |       | 100                              | %          | 2001                              |       | 8.17                    |       | 128,280                           |       | 26                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Independence, OH**           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Corporate Plaza I              |   | Fee                     |       | 100                              | %          | 1989                              |       | 6.10                    |       | 112,907                           |       | 88                                    | %          |
| Corporate Plaza II             |   | Fee                     |       | 100                              | %          | 1991                              |       | 4.90                    |       | 103,834                           |       | 96                                    | %          |
| Freedom Square I               |   | Fee                     |       | 100                              | %          | 1980                              |       | 2.59                    |       | 40,710                            |       | 93                                    | %          |
| Freedom Square II              |   | Fee                     |       | 100                              | %          | 1987                              |       | 7.41                    |       | 116,665                           |       | 98                                    | %          |
| Freedom Square III             |   | Fee                     |       | 100                              | %          | 1997                              |       | 2.00                    |       | 71,025                            |       | 100                                   | %          |
| Oak Tree Place                 |   | Fee                     |       | 100                              | %          | 1979/1995                         |       | 5.00                    |       | 70,906                            |       | 98                                    | %          |
| Park Center Bldg I             |   | Fee                     |       | 100                              | %          | 1998                              |       | 6.68                    |       | 135,542                           |       | 97                                    | %          |
| Park Center Bldg 2             |   | Fee                     |       | 100                              | %          | 1999                              |       | 6.67                    |       | 142,150                           |       | 97                                    | %          |
| Park Center Bldg 3             |   | Fee                     |       | 100                              | %          | 2000                              |       | 6.67                    |       | 133,958                           |       | 48                                    | %          |
|                           |   |                    | ** ** |                             | ** ** |                              | ** ** |                    | ** ** |                              | ** ** |                                  | ** ** |
| **Mason, OH**                  |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Deerfield Crossing Bldg 1      |   | Fee                     |       | 100                              | %          | 1999                              |       | 8.50                    |       | 159,624                           |       | 97                                    | %          |
| Deerfield Crossing Bldg 2      |   | Fee                     |       | 100                              | %          | 2001                              |       | 7.50                    |       | 159,624                           |       | 83                                    | %          |
| Governor’s Pointe 4770    |   | Fee                     |       | 100                              | %          | 1986                              |       | 4.50                    |       | 76,037                            |       | 87                                    | %          |
| Governor’s Pointe 4705    |   | Fee                     |       | 100                              | %          | 1988                              |       | 7.50                    |       | 142,027                           |       | 100                                   | %          |
| Governor’s Pointe 4605    |   | Fee                     |       | 100                              | %          | 1990                              |       | 8.00                    |       | 178,725                           |       | 100                                   | %          |
| Governor’s Pointe 8990    |   | Fee                     |       | 100                              | %          | 1997                              |       | 5.00                    |       | 78,240                            |       | 100                                   | %          |
| Governor’s Pointe 4660    |   | Fee                     |       | 100                              | %          | 1997                              |       | 4.65                    |       | 76,902                            |       | 89                                    | %          |
| Governor’s Pointe 4680    |   | Fee                     |       | 100                              | %          | 1998                              |       | 9.80                    |       | 128,355                           |       | 96                                    | %          |
|                           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Mayfield Heights, OH**       |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Landerbrook Corp. Center I     |   | Fee                     |       | 100                              | %          | 1997                              |       | 8.00                    |       | 112,886                           |       | 99                                    | %          |
| Landerbrook Corp. Center II    |   | Fee                     |       | 100                              | %          | 1998                              |       | 5.74                    |       | 103,300                           |       | 42                                    | %          |
| Landerbrook Corp. Center III   |   | Fee                     |       | 100                              | %          | 2000                              |       | 6.17                    |       | 103,311                           |       | 0                                     | %          |

 

18

----

 
| **Project Name/  Location**     |   | **Ownership  Interest** |       | **Partnership’s  Interest** |       | **Year   Constructed/  Expanded** |       | **Land  Area  (Acres)** |       | **Net  Rentable  Area (Sq. Ft.)** |       | **Percent  Leased********12/31/2001** |       |
|---------------------------------|--------|-------------------------|------------|----------------------------------|------------|-----------------------------------|------------|-------------------------|------------|-----------------------------------|------------|---------------------------------------|------------|
| **Milford, OH**                 |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Park 50 Bldg 17                 |   | Fee                     |       | 100                              | %          | 1985                              |       | 8.19                    |       | 70,644                            |       | 89                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **New Albany, OH**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Express Med                     |   | Fee                     |       | 50                               | %[1]       | 1998                              |       | 8.81                    |       | 103,606                           |       | 100                                   | %          |
| Novus Services, Inc.            |   | Fee                     |       | 100                              | %          | 1999                              |       | 51.70                   |       | 326,481                           |       | 100                                   | %          |
| 6525 Campus Oval                |   | Fee                     |       | 100                              | %          | 1999                              |       | 4.40                    |       | 66,575                            |       | 100                                   | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **North Olmsted, OH**           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Great Northern Corp Center I    |   | Fee                     |       | 100                              | %          | 1985                              |       | 5.33                    |       | 99,260                            |       | 94                                    | %          |
| Great Northern Corp Center II   |   | Fee                     |       | 100                              | %          | 1987                              |       | 5.32                    |       | 104,402                           |       | 97                                    | %          |
| Great Northern Corp Center III  |   | Fee                     |       | 100                              | %          | 1999                              |       | 1.80                    |       | 68,000                            |       | 93                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Pepper Pike, OH**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Corporate Circle                |   | Fee                     |       | 100                              | %          | 1983                              |       | 6.65                    |       | 120,475                           |       | 74                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Seven Hills, OH**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Rock Run - North                |   | Fee                     |       | 100                              | %          | 1984                              |       | 5.00                    |       | 62,565                            |       | 99                                    | %          |
| Rock Run - Center               |   | Fee                     |       | 100                              | %          | 1985                              |       | 5.00                    |       | 62,223                            |       | 100                                   | %          |
| Rock Run - South                |   | Fee                     |       | 100                              | %          | 1986                              |       | 5.00                    |       | 62,989                            |       | 88                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Westerville, OH**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Liebert                         |   | Fee                     |       | 100                              | %          | 1999                              |       | 5.65                    |       | 67,657                            |       | 100                                   | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Brentwood, TN**               |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Creekside Crossing One          |   | Fee                     |       | 100                              | %          | 1997                              |       | 5.35                    |       | 117,382                           |       | 99                                    | %          |
| Creekside Crossing Two          |   | Fee                     |       | 100                              | %          | 1999                              |       | 5.35                    |       | 116,390                           |       | 92                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Franklin, TN**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 341 Cool Springs Blvd           |   | Fee                     |       | 100                              | %          | 1999                              |       | 18.18                   |       | 87,790                            |       | 86                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Nashville, TN**               |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Three Lakeview                  |   | Fee                     |       | 100                              | %          | 1999                              |       | 7.11                    |       | 149,700                           |       | 67                                    | %          |
| One Lakeview Place              |   | Fee                     |       | 100                              | %          | 1986                              |       | 6.46                    |       | 114,972                           |       | 67                                    | %          |
| Two Lakeview Place              |   | Fee                     |       | 100                              | %          | 1988                              |       | 6.45                    |       | 114,586                           |       | 59                                    | %          |
| 545 Mainstream Dr.              |   | Fee                     |       | 100                              | %          | 1983                              |       | 8.91                    |       | 86,676                            |       | 86                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Plano, TX**                   |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Metasolv Building Phase I       |   | Fee                     |       | 100                              | %          | 1997                              |       | 9.56                    |       | 52,000                            |       | 100                                   | %          |
| Metasolv Building Phase II      |   | Fee                     |       | 100                              | %          | 1999                              |       | 4.17                    |       | 100,000                           |       | 100                                   | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Retail**                      |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Alpharetta, GA**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 11835 Alpharetta Highway        |   | Fee                     |       | 100                              | %          | 1994                              |       | 2.25                    |       | 15,000                            |       | 100                                   | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Atlanta, GA**                 |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 2071 N. Druid Hills Drive       |   | Fee                     |       | 100                              | %          | 1968                              |       | 0.59                    |       | 4,115                             |       | 100                                   | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Carmel, IN**                  |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Hamilton Crossing Retail Bldg 1 |   | Fee                     |       | 100                              | %          | 1999                              |       | 9.00                    |       | 82,374                            |       | 96                                    | %          |
|                            |   |                    | ** ** |                             | ** ** |                              | ** ** |                    | ** ** |                              | ** ** |                                  | ** ** |
| **Indianapolis, IN**            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| First Indiana Branch            |   | Fee                     |       | 100                              | %          | 1988                              |       | 1.00                    |       | 2,400                             |       | 100                                   | %          |
| Park 100 Bldg 121               |   | Fee                     |       | 100                              | %          | 1989                              |       | 2.27                    |       | 19,716                            |       | 70                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Florence, KY**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Sofa Express                    |   | Fee                     |       | 100                              | %          | 1997                              |       | 1.78                    |       | 20,250                            |       | 100                                   | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Cincinnati, OH**              |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Fountain Place                  |   | Fee                     |       | 14                               | %[1]       | 1997                              |       | 1.98                    |       | 206,315                           |       | 100                                   | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Mason, OH**                   |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Bigg’s Supercenter         |   | Fee                     |       | 100                              | %          | 1996/1998                         |       | 14.00                   |       | 198,940                           |       | 100                                   | %          |
| Lowes                           |   | Fee                     |       | 100                              | %          | 1997/1999                         |       | 17.90                   |       | 161,397                           |       | 91                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Woodlawn, OH**                |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Glenwood Crossing               |   | Fee                     |       | 100                              | %          | 1999                              |       | 14.06                   |       | 34,885                            |       | 100                                   | %          |
|                            |   | Total In-Service        |       |                             |       |                              |       | 6,637.39                |       | 102,892,455                       |       | 89                                    | %          |
|                            |   |                    | ** ** |                             | ** ** |                              | ** ** |                    | ** ** |                              | ** ** |                                  | ** ** |
| **Under Development**           |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Industrial**                  |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Orlando, FL**                 |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Lee Vista Distrib. Center III   |   | Fee                     |       | 100                              | %          | 2001                              |       | 7.75                    |       | 101,290                           |       | 0                                     | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Suwanee, GA**                 |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| United Stationers BTS           |   | Fee                     |       | 50                               | %[1]       | 2002                              |       | 35.86                   |       | 600,674                           |       | 100                                   | %          |
| 90 Horizon Drive Expansion      |   | Fee                     |       | 50                               | %[1]       | 2001                              |       | 0.00                    |       | 8,400                             |       | 100                                   | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Bolingbrook, IL**             |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| 555 Joliet Road                 |   | Fee                     |       | 100                              | %          | 1967/2002                         |       | 17.62                   |       | 404,052                           |       | 96                                    | %          |
|                            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| **Carol Stream, IL**            |   |                    |       |                             |       |                              |       |                    |       |                              |       |                                  |       |
| Carol Stream Building 3         |   | Fee                     |       | 50                               | %[1]       | 2002                              |       | 13.19                   |       | 305,094                           |       | 0                                     | %          |

 

19

----

 
| **Project Name/  Location**    |   | **Ownership  Interest**                |   | **Partnership’s  Interest** |   | **Year   Constructed/  Expanded** |   | **Land  Area  (Acres)** |   | **Net  Rentable  Area (Sq. Ft.)** |   | **Percent  Leased********12/31/2001** |   |
|--------------------------------|--------|----------------------------------------|--------|----------------------------------|--------|-----------------------------------|--------|-------------------------|--------|-----------------------------------|--------|---------------------------------------|--------|
| **Indianapolis, IN**           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Park Fletcher Bldg 41          |   | Fee                                    |   | 50                               | %[1]   | 2001                              |   | 7.74                    |   | 86,400                            |   | 0                                     | %      |
| Park Fletcher Bldg 42          |   | Fee                                    |   | 50                               | %[1]   | 2001                              |   | 11.58                   |   | 281,461                           |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Plainfield, IN**             |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Plainfield Building 3          |   | Fee                                    |   | 100                              | %      | 2001                              |   | 36.50                   |   | 600,000                           |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **St. Louis, MO**              |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Lakeside Crossing I            |   | Fee                                    |   | 100                              | %      | 2001                              |   | 3.33                    |   | 38,850                            |   | 0                                     | %      |
| Lakeside Crossing 3            |   | Fee                                    |   | 100                              | %      | 2001                              |   | 8.66                    |   | 106,995                           |   | 47                                    | %      |
| Southridge Business Center     |   | Fee                                    |   | 100                              | %      | 2002                              |   | 7.76                    |   | 75,000                            |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Glenwillow, OH**             |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Emerald Valley Bldg 2          |   | Fee                                    |   | 100                              | %      | 2001                              |   | 10.20                   |   | 144,000                           |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Solon, OH**                  |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Fountain Parkway Bldg 3        |   | Fee                                    |   | 100                              | %      | 2001                              |   | 8.33                    |   | 100,000                           |   | 100                                   | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Nashville, TN**              |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Airpark East-Eagle Bldg        |   | Fee                                    |   | 100                              | %      | 2001                              |   | 13.96                   |   | 122,500                           |   | 61                                    | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Carrollton, TX**             |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Eisenhower Distribution Center |   | Fee                                    |   | 50                               | %[1]   | 2001                              |   | 10.32                   |   | 198,900                           |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Office**                     |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Brandon, FL**                |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Regency II                     |   | Fee                                    |   | 100                              | %      | 2001                              |   | 5.67                    |   | 58,210                            |   | 100                                   | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Lake Mary, FL**              |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Northpoint IV                  |   | Fee                                    |   | 100                              | %      | 2002                              |   | 8.11                    |   | 118,402                           |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Sunrise, FL**                |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Sawgrass Pointe                |   | Fee                                    |   | 100                              | %      | 2001                              |   | 16.96                   |   | 235,890                           |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Weston, FL**                 |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Beacon Pointe at Weston Ph III |   | Fee                                    |   | 50                               | %[1]   | 2001                              |   | 5.82                    |   | 97,178                            |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Duluth, GA**                 |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Huntcrest III                  |   | Fee                                    |   | 50                               | %[1]   | 2001                              |   | 9.50                    |   | 132,533                           |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Warrenville, IL**            |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Lakeview at Cantera            |   | Fee                                    |   | 100                              | %      | 2001                              |   | 11.82                   |   | 165,000                           |   | 0                                     | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Indianapolis, IN**           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Woodland Corporate Park V      |   | Fee                                    |   | 100                              | %      | 2002                              |   | 10.00                   |   | 120,000                           |   | 100                                   | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Morrisville, NC**            |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| 2450 Perimeter Park            |   | Fee                                    |   | 100                              | %      | 2001                              |   | 5.29                    |   | 57,160                            |   | 62                                    | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Raleigh, NC**                |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Spring Forest Business Ctr III |   | Fee                                    |   | 100                              | %      | 2002                              |   | 3.00                    |   | 40,769                            |   | 63                                    | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Dublin, OH**                 |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Nationwide Bldg A              |   | Fee                                    |   | 100                              | %      | 2001                              |   | 22.65                   |   | 401,683                           |   | 100                                   | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Retail**                     |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
|                           |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| **Florence, KY**               |   |                                   |   |                             |   |                              |   |                    |   |                              |   |                                  |   |
| Turfway Crossing               |   | Fee                                    |   | 100                              | %      | 2001                              |   | 8.18                    |   | 100,773                           |   | 78                                    | %      |
|                           |   | Total Under Development                |   | 299.80                           |   | 4,701,214                         |   | 41                      | %      |
|                           |   |                                   |   |                             |   |                              |   |                    |   |
|                           |   | Total In-Service and Under Development |   | 6,937.19                         |   | 107,593,669                       |   | 87                      | %      |

 

----

[1]   The Partnership retains the indicated effective ownershipinterest in an entity which owns the building. The Partnership shares in the profit or loss from such building inaccordance with the Partnership’s ownership.

 

[2]   These buildings are owned by a partnership in which thePartnership is a partner. The Partnership owns a 10% capital interest in thepartnership and receives a 50% interest in the residual cash flow after paymentof a 9%  preferred return to the otherpartner on its capital interest.

 

[3]   The Partnership owns the building and has a leasehold interestin the land underlying this building with a lease term expiring in 2048 orlater. 

 

[4]   These are properties for which there are loans to owners whichfully encumber the properties.  Underthe terms of the loans, the Partnership effectively receives all income andeconomic value from the properties.  Asa result, the properties are accounted for as owned properties.

 

[5]  The Partnership has a leasehold interest in the building and theunderlying land with a lease term expiring June 2020.  The Partnership has an option to purchase the fee interest in theproperty throughout the term of the lease.

 

[6] This building is owned bya partnership in which the Partnership’s ownership percentage will be between60 and 65%.  The Partnership willreceive a 12% preferred return on its equity, with any excess cash flowreceived in accordance  withthe ownership interest.

 

20

----

 

**Item 3.****  Legal Proceedings**

 

The Partnership is not party toany claims or litigation that it believes the results, individually or in theaggregate, will have a material adverse affect on its business, financialposition or results of operations.

 

**Item 4.****  Submission of Matters to a Vote ofSecurity Holders**

 

No matters were submitted to avote of security holders of the General Partner during the fourth quarter ofthe year ended December 31, 2001.

 

**Executive Officers of the General Partner**

 

***Howard L. Feinsand, age 54*.**** Mr. Feinsand has served as the General Partner’s Executive VicePresident, Acquisitions/Disposition, and General Counsel since 1999.  He directs the Partnership’s acquisition anddisposition activities and oversees its legal department.  Mr. Feinsand has served on the GeneralPartner’s Board of Directors since 1988 and has served on the Duke InvestmentCommittee since 1999.  From 1996 until1999, Mr. Feinsand was the founder and principal of Choir Capital Ltd.  From 1995 until 1996, he was ManagingDirector of Citicorp North America, Inc. He was the Senior Vice President and Manager-Capital Markets, Pricingand Investor Programs of GE Capital Aviation Services, Inc., an aircraftleasing company, from 1989 to 1995.

*** ***

***Robert M. Chapman, age 48****.* Mr. Chapman has served as the General Partner’s Executive VicePresident, Southern Region, since 2000. He is responsible for the Partnership‘s Atlanta, Orlando, Tampa, Raleigh and Dallas property portfolios.  Mr. Chapman was previously the GeneralPartner’s Executive Vice President of the Atlanta/Texas region from 1999 to2000, and its Executive Vice President of Acquisitions and Dispositions from1997 to 1999. Before joining the Partnership in 1997, he served as Senior Vice Presidentand Portfolio Manager for The RREEF Funds. Prior to that, Mr. Chapman wasemployed by Gerald Hines Interests and Lincoln Property Company.

 

***Darell E. Zink, Jr., age 55***  Mr. Zink joined the General Partner in1982.  He is the Executive Vice Presidentand Chief Financial Officer of the General Partner and is responsible for allaccounting, administrative and financial reporting functions for the GeneralPartner and the Partnership. He is a Director of the General Partner and hasserved on the Duke Investment Committee for 24 years.

 

***Thomas L. Hefner, age 55***.  Mr. Hefner has been Chairman of the GeneralPartner since 1998, and its Chief Executive Officer since 1993. He joined theGeneral Partner’s predecessor, Duke Associates, as Managing General Partner in1981 and became President and Chief Executive Officer of the General PartnerInvestments, Inc. in 1993. Mr. Hefner is a member of the Board of Governors ofthe National Association of Real Estate Investments Trust, the Board ofDirectors of the Central Indiana Corporate Partnership, the Board of Directorsof the Nature Conservancy of Indiana, the Dean’s Advisory Council of PurdueUniversity’s Krannert School of Business and the Board of Directors of Projecte.

*** ***

***Richard W. Horn, age 44***.  Mr. Horn has been President of the GeneralPartner since July 2000.  From 1997 to1999, he was the General Partner’s Executive Vice President, Office. In thisrole, he was responsible for oversight of the Partnership’s office properties.From 1999 to 2000, Mr. Horn was the General Partner’s Executive Vice Presidentof the Midwest Office, and from 1995 to 1997, he served as its Vice Presidentof Acquisitions. Mr. Horn joined the Partnership as a leasing representative in1984 and later served as Marketing Director for the Partnership ‘s Cincinnati,Ohio properties. In 1988, he was named Vice President of Michigan and TennesseeOperations and in 1993 he became Vice President of Acquisitions.

 

21

----

 

***Gary A. Burk, age 50***.  Mr. Burk is Executive Vice President of theGeneral Partner, responsible for its construction operations. Since 1984, hehas been responsible for directing all of the Partnership’s constructionoperating units, including pre-construction services, project management, fieldoperations, tenant finish and other construction services throughout theMidwest and Southeast.  Mr. Burk has 27years of construction and management experience.

*** ***

***Dennis D. Oklak, age 48***.  Mr. Oklak has been Executive Vice Presidentand Chief Administrative Officer of the General Partner since 1997.  In this role, he supervises the accountingand tax activities and also the information technology, human resources andtenant services.  From 1993 to 1997, heserved as the General Partner’s Vice President and Treasurer.  Mr. Oklak joined the General Partner in 1986as Tax Manager and was later named Controller of the Partnership’s developmentcompanies before being named Vice President and Treasurer. In that position, heserved as the Chief Accounting Officer with responsibility for financialreporting in public offerings of securities, assisting the vice presidents ofeach business unit with deal structuring and supervising all financial aspectsof the Partnership.

*** ***

***William E. Linville, III, age 47***.  Mr. Linville has been Executive VicePresident, Midwest Region, for the General Partner since March 2001. In thisrole, he has responsibility for the Partnership’s Indiana, Columbus, Cleveland,Cincinnati, Minneapolis and St. Louis operations. From 1994 until March 2001,Mr. Linville led the Partnership ‘s Midwest Industrial Group. In that role, heoversaw the creation, development and operations of nearly 50 development parksacross the Midwest.  He originallyjoined the Partnership in 1987 as head of its Indiana Industrial Group.

 

**PARTII**

 

**Item 5.****  Market for the Registrant’s CommonEquity and Related Stockholder Matters**

 

There is no established publictrading market for the Common Units. The following table sets forth the cashdistributions paid during each quarter. As of March 1, 2002, there were 11,053record holders of Common Units.

 

On January 31, 2002, thePartnership declared a quarterly cash distribution of $0.45 per Common Unitpayable on February 28, 2002, to Common Unitholders of record on February 12,2002.

 
| **Quarter Ended** |   | **2001 Distributions   per Common Unit** |   | **2000 Distributions   per Common Unit** |       |
|-------------------|--------|------------------------------------------|--------|------------------------------------------|------------|
| December 31       |   | $                                        | .45    |                                     | **$**      | **.43** | ** ** |
| September 30      |   | .45                                      |   | **.43**                                  | ** ** |
| June 30           |   | .43                                      |   | **.39**                                  | ** ** |
| March 31          |   | .43                                      |   | **.39**                                  | ** ** |
|                   |        |                                          |        |                                          |            |  |  |

 

**Item 6.****  Selected Consolidated Financial Data**

 

The following sets forthselected consolidated financial and operating information on a historical basisfor the Partnership for each of the years in the five-year period endedDecember 31, 2001. The following information should be read in conjunction withItem 7, “Management’s Discussion and Analysis of Financial Condition andResults of Operations” and Item 8, “Financial Statements and SupplementaryData” included in this Form 10-K (in thousands, except per unit amounts):

 

22

----

 
|                                                         |   | **2001**      |          | **2000**  |   | **1999**  |   | **1998**  |      | **1997**  |   |
|--------------------------------------------------------------|--------|---------------|---------------|-----------|--------|-----------|--------|-----------|-----------|-----------|--------|
| **Results of Operations:**                                   |   |          |          |      |   |      |   |      |      |      |   |
| Revenues:                                                    |   |          |          |      |   |      |   |      |      |      |   |
| Rental Operations                                            |   | **$**         | **723,349**   |      | $      | 711,826   |   | $         | 535,563   |      | $      | 348,625 |   | $ | 229,702 |   |
| Service Operations                                           |   | **80,459**    |          | 82,799    |   | 54,031    |   | 24,716    |      | 22,378    |   |
| **Total Revenues**                                           |   | **$**         | **803,808**   |      | $      | 794,625   |   | $         | 589,594   |      | $      | 373, 341 |   | $ | 252,080 |   |
|                                                         |   |          |          |      |   |      |   |      |      |      |   |
| **Net Income Available for Common Units**                    |   | **$**         | **262,430**   |      | $      | 245,029   |   | $         | 159,447   |      | $      | 103,112 |   | $ | 72,780 |   |
|                                                         |   |          |          |      |   |      |   |      |      |      |   |
| **Per Unit Data**:                                           |   |          |          |      |   |      |   |      |      |      |   |
| Net Income per Common Unit:                                  |   |          |          |      |   |      |   |      |      |      |   |
| Basic                                                        |   | **$**         | **1.77**      |      | $      | 1.68      |   | $         | 1.33      |      | $      | 1.13 |   | $ | .98 |   |
| Diluted                                                      |   | **1.75**      |          | 1.66      |   | 1.32      |   | 1.12      |      | .97       |   |
| Dividends paid per Common Unit                               |   | **1.76**      |          | 1.64      |   | 1.46      |   | 1.28      |      | 1.10      |   |
| Weighted Average Common Units Outstanding                    |   | **147,961**   |          | 145,906   |   | 119,467   |   | 91,576    |      | 74,142    |   |
| Weighted Average Common and Dilutive  Potential Common Units |   | **151,710**   |          | 147,441   |   | 120,511   |   | 92,468    |      | 74,993    |   |
|                                                         |   |          |          |      |   |      |   |      |      |      |   |
| **Balance Sheet Data (at December 31):**                     |   |          |          |      |   |      |   |      |      |      |   |
|                                                         |   |          |          |      |   |      |   |      |      |      |   |
| Total Assets                                                 |   | **$**         | **5,330,246** |      | $      | 5,461,233 |   | $         | 5,487,284 |      | $      | 2,854,062 |   | $ | 2,177,174 |   |
| Total Debt                                                   |   | **1,814,856** |          | 1,973,215 |   | 2,113,476 |   | 1,007,317 |      | 720,119   |   |
| Total Preferred Equity                                       |   | **583,419**   |          | 689,216   |   | 690,340   |   | 348,366   |      | 218,906   |   |
| Total Partners’ Equity                                  |   | **3,176,232** |          | 3,147,598 |   | 3,101,989 |   | 1,677,988 |      | 1,324,780 |   |
| Total Common Units Outstanding                               |   | **148,438**   |          | 146,911   |   | 144,803   |   | 96,853    |      | 87,054    |   |
| **Other Data:**                                              |   |          |          |      |   |      |   |      |      |      |   |
| Funds From Operations****(1)                                 |   | **$**         | **395,693**   |      | $      | 365,129   |   | $         | 267,243   |      | $      | 174,829 |   | $ | 118,828 |   |
| Cash Flow Provided by (Used by):                             |   |          |          |      |   |      |   |      |      |      |   |
| Operating activities                                         |   | **$**         | **432,668**   |      | $      | 449,390   |   | $         | 316,286   |      | $      | 220,529 |   | $ | 158,776 |   |
| Investing activities                                         |   | **9,500**     |          | (97,752   | )      | (740,847  | )      | (703,575  | )         | (597,015  | )      |
| Financing activities                                         |   | **(470,915**  | )             | (330,952  | )      | 436,449   |   | 479,300   |      | 443,265   |   |

 

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(1)               Funds From Operations is defined by theNational Association of Real Estate Investment Trusts as net income or loss,excluding gains or losses from debt restructuring and sales of depreciatedproperty, plus operating property depreciation and amortization and adjustmentsfor minority interest and unconsolidated companies on the same basis. FundsFrom Operations does not represent cash flow from operations as defined bygenerally accepted accounting principles, should not be considered as analternative to net income as an indicator of the Partnership’s operatingperformance, and is not indicative of cash available to fund all cash flowneeds.

 

**Item 7.****  Management’s Discussion and Analysis ofFinancial Condition and Results of Operations**

 

**Business Overview**

 

Certainstatements in this “Management’s Discussion and Analysis of Financial Conditionand Results of Operations,” including those related to the Partnership’s futureoperations, constitute “forward-looking statements” within the meaning ofSection 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended. Such forward-looking statementsinvolve known and unknown risks, uncertainties and other important factors thatcould cause the actual results, performance or achievements of the Partnership,or industry results, to differ materially from any future results, performanceor achievements expressed or implied by such forward-looking statements. Suchrisks, uncertainties and other important factors include, among others: generaleconomic and business conditions; continued qualification as a real estateinvestment trust; competition for tenants; increases in real estateconstruction costs; interest rates, accessibility of debt and equity capitalmarkets and other risks inherent in the real estate business including tenantdefaults, potential liability relating to environmental matters and liquidityof real estate investments. The words “believe,” “estimate,” “expect” andsimilar expressions or statements regarding future periods are intended toidentify forward-looking statements. All forward-looking statements areinherently uncertain as they involve substantial risks and uncertainties beyondthe Partnership’s control. The Partnership undertakes no obligation to updateor revise any forward-looking statements for events or circumstance after thedate on which such statement is made. New factors emerge from time to time, andit is not possible for the Partnership to predict all such factors. Further,the Partnership cannot assess the impact of each such factor on its business orthe extent to which any factor, or combination of factors, may cause actualresults to differ materially from those contained in any forward-lookingstatements.

 

ThePartnership’s operating results depend primarily upon income from the RentalOperations of its industrial, office and retail properties located in itsprimary markets. This rental income is substantially influenced by the supplyand demand for the Partnership’s rental space in its primary markets. Inaddition, the Partnership’s continued growth is dependent upon its ability tomaintain occupancy rates and increase rental rates of its in-service portfolio.The Partnership’s strategy for continued growth also includes developing andacquiring additional rental properties in its primary markets and expandinginto other attractive markets.

 

23

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For theyear ended December 31, 2001, the Partnership’s rental revenue grew by only 2%,substantially below historical trends. This slowdown in growth resulted from acombination of a slower economy reducing overall portfolio occupancy and thesale of over $500 million of assets in 2001, which was used primarily to pay downdebt. While these events have affected growth and related rental income, thePartnership has excellent liquidity and financial flexibility (See additionaldiscussion under Liquidity and Capital Resources). With a debt to marketcapitalization ratio of 29.5% and only $120 million drawn on its $650 millionunsecured lines of credit as of December 31, 2001, the Partnership is wellpositioned to make future opportunistic real estate investments. Additionally,the Partnership has experienced continued demand for third party constructionservices through its Service Operations and has significantly lowered itscorporate general and administrative expenses to offset the reductions inrental income.

 

As notedabove, the Partnership’s operating results depend primarily upon income fromthe Rental Operations of its industrial, office and retail properties. Thefollowing highlights the areas of Rental Operations that the Partnershipconsiders critical for future revenue growth (all square footage totals andoccupancy percentages reflect 100% of both wholly-owned properties andproperties in joint ventures that the Partnership has ownership interests):

 

***Same Property Performance:*** The Partnership tracks same propertyperformance, which compares those properties that were in-service for all of atwo-year period. In 2001, net operating income from the same property portfolioincreased 4.4% over 2000, compared to 4.2% growth in 2000 over 1999.

 

***Occupancy Analysis:*** The following table sets forth informationregarding the Partnership’s in-service portfolio of rental properties as ofDecember 31, 2001 (square feet in thousands):

 
|            |   | **Total  Square Feet** |   | **Percent of****Total   Square Feet** |       | **Percent Occupied** |   |
|-----------------|--------|------------------------|--------|---------------------------------------|------------|----------------------|--------|
|            |   | **2001**               |   | **2000**                              |       | **2001**             |   | **2000** |   | **2001** |   | **2000** |   |
| Type            |   |                   |   |                                  |       |                 |   |   |   |   |   |   |   |
| **Industrial**  |   |                   |   |                                  |       |                 |   |   |   |   |   |   |   |
| Service Centers |   | **13,833**             |   | 13,519                                | ** ** | **13.4**             | **%**  | 13.4 | **%** | **88.7** | **%** | 92.3 | % |
| Bulk            |   | **64,786**             |   | 63,454                                | ** ** | **63.0**             | **%**  | 62.8 | **%** | **89.4** | **%** | 94.6 | % |
| **Office**      |   | **23,528**             |   | 21,505                                | ** ** | **22.9**             | **%**  | 21.3 | **%** | **86.0** | **%** | 91.3 | % |
| **Retail**      |   | **745**                |   | 2,484                                 | ** ** | **0.7**              | **%**  | 2.5 | **%** | **96.8** | **%** | 97.8 | % |
| Total           |   | **102,892**            |   | 100,962                               | ** ** | **100**              | **%**  | 100.0 | **%** | **88.6** | **%** | 93.6 | % |

 

***Lease Expiration:*** The following table reflects the Partnership’sin-service lease expiration schedule as of December 31, 2001, by product typeindicating square footage and annualized net effective rents under expiringleases (in thousands, except per square foot amounts):

 
|                        |   | **Total  Portfolio** |   | **Industrial** |    | **Office** |   | **Retail**       |   |
|-----------------------------|--------|----------------------|--------|----------------|---------|------------|--------|------------------|--------|
| **Year of Expiration**      |   | **Square  Feet**     |   | **Dollars**    |    | **%**      |   | **Square  Feet** |   | **Dollars** |   | **Square  Feet** |   | **Dollars** |   | **Square  Feet** |   | **Dollars** |   |
| 2002                        |   | 9,498                |   | $              | 58,246  |       | 9      | %                | 7,938  |   | $ | 39,695 |   | 1,550 |   | $ | 18,402 |   | 10 |   | $ | 149 |   |
| 2003                        |   | 9,907                |   | 64,680         |    | 10         | %      | 7,865            |   | 38,590 |   | 2,042 |   | 26,090 |   | — |   | — |   |
| 2004                        |   | 11,309               |   | 76,915         |    | 12         | %      | 8,719            |   | 41,831 |   | 2,567 |   | 34,677 |   | 23 |   | 407 |   |
| 2005                        |   | 13,769               |   | 93,325         |    | 15         | %      | 10,918           |   | 51,884 |   | 2,813 |   | 40,939 |   | 38 |   | 502 |   |
| 2006                        |   | 11,841               |   | 81,689         |    | 12         | %      | 9,324            |   | 45,670 |   | 2,510 |   | 35,910 |   | 7 |   | 109 |   |
| 2007                        |   | 6,838                |   | 50,778         |    | 8          | %      | 5,173            |   | 27,561 |   | 1,633 |   | 22,775 |   | 32 |   | 442 |   |
| 2008                        |   | 5,943                |   | 38,441         |    | 6          | %      | 4,725            |   | 21,687 |   | 1,199 |   | 16,464 |   | 19 |   | 290 |   |
| 2009                        |   | 5,902                |   | 36,668         |    | 6          | %      | 4,755            |   | 20,122 |   | 1,128 |   | 16,177 |   | 19 |   | 369 |   |
| 2010                        |   | 5,571                |   | 44,521         |    | 7          | %      | 3,908            |   | 18,511 |   | 1,644 |   | 25,696 |   | 19 |   | 314 |   |
| 2011                        |   | 4,652                |   | 41,115         |    | 7          | %      | 3,360            |   | 20,590 |   | 1,276 |   | 20,280 |   | 16 |   | 245 |   |
| 2012 and Thereafter         |   | 5,941                |   | 47,985         |    | 8          | %      | 3,524            |   | 15,875 |   | 1,879 |   | 28,085 |   | 538 |   | 4,025 |   |
|                        |   | 91,171               |   | $              | 634,363 |       | 100    | %                | 70,209 |   | $ | 342,016 |   | 20,241 |   | $ | 285,495 |   | 721 |   | $ | 6,852 |   |
| Total Portfolio Square Feet |   | 102,892              |   |           |    |       |   | 78,619           |   |   |   | 23,528 |   |   |   | 745 |   |   |   |
| Percent Occupied            |   | 88.61                | %      |           |    |       |   | 89.30            | %      |   |   | 86.03 | % |   |   | 96.78 | % |   |   |
|                             |        |                      |        |                |         |            |        |                  |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

24

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***Future Development:***The Partnership also expects to realize growth in earnings from RentalOperations through the development and acquisition of additional rentalproperties in its primary markets. Specifically, the Partnership has 4.7million square feet of properties under development at December 31, 2001. Theseproperties under development should provide future earnings through ServiceOperations income upon sale or from Rental Operations growth as they are placedin service as follows (in thousands, except percent leased and stabilizedreturns):

 
| **Anticipated  In-Service  Date** |   | **Square  Feet** |   | **Percent  Leased** |   | **Project  Costs** |    | **Anticipated  Stabilized  Return** |   |
|-----------------------------------|--------|------------------|--------|---------------------|--------|--------------------|---------|-------------------------------------|--------|
| Held for Rental:                  |   |             |   |                |   |               |    |                                |   |
|                              |   |             |   |                |   |               |    |                                |   |   |
| 1st Quarter 2002                  |   | 1,326            |   | 13                  | %      | $                  | 83,637  |                                | 10.5   | % |
| 2nd Quarter 2002                  |   | 2,011            |   | 22                  | %      | 87,117             |    | 11.1                                | %      |
| 3rd Quarter 2002                  |   | —           |   | —              |   | —             |    | —                              |   |
| Thereafter                        |   | 120              |   | 100                 | %      | 12,352             |    | 11.7                                | %      |
|                              |   | 3,457            |   | 21                  | %      | $                  | 183,106 |                                | 10.9   | % |
| Held for Sale:                    |   |             |   |                |   |               |    |                                |   |
|                              |   |             |   |                |   |               |    |                                |   |   |
| 1st Quarter 2002                  |   | 402              |   | 100                 | %      | $                  | 33,439  |                                | 10.9   | % |
| 2nd Quarter 2002                  |   | 241              |   | 84                  | %      | 20,205             |    | 11.7                                | %      |
| 3rd Quarter 2002                  |   | 601              |   | 100                 | %      | 8,230              |    | 10.1                                | %      |
| Thereafter                        |   | —           |   | —              |   | —             |    | —                              |   |
|                              |   | 1,244            |   | 97                  | %      | $                  | 61,874  |                                | 11.0   | % |
| Total                             |   | 4,701            |   | 41                  | %      | $                  | 244,980 |                                | 10.9   | % |

 

***Lease Renewals:***  ThePartnership renewed 70.1 percent of leases up for renewal in 2001, totaling 7.4million square feet on which it attained an 11.6 percent growth in neteffective rent.  This compares torenewals of 76.8 percent in 2000, totaling 8.9 million square feet and 7.4percent growth in net effective rent.

 

**Results of Operations**

 

A summary of the Partnership’soperating results and property statistics for each of the years in thethree-year period ended December 31, 2001, is as follows (in thousands, exceptnumber of properties and per unit amounts):

 
|                                                         |   | **2001**    |        | **2000** |   | **1999** |   |
|--------------------------------------------------------------|--------|-------------|-------------|----------|--------|----------|--------|
| Rental Operations revenues                                   |   | **$**       | **723,349** |     | $      | 711,826  |   | $ | 535,563 |   |
| Service Operations revenues                                  |   | **80,459**  |        | 82,799   |   | 54,031   |   |
| Earnings from Rental  Operations                             |   | **257,701** |        | 226,352  |   | 195,394  |   |
| Earnings from Service  Operations                            |   | **35,115**  |        | 32,760   |   | 17,872   |   |
| Operating income                                             |   | **277,257** |        | 237,968  |   | 196,710  |   |
| Net income available for  common units                       |   | **$**       | **262,430** |     | $      | 245,029  |   | $ | 159,447 |   |
|                                                         |   |        |        |     |   |     |   |   |   |   |
| Weighted average common units  outstanding                   |   | **147,961** |        | 145,906  |   | 119,467  |   |
|                                                         |   |        |        |     |   |     |   |
| Weighted average common and  dilutive potential common units |   | **151,710** |        | 147,441  |   | 120,511  |   |
|                                                         |   |        |        |     |   |     |   |
| Basic net income per common  unit                            |   | **$**       | **1.77**    |     | $      | 1.68     |   | $ | 1.33 |   |
| Diluted net income per common  unit                          |   | **$**       | **1.75**    |     | $      | 1.66     |   | $ | 1.32 |   |
|                                                         |   |        |        |     |   |     |   |   |   |   |
| Number of in-service properties  at end of year              |   | **888**     |        | 913      |   | 865      |   |
| In-service square footage at  end of year                    |   | **102,892** |        | 100,962  |   | 92,502   |   |
| Under development square  footage at end of year             |   | **4,701**   |        | 8,056    |   | 9,876    |   |

 

25

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**Comparison of Year Ended December 31, 2001 toYear Ended December 31, 2000**

 

Rental Operations

 

Rental Operations revenueincreased to $723.3 million from $711.8 million for the year ended December 31,2001, compared to the same period in 2000. Rental Operations revenue is drivenby rental income from held for rental properties (“Rental Income”) and equityin earnings from unconsolidated companies (“Equity in earnings”). Rental Incomedecreased from $697.3 million in 2000 to $692.0 million in 2001. This decreaseis the result of an overall decrease in occupancy of in-service properties from93.6 percent at December 31, 2000, to 88.6 percent at December 31, 2001. Alsocontributing to the decline in Rental Income is the effects of thePartnership’s property dispositions. During 2000 and 2001, the Partnership soldapproximately $1 billion of held for investment rental properties from itsin-service portfolio. A majority of these properties were over 90% leased andthe new developments placed in-service over the same time period were leased atlower percentages and, therefore, the Partnership realized less rental income.The effects of the decreased occupancy and property sales were somewhatmitigated by the Partnership recognizing $17.5 million of lease terminationfees in 2001, compared to $7.0 million in 2000.

 

Equity in earnings increasedfrom $14.6 million in 2000 to $31.4 million for 2001.  This increase is mainly the result of the Partnership selling asignificant number of properties to two 50% owned joint ventures in the fourthquarter of 2000. The Partnership recognized $14.8 million of additional equityin earnings in 2001 associated with these two ventures.

 

The following is a summary ofthe Partnership’s in-service portfolio since January 1, 2000:

 
|                                       |   | **Buildings** |   | **Square  Feet  (in thousands)** |   |
|--------------------------------------------|--------|---------------|--------|----------------------------------|--------|
| Properties owned as of:                    |   |          |   |                             |   |
|                                       |   |          |   |                             |   |
| January 1, 2000                            |   | 865           |   | 92,502                           |   |
| Acquisitions                               |   | 2             |   | 169                              |   |
| Developments placed in service             |   | 75            |   | 11,546                           |   |
| Contributions from joint  venture partners |   | 24            |   | 3,331                            |   |
| Dispositions                               |   | (53           | )      | (6,586                           | )      |
|                                       |   |          |   |                             |   |
| December 31, 2000                          |   | 913           |   | 100,962                          |   |
| Acquisitions                               |   | 5             |   | 258                              |   |
| Developments placed in service             |   | 55            |   | 9,906                            |   |
| Dispositions                               |   | (85           | )      | (8,234                           | )      |
|                                       |   |          |   |                             |   |
| December 31, 2001                          |   | 888           |   | 102,892                          |   |

 

Rental and real estate taxexpenses increased in 2001 over 2000 generally due to increasing operatingcosts of the Partnership’s properties. These increases were mitigated by thetiming of sales of properties throughout the year.

 

The $20.1 million decrease ininterest expense is primarily attributable to lower outstanding balances on thePartnership’s lines of credit associated with the financing of thePartnership’s investment and operating activities. The Partnership hasmaintained a significantly lower balance on its lines of credit throughout 2001compared to 2000, as a result of its property dispositions proceeds used tofund future development, combined with a lower development level as a result ofthe slower economy. Additionally, the Partnership paid off $128.5 million ofsecured mortgage loans throughout 2001, as well as an $85 million unsecuredterm loan. These decreases were partially offset by an increase in interestexpense on unsecured debt as a result of the Partnership issuing $175.0 millionof debt in February 2001, as well as a decrease in the amount of interestcapitalized in 2001 versus 2000, due to the decrease in development activity bythe Partnership.

 

As a result of theabove-mentioned items, earnings from Rental Operations increased $31.3 millionfrom $226.4 million for the year ended December 31, 2000, to $257.7 million forthe year ended December 31, 2001.

 

26

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ServiceOperations

 

Service Operations revenuesdecreased from $82.8 million for the year ended December 31, 2000, to $80.5million for the year ended December 31, 2001. The Partnership experienced adecrease of $4.3 million in net general contractor revenues from third partyjobs due to a decrease in the volume of construction in 2001, compared to 2000,as well as slightly lower profit margins. This decrease is the effect ofbusinesses delaying or terminating plans to expand in the wake of the slowedeconomy as noted above in the Business Overview section.

 

Property management,maintenance and leasing fee revenues decreased approximately $2.7 million duemainly to a decrease in landscaping maintenance revenue associated with thesale of the landscape business in the third quarter of 2001 (see discussionbelow).

 

Construction management anddevelopment activity income represent construction and development fees earnedon projects where the Partnership acts as the construction manager, and profitsfrom the Partnership’s held for sale program whereby the Partnership develops aproperty in DCLP, and, upon completion, sells the property to a third party.The increase in revenues of $2.2 million in 2001 is primarily due to anincrease in profits on the sale of properties from the held for sale program.

 

Other income increasedapproximately $2.4 million in 2001 over 2000, due to a $1.8 million gain the Partnershiprecognized on the sale of its landscape business in the third quarter of 2001.The sale of the landscape business resulted in a total net profit of over $9million after deducting all related expenses. This gain will be recognized invarying amounts over the next seven years due to the Partnership’s on-goingcontract to provide future services to the buyer.

 

Service Operations expensesdecreased by $4.7 million for the year ended December 31, 2001, compared to thesame period in 2000, as the Partnership reduced total overhead costs throughout2001 in an effort to minimize the effects of decreased construction anddevelopment activity. The primary savings were experienced in employee salaryand related costs due to personnel reductions and reduced overhead costs fromthe sale of the landscaping business.

 

As a result, earnings fromService Operations increased from $32.8 million for the year ended December 31,2000, to $35.1 million for the year ended December 31, 2001.

 

General andAdministrative Expense

 

General and AdministrativeExpense decreased from $21.1 million in 2000 to $15.6 million for the yearended December 31, 2001, due to overhead cost reduction efforts. In late 2000and continuing throughout 2001, the Partnership introduced several cost cuttingmeasures to reduce the amount of overhead, including headcount reduction,centralization of responsibilities and streamlining of employee costs such astravel and entertainment.

 

Other Incomeand Expenses

 

Gain on sale of land anddepreciable property dispositions, net of impairment allowance, is comprised ofthe following amounts in 2001 and 2000:

 

|                                    |   | **2001**   |       | **2000** |   |
|-----------------------------------------|--------|------------|------------|----------|--------|
| Gain on sales of depreciable properties |   | **$**      | **45,428** |     | $      | 52,067 |   |
| Gain on land sales                      |   | **5,080**  |       | 9,165    |   |
| Impairment allowance                    |   | **(4,800** | **)**      | (540     | )      |
|                                    |   |       |       |     |   |
| Total                                   |   | $          | **45,708** |     | $      | 60,692 |   |

 

27

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Gain on sales of depreciableproperties represent sales of previously held for investment rental properties.Beginning in 2000 and continuing into 2001, the Partnership has pursuedfavorable opportunities to dispose of real estate assets that no longer meetlong-term investment objectives. In conjunction with this disposition strategy,included in net real estate investments are 12 buildings with a net book valueof $122.8 million that were classified as held for sale by the Partnership atDecember 31, 2001. The Partnership expects to complete these and otherdispositions and use the proceeds to fund future investments in real estateassets.

 

Gain on land sales representssales of undeveloped land owned by the Partnership. The Partnership pursuesopportunities to dispose of land in markets with a high concentration ofundeveloped land and those markets where the land no longer meets strategicdevelopment plans of the Partnership.

 

The Partnership recorded a $4.8million asset impairment adjustment in 2001 on a single property that isexpected to be sold in early 2002. The Partnership has analyzed each of itsin-service properties and has determined that there are no additional valuationadjustments that need to be made as of December 31, 2001.  The Partnership will evaluate its in-serviceportfolio on a continuing basis.

 

Other expense for the yearended December 31, 2001, includes a $1.4 million expense related to an interestrate swap that does not qualify for hedge accounting under FASB SFAS 133.

 

Net Income Available for Common Units

 

Netincome available for common units for the year ended December 31, 2001, was$262.4 million compared to $245.0 million for the year ended December 31, 2000.This increase results primarily from the operating result fluctuations inRental and Service Operations and earnings from sales of real estate assetsexplained above.

 

**Comparison of Year Ended December 31, 2000 toYear Ended December 31, 1999**

 

Rental Operations

 

Rental Operations revenueincreased to $711.8 million from $535.6 million for the year ended December 31,2000, compared to the same period in 1999. This increase is primarily due to the increase in the number of in-serviceproperties during the respective periods. As of December 31, 2000, the Partnership had 913 properties in servicecompared to 865 properties at December 31, 1999. The following is a summary ofthe Partnership’s acquisition and development activity since January 1, 1999:

 
|                                       |   | **Buildings** |   | **Square  Feet  (in thousands)** |   |
|--------------------------------------------|--------|---------------|--------|----------------------------------|--------|
| Properties owned as of:                    |   |          |   |                             |   |
|                                       |   |          |   |                             |   |
| January 1, 1999                            |   | 453           |   | 52,028                           |   |
| Weeks merger                               |   | 335           |   | 28,569                           |   |
| Acquisitions                               |   | 30            |   | 2,867                            |   |
| Developments placed in service             |   | 68            |   | 10,928                           |   |
| Dispositions                               |   | (21           | )      | (1,890                           | )      |
|                                       |   |          |   |                             |   |
| December 31, 1999                          |   | 865           |   | 92,502                           |   |
| Acquisitions                               |   | 2             |   | 169                              |   |
| Developments placed in service             |   | 75            |   | 11,546                           |   |
| Dispositions                               |   | (53           | )      | (6,586                           | )      |
| Contributions from joint  venture partners |   | 24            |   | 3,331                            |   |
|                                       |   |          |   |                             |   |
| December 31, 2000                          |   | 913           |   | 100,962                          |   |

 

Rental property, real estatetax and depreciation and amortization expenses increased for the year endedDecember 31, 2000, compared to the same period in 1999, due to the increase inthe number of in-service properties during the respective periods.

 

28

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The $47.2 million increase ininterest expense is primarily attributable to higher outstanding debt balancesassociated with the financing of the Partnership’s investment activities. Theincreased balances include $450 million of unsecured debt issued in 1999, theassumption of $185 million of secured debt and $287 million of unsecured debtin the merger with Weeks Corporation in July 1999, and increased borrowings onthe Partnership’s lines of credit. These higher borrowing costs were partiallyoffset by the capitalization of interest on increased property developmentactivities.

 

As a result of theabove-mentioned items, earnings from Rental Operations increased $31.0 millionfrom $195.4 million for the year ended December 31, 1999, to $226.4 million forthe year ended December 31, 2000.

 

ServiceOperations

 

Service Operations revenuesincreased by $28.8 million from $54.0 million for the year ended December 31,1999, to $82.8 million for the year ended December 31, 2000, primarily as aresult of increases in construction and development income from increasedthird-party construction and revenues from the development and sale profits ofbuild-to-suit properties.

 

Service Operations operatingexpenses increased from $36.2 million in 1999 to $50.0 million for the yearended December 31, 2000, due to the overall growth of the Partnership and theincreased portfolio of buildings associated with this growth, and thesignificant increase in construction and development activity in 2000.

 

As a result, earnings fromService Operations increased from $17.9 million for the year ended December 31,1999, to $32.8 million for the year ended December 31, 2000.

 

General andAdministrative Expense

 

General and AdministrativeExpense increased from $16.6 million in 1999 to $21.1 million for the yearended December 31, 2000, due to an increase in corporate expenses associatedwith overall growth of the Partnership and effects of a full year’s operationsresulting from the merger with Weeks Corporation in July 1999.

 

Other Incomeand Expenses

 

Interest income increased from$2.7 million for the year ended December 31, 1999, to $6.9 million for the sameperiod in 2000 primarily through earnings on funds deposited in tax deferred exchangeescrows of $3.6 million.

 

The Partnership has adisposition strategy to pursue favorable opportunities to dispose of realestate assets that no longer meet long-term investment objectives of thePartnership, which resulted in net sales proceeds of $413.8 million and a netgain of $60.7 million for the year ended December 31, 2000. In conjunction withthis disposition strategy, included in net real estate investments are 28buildings with a net book value of $112.0 million that were classified as heldfor sale by the Partnership at December 31, 2000.

 

Net Income Available for Common Units

 

Netincome available for common units for the year ended December 31, 2000 was$245.0 million compared to $159.4 million for the year ended December 31, 1999.This increase results primarily from the operating result fluctuations inrental and service operations and earnings from sales of real estate assetsexplained above.

 

29

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**Summaryof Critical Accounting Policies**

 

Management of the Partnershipconsiders the following accounting policies to be critical to the reportedoperations of the Partnership:

 

**Principlesof Consolidation**

 

Theconsolidated financial statements include the accounts of the Partnership andits majority-owned or controlled subsidiaries. The equity interests in thesemajority-owned or controlled subsidiaries not owned by the Partnership arereflected as minority interests in the consolidated financial statements. Allsignificant intercompany balances and transactions have been eliminated in theconsolidated financial statements.

 

Investmentsin entities that the Partnership does not control through majority votinginterest or where the other owner has substantial participating rights are notconsolidated and are reflected as investments in unconsolidated companies.Control is demonstrated by the ability of the Partnership to manage day-to-dayoperations, refinance debt and sell the assets of the Partnership without theconsent of the limited partner and inability of the limited partner to replacethe Partnership.

 

**RealEstate Investments**

 

Alldirect and indirect costs, including interest and real estate taxes clearlyassociated with the development, construction, leasing or expansion of realestate investments are capitalized as a cost of the property. Included inindirect costs is an estimate of internal costs associated with development andrental of real estate investments. All external costs associated with theacquisition of real estate investments are capitalized as a cost of theproperty.

 

ThePartnership evaluates its real estate investments to be held and used uponoccurrence of significant changes in the operations, but not less thanannually, to assess whether any impairment indications are present, includingrecurring operating losses and significant adverse changes in legal factors orbusiness climate that affect the recovery of the recorded value. If any realestate investment is considered impaired, a loss is provided to reduce thecarrying value of the property to its estimated fair value. Real estateinvestments to be disposed of are reported at the lower of their carryingamount or fair value less cost to sell. The evaluation of real estateinvestments involves many subjective assumptions dependent upon future economicevents that affect the ultimate value of the property.

 

**Service Operations Revenue**

 

ThePartnership recognizes income on long-term construction contracts on thepercentage of completion method. Using this method, profits are recorded on thebasis of the Partnership’s estimates of the percentage of completion ofindividual contracts, commencing when progress reaches a point where experienceis sufficient to estimate final results with reasonable accuracy. That portionof the estimated earnings is accrued on the basis of the Partnership’sestimates of the percentage of completion based on contract expendituresincurred and work performed.

 

**Valuation of Receivables**

 

ThePartnership is subject to tenant defaults and bankruptcies that could affectthe collection of outstanding receivables. In order to mitigate these risks,the Partnership performs credit review and analysis on all tenants and allsignificant leases before they are executed. The Partnership evaluates thecollectibility of outstanding receivables and records allowances asappropriate.

 

30

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**Liquidityand Capital Resources**

 

FinancialFlexibility

 

During2000 and continuing into 2001, the real estate industry experienced a reducedsupply of new common equity capital, which generally decreased the level of newinvestment activity by real estate companies. While the General Partner and thePartnership have been subject to these capital market conditions, managementbelieves the Partnership’s financial and liquidity position is strong. Over theyears, the Partnership has carefully managed its balance sheet in an effort toavoid liquidity issues in any given quarter or year. In management’s view, thisshould provide a competitive advantage in the current capital constrainedmarket over many of its competitors. Following are three key indicators thatdemonstrate the overall strength of the Partnership’s financial position.

 

First,the Partnership believes that its principal source of liquidity, cash flowsfrom Rental Operations, provides a stable source of cash to fund necessaryrequirements. The Partnership believes that this cash based revenue stream isproperly aligned with revenue recognition as cash receipts for rental propertiesare generally received in a short time following the actual revenuerecognition. The Partnership is subject to risks of decreased occupancy due tomarket conditions as well as tenant defaults and bankruptcies.  However, management believes that these risksare mitigated by the Partnership’s strong market presence in most of itslocations and the fact that the Partnership performs in-house credit review andanalysis on all tenants and all significant leases before they are executed.This latter point is supported by the fact that in 2001, the Partnership’s baddebt expense totaled only one-half of one percent of total rental revenues.Secondly, the Partnership has maintained a conservative balance sheet with adebt-to-total market capitalization of 29.5% at December 31, 2001. Thirdly, asof December 31, 2001, the Partnership has a total of $530.0 million of undrawncapacity on its existing unsecured lines of credit to meet its short-termobligations. The de-leveraging of the balance sheet over the past two years hasstrengthened the Partnership’s debt and other compliance ratios required tomaintain its unsecured lines of credit, further allowing the Partnership theopportunity to obtain additional debt capacity should the need arise in thecourse of business opportunities. The Partnership also amended both its $500million and $150 million unsecured lines of credit in 2001, which extended thematurity dates to 2004 and 2002, respectively.

 

Managementbelieves that these key factors will provide the Partnership with substantialfinancial flexibility to capitalize on investment opportunities that may not beavailable to other real estate companies with more limited financial resources.

 

OperatingActivities

 

Net cash flow provided byoperating activities was $432.7 million in 2001, compared to $449.4 million and$316.3 million in 2000 and 1999, respectively. Operating activity cash flowsrepresent the primary source of liquidity to fund distributions to unitholdersand the other minority interests and to fund recurring costs associated withthe renovation and re-letting of the Partnership’s properties.

 

InvestingActivities

 

Net cash provided by  (used) by investing activities totaled $9.5million, $(97.8) million and $(740.8) million for the years ended December 31,2001, 2000 and 1999, respectively. Investing activities represent theinvestment of funds by the Partnership to expand its portfolio of rentalproperties through the development and acquisition of additional rentalproperties, net of proceeds received from property sales. As noted in thecomparison of 2001 to 2000, the Partnership has sold a significant amount ofheld for rental property in 2001 and 2000, which has generated proceeds of$436.1 million and $413.8 million in 2001 and 2000, respectively. In addition,the

 

31

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Partnership has received $59.2million and $158.4 million of distributions from unconsolidated companies in2001 and 2000, respectively, which represents a return of the Partnership’s investmentin unconsolidated companies generated by financing proceeds from leveragingactivities by the unconsolidated companies. The effect of property sales anddistributions from unconsolidated companies has significantly reduced theamount of cash used by investing activities in 2001 and 2000, compared to 1999.

 

The recurring capital needs ofthe Partnership are funded primarily through the undistributed net cashprovided by operating activities. A summary of the Partnership’s recurringcapital expenditures is as follows (in thousands):

 

|                  |   | **2001**   |       | **2000** |   | **1999** |   |
|-----------------------|--------|------------|------------|----------|--------|----------|--------|
| Tenant improvements   |   | **$**      | **18,416** |     | $      | 31,955   |   | $ | 21,144 |   |
| Leasing costs         |   | **13,845** |       | 17,530   |   | 12,326   |   |
| Building improvements |   | **10,873** |       | 6,804    |   | 3,751    |   |
| Total                 |   | **$**      | **43,134** |     | $      | 56,289   |   | $ | 37,221 |   |

** **

Financing Activities

 

Net cash (used for)/provided byfinancing activities totaling ($470.9) million, ($331.0) million and $436.4million for the years ended 2001, 2000 and 1999, respectively, is comprised ofdebt and equity issuances, net of distributions to unitholders and minorityinterests and repayments of outstanding indebtedness. In 2001, the Partnershipreceived $36.5 million of net proceeds from the General Partner’s issuance ofcommon shares, $72.2 million of net proceeds from the General Partner’s issuanceof preferred shares, and $175.0 million of proceeds from the issuance ofunsecured debt. All proceeds were used to reduce amounts outstanding under thePartnership’s lines of credit and to fund the development and acquisition ofadditional rental properties.

 

Also in 2001, the Partnershipredeemed its Series A Preferred equity at a cost of $75.0 million, and paid off$128.5 million of secured mortgage debt and an $85.0 million unsecured termloan.

 

The General Partner and thePartnership currently have on file with the Securities and Exchange Commission(the “SEC”), a Form S-3 Registration Statement (the “Shelf RegistrationStatement”), which, as of December 31, 2001, has remaining availability of$542.8 million to issue additional common shares, preferred shares, andunsecured debt securities. The General Partner and the Partnership may fromtime-to-time issue additional securities under this Shelf RegistrationStatement to fund the development and acquisition of additional rentalproperties. The General Partner and the Partnership also have a ShelfRegistration Statement on file for at-the-market offerings of 1.5 millioncommon shares of the General Partner.

 

The Partnership has thefollowing lines of credit available (in thousands):

 
| **Description**          |   | **Borrowing  Capacity** |    | **Maturity  Date** |           | **Interest  Rate** |         | **Outstanding  at December  31, 2001** |   |
|--------------------------|--------|-------------------------|---------|--------------------|----------------|--------------------|--------------|----------------------------------------|--------|
| Unsecured Line of Credit |   | $                       | 500,000 |               | February  2004 |               | LIBOR + .65  | %                                      | $      | 120,000 |   |
| Unsecured Line of Credit |   | $                       | 150,000 |               | July 2002      |               | LIBOR + .675 | %                                      | $      | — |   |
| Secured Line of Credit   |   | $                       | 100,000 |               | January 2003   |               | LIBOR + 1.05 | %                                      | $      | 27,590 |   |

 

The lines of credit are used tofund development and acquisition of additional rental properties and to provideworking capital.

 

The $500 million line of creditallows the Partnership an option to obtain borrowings from the financialinstitutions that participate in the line of credit at rates lower than thestated interest rate, subject to certain restrictions. Amounts outstanding onthe line of credit at December 31, 2001 are at LIBOR + .65%.

 

The debt outstanding atDecember 31, 2001, totals $1.8 billion with a weighted average interest rate of6.81% maturing at various dates through 2028. The Partnership has $1.5 billionof unsecured debt and $318.5 million of secured debt outstanding at December31, 2001. Scheduled principal amortization of such debt totaled $10.0 millionfor the year ended December 31, 2001.

 

32

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Following is a summary of thescheduled future amortization and maturities of the Partnership’s indebtednessat December 31, 2001 (in thousands):

 
|       |   | **Future  Repayments**      |   | **Weighted****Average  Interest Rate of********Future Repayments** |   |
|------------|--------|-----------------------------|--------|--------------------------------------------------------------------|--------|
| **Year**   |   | **Scheduled  Amortization** |   | **Maturities**                                                     |   | **Total** |   |   |
| 2002       |   | $                           | 11,362 |                                                               | $      | 56,486 |   | $ | 67,848 |   | 7.25 | % |
| 2003       |   | 10,212                      |   | 305,719                                                            |   | 315,931 |   | 7.22 | % |
| 2004       |   | 8,497                       |   | 296,186                                                            |   | 304,683 |   | 5.36 | % |
| 2005       |   | 7,057                       |   | 219,642                                                            |   | 226,699 |   | 7.17 | % |
| 2006       |   | 5,908                       |   | 146,179                                                            |   | 152,087 |   | 7.08 | % |
| 2007       |   | 4,015                       |   | 116,554                                                            |   | 120,569 |   | 7.08 | % |
| 2008       |   | 3,605                       |   | 100,000                                                            |   | 103,605 |   | 6.74 | % |
| 2009       |   | 3,863                       |   | 275,000                                                            |   | 278,863 |   | 7.31 | % |
| 2010       |   | 4,190                       |   | —                                                             |   | 4,190 |   | 6.37 | % |
| Thereafter |   | 15,381                      |   | 225,000                                                            |   | 240,381 |   | 6.82 | % |
|       |   | $                           | 74,090 |                                                               | $      | 1,740,766 |   | $ | 1,814,856 |   | 6.81 | % |

 

**Investmentsin Unconsolidated Companies**

 

ThePartnership has equity interests ranging from 10-50% in unconsolidatedpartnerships and joint ventures that own and operate rental properties and holdland for development. The equity method of accounting is used for theseinvestments in which the Partnership has the ability to exercise significantinfluence, but not control, over operating and financial policies. The combinedassets and debt of these unconsolidated companies at December 31, 2001, totaled$1.3 billion and $557 million, respectively. The Partnership has guaranteed $90million of secured mortgage debt and agreed to provide additional capitalcontributions to pay all sums due under an additional $260 million of securedmortgage debt outstanding at December 31, 2001. This total $350 million of debtis collateralized by rental properties of a joint venture with net carryingvalue substantially in excess of the outstanding debt. If required to makeadditional capital contributions, the Partnership will receive proportionatelyincreased ownership in the respective collateralized properties. ThePartnership does not anticipate that it will be required to satisfy theguarantee or additional capital contribution obligations.

 

In October 2000, thePartnership expanded an existing joint venture with an institutional realestate investor. In connection with this transaction, the joint venturepartners were given an option to put up to a $50 million interest in the jointventure to the Partnership in exchange for common shares of the General Partneror cash, subject to timing and other restrictions. As a result of this putoption, the Partnership deferred $10.2 million of gain on sale of depreciatedproperty to the joint venture and recorded a $50 million liability.

 

**RelatedParty Transactions**

 

ThePartnership provides property management, leasing, construction and other tenantrelated services to properties in which certain executives of the GeneralPartner have ownership interests. The Partnership has an option to acquirethese executive officers’ interests in these properties (the “OptionProperties”). The Partnership received fees totaling $1.7 million, $1.9 millionand $2.4 million in 2001, 2000 and 1999, respectively, for services provided tothe Option Properties. The fees charged by the Partnership for such servicesare equivalent to those charged to third-party owners for similar services.

 

On June 27, 2001, A. Ray Weeks,Jr. resigned his position as a director and Vice Chairman of the GeneralPartner. On August 17, 2001, the Partnership redeemed 620,156 Common Unitsbeneficially owned by Mr. Weeks and certain members of his immediate andextended family (the “Weeks Affiliates”). The deemed value of the unitsredeemed was $15.7 million, which was based on the average closing share priceof the General Partner’s common stock for a certain period of days precedingthe redemption date. As consideration for the redemption, the Weeks Affiliatesreceived a distribution of seven industrial rental properties and oneundeveloped tract of land located in the Atlanta, Georgia metropolitan areawith a value of $31.7 million. The Weeks Affiliates also assumed a loan in theamount of $16 million from Wachovia Bank, N.A. to the Partnership. The value ofthe properties distributed to the Weeks Affiliates was based on negotiationsbetween Mr. Weeks and members of the Partnership’s executive committee, and wasapproved by the unaffiliated members of the General Partner’s Board ofDirectors.

 

33

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The Partnership has otherrelated party transactions that are insignificant and terms are considered tobe at arm’s-length and equal to those negotiated with independent parties.

 

**Commitmentsand Contingencies**

 

The Partnership has thefollowing commitments and contingencies in addition to those previouslydisclosed:

 

In 1998 and 1999, members ofmanagement and the General Partner’s Board of Directors purchased $69 millionof common shares of the General Partner in connection with an Executive andSenior Officer Stock Purchase Plan. The purchases were financed by five-yearpersonal loans at market interest rates from financial institutions. As ofDecember 31, 2001, the outstanding balance on these loans is $40.5 million assome participants have exited the program and repaid their principal balance.As a condition of the financing agreement with the financial institution, thePartnership has guaranteed repayment of principal, interest and otherobligations for each participant, but is fully indemnified by the participants.In the opinion of management, it is not probable that the Partnership will berequired to satisfy these guarantees.

 

The Partnership has enteredinto agreements, subject to the completion of due diligence requirements,resolution of certain contingencies and completion of customary closingconditions, for the future acquisition of land totaling $10.1 million. Theacquisitions are scheduled to close periodically through 2002 and will be paidfor through a combination of cash or Common Units.

 

**MergerWith Weeks Corporation**

 

In July 1999, Weeks Corporation(“Weeks”), a self-administered, self-managed geographically focused REIT whichoperated primarily in the southeastern United States, was merged with and intothe General Partner, pursuant to which Weeks Realty, L.P. (“Weeks OperatingPartnership”) merged with and into the Partnership. The total purchase price ofWeeks Operating Partnership aggregated approximately $1.9 billion, whichincluded the assumption of the outstanding debt and liabilities of WeeksOperating Partnership of approximately $775 million. The transaction wasstructured as a tax-free merger and was accounted for under the purchasemethod.

 

**FundsFrom Operations**

 

Managementbelieves that Funds From Operations (“FFO”), which is defined by the NationalAssociation of Real Estate Investment Trusts as net income or loss, excludinggains or losses from debt restructuring and sales of depreciated property, plusoperating property depreciation and amortization and adjustments for minorityinterest and unconsolidated companies on the same basis, is the industrystandard for reporting the operations of real estate investment trusts.

 

Thefollowing reflects the calculation of the Partnership’s FFO for the years endedDecember 31 (in thousands):

 
|                                               |   | **2001**     |        | **2000** |   | **1999** |   |
|----------------------------------------------------|--------|--------------|-------------|----------|--------|----------|--------|
| Net income available for  common units             |   | **$**        | **262,430** |     | $      | 245,029  |   | $ | 159,447 |   |
| Add back (deduct):                                 |   |         |        |     |   |     |   |
| Depreciation and amortization                      |   | **159,714**  |        | 162,523  |   | 110,763  |   |
| Share of adjustments for  unconsolidated companies |   | **14,177**   |        | 9,104    |   | 5,268    |   |
| Earnings from depreciated  property sales          |   | **(40,628**  | **)**       | (51,527  | )      | (8,235   | )      |
| **Funds From  Operations**                         |   | **$**        | **395,693** |     | $      | 365,129  |   | $ | 267,243 |   |
|                                               |   |         |        |     |   |     |   |
| **Cash flow  provided by (used by):**              |   |         |        |     |   |     |   |
| Operating activities                               |   | **$**        | **432,668** |     | $      | 449,390  |   | $ | 316,286 |   |
| Investing activities                               |   | **9,500**    |        | (97,752  | )      | (740,847 | )      |
| Financing activities                               |   | **(470,915** | **)**       | (330,952 | )      | 436,449  |   |

 

34

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The increase in FFO during thethree-year period results primarily from the increased in-service rentalproperty portfolio as discussed above under “Results of Operations.”

 

While management believes thatFFO is the most relevant and widely used measure of the Partnership’s operatingperformance, such amount does not represent cash flow from operations asdefined by generally accepted accounting principles, should not be consideredas an alternative to net income as an indicator of the Partnership’s operatingperformance, and is not indicative of cash available to fund all cash flowneeds.

 

**AccountingChanges**

 

InOctober 2001, FASB issued SFAS No. 144, *Accountingfor the Impairment or Disposal of Long-Lived Assets,*which iseffective January 1, 2002. SFAS 144 supersedes and provides additionalclarification under the guidelines established by SFAS 121. The Partnershipdoes not anticipate that the adoption of SFAS 144 will have a material impacton its financial statements.

 

**Item 7A.****  Quantitative and QualitativeDisclosure About Market Risks**

 

The Partnership is exposed tointerest rate changes primarily as a result of its line of credit and long-termdebt used to maintain liquidity and fund capital expenditures and expansion ofthe Partnership’s real estate investment portfolio and operations. ThePartnership’s interest rate risk management objective is to limit the impact ofinterest rate changes on earnings and cash flows and to lower its overallborrowing costs. To achieve its objectives the Partnership borrows primarily atfixed rates and may enter into derivative financial instruments such asinterest rate swaps, caps and treasury locks in order to mitigate its interestrate risk on a related financial instrument. The Partnership does not enterinto derivative or interest rate transactions for speculative purposes.

 

The Partnership’s interest raterisk is monitored using a variety of techniques. The table below presents theprincipal amounts (in thousands) of the expected annual maturities, weightedaverage interest rates for the average debt outstanding in the specifiedperiod, fair values and other terms required to evaluate the expected cashflows and sensitivity to interest rate changes. The fair values of thePartnership’s debt instruments are calculated as the present value of estimatedfuture cash flows using a discount rate commensurate with the risks involved.

 
|                                      |   | **2002** |   | **2003** |   | **2004** |   | **2005** |    | **2006** |   | **Thereafter** |   | **Total** |    | **Fair  Value** |   |
|-------------------------------------------|--------|----------|--------|----------|--------|----------|--------|----------|---------|----------|--------|----------------|--------|-----------|---------|-----------------|--------|
| Fixed rate secured debt                   |   | $        | 16,948 |     | $      | 112,404  |   | $        | 33,707  |     | $      | 25,731         |   | $         | 51,066  |            | $      | 34,502 |   | $ | 274,358 |   | $ | 288,620 |   |
| Weighted average interest rate            |   | 7.46     | %      | 8.18     | %      | 7.99     | %      | 7.17     | %       | 7.24     | %      | 7.80           | %      |      |    |            |   |
|                                      |   |     |   |     |   |     |   |     |    |     |   |           |   |      |    |            |   |
| Variable rate LIBOR based secured debt    |   | $        | — |     | $      | 27,590   |   | $        | —  |     | $      | —         |   | $         | —  |            | $      | — |   | $ | 27,590 |   | $ | 27,590 |   |
| Weighted average interest rate            |   | N/A      |   | 3.00     | %      | N/A      |   | N/A      |    | N/A      |   | N/A            |   |      |    |            |   |
|                                      |   |     |   |     |   |     |   |     |    |     |   |           |   |      |    |            |   |
| Variable rate Treasury based secured debt |   | $        | 665    |     | $      | 686      |   | $        | 711     |     | $      | 741            |   | $         | 781     |            | $      | 12,952 |   | $ | 16,536 |   | $ | 16,536 |   |
| Weighted average interest rate            |   | 1.66     | %      | 1.65     | %      | 1.65     | %      | 1.64     | %       | 1.64     | %      | 1.53           | %      |      |    |            |   |
|                                      |   |     |   |     |   |     |   |     |    |     |   |           |   |      |    |            |   |
| Unsecured notes                           |   | $        | 50,234 |     | $      | 175,251  |   | $        | 150,264 |     | $      | 200,227        |   | $         | 100,240 |            | $      | 700,156 |   | $ | 1,376,372 |   | $ | 1,416,019 |   |
| Weighted average interest rate            |   | 7.25     | %      | 7.30     | %      | 7.01     | %      | 7.19     | %       | 7.05     | %      | 7.09           | %      |      |    |            |   |
|                                      |   |     |   |     |   |     |   |     |    |     |   |           |   |      |    |            |   |
| Unsecured lines of credit                 |   | $        | — |     | $      | —   |   | $        | 120,000 |     | $      | —         |   | $         | —  |            | $      | — |   | $ | 120,000 |   | $ | 120,000 |   |
| Weighted average interest rate            |   | N/A      |   | N/A      |   | 2.58     | %      | N/A      |    | N/A      |   | N/A            |   |      |    |            |   |

 

The Partnership has an interestrate swap agreement in conjunction with a $40 million mortgage loan thatmatures January 2003, along with the swap agreement. The fair market value ofthe swap at December 31, 2001, is $(1.6) million.

 

35

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As the table incorporates onlythose exposures that exist as of December 31, 2001, it does not consider thoseexposures or positions that could arise after that date. As a result, thePartnership’s ultimate realized gain or loss with respect to interest ratefluctuations will depend on the exposures that arise during the period, thePartnership’s hedging strategies at that time, and interest rates.

 

**Item 8.****  Financial Statements andSupplementary Data**

 

The financial statements andsupplementary data are included under Item 14 of this Report.

 

**Item 9.****  Changes in and Disagreements withAccountants on Accounting and Financial**

**              Disclosure**

 

None.

**PartIII******

 

**Item 10.****  Trustees and Executive Officers of theRegistrant**

 

The Partnership does not haveany directors or officers. The information required by Item 10 for Directorsand Certain Executive Officers is contained in a definitive proxy statement ofthe General Partner, which was filed on March 13, 2002, and herein isincorporated by reference.

 

**Item 11.**** Executive Compensation**

 

Theinformation required by Item 11 is contained in a definitive proxy statementfor the General Partner that was filed on March 13, 2002 and herein isincorporated by reference.

 

**Item 12.****  Security Ownership of CertainBeneficial Owners and Management**

 

Theinformation required by Item 12 is contained in a definitive proxy statementfor the General Partner that was filed on March 13, 2002, and herein isincorporated by reference.

 

**Item 13.**** Certain Relationships andRelated Transactions**

 

Theinformation required by Item 13 is contained in a definitive proxy statementfor the General Partner that was filed on March 13, 2002 and herein isincorporated by reference.

 

**PartIV**

 

**Item 14.****   Exhibits, Financial StatementSchedules, and Reports on Form 8-K**

 

**(a)           The following documents are filed aspart of this Form 10-K:**

 

**1.      ConsolidatedFinancial Statements**

 

The followingConsolidated Financial Statements of the Partnership, together with theIndependent Auditors’ Report, are listed below:

 

IndependentAuditors’ Report

ConsolidatedBalance Sheets, December 31, 2001 and 2000

ConsolidatedStatements of Operations, Years Ended December 31, 2001, 2000 and 1999

ConsolidatedStatements of Cash Flows, Years Ended December 31, 2001, 2000 and 1999

ConsolidatedStatements of Partners’ Equity, Years Ended December 31, 2001, 2000 and 1999

Notes toConsolidated Financial Statements

 

36

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**2.      ConsolidatedFinancial Statement Schedules**

 

Schedule III -Real Estate and Accumulated Depreciation

 

**3.      Exhibits**

 

The followingexhibits are filed with this Annual Report Form 10-K or incorporated herein byreference to the listed document previously filed with the SEC. Previously unfileddocuments are noted with an asterisk (*).

 
| **Number** |                                                                                                                                                                                                                                                      | **Description** |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|
| 4.1        | Second  Amended and Restated Agreement of Limited Partnership of the Partnership,  incorporated by reference to Exhibit 4.1 to the Partnership’s Current Report  on Form 8-K filed on July 16, 1999.                                                 |
|       |                                                                                                                                                                                                                                                      |
| 4.2        | First  Amendment to Second Amended and Restated Agreement of Limited Partnership of  the Partnership, incorporated by reference from Exhibit 10.2 to the General  Partner’s Annual Report on Form 10-K for the fiscal year ended December 31,  2000. |
|       |                                                                                                                                                                                                                                                      |
| 4.3        | Second  Amendment to Second Amended and Restated Agreement of Limited Partnership of  the Partnership, incorporated by reference to Exhibit 10.3 to the General  Partner’s Annual Report on Form 10-K for the fiscal year ended December 31,  2001.  |
|       |                                                                                                                                                                                                                                                      |
| 4.4        | Third  Amendment To Second Amended and Restated Agreement of Limited Partnership of  the Partnership, incorporated by reference to Exhibit 10.4 to the General  Partner’s Annual Report on Form 10-K for the fiscal year ended December 31,  2001.   |
|       |                                                                                                                                                                                                                                                      |
| 4.5        | Fourth  Amendment to Second Amended and Restated Agreement of Limited Partnership of  the Partnership, incorporated by reference to Exhibit 10.5 to the General  Partner’s Annual Report on Form 10-K for the fiscal year ended December 31,  2001.  |
|       |                                                                                                                                                                                                                                                      |
| 4.6        | Indenture  between the Partnership and The First National Bank of Chicago, Trustee,  incorporated by reference to Exhibit 4.1 to the General Partner’s Current  Report on Form 8-K filed September 22, 1995.                                         |
|       |                                                                                                                                                                                                                                                      |
| 4.7        | First  Supplement to Indenture, incorporated by reference to Exhibit 4.2 to the  General Partner’s Current Report on Form 8-K filed September 22, 1995.                                                                                              |
|       |                                                                                                                                                                                                                                                      |
| 4.8        | Second  Supplement to Indenture, incorporated by reference to Exhibit 4 to the  Partnership’s Current Report on Form 8-K filed July 12, 1996.                                                                                                        |
|       |                                                                                                                                                                                                                                                      |
| 4.9        | Third Supplement  to Indenture, incorporated by reference to Exhibit 4 to the Partnership’s  Current Report on Form 8-K filed May 20, 1997.                                                                                                          |
|       |                                                                                                                                                                                                                                                      |
| 4.10       | Fourth  Supplement to Indenture, incorporated by reference to Exhibit 4.8 to the  General Partner’s Form S-4 Registration Statement No. 333-77645 dated May 4,  1999 (Merger Registration Statement).                                                |
|       |                                                                                                                                                                                                                                                      |
| 4.11       | Fifth  Supplement to Indenture, incorporated by reference to Exhibit 4 to the  Partnership’s Current Report on Form 8-K filed June 1, 1998.                                                                                                          |
|       |                                                                                                                                                                                                                                                      |
| 4.12       | Sixth  Supplement to Indenture, incorporated by reference to Exhibit 4 to the  Partnership’s Current Report on Form 8-K filed February 12, 1999.                                                                                                     |

 

37

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| 4.13   | Seventh  Supplement to Indenture, incorporated by reference to Exhibit 4 to the  Partnership’s Current Report on Form 8-K filed June 29, 1999.                                                                                                                                         |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                        |
| 4.14   | Eighth  Supplement to Indenture, incorporated by reference to Exhibit 4 to the  Partnership’s Current Report on Form 8-K filed November 15, 1999.                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                        |
| 4.15   | Ninth  supplement to Indenture, incorporated by reference to Exhibit 4 to the  Partnership’s Current Report on Form 8-K filed March 2, 2001.                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                        |
| 4.16   | 1998  Shareholder Rights Agreement, incorporated herein by reference to Exhibit 7.1  to the General Partner’s Current Report on Form  8-K dated July 31, 1998.                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                        |
| 4.17   | First  Amendment to 1998 Shareholder Rights Agreement, incorporated by reference to  Exhibit 7.1 to the General Partner’s Current Report on Form 8-K filed  December 3, 2001.                                                                                                          |
|   |                                                                                                                                                                                                                                                                                        |
| 10.1   | Second  Amended and Restated Agreement of Limited Partnership of Duke Realty Services  Limited Partnership (the “Services Partnership”) incorporated herein by  reference to Exhibit 10.3 to the Company’s Annual Report on Form 10-K for the  year ended December 31, 1995. |
|   |                                                                                                                                                                                                                                                                                        |
| 10.2   | First  Amendment to Second Amended and Restated Agreement of Limited Partnership of  the Services Partnership incorporated by reference to Exhibit 10.7 to the  General Partner’s Annual Report on Form 10-K for the fiscal year ended  December 31, 2001.                             |
|   |                                                                                                                                                                                                                                                                                        |
| 10.3   | Second  Amendment to Second Amended and Restated Agreement of Limited Partnership of  the Services Partnership incorporated by reference to Exhibit 10.8 to the  General Partner’s Annual Report on Form 10-K for the fiscal year ended  December 31, 2001.                            |
|   |                                                                                                                                                                                                                                                                                        |
| 10.4   | Third  Amendment to Second Amended and Restated Agreement of Limited Partnership of  the Services Partnership incorporated by reference to Exhibit 10.9 to the  General Partner’s Annual Report on Form 10-K for the fiscal year ended  December 31, 2001.                             |
|   |                                                                                                                                                                                                                                                                                        |
| 10.5   | Promissory  Note of the Services Partnership incorporated herein by reference to Exhibit  10.3 to the Company’s Form S-2 Registration Statement No 33-64038 filed June  8, 1993 (the “1993 Registration Statement”).                                                         |
|   |                                                                                                                                                                                                                                                                                        |
| 10.6   | Services  Partnership 1993 Stock Option Plan incorporated herein by reference to  Exhibit 10.4 to the 1993 Registration Statement.#                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                        |
| 10.7   | Amendment  One to Services Partnership 1993 Stock Option Plan incorporated by reference  to Exhibit 10.12 to the General Partner’s Annual Report on Form 10-K for the  fiscal year ended December 31, 2001.#                                                                           |
|   |                                                                                                                                                                                                                                                                                        |
| 10.8   | Amendment  Two to Services Partnership 1993 Stock Option Plan incorporated by reference  to Exhibit 10.13 to the General Partner’s Annual Report on Form 10-K for the  fiscal year ended December 31, 2001.#                                                                           |
|   |                                                                                                                                                                                                                                                                                        |
| 10.9   | Amendment  Three to Services Partnership 1993 Stock Option Plan incorporated by  reference to Exhibit 10.14 to the General Partner’s Annual Report on Form  10-K for the fiscal year ended December 31, 2001.#                                                                         |

 

38

----

 
| 10.10  | Acquisition  Option Agreement relating to certain properties not contributed to the  Operating Partnership by Duke Associates (the “Excluded Properties”)  incorporated herein by reference to Exhibit 10.5 to the 1993 Registration  Statement. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                       |
| 10.11  | Management  Agreement relating to the Excluded Properties incorporated herein by  reference to Exhibit 10.6 to the 1993 Registration Statement.                                                                                                            |
|   |                                                                                                                                                                                                                                                       |
| 10.12  | Indemnification  Agreement incorporated herein by reference to Exhibit 10.11 to the 1993  Registration Statement.                                                                                                                                          |
|   |                                                                                                                                                                                                                                                       |
| 10.13  | 1995 Key  Employee Stock Option Plan of the Company incorporated herein by reference to  Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the year ended  December 31, 1995.#                                                            |
|   |                                                                                                                                                                                                                                                       |
| 10.14  | Amendment  One To The 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,  Inc. incorporated by reference to Exhibit 10.19 to the General Partner’s  Annual Report on Form 10-K for the fiscal year ended December 31, 2001.#      |
|   |                                                                                                                                                                                                                                                       |
| 10.15  | Amendment  Two to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,  Inc. incorporated by reference to Exhibit 10.20 to the General Partner’s  Annual Report on Form 10-K for the fiscal year ended December 31, 2001.#      |
|   |                                                                                                                                                                                                                                                       |
| 10.16  | Amendment  Three to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,  Inc. incorporated by reference to Exhibit 10.21 to the General Partner’s  Annual Report on Form 10-K for the fiscal year ended December 31, 2001.#    |
|   |                                                                                                                                                                                                                                                       |
| 10.17  | Amendment  Four to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,  Inc. incorporated by reference to Exhibit 10.22 to the General Partner’s  Annual Report on Form 10-K for the fiscal year ended December 31, 2001.#     |
|   |                                                                                                                                                                                                                                                       |
| 10.18  | Amendment  Five to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,  Inc. incorporated by reference to Exhibit 10.23 to the General Partner’s  Annual Report on Form 10-K for the fiscal year ended December 31, 2001.#     |
|   |                                                                                                                                                                                                                                                       |
| 10.19  | Amendment  Six to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments,  Inc. incorporated by reference to Exhibit 10.24 to the General Partner’s  Annual Report on Form 10-K for the fiscal year ended December 31, 2001.#      |
|   |                                                                                                                                                                                                                                                       |
| 10.20  | Amended and  Restated Dividend Increase Unit Plan of the Services Partnership.  incorporated by reference to Exhibit 10.25 to the General Partner’s Annual  Report on Form 10-K for the fiscal year ended December 31, 2001.#                         |
|   |                                                                                                                                                                                                                                                       |
| 10.21  | Amendment  One to the Amended and Restated Dividend Increase Unit Plan of Services  Partnership incorporated by reference to Exhibit 10.26 to the General  Partner’s Annual Report on Form 10-K for the fiscal year ended December 31,  2001.#        |
|   |                                                                                                                                                                                                                                                       |
| 10.22  | Amendment  Two to the Amended and Restated Dividend Increase Unit Plan of Services  Partnership incorporated by reference to Exhibit 10.27 to the General  Partner’s Annual Report on Form 10-K for the fiscal year ended December 31,  2001.#        |

 

39

----

 
| 10.23  | 1995  Shareholder Value Plan of the Services Partnership incorporated herein by  reference to Exhibit 10.15 to the General Partner’s Annual Report on Form  10-K for the fiscal year ended December 31, 1995.#                                                                                                                                                                 |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.24  | Amendment  One to the 1995 Shareholder Value Plan of Services Partnership incorporated  by reference to Exhibit 10.29 to the General Partner’s Annual Report on Form  10-K for the fiscal year ended December 31, 2001.#                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.25  | Amendment  Two to the 1995 Shareholder Value Plan of Services Partnership incorporated  by reference to Exhibit 10.30 to the General Partner’s Annual Report on Form  10-K for the fiscal year ended December 31, 2001.#                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.26  | Amendment  Three to the 1995 Shareholder Value Plan of Services Partnership incorporated  by reference to Exhibit 10.31 to the General Partner’s Annual Report on Form  10-K for the fiscal year ended December 31, 2001.#                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.27  | 1998 Duke Realty  Severance Pay Plan incorporated herein by reference to Exhibit 10.18 to the  General Partner’s Annual Report on Form 10-K for the fiscal year ended  December 31, 1998.#                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.28  | 1999  Directors’ Stock Option and Dividend Increase Unit Plan incorporated by  reference to Annex F to the Prospectus in the Merger Registration Statement.#                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.29  | 1999 Salary  Replacement Stock Option and Dividend Increase Unit Plan is incorporated by  reference to Annex G to the Prospectus in the Merger Registration Statement.#                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.30  | Third  Amended and Restated Revolving Credit Agreement dated February 28, 2001,  among  the Partnership as borrower,  the General Partner as General Partner and Guarantor and Bank One as  Administrative Agent and Lender incorporated by reference to Exhibit 10.35 to  the General Partner’s Annual Report on Form 10-K for the fiscal year ended  December 31, 2001. |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.31  | Revolving  Credit Agreement dated July 9, 2001, among the Partnership as borrower, the  General Partner as General Partner an Bank One as Administrative Agent and  Lender incorporated by reference to Exhibit 10.23 to the General Partner’s  Annual Report on Form 10-K for the fiscal year ended December 31, 2001.                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 11.1   | Statement of  Computation of Ratios of Earnings to Fixed Charges.*                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 11.2   | Statement of  Computation of Ratios of Earnings to Debt Service.*                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 21.    | List of the  Company’s Subsidiaries.*                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 23.    | Consent of  KPMG LLP.*                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 24.    | Executed  powers of attorney of certain directors.*                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                |
| 99.1   | Selected  Quarterly Financial Information.*                                                                                                                                                                                                                                                                                                                                         |

 

----

# Represents managementcontract or compensatory plan or arrangement.

 

The Partnership will furnish toany security holder, upon written request, copies of any exhibit incorporatedby reference, for a fee of 15 cents per page, to cover the costs of furnishingthe exhibits. Written request should include a representation that the personmaking the request was the beneficial owner of securities entitled to vote atthe Annual Meeting of Shareholders of the General Partner.

 

40

----

 

**(b)           Reports on Form 8-K**

 

None

 

**(c)           Exhibits**

 

The exhibits required to be filed with this AnnualReport Form 10-K pursuant to Item 601 of Regulation S-K or listed under“Exhibits” in Part IV, Item 14(a)(3) of Form 10-K, which are incorporatedherein by reference.

 

**(d)           Financial Statement Schedule**

 

The Financial Statement Schedule required to be filed with this AnnualReport Form 10-K is listed under “Consolidated Financial Statement Schedules”in Part IV, Item 14(a)(2) of this Form 10-K, and is incorporated herein byreference.

 

41

----

 

**IndependentAuditors’ Report**

 

The Partners

Duke Realty LimitedPartnership:

 

We have audited theconsolidated financial statements of Duke Realty Limited Partnership andSubsidiaries as listed in the accompanying index. In connection with our auditsof the consolidated financial statements, we also have audited the financialstatement schedule as listed in the accompanying index. These consolidatedfinancial statements and the financial statement schedule are theresponsibility of the Partnership’s management. Our responsibility is toexpress an opinion on the consolidated financial statements and the financialstatement schedule based on our audits.

 

We conducted our audits inaccordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

 

In our opinion, theconsolidated financial statements referred to above present fairly, in allmaterial respects, the financial position of Duke Realty Limited Partnershipand Subsidiaries as of December 31, 2001 and 2000, and the results of theiroperations and their cash flows for each of the years in the three-year periodended December 31, 2001, in conformity with accounting principles generallyaccepted in the United States of America. Also, in our opinion, the relatedfinancial statement schedule, when considered in relation to the basicconsolidated financial statements taken as a whole, presents fairly, in allmaterial respects, the information set forth therein.

 

 

**KPMGLLP**

Indianapolis, Indiana

January 30, 2002

 

42

----

 

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**DUKE REALTY LIMITED PARTNERSHIP ANDSUBSIDIARIES**

**Condensed Consolidated Balance Sheets**

 
|                                                                                      |   | **December 31,**   |          | **December 31,** |   |
|-------------------------------------------------------------------------------------------|--------|--------------------|---------------|------------------|--------|
|                                                                                      |   | **2001**           |          | **2000**         |   |
|                                                                                      |   | **(in thousands)** |          |
| **ASSETS**                                                                                |   |               |          |             |   |
|                                                                                      |   |               |          |             |   |
| Real estate investments:                                                                  |   |               |          |             |   |
| Land and improvements                                                                     |   | **$**              | **583,909**   |             | $      | 581,530 |   |
| Buildings and tenant improvements                                                         |   | **4,068,944**      |          | 3,989,033        |   |
| Construction in progress                                                                  |   | **154,086**        |          | 216,938          |   |
| Investments in unconsolidated companies                                                   |   | **323,682**        |          | 367,581          |   |
| Land held for development                                                                 |   | **322,528**        |          | 257,779          |   |
|                                                                                      |   | **5,453,149**      |          | 5,412,861        |   |
| Accumulated depreciation                                                                  |   | **(425,721**       | **)**         | (338,426         | )      |
|                                                                                      |   |               |          |             |   |
| Net real estate investments                                                               |   | **5,027,428**      |          | 5,074,435        |   |
|                                                                                      |   |               |          |             |   |
| Cash and cash equivalents                                                                 |   | **10,453**         |          | 39,200           |   |
| Accounts receivable, net of allowance of  $2,820 and $1,540                               |   | **23,142**         |          | 19,454           |   |
| Straight-line rent receivable, net of  allowance of  $841 and $1,460                 |   | **42,751**         |          | 34,512           |   |
| Receivables on construction contracts                                                     |   | **30,077**         |          | 45,394           |   |
| Deferred financing costs, net of  accumulated amortization of $17,459 and $13,288         |   | **12,489**         |          | 12,475           |   |
| Deferred leasing and other costs, net of  accumulated amortization of $41,284 and $31,522 |   | **97,117**         |          | 102,413          |   |
| Escrow deposits and other assets                                                          |   | **86,789**         |          | 133,350          |   |
|                                                                                      |   | **$**              | **5,330,246** |             | $      | 5,461,233 |   |
| **LIABILITIES AND PARTNERS’ EQUITY**                                                 |   |               |          |             |   |
|                                                                                      |   |               |          |             |   |
| Indebtedness:                                                                             |   |               |          |             |   |
| Secured debt                                                                              |   | **$**              | **318,484**   |             | $      | 466,624 |   |
| Unsecured notes                                                                           |   | **1,376,372**      |          | 1,286,591        |   |
| Unsecured lines of credit                                                                 |   | **120,000**        |          | 220,000          |   |
|                                                                                      |   | **1,814,856**      |          | 1,973,215        |   |
| Construction payables and amounts due  subcontractors                                     |   | **54,735**         |          | 70,105           |   |
| Accounts payable                                                                          |   | **2,274**          |          | 4,312            |   |
| Accrued expenses:                                                                         |   |               |          |             |   |
| Real estate taxes                                                                         |   | **51,462**         |          | 51,328           |   |
| Interest                                                                                  |   | **24,313**         |          | 28,780           |   |
| Other                                                                                     |   | **48,678**         |          | 61,028           |   |
| Other liabilities                                                                         |   | **117,577**        |          | 88,542           |   |
| Tenant security deposits and prepaid rents                                                |   | **34,644**         |          | 34,208           |   |
| Total liabilities                                                                         |   | **2,148,539**      |          | 2,311,518        |   |
|                                                                                      |   |               |          |             |   |
| Minority interest                                                                         |   | **5,475**          |          | 2,117            |   |
|                                                                                      |   |               |          |             |   |
| Partners’ equity:                                                                    |   |               |          |             |   |
| General Partner                                                                           |   |               |          |             |   |
| Common equity                                                                             |   | **2,203,291**      |          | 2,128,138        |   |
| Preferred equity (liquidation preference of  $608,664)                                    |   | **583,419**        |          | 586,261          |   |
|                                                                                      |   | **2,786,710**      |          | 2,714,399        |   |
| Limited partners’ common equity                                                      |   | **286,759**        |          | 330,244          |   |
| Limited partners’ preferred equity                                                   |   | **102,955**        |          | 102,955          |   |
| Accumulated other comprehensive income                                                    |   | **(192**           | **)**         | —           |   |
|                                                                                      |   | **3,176,232**      |          | 3,147,598        |   |
|                                                                                      |   | **$**              | **5,330,246** |             | **$**  | 5,461,233 |   |

 

See accompanying Notes to Consolidated Financial Statements.

 

43

----

 

**DUKE REALTY LIMITED PARTNERSHIP ANDSUBSIDIARIES**

**Consolidated Statements of Operations**

**For the Years Ended December 31**

**(in thousands, except per unit amounts)**

 
|                                                                                   |   | **2001**     |        | **2000** |   | **1999** |   |
|----------------------------------------------------------------------------------------|--------|--------------|-------------|----------|--------|----------|--------|
| **RENTAL OPERATIONS:**                                                                 |   |         |        |     |   |     |   |
| Revenues:                                                                              |   |         |        |     |   |     |   |
| Rental income                                                                          |   | **$**        | **691,958** |     | $      | 697,270  |   | $ | 523,950 |   |
| Equity in earnings of unconsolidated  companies                                        |   | **31,391**   |        | 14,556   |   | 11,613   |   |
|                                                                                   |   | **723,349**  |        | 711,826  |   | 535,563  |   |
| Operating expenses:                                                                    |   |         |        |     |   |     |   |
| Rental expenses                                                                        |   | **121,439**  |        | 118,040  |   | 88,403   |   |
| Real estate taxes                                                                      |   | **70,665**   |        | 70,963   |   | 54,246   |   |
| Interest expense                                                                       |   | **113,830**  |        | 133,948  |   | 86,757   |   |
| Depreciation and amortization                                                          |   | **159,714**  |        | 162,523  |   | 110,763  |   |
|                                                                                   |   | **465,648**  |        | 485,474  |   | 340,169  |   |
| Earnings from rental operations                                                        |   | **257,701**  |        | 226,352  |   | 195,394  |   |
|                                                                                   |   |         |        |     |   |     |   |
| **SERVICE OPERATIONS:**                                                                |   |         |        |     |   |     |   |
| Revenues:                                                                              |   |         |        |     |   |     |   |
| General contractor gross revenue                                                       |   | **264,455**  |        | 292,661  |   | 216,079  |   |
| General contractor costs                                                               |   | **(229,845** | **)**       | (253,763 | )      | (188,021 | )      |
|                                                                                   |   |         |        |     |   |     |   |
| Net general contractor revenue                                                         |   | **34,610**   |        | 38,898   |   | 28,058   |   |
|                                                                                   |   |         |        |     |   |     |   |
| Property management, maintenance and  leasing fees                                     |   | **22,824**   |        | 25,477   |   | 21,941   |   |
| Construction management and development  activity income                               |   | **19,142**   |        | 16,965   |   | 2,870    |   |
| Other income                                                                           |   | **3,883**    |        | 1,459    |   | 1,162    |   |
|                                                                                   |   |         |        |     |   |     |   |
| Total revenue                                                                          |   | **80,459**   |        | 82,799   |   | 54,031   |   |
|                                                                                   |   |         |        |     |   |     |   |
| Operating expenses                                                                     |   | **45,344**   |        | 50,039   |   | 36,159   |   |
|                                                                                   |   |         |        |     |   |     |   |
| Earnings from service operations                                                       |   | **35,115**   |        | 32,760   |   | 17,872   |   |
|                                                                                   |   |         |        |     |   |     |   |
| General and administrative expense                                                     |   | **(15,559**  | **)**       | (21,144  | )      | (16,556  | )      |
|                                                                                   |   |         |        |     |   |     |   |
| Operating income                                                                       |   | **277,257**  |        | 237,968  |   | 196,710  |   |
|                                                                                   |   |         |        |     |   |     |   |
| **OTHER INCOME (EXPENSE):**                                                            |   |         |        |     |   |     |   |
| Interest income                                                                        |   | **5,308**    |        | 6,866    |   | 2,674    |   |
| Earnings from land and depreciated property  dispositions, net of impairment allowance |   | **45,708**   |        | 60,692   |   | 10,012   |   |
| Other expense                                                                          |   | **(2,582**   | **)**       | (963     | )      | (1,091   | )      |
| Minority interest in earnings of  subsidiaries                                         |   | **(2,411**   | **)**       | (2,145   | )      | (2,050   | )      |
|                                                                                   |   |         |        |     |   |     |   |
| Net income                                                                             |   | **323,280**  |        | 302,418  |   | 206,255  |   |
| Dividends on preferred units                                                           |   | **(60,850**  | **)**       | (57,389  | )      | (46,808  | )      |
| Net income available for common units                                                  |   | **$**        | **262,430** |     | $      | 245,029  |   | $ | 159,447 |   |
|                                                                                   |   |         |        |     |   |     |   |
| Net income per common unit:                                                            |   |         |        |     |   |     |   |
| Basic                                                                                  |   | **$**        | **1.77**    |     | $      | 1.68     |   | $ | 1.33 |   |
|                                                                                   |   |         |        |     |   |     |   |   |   |   |
| Diluted                                                                                |   | **$**        | **1.75**    |     | $      | 1.66     |   | $ | 1.32 |   |
|                                                                                   |   |         |        |     |   |     |   |
| Weighted average number of common units  outstanding                                   |   | **147,961**  |        | 145,906  |   | 119,467  |   |
|                                                                                   |   |         |        |     |   |     |   |
| Weighted average number of common and  dilutive potential common units                 |   | **151,710**  |        | 147,441  |   | 120,511  |   |

 

See accompanying Notes to Consolidated Financial Statements.

 

44

----

 

**DUKE REALTY LIMITED PARTNERSHIP ANDSUBSIDIARIES**

**ConsolidatedStatements of Cash Flows**

**For the Years EndedDecember 31**

**(in thousands)**

 
|                                                                     |   | **2001**     |        | **2000** |   | **1999** |   |
|--------------------------------------------------------------------------|--------|--------------|-------------|----------|--------|----------|--------|
| Cash flows from operating activities:                                    |   |         |        |     |   |     |   |
| Net income                                                               |   | **$**        | **323,280** |     | $      | 302,418  |   | $ | 206,255 |   |
| Adjustments to reconcile net  income  to net                        |   |         |        |     |   |     |   |
| cash provided by operating  activities:                                  |   |         |        |     |   |     |   |
| Depreciation of buildings and  tenant improvements                       |   | **138,723**  |        | 143,800  |   | 99,350   |   |
| Amortization of deferred  leasing and other costs                        |   | **20,991**   |        | 18,723   |   | 11,413   |   |
| Amortization of deferred  financing costs                                |   | **4,589**    |        | 3,527    |   | 1,879    |   |
| Minority interest in earnings                                            |   | **2,411**    |        | 2,145    |   | 2,050    |   |
| Straight-line rent adjustment                                            |   | **(12, 593** | **)**       | (14,519  | )      | (10,676  | )      |
| Earnings from land and  depreciated property sales                       |   | **(45,708**  | **)**       | (60,692  | )      | (10,012  | )      |
| Construction contracts, net                                              |   | **9,651**    |        | 3,252    |   | 2,252    |   |
| Other accrued revenues and  expenses, net                                |   | **(6,832**   | **)**       | 53,247   |   | 13,963   |   |
| Equity in earnings in excess  of operating distributions received        |   |         |        |     |   |     |   |
| from unconsolidated companies                                            |   | **(1,844**   | **)**       | (2,511   | )      | (188     | )      |
| **Net cash  provided by operating activities**                           |   | **432,668**  |        | 449,390  |   | 316,286  |   |
|                                                                     |   |         |        |     |   |     |   |
| Cash flows from investing  activities:                                   |   |         |        |     |   |     |   |
| Development of real estate  investments                                  |   | **(335,393** | **)**       | (392,127 | )      | (479,642 | )      |
| Acquisition of real estate  investments                                  |   | **(13,927**  | **)**       | (5,932   | )      | (159,917 | )      |
| Acquisition of land held for development and  infrastructure costs       |   | **(92,203**  | **)**       | (99,470  | )      | (72,877  | )      |
| Recurring tenant improvements                                            |   | **(18,416**  | **)**       | (31,955  | )      | (21,144  | )      |
| Recurring leasing costs                                                  |   | **(13,845**  | **)**       | (17,530  | )      | (12,326  | )      |
| Recurring building  improvements                                         |   | **(10,873**  | **)**       | (6,804   | )      | (3,751   | )      |
| Other deferred leasing costs                                             |   | **(10,621**  | **)**       | (39,018  | )      | (31,360  | )      |
| Other deferred costs and other  assets                                   |   | **3,223**    |        | (12,042  | )      | (19,990  | )      |
| Tax deferred exchange escrow,  net                                       |   | **27,260**   |        | (16,207  | )      | —   |   |
| Proceeds from land and  depreciated property sales, net                  |   | **436,113**  |        | 413,752  |   | 76,401   |   |
| Capital distributions from  unconsolidated companies                     |   | **59,249**   |        | 158,351  |   | 16,802   |   |
| Net investment in and advances  to unconsolidated companies              |   | **(21,067**  | **)**       | (48,770  | )      | (33,043  | )      |
| **Net cash  provide by (used by) investing activities**                  |   | **9,500**    |        | (97,752  | )      | (740,847 | )      |
|                                                                     |   |         |        |     |   |     |   |
| Cash flows from financing activities:                                    |   |         |        |     |   |     |   |
| Contribution from General  Partner                                       |   | **108,693**  |        | 29,966   |   | 311,297  |   |
| Proceeds from indebtedness                                               |   | **175,000**  |        | —   |   | 450,000  |   |
| Payment for redemption of  preferred equity                              |   | **(75,018**  | **)**       | —   |   | —   |   |
| Payments on indebtedness  including principal amortization               |   | **(223,578** | **)**       | (75,689  | )      | (259,891 | )      |
| Borrowings (payments) on lines  of credit, net                           |   | **(125,067** | **)**       | 14,658   |   | 167,000  |   |
| Distributions to partners                                                |   | **(262,236** | **)**       | (239,250 | )      | (175,568 | )      |
| Distributions to preferred  unitholders                                  |   | **(61,418**  | **)**       | (57,389  | )      | (46,808  | )      |
| Distributions to minority interest                                       |   | **(2,024**   | **)**       | (1,888   | )      | (1,958   | )      |
| Deferred financing costs                                                 |   | **(5,267**   | **)**       | (1,360   | )      | (7,623   | )      |
| **Net cash  provided by (used for)  financing  activities**         |   | **(470,915** | **)**       | (330,952 | )      | 436,449  |   |
|                                                                     |   |         |        |     |   |     |   |
| **Net increase  (decrease) in cash and cash equivalents**                |   | **(28,747**  | **)**       | 20,686   |   | 11,888   |   |
|                                                                     |   |         |        |     |   |     |   |
| Cash and cash equivalents at  beginning of year                          |   | **39,200**   |        | 18,514   |   | 6,626    |   |
|                                                                     |   |         |        |     |   |     |   |
| Cash and cash equivalents at  end of year                                |   | **$**        | **10,453**  |     | $      | 39,200   |   | $ | 18,514 |   |
|                                                                     |   |         |        |     |   |     |   |
| Other non-cash items:                                                    |   |         |        |     |   |     |   |
| Assumption of debt for real  estate acquisitions                         |   | **$**        | **16,403**  |     | $      | —   |   | $ | 26,186 |   |
| Contributions of property to  unconsolidated companies                   |   | **$**        | **4,501**   |     | $      | 245,502  |   | $ | — |   |
| Conversion of Limited Partner  Units to common shares of General Partner |   | $            | **4,259**   |     | $      | 1,317    |   | $ | 49,940 |   |
| Issuance of Limited Partner  Units for real estate acquisitions          |   | $            | **3,787**   |     | $      | 7,615    |   | $ | 3,146 |   |
| Transfer  of   mortgage debt in sale of depreciated property   |   | $            | **16,000**  |     | $      | 72,650   |   | $ | — |   |
| Redemption of Limited Partner  Units for sale of depreciated property    |   | **$**        | **13,445**  |     | $      | —   |   | $ | — |   |

 

See accompanying Notes to ConsolidatedFinancial Statements.

 

45

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**DUKE REALTY LIMITEDPARTNERSHIP AND SUBSIDIARIES**

**Consolidated Statementsof Partners’ Equity**

**(in thousands, exceptfor per unit amounts)**

 

 
|                                                                     |   | **General Partner** |          |                  |       |                                        |       |                                           |        |                                                 |       |
|--------------------------------------------------------------------------|--------|---------------------|---------------|-----------------------|------------|---------------------------------------------|------------|------------------------------------------------|-------------|------------------------------------------------------|------------|
|                                                                     |   | **Common  Equity**  |          | **Preferred  Equity** |       | **Limited  Partners’  Common  Equity** |       | **Limited  Partners’  Preferred  Equity** |        | **Accumulated  Other  Comprehensive  Income (Loss)** |       | **Total** |   |
| **Balance at  December 31, 1998**                                        |   | **$**               | **1,223,260** | ** **            | **$**      |                                        | ** ** | **$**                                          | **106,362** | ** **                                           | **$**      | — | ** ** | **$** | — | ** ** | **$** | **1,677,988** | ** ** |
| Net income                                                               |   | 139,636             |          | 42,604                |       |                                        |       | 4,204                                          |        | —                                               |       | 206,255 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Capital contribution from  General Partner                               |   | 215,672             |          | 96,519                |       | —                                      |       | —                                         |        | —                                               |       | 312,191 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Acquisition of partnership  interest for common stock of General Partner |   | 49,472              |          | —                |       | 468                                         |       | —                                         |        | —                                               |       | 49,940 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Acquisition of property in  exchange for Limited Partner Units           |   | —              |          | —                |       | 3,146                                       |       | —                                         |        | —                                               |       | 3,146 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Merger with Weeks Corporation                                            |   | 608,749             |          | 142,500               |       | 220,641                                     |       | 102,955                                        |        | —                                               |       | 1,074,845 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Distributions to preferred  unitholders                                  |   | —              |          | (42,604               | )          | —                                      |       | (4,204                                         | )           | —                                               |       | (46,808 | ) |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Distributions to partners  ($1.46 per Common Unit)                  |   | (154,069            | )             | —                |       | (21,499                                     | )          | —                                         |        | —                                               |       | (175,568 | ) |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| **Balance at  December 31, 1999**                                        |   | **2,082,720**       | ** **    | **587,385**           | ** ** | **328,929**                                 | ** ** | **102,955**                                    | ** **  | **—**                                           | ** ** | **3,101,989** | ** ** |
| Net income                                                               |   | 212,958             |          | 48,981                |       | 32,071                                      |       | 8,408                                          |        | —                                               |       | 302,418 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Capital contribution from  General Partner                               |   | 32,022              |          | (1,124                | )          | —                                      |       | —                                         |        | —                                               |       | 30,898 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Acquisition of partnership  interest for common stock of General Partner |   | 8,347               |          | —                |       | (7,030                                      | )          | —                                         |        | —                                               |       | 1,317 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Acquisition of property in  exchange for Limited Partner Units           |   | —              |          | —                |       | 7,615                                       |       | —                                         |        | —                                               |       | 7,615 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Distributions to preferred  unitholders                                  |   | —              |          | (48,981               | )          | —                                      |       | (8,408                                         | )           | —                                               |       | (57,389 | ) |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Distributions to partners  ($1.64 per Common Unit)                  |   | (207,909            | )             | —                |       | (31,341                                     | )          | —                                         |        | —                                               |       | (239,250 | ) |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| **Balance at  December 31, 2000**                                        |   | **2,128,138**       | ** **    | **586,261**           | ** ** | **330,244**                                 | ** ** | **102,955**                                    | ** **  | **—**                                           | ** ** | **3,147,598** | ** ** |
| Comprehensive income:                                                    |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Net income                                                               |   | 229,399             |          | 53,010                |       | 32,463                                      |       | 8,408                                          |        | —                                               |       | 323,280 |   |
| Distributions to preferred  unitholders                                  |   | —              |          | (53,010               | )          | —                                      |       | (8,408                                         | )           | —                                               |       | (61,418 | ) |
| Transition adjustment  resulting from adoption of FASB No. 133           |   | —              |          | —                |       | —                                      |       | —                                         |        | 398                                                  |       | 398 |   |
| Gains (losses) on derivative  instruments                                |   | —              |          | —                |       | —                                      |       | —                                         |        | (1,138                                               | )          | (1,138 | ) |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Settlement of derivative  instrument                                     |   | —              |          | —                |       | —                                      |       | —                                         |        | 548                                                  |       | 548 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Comprehensive income available  for common unitholders                   |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       | 261,670 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Capital contribution from  General Partner                               |   | 37,845              |          | 72,210                |       | —                                      |       | —                                         |        | —                                               |       | 110,055 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Acquisition of partnership  interest for common stock of General Partner |   | 36,351              |          | —                |       | (32,092                                     | )          | —                                         |        | —                                               |       | 4,259 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Acquisition of partnership  interest for real estate investments         |   | —              |          | —                |       | (13,445                                     | )          | —                                         |        | —                                               |       | (13,445 | ) |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Acquisition of property in  exchange for Limited Partner Units           |   | —              |          | —                |       | 3,787                                       |       | —                                         |        | —                                               |       | 3,787 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| General Partner’s redemption  of Series A Preferred stock           |   | —              |          | (75,018               | )          | —                                      |       | —                                         |        | —                                               |       | (75,018 | ) |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Conversion of Series D  Preferred equity to common units                 |   | 34                  |          | (34                   | )          | —                                      |       | —                                         |        | —                                               |       | — |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Retirement of common units                                               |   | (437                | )             | —                |       | —                                      |       | —                                         |        | —                                               |       | (437 | ) |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Distributions to partners  ($1.76 per Common Unit)                  |   | (228,039            | )             | —                |       | (34,198                                     | )          | —                                         |        | —                                               |       | (262,237 | ) |
| **Balance at  December 31, 2001**                                        |   | **$**               | **2,203,291** | ** **            | **$**      | **583,419**                                 | ** ** | **$**                                          | **286,759** | ** **                                           | **$**      | **102,955** | ** ** | **$** | **(192** | **)** | **$** | **3,176,232** | ** ** |
| **Common Units  outstanding at December 31, 2001**                       |   | 131,416             |          |                  |       | 17,072                                      |       |                                           |        |                                                 |       | 148,438 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Common Units outstanding at December 31, 2000                            |   | 127,932             |          |                  |       | 18,979                                      |       |                                           |        |                                                 |       | 146,911 |   |
|                                                                     |   |                |          |                  |       |                                        |       |                                           |        |                                                 |       |   |   |
| Common Units outstanding at December 31, 1999                            |   | 125,823             |          |                  |       | 18,980                                      |       |                                           |        |                                                 |       | 144,803 |   |

 

See accompanying Notes to ConsolidatedFinancial Statements.

 

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**DUKE REALTY LIMITEDPARTNERSHIP AND SUBSIDIARIES**

 

Notes to Consolidated Financial Statements

**(1)   ThePartnership**

 

Duke Realty Limited Partnership (the “Partnership”) was formed onOctober 4, 1993, when Duke Realty Corporation (the “General Partner”)contributed all of its properties and related assets and liabilities along withthe net proceeds of $309.2 million from the issuance of an additional14,000,833 shares through an offering (the “1993 Offering”) to the Partnership.Simultaneously, the Partnership completed the acquisition of Duke Associates, afull-service commercial real estate firm operating in the Midwest. The GeneralPartner was formed in 1985 and qualifies as a Real Estate Investment Trust(“REIT”) under provisions of the Internal Revenue Code.  In connection with the 1993 Offering, theformation of the Partnership and the acquisition of Duke Associates, theGeneral Partner effected a 1 for 4.2 reverse stock split of its existing commonshares. The General Partner is the sole general partner of the Partnership andreceived 16,046,144 units of partnership interest (“General Partner Units”) inexchange for its original contribution which represented a 78.36% interest inthe Partnership. As part of the acquisition, Duke Associates received 4,432,109units of limited partnership interest (“Limited Partner Units”) (together with theGeneral Partner Units, the (“Common Units”)) which represented a 21.64%interest in the Partnership. The Limited Partner Units are exchangeable forshares of the General Partner’s common stock on a one-for-one basis subjectgenerally to a one-year holding period.

 

The Partnership owns and operates a portfolio of industrial, office andretail properties in the midwestern and southeastern United States and providesreal estate services to third-party owners. The Partnership conducts ServiceOperations through Duke Realty Services Limited Partnership (“DRSLP”) and DukeConstruction Limited Partnership (“DCLP”). The consolidated financialstatements include the accounts of the Partnership and its majority-owned orcontrolled subsidiaries.

 

**(2)   Summaryof Significant Accounting Policies**

 

**Principles ofConsolidation**

 

The consolidated financial statements include the accounts of thePartnership and its majority-owned or controlled subsidiaries. The equityinterests in these majority-owned or controlled subsidiaries not owned by thePartnership are reflected as minority interests in the consolidated financialstatements. All significant intercompany balances and transactions have beeneliminated in the consolidated financial statements. Investments in entities thatthe Partnership does not control through majority voting interest or where theother owner has substantial participating rights are not consolidated and arereflected as investments in unconsolidated companies.

 

**Reclassifications**

 

Certain 1999 and 2000 balances have been reclassified to conform to2001 presentation.

 

**Real EstateInvestments**

 

Real estate investments to be held for rental are stated at the lowerof cost less accumulated depreciation or fair value if impairment isidentified. Real estate investments to be disposed of are reported at the lowerof their carrying amount or fair value less cost to sell. Buildings and landimprovements are depreciated on the straight-line method over their estimatedlife not to exceed 40 and 15 years, respectively, and tenant improvement costsare depreciated on the straight-line method over the term of the related lease.

 

47

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All direct and indirect costs, including interest and real estate taxesassociated with the development, construction, leasing or expansion of realestate investments are capitalized as a cost of the property.  Included in indirect costs is an estimate ofinternal costs associated with development and rental of real estateinvestments. All external costs associated with the acquisition of real estateinvestments are capitalized as a cost of the property.

 

The Partnership evaluates its real estate investments to be held andused upon occurrence of significant changes in the operations, but not lessthan annually, to assess whether any impairment indications are present,including recurring operating losses and significant adverse changes in legalfactors or business climate that affect the recovery of the recorded value. Ifany real estate investment is considered impaired, a loss is provided to reducethe carrying value of the property to its estimated fair value.

 

The acquisitions of the Partnership’s interests are recorded under thepurchase method with assets acquired reflected at the fair market value of theGeneral Partner’s common stock on the date of acquisition, net of theretirement of any minority interest liabilities. The acquisition amounts areallocated to rental property based on their estimated fair values.

 

The Partnership has equity interests in unconsolidated partnerships andjoint ventures that own and operate rental properties and hold land fordevelopment. The equity method of accounting is used for these investments inwhich the Partnership has the ability to exercise significant influence, butnot control, over operating and financial policies. Any difference between thecarrying amount of these investments and the underlying equity in net assets isamortized to equity in earnings of unconsolidated companies over the depreciablelife of the property, generally 40 years.

 

**Cash Equivalents**

 

Highy liquid investments with a maturity of three months or less whenpurchased are classified as cash equivalents.

 

**Deferred Costs**

 

Costs incurred in connection with obtaining financing are amortized tointerest expense on the straight-line method over the term of the related loan.All direct and indirect costs, including estimated internal costs, associatedwith the rental of real estate investments owned by the Partnership arecapitalized and amortized over the term of the related lease. Unamortized costsare charged to expense upon the early termination of the lease or upon earlypayment of the financing.

 

**Revenues**

 

Rental Operations

 

Rental income from leases with scheduled rental increases during theirterms is recognized on a straight-line basis.

 

Service Operations

 

Management fees are based on a percentage of rental receipts ofproperties managed and are recognized as the rental receipts are collected.Maintenance fees are based upon established hourly rates and are recognized asthe services are performed. Construction management and development fees forthird party contracts are recognized as earned based on the terms of thecontract.

 

48

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The Partnership recognizes income on long-term construction contractswhere the Partnership serves as a general contractor on the percentage ofcompletion method. Using this method, profits are recorded on the basis of thePartnership’s estimates of the percentage of completion of individualcontracts, commencing when progress reaches a point where experience issufficient to estimate final results with reasonable accuracy. That portion ofthe estimated earnings is accrued on the basis of the Partnership’s estimatesof the percentage of completion based on contract expenditures incurred andwork performed.

 

Property Sales

 

Gains from sales of depreciated property are recognized in accordancewith Statement of Financial Accounting Standards (“SFAS”) No. 66, and areincluded in earnings from sales of land and depreciable property dispositions,net of impairment allowance, in the Statement of Operations.

 

Gains or losses from the sale of property which is considered held forsale in DCLP are recognized in accordance with SFAS 66 and are included inconstruction management and development activity income in the Statement ofOperations.

 

**Net Income Per CommonUnit**

 

Basic net income per common unit is computed by dividing net incomeavailable for common units by the weighted average number of common unitsoutstanding for the period. Diluted net income per common unit is computed bydividing net income available for common units by the sum of the weightedaverage number of common units outstanding and dilutive potential common unitsfor the period.

 

The following table reconciles the components of basic and diluted netincome per unit:

 
|                                                                                        |   | **2001**    |        | **2000**   |   | **1999** |   |
|---------------------------------------------------------------------------------------------|--------|-------------|-------------|------------|--------|----------|--------|
| Basic net income available  for common shares                                               |   | **$**       | **262,430** | ** ** | $      | 245,029  |   | $ | 159,447 |   |
| Joint venture partner  convertible ownership net income                                     |   | **3,423**   |        | —     |   | —   |   |
| Diluted net income available  for common shares and dilutive potential common shares        |   | **$**       | **265,853** |       | $      | 245,029  |   | $ | 159,447 |   |
|                                                                                        |   |        |        |       |   |     |   |
| Weighted average of common  partnership units outstanding                                   |   | **147,961** |        | 145,906    |   | 119,467  |   |
| Joint venture partner  convertible ownership common unit equivalents                        |   | **2,092**   |        | —     |   | —   |   |
| Dilutive units for long-term  compensation plans                                            |   | **1,657**   |        | 1,535      |   | 1,044    |   |
| Weighted average number of  common  shares and dilutive potential  common  shares |   | **151,710** |        | 147,441    |   | 120,511  |   |

 

The Series D Convertible Preferred equity and the Series G ConvertiblePreferred limited partner units were anti-dilutive for the years ended December31, 2001, 2000 and 1999; therefore, no conversion to common units is included inweighted dilutive potential common units.

 

A joint venture partner in one of the Partnership’s unconsolidatedcompanies has the option to convert a portion of its ownership to the GeneralPartner’s common shares (see discussion in Investments in UnconsolidatedCompanies section). The effect of the option on earnings per unit was dilutivefor the year ended December 31, 2001; therefore, conversion to common units isincluded in weighted dilutive potential common units.

 

49

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**Federal Income Taxes**

 

As a partnership, the allocated share of income and loss for the yearis included in the income tax returns of the partners; accordingly, noaccounting for income taxes is required in the accompanying consolidated financialstatements.

 

**Fair Value OfFinancial Instruments**

 

The fair values of the Partnership’s financial instruments aregenerally calculated as the present value of estimated future cash flows usinga discount rate commensurate with the risks involved and approximate theircarrying or contract values.

 

**Derivative Financial Instruments**

 

ThePartnership adopted SAFS No. 133 “Accounting for Derivative Instruments andHedging Activities” as amended by SFAS No. 137 and No. 138 on January 1, 2001.SFAS 133 requires that all derivative instruments be recorded on the balancesheet at their fair value. Gains or losses resulting from changes in the valuesof those derivatives would be accounted for depending on the use of thederivative and whether it qualifies for hedge accounting. The Partnership usesderivative financial instruments such as interest rate swaps to mitigate itsinterest rate risk on a related financial instrument. SFAS 133 requires thatchanges in fair value of derivatives that qualify as cash flow hedges berecognized in other comprehensive income while the ineffective portion of thederivative’s change in fair value be recognized immediately in earnings.

 

**Use Of Estimates**

 

The preparation of the consolidated financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the amountsreported in the consolidated financial statements and accompanying notes.Actual results could differ from those estimates.

 

**(3)           Merger With Weeks Corporation**

 

In July 1999,Weeks Corporation (“Weeks”), a self-administered, self-managed geographicallyREIT which operated primarily in the southeastern United States, was mergedwith and into the General Partner, pursuant to which Weeks Realty, L.P. (“WeeksOperating Partnership”) merged with and into the Partnership. The totalpurchase price of Weeks Operating Partnership aggregated approximately $1.9billion, which included the assumption of the outstanding debt and liabilitiesof Weeks Operating Partnership of approximately $775 million. The transactionwas structured as a tax-free merger and was accounted for under the purchasemethod.

 

**(4)           RelatedParty Transactions**

 

ThePartnership provides property management, leasing, construction and othertenant related services to properties in which certain executives haveownership interests. The Partnership has an option to acquire these executiveofficers’ interests in these properties (the “Option Properties”). The Partnershipreceived fees totaling $1.7 million, $1.9 million and $2.4 million in 2001,2000 and 1999, respectively, for services provided to the Option Properties.The fees charged by the Partnership for such services are equivalent to thosecharged to third-party owners for similar services.

 

50

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On June 27,2001, A. Ray Weeks, Jr. resigned his position as a director and Vice Chairmanof the General Partner.  On August 17,2001, the Partnership redeemed 620,156 Common Units beneficially owned by Mr.Weeks and certain members of his immediate and extended family (the “WeeksAffiliates”). The deemed value of the units redeemed was $15.7 million, whichwas based on the average closing share price of the General Partner’s commonstock for a certain period of days preceding the redemption date. Asconsideration for the redemption, the Weeks Affiliates received a distributionof seven industrial rental properties and one undeveloped tract of land locatedin the Atlanta, Georgia metropolitan area with a value of $31.7 million. TheWeeks Affiliates also assumed a loan in the amount of $16 million from WachoviaBank, N.A. to the Partnership. The value of the properties distributed to theWeeks Affiliates was based on negotiations between Mr. Weeks and members of thePartnership’s executive committee, and was approved by the unaffiliated membersof the General Partner’s Board of Directors.

 

ThePartnership has other related party transactions that are insignificant and termsare considered to be at arm’s-length and equal to those negotiated withindependent parties.

 

**(5)           Investmentsin Unconsolidated Companies**

 

The Partnership has equity interests ranging from 10 – 50% inunconsolidated partnerships and joint ventures that own and operate rentalproperties and hold land for development. The equity method of accounting isused for these investments in which the Partnership has the ability to exercisesignificant influence, but not control, over operating and financial policies.Any difference between the carrying amount of these investments and theunderlying equity in net assets is amortized to equity in earnings ofunconsolidated companies over the depreciable life of the property, generally40 years. The cost method of accounting is used for non-majority owned jointventures over which the Partnership does not have the ability to exercisesignificant influence. The difference between the cost and equity methods forsuch ventures does not significantly affect the financial position or resultsof operations of the Partnership.

 

Combined summarized financial information of the companies which areaccounted for by the equity method as of December 31, 2001 and 2000, and forthe years ended December 31, 2001, 2000, and 1999, are as follows (in thousands)

 
|                                          |   | **2001**    |          | **2000** |   | **1999**  |   |
|-----------------------------------------------|--------|-------------|---------------|----------|--------|-----------|--------|
| Land, buildings and tenant  improvements, net |   | **$**       | **1,214,709** |     | $      | 1,159,198 |   |   |   |
| Land held for development                     |   | **41,962**  |          | 54,951   |   |      |   |
| Other assets                                  |   | **62,384**  |          | 83,534   |   |      |   |
|                                          |   | **$**       | **1,319,055** |     | $      | 1,297,683 |   |   |   |
|                                          |   |        |          |     |   |      |   |   |   |
| Property indebtedness                         |   | **$**       | **556,817**   |     | $      | 436,914   |   |   |   |
| Other liabilities                             |   | **60,101**  |          | 65,554   |   |      |   |
|                                          |   | **616,918** |          | 502,468  |   |      |   |
| Owners’ equity                           |   | **702,137** |          | 795,215  |   |      |   |
|                                          |   | **$**       | **1,319,055** |     | $      | 1,297,683 |   |   |   |
|                                          |   |        |          |     |   |      |   |   |   |   |
| Rental income                                 |   | **$**       | **160,170**   |     | $      | 80,686    |   | $ | 54,662 |   |
|                                          |   |        |          |     |   |      |   |   |   |   |
| Net income                                    |   | **$**       | **56,820**    |     | $      | 28,299    |   | $ | 20,515 |   |

 

The following significant transactionsinvolving unconsolidated companies in which the Partnership has an equityinterest in have occurred over the past three years:

 

51

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In 2001, the Partnership received approximately $50 million in cashdistributions resulting from secured debt financing within two joint ventures.The Partnership has a 50% interest in both ventures. The debt is entirelycollaterized by rental properties within the ventures and the Partnership isnot a guarantor on the debt.

 

Also in 2001,the Partnership recognized a gain of $2.9 million from the sale of a buildingout of a joint venture in which the Partnership owned a 50% interest. The gainis recorded in equity in earnings in the Statement of Operations.

 

In October2000, the Partnership sold or contributed industrial properties and undevelopedland with a fair value of $487 million to a joint venture (Dugan Realty LLC) inwhich the Partnership has a 50% interest and recognized a net gain of $35.2million. This transaction expanded an existing joint venture with aninstitutional real estate investor. As a result of the total transactions, thePartnership received $363.9 million of proceeds. The joint venture financedthis transaction with $350 million of secured mortgage debt of which thePartnership has guaranteed $90 million and agreed to provide additional capitalcontributions to pay all sums due under the remaining $260 million. At December31, 2001, this $350 million of debt is collateralized by rental properties withnet carrying value substantially in excess of the outstanding debt. If requiredto make additional capital contributions, the Partnership will receiveproportionately increased ownership in the respective collateralizedproperties. The Partnership does not anticipate that it will be required tosatisfy the guarantee or additional capital contribution obligations. Inconnection with this transaction, the joint venture partners were given anoption to put up to $50 million interest in the joint venture to thePartnership in exchange for common stock of the General Partner or cash,subject to timing and other restrictions. As a result of this put option, thePartnership deferred $10.2 million of gain on sale of depreciated property andrecorded a $50 million liability. At December 31, 2001, the joint venture owns131 buildings totaling more than 23 million square feet with a value ofapproximately $800 million. The Partnership provides real estate relatedservices to the venture through its Service Operations.

 

In December 2000, the Partnership contributed 14 industrial properties,including five under development, totaling approximately three million squarefeet to a joint venture (Dugan Texas LLC) in which the Partnership has a 50%interest. The Partnership also contributed 145 acres of undeveloped land. ThePartnership received $33.1 million of proceeds and recorded a net gain of$686,000 as a result of the transaction. At December 31, 2001, the jointventure owns 31 buildings totaling more than 5 million square feet with a valueof over $226 million. The Partnership provides real estate related services tothe venture through its Service Operations.

 

**(6)           RealEstate Held for Sale**

 

At December 31, 2001, the Partnership had seven industrial, four officeand one retail property comprising approximately 2.6 million square feet heldfor sale. Of these properties, three build-to-suit office, three build-to-suitindustrial and one build-to-suit retail property were under development atDecember 31, 2001. Net operating income (defined as total property revenues,less property expenses, which include real estate taxes, repairs andmaintenance, property management, utilities, insurance and other expenses) ofthe properties held for sale for the years ended December 31, 2001, 2000 and1999 is approximately $5.7 million, $5.1 million, and $4.5 million,respectively. Net book value of the properties held for sale at December 31,2001 is approximately $122.8 million. There can be no assurance that suchproperties held for sale will be sold.

 

ThePartnership recorded a $4.8 million assetimpairment adjustment in 2001 on a single property that is expected to be soldin 2002. The Partnership has analyzed each of its in-service properties and hasdetermined that there are no additional valuation adjustments that need to bemade at December 31, 2001.

 

52

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**(7)           Indebtedness**

 

Indebtedness at December 31 consists of the following  (inthousands)

 
|                                                                                                                                                                        |   | **2001**      |          | **2000**  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------------|-----------|--------|
| Fixed rate secured debt,  weighted average interest rate of 7.79% at December 31, 2001, and 8.02% at  December 31, 2000, maturity dates ranging from 2003  to 2017     |   | **$**         | **274,358**   |      | $      | 357,199 |   |
|                                                                                                                                                                        |   |          |          |      |   |
| Variable rate secured debt,  weighted average interest rate of 2.46% at December 31, 2001, and 7.36% at  December 31, 2000,  maturity dates  ranging from 2003 to 2025 |   | **44,126**    |          | 109,425   |   |
|                                                                                                                                                                        |   |          |          |      |   |
| Fixed rate unsecured notes,  weighted average interest rate of 7.13% at December 31, 2001, And 7.09% at  December 31, 2000,  maturity dates  ranging from 2002 to 2028 |   | **1,376,372** | ** **    | 1,286,591 |   |
|                                                                                                                                                                        |   |          |          |      |   |
| Unsecured line of credit,  interest rate of 2.58% at December 31, 2001, and 7.35% at December 31, 2000,  maturity date of 2004                                              |   | **120,000**   |          | 220,000   |   |
|                                                                                                                                                                        |   | **$**         | **1,814,856** |      | $      | 1,973,215 |   |

 

As of December 31, 2001, the $318.4 million of secured debt iscollateralized by rental properties with a net carrying value of $582.9million.

 

The Partnership has the following lines of credit available (in thousands):

 
| **Description**          |   | **Borrowing  Capacity** |    | **Maturity  Date** |           | **Interest  Rate** |         | **Outstanding  at December  31, 2001** |   |
|--------------------------|--------|-------------------------|---------|--------------------|----------------|--------------------|--------------|----------------------------------------|--------|
| Unsecured Line of Credit |   | $                       | 500,000 |               | February  2004 |               | LIBOR + .65  | %                                      | $      | 120,000 |   |
| Unsecured Line of Credit |   | $                       | 150,000 |               | July 2002      |               | LIBOR + .675 | %                                      | $      | — |   |
| Secured Line of Credit   |   | $                       | 100,000 |               | January 2003   |               | LIBOR + 1.05 | %                                      | $      | 27,590 |   |

 

The lines ofcredit are used to fund development and acquisition of additional rentalproperties and to provide working capital.

 

The $500million line of credit allows the Partnership an option to obtain borrowingsfrom the financial institutions that participate in the line of credit at rateslower than the stated interest rate, subject to certain restrictions. Amountsoutstanding on the line of credit at December 31, 2001 are at LIBOR +.65%.

 

At December 31, 2001, scheduled amortization and maturities of allindebtedness for the next five years and thereafter are as follows (in thousands)

 

| **Year**   |   | **Amount** |      |
|------------|--------|------------|-----------|
| 2002       |   | $          | 67,848    |   |
| 2003       |   | 315,931    |      |
| 2004       |   | 304,683    |      |
| 2005       |   | 226,699    |      |
| 2006       |   | 152,087    |      |
| Thereafter |   | 747,608    |      |
|       |   | $          | 1,814,856 |   |

 

Cash paid for interest in 2001, 2000, and 1999 was $140.5 million,$156.5 million and $100.3 million, respectively. Total interest capitalized in2001, 2000 and 1999 was $25.9 million, $33.0 million and $26.0 million,respectively.

 

**(8)****                                ****Segment Reporting**

 

The Partnership is engaged in four operating segments, the ownershipand rental of office, industrial, and retail real estate investments and theproviding of various real estate services such as property management,maintenance, landscaping, leasing, and construction management to third-partyproperty owners (“Service Operations"). The Partnership’s reportablesegments offer different products or services and are managed separately becauseeach requires different operating strategies and management expertise. Thereare no material intersegment sales or transfers.

 

53

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Non-segment revenue to reconcile to total revenue consists mainly ofequity in earnings of joint ventures. Non- segment assets to reconcile to totalassets consists of corporate assets including cash, deferred financing costsand investments in unconsolidated subsidiaries.

 

The accounting policies of the segments are the same as those describedin Note 2.

 

The Partnership assesses and measures segment operating results basedon a performance measure referred to as Funds From Operations (“FFO”). TheNational Association of Real Estate Investment Trusts defines FFO as net incomeor loss, excluding gains or losses from debt restructurings and sales ofdepreciated property, plus operating property depreciation and amortization andadjustments for minority interest and unconsolidated companies on the samebasis. FFO is not a measure of operating results or cash flows from operatingactivities as measured by generally accepted accounting principles, is notnecessarily indicative of cash available to fund cash needs and should not beconsidered an alternative to cash flows as a measure of liquidity. Interestexpense and other non-property specific revenues and expenses are not allocatedto individual segments in determining the Partnership’s performance measure.

 

The revenues and FFO for each of the reportable segments are summarizedas follows for the years ended December 31, 2000, 1999, and 1998, and theassets of each reportable segment as of December 31, 2000 and 1999 (in thousands)

 
|                                                 |   | **2001**      |          | **2000**  |   | **1999**  |   |
|------------------------------------------------------|--------|---------------|---------------|-----------|--------|-----------|--------|
| Revenues                                             |   |          |          |      |   |      |   |
| Rental Operations:                                   |   |          |          |      |   |      |   |
| Office                                               |   | **$**         | **386,755**   |      | $      | 336,271   |   | $ | 272,009 |   |
| Industrial                                           |   | **286,704**   |          | 328,302   |   | 220,295   |   |
| Retail                                               |   | **18,723**    |          | 28,935    |   | 26,467    |   |
| Service Operations                                   |   | **80,459**    |          | 82,799    |   | 54,031    |   |
| Total Segment Revenues                               |   | **772,641**   |          | 776,307   |   | 572,802   |   |
| Non-Segment Revenue                                  |   | **31,167**    |          | 18,318    |   | 16,792    |   |
| Consolidated Revenue                                 |   | **$**         | **803,808**   |      | $      | 794,625   |   | $ | 589,594 |   |
|                                                 |   |          |          |      |   |      |   |
| Funds From Operations                                |   |          |          |      |   |      |   |
| Rental Operations:                                   |   |          |          |      |   |      |   |
| Office                                               |   | **$**         | **262,191**   |      | $      | 229,427   |   | $ | 187,541 |   |
| Industrial                                           |   | **223,548**   |          | 256,813   |   | 172,629   |   |
| Retail                                               |   | **15,430**    |          | 23,368    |   | 21,506    |   |
| Services Operations                                  |   | **35,115**    |          | 32,760    |   | 17,872    |   |
| Total Segment FFO                                    |   | **536,284**   |          | 542,368   |   | 399,548   |   |
| Non-Segment FFO:                                     |   |          |          |      |   |      |   |
| Interest expense                                     |   | **(113,830**  | **)**         | (133,948  | )      | (86,757   | )      |
| Interest income                                      |   | **5,308**     |          | 6,866     |   | 2,674     |   |
| General and administrative  expense                  |   | **(15,559**   | **)**         | (21,144   | )      | (16,556   | )      |
| Gain on land sales                                   |   | **5,080**     |          | 9,165     |   | 1,777     |   |
| Other expenses                                       |   | **(3,899**    | **)**         | (2,826    | )      | (1,540    | )      |
| Other minority interest in  earnings of subsidiaries |   | **(2,411**    | **)**         | (2,145    | )      | (2,050    | )      |
| Joint Venture FFO                                    |   | **45,570**    |          | 24,182    |   | 16,955    |   |
| Dividends on preferred units                         |   | **(60,850**   | **)**         | (57,389   | )      | (46,808   | )      |
| Consolidated FFO                                     |   | **400,515**   |          | 365,129   |   | 267,243   |   |
|                                                 |   |          |          |      |   |      |   |
| Depreciation and amortization                        |   | **(159,714**  | **)**         | (162,523  | )      | (110,703  | )      |
| Share of joint venture  adjustments                  |   | **(14,177**   | **)**         | (9,104    | )      | (5,268    | )      |
| Earnings from depreciated  property sales       |   | **40,628**    |          | 51,527    |   | 8,235     |   |
|                                                 |   |          |          |      |   |      |   |   |   |   |
| Net income available for  common units               |   | **$**         | **262,430**   |      | $      | 245,029   |   | $ | 159,447 |   |
| Assets                                               |   |          |          |      |   |      |   |
| Rental Operations                                    |   |          |          |      |   |      |   |
| Office                                               |   | **$**         | **2,626,015** |      | $      | 2,473,191 |   | $ | 2,252,795 |   |
| Industrial                                           |   | **2,184,234** |          | 2,265,237 |   | 2,707,028 |   |
| Retail                                               |   | **64,946**    |          | 186,389   |   | 205,993   |   |
| Service Operations                                   |   | **101,501**   |          | 128,249   |   | 62,335    |   |
| Total Segment Assets                                 |   | **4,966,696** |          | 5,053,066 |   | 5,228,151 |   |
| Non-Segment Assets                                   |   | **363,550**   |          | 408,167   |   | 259,133   |   |
| Consolidated Assets                                  |   | **$**         | **5,330,246** |      | $      | 5,461,233 |   | $ | 5,487,284 |   |

 

54

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**(9)           LeasingActivity**

 

Future minimum rents due to the Partnership under non-cancelableoperating leases at December 31, 2001 are as follows

 

| **Year**   |   | **Amount** |      |   |
|------------|--------|------------|-----------|--------|
|       |   |       |      |   |
| 2002       |   | $530,635   |      |   |
| 2003       |   | 492,693    |      |   |
| 2004       |   | 432,611    |      |   |
| 2005       |   | 353,811    |      |   |
| 2006       |   | 279,036    |      |   |
| Thereafter |   | 888,757    |      |   |
|       |   | $          | 2,977,543 |   |
|            |        |            |           |        |  |  |

 

In addition to minimum rents, certain leases require reimbursements ofspecified operating expenses which amounted to $115.7 million, $114.2 million,and $85.1 million for the years ended December 31, 2001, 2000 and 1999,respectively.

 

**(10)         EmployeeBenefit Plans**

 

The Partnership maintains a 401(k) plan for the benefit of itsfull-time employees. The Partnership matches the employees’ contributions up tothree percent of the employees’ salary and may also make annual discretionarycontributions. Total expense recognized by the Partnership was $1.3 million,$3.2 million and $2.3 million for the years ended 2001, 2000 and 1999, respectively.

 

The Partnership makes contributions to a contributory health andwelfare plan as necessary to fund claims not covered by employee contributions.Total expense recognized by the Partnership related to this plan was $5.6million, $6.0 million and $2.7 million for 2001, 2000 and 1999, respectively.Included in total expense is an estimate based on historical experience of theeffect of claims incurred but not reported as of year-end.

 

**(11)         Partner’sEquity**

 

The General Partner periodically accesses the public equity markets andcontributes the net proceeds to the Partnership to fund the development andacquisition of additional rental properties.

 

The following series of preferred equity are outstanding as of December31, 2001 (in thousands, except percentages):

 
| **Description**    |   | **Units  Outstanding** |   | **Dividend  Rate** |   | **Redemption  Date** |   | **Liquidation  Preference** |    | **Convertible** |   |
|--------------------|--------|------------------------|--------|--------------------|--------|----------------------|--------|-----------------------------|---------|-----------------|--------|
|               |   |                   |   |
| Series B Preferred |   | 300                    |   | 7.990              | %      | September 30, 2007   |   | $                           | 150,000 |            | No     |   |
| Series D Preferred |   | 535                    |   | 7.375              | %      | December 31, 2003    |   | 133,874                     |    | Yes             |   |
| Series E Preferred |   | 400                    |   | 8.250              | %      | January 20, 2004     |   | 100,000                     |    | No              |   |
| Series F Preferred |   | 600                    |   | 8.000              | %      | October 10, 2002     |   | 150,000                     |    | No              |   |
| Series I Preferred |   | 300                    |   | 8.450              | %      | February 1, 2006     |   | 75,000                      |    | No              |   |
|                    |        |                        |        |                    |        |                      |        |                             |         |                 |        |  |  |  |  |  |

 

All series ofpreferred equity require cumulative distributions, have no stated maturitydate, and the redemption price of each series may only be paid from theproceeds of other capital shares of the General Partner, which may includeother classes or series of preferred equity.

 

The Series IPreferred equity was issued in February 2001.

 

55

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The Series DPreferred equity is convertible at a conversion rate of 9.3677 common units foreach preferred unit outstanding.

 

The dividendrate on the Series B Preferred equity increases to 9.99% after September 12,2012.

 

ThePartnership redeemed its $75.0 million Series A Preferred equity in August2001.

 

Under ashareholder rights plan (“Rights Agreement”), each common unitholder has oneright for each share of the General Partner’s common stock prior to theoccurrence of certain triggering events which would in effect execute theRights Agreement. Upon the occurrence of such events, each right entitles theregistered holder to purchase from the General Partner one one-thousandth of ashare of Series C Junior Preferred Stock which has substantially the sameeconomic attributes and carries substantially the same voting rights as oneshare of the General Partner’s common stock. As of December 31, 2001, no eventshave triggered execution of the Rights Agreement.

 

**(12)****                         ****StockBased Compensation**

 

The GeneralPartner and the Partnership have nine stock based compensation plans, includingfixed stock option plans and performance based stock plans, which are describedbelow. The General Partner and the Partnership are authorized to issue up to13,804,738 shares of the General Partner’s common stock under these plans. ThePartnership applies APB Opinion No. 25 and related interpretations inaccounting for its plans. Accordingly, no compensation cost has been recognizedfor its fixed stock option plans as the exercise price of each option equalsthe market price of the General Partner’s common stock on the date of grant.The Partnership charges compensation costs against its income for itsperformance based stock plans. If compensation cost for the Partnership’s fixedstock option plans had been determined consistent with SFAS Statement No. 123,the Partnership’s net income and net income per share for the years ended December31 would have been reduced to the pro forma amounts indicated below (in thousands, except earnings per unitamounts):

 
|                        |   |        |   | **2001** |    | **2000** |   | **1999** |   |
|-----------------------------|--------|-------------|--------|----------|---------|----------|--------|----------|--------|
|                        |
| Net income                  |   | As reported |   | $        | 262,430 |     | $      | 245,029  |   | $ | 159,447 |   |
|                        |   | Pro forma   |   | $        | 261,194 |     | $      | 244,436  |   | $ | 158,932 |   |
| Basic net income per unit   |   | As reported |   | $        | 1.77    |     | $      | 1.68     |   | $ | 1.33 |   |
|                        |   | Pro forma   |   | $        | 1.76    |     | $      | 1.67     |   | $ | 1.33 |   |
| Diluted net income per unit |   | As reported |   | $        | 1.75    |     | $      | 1.66     |   | $ | 1.32 |   |
|                        |   | Pro forma   |   | $        | 1.74    |     | $      | 1.65     |   | $ | 1.32 |   |

 

Because theStatement does not apply to awards prior to 1995, and the options have up to a5-year vesting period, the pro forma effect was not fully reflected until 2000.

 

The fairvalues of the options were determined using the Black-Scholes option-pricingmodel with the following assumptions:

 

|                    |   | **2001** |   | **2000** |   | **1999**  |   |
|-------------------------|--------|----------|--------|----------|--------|-----------|--------|
| Dividend yield          |   | 7.5      | %      | 7.0      | %      | 7.0       | %      |
| Volatility              |   | 20.2     | %      | 20.2     | %      | 20.1      | %      |
| Risk-free interest rate |   | 5.0      | %      | 5.8      | %      | 4.9       | %      |
| Expected life           |   | 6 years  |   | 6 years  |   | 6.5 years |   |

 

56

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Fixed Stock Option Plans

 

The GeneralPartner and the Partnership have options outstanding under six fixed stockoption plans as of December 31, 2001. Additional grants may be made under threeof those plans.

 

A summary ofthe status of the Partnership’s fixed stock option plans as of December 31,2001, 2000 and 1999 and changes during the years ended on those dates follows:

 
|                                                            |   | **2001**  |   | **2000**                               |   | **1999**  |      |
|-----------------------------------------------------------------|--------|-----------|--------|----------------------------------------|--------|-----------|-----------|
|                                                            |   | **Units** |   | **Weighted  Average  Exercise  Price** |   | **Units** |      | **Weighted  Average  Exercise  Price** |   | **Units** |   | **Weighted  Average  Exercise  Price** |   |
| Outstanding, beginning of year                                  |   | 5,235,464 |   | $                                      | 19.52  |      | 5,043,965 |   | $ | 19.00 |   | 2,047,972 |   | $ | 16.70 |   |
| Granted                                                         |   | 718,230   |   | 24.98                                  |   | 958,786   |      | 20.04 |   | 615,003 |   | 22.96 |   |
| Weeks Corporation options                                       |   | 0         |   | 0                                      |   | 0         |      | 0 |   | 2,617,076 |   | 20.01 |   |
| Exercised                                                       |   | (982,243  | )      | 15.21                                  |   | (440,924  | )         | 13.66 |   | (56,371 | ) | 14.11 |   |
| Forfeited                                                       |   | (279,882  | )      | 21.84                                  |   | (326,363  | )         | 20.95 |   | (179,715 | ) | 22.79 |   |
| Outstanding, end of year                                        |   | 4,691,659 |   | $                                      | 21.12  |      | 5,235,464 |   | $ | 19.52 |   | 5,043,965 |   | $ | 19.00 |   |
| Options exercisable,  end of year                          |   | 2,965,930 |   |                                   |   | 3,112,706 |      |   |   | 2,596,660 |   |   |   |
|                                                            |   |      |   |                                   |   |      |      |   |   |   |   |   |   |   |   |   |
| Weighted-average fair value of options  granted during the year |   | $         | 2.19   |                                   |   |      | $         | 2.18 |   |   |   | $ | 2.20 |   |   |   |

 

The optionsoutstanding at December 31, 2001, under the fixed stock option plans have arange of exercise prices from $11.87 to $24.98 with a weighted average exerciseprice of $21.12 and a weighted average remaining contractual life of 6.58years. The options exercisable at December 31, 2001 have a weighted averageexercise price of $20.21.

 

Each option’smaximum term is ten years. With limited exceptions, options vest at 20% peryear, or, if earlier, upon the death, retirement or disability of the optioneeor a change in control of the Partnership.

 

Performance Based Stock Plans

 

The GeneralPartner and the Partnership have three types of performance based equitycompensation plans: Dividend Increase Unit Plans (“DIU Plans”), a ShareholderValue Plan and a Performance Share Plan. Under the Partnership’s DIU Plans,Dividend Increase Units (“DIUs”) are granted to key employees and directors.The value of DIUs exercised by participants is payable in common stock of theGeneral Partner. The maximum term of all DIUs granted is ten years.

 

The value ofeach DIU when exercised is equal to the increase in the General Partner’sannualized dividend per share from the date of grant to the date of exercise,divided by the “dividend yield.” Dividend yield is the annualized dividend pershare divided by the market price per share of the General Partner’s commonstock at the date of grant. DIUs are generally subject to a 20% per yearvesting schedule.

 

Under the 1995Shareholder Value Plan (the “SV Plan”), the Partnership may grant awards inspecified dollar amounts to key employees. The award is payable to the employeeon the third anniversary of the date of grant. One-half of the award is payablein common stock of the General Partner, and one-half is payable in cash. Theinitial dollar amount of each award granted under the SV Plan is adjustedupward or downward based on a comparison of the General Partner’s cumulativetotal shareholder return for the three year period as compared to thecumulative total return of the S&P 500 and the NAREIT Equity REIT TotalReturn indices. The award is not payable upon the employee’s termination ofemployment for any reason other than retirement, death, disability or a changein control of the General Partner.

 

57

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Awards made under the 2000 Performance Share Plan vest 20% per year ifthe General Partner and the Partnership attain a certain predefined level ofearnings growth for such vesting period. The payments are made in the form of“performance shares”, with each performance share economically equivalent toone share of the General Partner’s common stock.  Performance shares will ultimately be paid to the participants inthe form of cash or the General Partner’s common stock upon the retirement ortermination of employment of the participant. At December 31, 2001, plan participants had the right to receive up to82,074 performance shares, of which 29,436 were vested and 52,638 werecontingent upon earnings achievement.

 

ThePartnership believes that it is not possible to reasonably estimate the fairvalue of the awards to be paid under these performance compensation plans and,therefore, computes compensation cost for these plans based on the intrinsicvalue of the awards as if they were exercised at the end of each applicablereporting period. The compensation cost that has been charged against incomefor these plans was $6.2 million, $7.7 million and $5.9 million for 2001, 2000and 1999, respectively.

 

**(13)         Derivative Instruments**

 

One of thePartnership’s interest rate swap contracts did not meet the criteria of SFAS133 to qualify for hedge accounting. SFAS 133 requires that unrealized gainsand losses on derivatives not qualifying as hedge accounting be recognizedcurrently in earnings. The cumulative effect of a change in accountingprinciple due to the adoption of SFAS 133 as of January 1, 2001, was $398,000and was recorded in accumulated other comprehensive income as a transitionadjustment. As of December 31, 2001, the Partnership recorded a net loss of$1.4 million in other expense due to the interest rate swap contract not qualifyingfor hedge accounting.

 

ThePartnership had three interest rate swaps that qualified for hedge accountingunder SFAS No. 133. All three were tied to an $85 million unsecured term loanto fix the interest rate. Any change in fair values on these swaps wasrecognized in other comprehensive income. In July 2001, the Partnership paidoff the term loan and terminated the three swaps. The cost to terminate theswaps was $505,000, which was recorded as interest expense and reversed out ofother comprehensive income.

 

**(14)         Commitments and Contingencies**

 

In 1998 and1999, members of management and the General Partner’s Board of Directorspurchased $69 million of the General Partner’s common stock in connection withan Executive and Senior Officer Stock Purchase Plan. The purchases werefinanced by five-year personal loans at market interest rates from financialinstitutions. As of December 31, 2001, the outstanding balance on these loansis $40.5 million as some participants have exited the program and repaid theirprincipal balance. As a condition of the financing agreement with the financialinstitution, the Partnership has guaranteed repayment of principal, interestand other obligations for each participant, but is fully indemnified by theparticipants. In the opinion of management, it is not probable that thePartnership will be required to satisfy these guarantees.

 

ThePartnership has entered into agreements, subject to the completion of duediligence requirements, resolution of certain contingencies and completion ofcustomary closing conditions, for the future acquisition of land totaling $10.1million. The acquisitions are scheduled to close periodically through 2002 andwill be paid for through a combination of cash or Common Units.

 

58

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| **DUKE REALTY LIMITED PARTNERSHIP** | **Schedule 3** |
|-------------------------------------|----------------|

**REALESTATE AND ACCUMULATED DEPRECIATION**

**DECEMBER31, 2001**

**(INTHOUSANDS)**

** **
|                            |   |                           |       | **Building** |       |             |       | **Initial Cost** |       | **Cost Capitalized  Subsequent  to Acquisition** |       |
|---------------------------------|--------|--------------------------------|------------|--------------|------------|------------------|------------|------------------|------------|--------------------------------------------------|------------|
| **Development**                 |   | **Name**                       | ** ** | **Type**     | ** ** | **Encumbrances** | ** ** | **Land**         | ** ** | **Buildings**                                    | ** ** | ** (1)** |   |
|                            |   |                           |       |         |       |             |       |
| **ALPHARETTA, GEORGIA**         |   |                           | ** ** |         | ** ** |             | ** ** |             | ** ** |                                             | ** ** |   | ** ** |
| Brookside Office Park           |   | 3925  Brookside Parkway        |       | Office       |       | —           |       | 1,269            |       | 14,719                                           |       | 6 |   |
| Brookside Office Park           |   | 3625  Brookside Parkway        |       | Office       |       | —           |       | 1,625            |       | 10,919                                           |       | 2,579 |   |
| Brookside Office Park           |   | Radiant II                     |       | Office       |       | —           |       | 831              |       | 7,229                                            |       | — |   |
| Brookside Office Park           |   | Brookside II                   |       | Office       |       | —           |       | 1,381            |       | 10,890                                           |       | — |   |
| Hembree Crest                   |   | 11800 Wills  Road              |       | Industrial   |       | —           |       | 304              |       | 2,146                                            |       | 314 |   |
| Hembree Crest                   |   | 11810 Wills  Road              |       | Industrial   |       | —           |       | 296              |       | 2,254                                            |       | 228 |   |
| Hembree Crest                   |   | 11820 Wills  Road              |       | Industrial   |       | —           |       | 488              |       | 2,277                                            |       | 850 |   |
| Hembree Crest                   |   | 11415 Old  Roswell Road        |       | Industrial   |       | —           |       | 648              |       | 2,454                                            |       | 474 |   |
| Hembree Park                    |   | NMeadow SC I  @ Founders       |       | Industrial   |       | —           |       | 1,936            |       | 7,998                                            |       | — |   |
| Hembree Park                    |   | NMeadow SC  II @ Founders      |       | Industrial   |       | —           |       | 1,369            |       | 3,591                                            |       | — |   |
| North Meadow                    |   | 1350  Northmeadow Parkway      |       | Industrial   |       | —           |       | 672              |       | 3,648                                            |       | 259 |   |
| North Meadow                    |   | 11835  Alpharetta Highway      |       | Retail       |       | —           |       | 524              |       | 2,861                                            |       | 5 |   |
| Northwinds Pointe               |   | 2550 Northwinds  Parkway       |       | Office       |       | —           |       | 2,271            |       | 20,017                                           |       | 142 |   |
| Ridgeland                       |   | 1320  Ridgeland Pkwy           |       | Industrial   |       | —           |       | 998              |       | 5,874                                            |       | 37 |   |
| Ridgeland                       |   | Ridgeland  Business Dist I     |       | Industrial   |       | —           |       | 488              |       | 2,910                                            |       | 1,331 |   |
| Ridgeland                       |   | Ridgeland  Business Dist. II   |       | Industrial   |       | —           |       | 579              |       | 2,509                                            |       | - |   |
|                            |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| **ANTIOCH, TENNESSEE**          |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| Jackson Business Center         |   | Keebler                        |       | Industrial   |       | —           |       | 307              |       | 1,299                                            |       | 9 |   |
|                            |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| **ARLINGTON HEIGHTS, ILLINOIS** |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| Arlington Business Park         |   | Atrium II                      |       | Office       |       | —           |       | 776              |       | 7,170                                            |       | 1,083 |   |
|                            |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| **ATLANTA, GEORGIA**            |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| Druid Chase                     |   | 6 W. Druid  Hills Drive        |       | Office       |       | —           |       | 473              |       | 6,758                                            |       | 341 |   |
| Druid Chase                     |   | 2801 Buford  Highway           |       | Office       |       | —           |       | 794              |       | 9,905                                            |       | 965 |   |
| Druid Chase                     |   | 1190 W.  Druid Hills Drive     |       | Office       |       | —           |       | 689              |       | 6,631                                            |       | 366 |   |
| Druid Chase                     |   | 2071 N.  Druid Hills Drive     |       | Retail       |       | —           |       | 98               |       | 321                                              |       | — |   |
|                            |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| **AURORA, ILLINOIS**            |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| Meridian Business Campus        |   | 535 Exchange                   |       | Industrial   |       | —           |       | 386              |       | 920                                              |       | — |   |
| Meridian Business Campus        |   | 515-525  North Enterprise      |       | Industrial   |       | —           |       | 342              |       | 1,668                                            |       | 90 |   |
| Meridian Business Campus        |   | 615  Enterprise                |       | Industrial   |       | —           |       | 468              |       | 2,824                                            |       | 138 |   |
| Meridian Business Campus        |   | 3615  Exchange                 |       | Industrial   |       | —           |       | 410              |       | 1,603                                            |       | 45 |   |
| Meridian Business Campus        |   | 4000 Sussex                    |       | Industrial   |       | —           |       | 417              |       | 1,929                                            |       | 5 |   |
| Meridian Business Campus        |   | 3737 East  Exchange            |       | Industrial   |       | —           |       | 598              |       | 2,531                                            |       | 4 |   |
| Meridian Business Campus        |   | 444 North  Commerce            |       | Industrial   |       | —           |       | 722              |       | 5,367                                            |       | 403 |   |
| Meridian Business Campus        |   | Meridian I                     |       | Industrial   |       | —           |       | 1,150            |       | 6,635                                            |       | — |   |
| Meridian Business Campus        |   | Meridian II                    |       | Industrial   |       | —           |       | 567              |       | 1,489                                            |       | — |   |
| Meridian Business Campus        |   | Michael  Jordan Golf Center    |       | Grounds      |       | —           |       | 1,412            |       | -                                                |       | 111 |   |
| Meridian Business Campus        |   | Meridian  Outlot               |       | Grounds      |       | —           |       | 894              |       | -                                                |       | — |   |
|                            |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| **BEACHWOOD, OHIO**             |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| Corporate Exchange              |   | One  Corporate Exchange        |       | Office       |       | 5,371            |       | 1,287            |       | 8,674                                            |       | 1,095 |   |
| Corporate Place                 |   | Corporate  Place               |       | Office       |       | —           |       | 1,161            |       | 7,792                                            |       | 678 |   |
|                            |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| **BLOOMINGTON, MINNESOTA**      |   |                           |       |         |       |             |       |             |       |                                             |       |   |   |
| Alpha Buildings                 |   | Alpha  Business Ctr I&II   |       | Office       |       | —           |       | 280              |       | 1,598                                            |       | 217 |   |
| Alpha Buildings                 |   | Alpha  Business Ctr III&IV |       | Industrial   |       | —           |       | 341              |       | 1,948                                            |       | 178 |   |
| Alpha Buildings                 |   | Alpha Business  Ctr V          |       | Industrial   |       | —           |       | 537              |       | 3,065                                            |       | 157 |   |
| Bloomington Industrial Center   |   | Bloomington  Industrial Center |       | Industrial   |       | 1,640            |       | 621              |       | 3,626                                            |       | 764 |   |
| Hampshire Dist. Center          |   | Hampshire  Dist Center North   |       | Industrial   |       | 2,398            |       | 779              |       | 4,483                                            |       | 56 |   |
| Hampshire Dist. Center          |   | Hampshire  Dist Center South   |       | Industrial   |       | 2,852            |       | 901              |       | 5,215                                            |       | 262 |   |
| Hampshire Tech Center           |   | Hampshire  Tech Center         |       | Industrial   |       | —           |       | 2,124            |       | 13,066                                           |       | 630 |   |
| Lyndale Commons                 |   | Lyndale  Commons I             |       | Industrial   |       | —           |       | 247              |       | 1,431                                            |       | 245 |   |
| Lyndale Commons                 |   | Lyndale  Commons II            |       | Industrial   |       | —           |       | 181              |       | 1,048                                            |       | 206 |   |
| Norman Center                   |   | Norman  Center 2               |       | Office       |       | —           |       | 782              |       | 4,442                                            |       | 139 |   |
| Norman Center                   |   | Norman  Center 4               |       | Office       |       | —           |       | 562              |       | 3,251                                            |       | 300 |   |

** **
|                            |   | **Gross Book Value 12/31/01** |       |         |       |      |       |                              |       |
|---------------------------------|--------|-------------------------------|------------|--------------|------------|-----------|------------|-----------------------------------|------------|
| **Development**                 |   | **Land/Land Imp**             |       | **Bldgs/TI** |       | **Total** |       | **Accumulated  Depreciation (2)** |       | **Year  Constructed** |   | **Year  Acquired** |   |
|                            |   |                          |       |         |       |      |
| **ALPHARETTA, GEORGIA**         |   |                          | ** ** |         | ** ** |      | ** ** |                              | ** ** |   | ** ** |   | ** ** |
| Brookside Office Park           |   | 1,269                         |       | 14,725       |       | 15,994    |       | 927                               |       | 1998 |   | 1999 |   |
| Brookside Office Park           |   | 1,625                         |       | 13,498       |       | 15,123    |       | 1,182                             |       | 1999 |   | 1999 |   |
| Brookside Office Park           |   | 831                           |       | 7,229        |       | 8,060     |       | 146                               |       | 2000 |   | 2000 |   |
| Brookside Office Park           |   | 1,381                         |       | 10,890       |       | 12,271    |       | 121                               |       | 2000 |   | 2001 |   |
| Hembree Crest                   |   | 304                           |       | 2,460        |       | 2,764     |       | 172                               |       | 1987 |   | 1999 |   |
| Hembree Crest                   |   | 296                           |       | 2,482        |       | 2,778     |       | 203                               |       | 1987 |   | 1999 |   |
| Hembree Crest                   |   | 488                           |       | 3,127        |       | 3,615     |       | 193                               |       | 1987 |   | 1999 |   |
| Hembree Crest                   |   | 648                           |       | 2,928        |       | 3,576     |       | 256                               |       | 1991 |   | 1999 |   |
| Hembree Park                    |   | 1,936                         |       | 7,998        |       | 9,934     |       | 696                               |       | 1999 |   | 2000 |   |
| Hembree Park                    |   | 1,369                         |       | 3,591        |       | 4,960     |       | 32                                |       | 2001 |   | 2001 |   |
| North Meadow                    |   | 672                           |       | 3,907        |       | 4,579     |       | 278                               |       | 1994 |   | 1999 |   |
| North Meadow                    |   | 524                           |       | 2,866        |       | 3,390     |       | 177                               |       | 1994 |   | 1999 |   |
| Northwinds Pointe               |   | 2,271                         |       | 20,159       |       | 22,430    |       | 1,282                             |       | 1998 |   | 1999 |   |
| Ridgeland                       |   | 998                           |       | 5,911        |       | 6,909     |       | 360                               |       | 1999 |   | 1999 |   |
| Ridgeland                       |   | 488                           |       | 4,241        |       | 4,729     |       | 634                               |       | 1999 |   | 1999 |   |
| Ridgeland                       |   | 579                           |       | 2,509        |       | 3,088     |       | 174                               |       | 1999 |   | 2000 |   |
|                            |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| **ANTIOCH, TENNESSEE**          |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| Jackson Business Center         |   | 307                           |       | 1,308        |       | 1,615     |       | 219                               |       | 1985 |   | 1995 |   |
|                            |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| **ARLINGTON HEIGHTS, ILLINOIS** |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| Arlington Business Park         |   | 776                           |       | 8,253        |       | 9,029     |       | 862                               |       | 1986 |   | 1998 |   |
|                            |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| **ATLANTA, GEORGIA**            |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| Druid Chase                     |   | 473                           |       | 7,099        |       | 7,572     |       | 434                               |       | 1968 |   | 1999 |   |
| Druid Chase                     |   | 794                           |       | 10,870       |       | 11,664    |       | 717                               |       | 1977 |   | 1999 |   |
| Druid Chase                     |   | 689                           |       | 6,997        |       | 7,686     |       | 410                               |       | 1980 |   | 1999 |   |
| Druid Chase                     |   | 98                            |       | 321          |       | 419       |       | 20                                |       | 1968 |   | 1999 |   |
|                            |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| **AURORA, ILLINOIS**            |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| Meridian Business Campus        |   | 386                           |       | 920          |       | 1,306     |       | 82                                |       | 1984 |   | 1999 |   |
| Meridian Business Campus        |   | 342                           |       | 1,758        |       | 2,100     |       | 165                               |       | 1984 |   | 1999 |   |
| Meridian Business Campus        |   | 468                           |       | 2,962        |       | 3,430     |       | 250                               |       | 1984 |   | 1999 |   |
| Meridian Business Campus        |   | 410                           |       | 1,648        |       | 2,058     |       | 142                               |       | 1986 |   | 1999 |   |
| Meridian Business Campus        |   | 417                           |       | 1,934        |       | 2,351     |       | 163                               |       | 1990 |   | 1999 |   |
| Meridian Business Campus        |   | 598                           |       | 2,535        |       | 3,133     |       | 208                               |       | 1985 |   | 1999 |   |
| Meridian Business Campus        |   | 722                           |       | 5,770        |       | 6,492     |       | 459                               |       | 1985 |   | 1999 |   |
| Meridian Business Campus        |   | 1,150                         |       | 6,635        |       | 7,785     |       | 614                               |       | 1999 |   | 2000 |   |
| Meridian Business Campus        |   | 567                           |       | 1,489        |       | 2,056     |       | —                            |       | 2001 |   | 2001 |   |
| Meridian Business Campus        |   | 1,523                         |       | —       |       | 1,523     |       | —                            |       | N/A |   | 1999 |   |
| Meridian Business Campus        |   | 894                           |       | —       |       | 894       |       | 1                                 |       | N/A |   | 2000 |   |
|                            |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| **BEACHWOOD, OHIO**             |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| Corporate Exchange              |   | 1,287                         |       | 9,769        |       | 11,056    |       | 1,695                             |       | 1989 |   | 1996 |   |
| Corporate Place                 |   | 1,163                         |       | 8,468        |       | 9,631     |       | 1,143                             |       | 1988 |   | 1996 |   |
|                            |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| **BLOOMINGTON, MINNESOTA**      |   |                          |       |         |       |      |       |                              |       |   |   |   |   |
| Alpha Buildings                 |   | 280                           |       | 1,815        |       | 2,095     |       | 167                               |       | 1980 |   | 1999 |   |
| Alpha Buildings                 |   | 341                           |       | 2,126        |       | 2,467     |       | 174                               |       | 1980 |   | 1999 |   |
| Alpha Buildings                 |   | 538                           |       | 3,221        |       | 3,759     |       | 218                               |       | 1980 |   | 1999 |   |
| Bloomington Industrial Center   |   | 621                           |       | 4,390        |       | 5,011     |       | 640                               |       | 1963 |   | 1997 |   |
| Hampshire Dist Center           |   | 779                           |       | 4,539        |       | 5,318     |       | 469                               |       | 1979 |   | 1997 |   |
| Hampshire Dist Center           |   | 901                           |       | 5,477        |       | 6,378     |       | 569                               |       | 1979 |   | 1997 |   |
| Hampshire Tech Center           |   | 2,223                         |       | 13,597       |       | 15,820    |       | 1,477                             |       | 1998 |   | 1998 |   |
| Lyndale Commons                 |   | 247                           |       | 1,676        |       | 1,923     |       | 249                               |       | 1981 |   | 1998 |   |
| Lyndale Commons                 |   | 183                           |       | 1,252        |       | 1,435     |       | 151                               |       | 1985 |   | 1998 |   |
| Norman Center                   |   | 807                           |       | 4,556        |       | 5,363     |       | 408                               |       | 1970 |   | 1998 |   |
| Norman Center                   |   | 579                           |       | 3,534        |       | 4,113     |       | 370                               |       | 1967 |   | 1998 |   |
|                                 |        |                               |            |              |            |           |            |                                   |            |  |  |  |  |  |  |

 

59

----

 
|                         |   |                                 |       | **Building** |       |             |       | **Initial Cost** |       | **Cost Capitalized  Subsequent  to Acquisition** |       |
|------------------------------|--------|--------------------------------------|------------|--------------|------------|------------------|------------|------------------|------------|--------------------------------------------------|------------|
| **Development**              |   | **Name**                             | ** ** | **Type**     | ** ** | **Encumbrances** | ** ** | **Land**         | ** ** | **Buildings**                                    | ** ** | **(1)** |   |
|                         |   |                                 |       |         |       |             |       |
| Norman Center Plaza          |   | Norman Pointe I                      |       | Office       |       | —           |       | 3,660            |       | 26,072                                           |       | — |   |
| Penn Corporate Building      |   | Penn Corporate Bldg                  |       | Industrial   |       | —           |       | 312              |       | 1,801                                            |       | 43 |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **BLUE ASH, OHIO**           |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| Alliance Woods               |   | Alliance  Woods                      |       | Office       |       | —           |       | 2,331            |       | 16,829                                           |       | — |   |
| Cornell Commerce Center      |   | Cornell  Commerce Center             |       | Industrial   |       | —           |       | 495              |       | 4,755                                            |       | 200 |   |
| Creek Road                   |   | Creek Road  Bldg 1                   |       | Industrial   |       | —           |       | 103              |       | 833                                              |       | 37 |   |
| Creek Road                   |   | Creek Road  Bldg 2                   |       | Industrial   |       | —           |       | 132              |       | 1,149                                            |       | 42 |   |
| Huntington Bank Building     |   | Huntington  Bank Building            |       | Office       |       | —           |       | 175              |       | 241                                              |       | — |   |
| Lake Forest/Westlake         |   | Lake Forest  Place                   |       | Office       |       | —           |       | 1,953            |       | 20,098                                           |       | 1,705 |   |
| Lake Forest/Westlake         |   | Westlake  Center                     |       | Office       |       | —           |       | 2,459            |       | 16,790                                           |       | 1,161 |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **BOLINGBROOK, ILLINOIS**    |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| Crossroads Business Park     |   | Chapco  Carton Company               |       | Industrial   |       | —           |       | 914              |       | 4,401                                            |       | — |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **BRANDON, FLORIDA**         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| Regency Park North           |   | Regency I                            |       | Office       |       | —           |       | 1,048            |       | 4,203                                            |       | — |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **BRASELTON, GEORGIA**       |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| Braselton                    |   | Braselton II                         |       | Industrial   |       | —           |       | 1,365            |       | 8,374                                            |       | — |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **BRENTOOD, TENNESSEE**      |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| Brentwood South Bus. Center  |   | 7104  Crossroads Blvd                |       | Industrial   |       | —           |       | 1,065            |       | 5,994                                            |       | 128 |   |
| Brentwood South Bus. Center  |   | 7106  Crossroads Blvd                |       | Industrial   |       | —           |       | 1,065            |       | 2,836                                            |       | 924 |   |
| Brentwood South Bus. Center  |   | 7108  Crossroads Blvd                |       | Industrial   |       | —           |       | 848              |       | 4,141                                            |       | 56 |   |
| Creekside Crossing           |   | Creekside  Crossing One              |       | Office       |       | —           |       | 1,900            |       | 8,377                                            |       | 1,012 |   |
| Creekside Crossing           |   | Creekside  Crossing Two              |       | Office       |       | —           |       | 2,087            |       | 9,579                                            |       | — |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **BROOKLYN PARK, MINNESOTA** |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| 7300 Northland Drive         |   | 7300  Northland Drive                |       | Industrial   |       | —           |       | 700              |       | 6,598                                            |       | 29 |   |
| Crosstown North              |   | Crosstown  North Bus. Ctr. 1         |       | Industrial   |       | —           |       | 835              |       | 5,443                                            |       | 815 |   |
| Crosstown North              |   | Crosstown  North Bus. Ctr. 2         |       | Industrial   |       | —           |       | 449              |       | 2,946                                            |       | 266 |   |
| Crosstown North              |   | Crosstown  North Bus. Ctr. 3         |       | Industrial   |       | —           |       | 758              |       | 2,819                                            |       | — |   |
| Crosstown North              |   | Crosstown  North Bus. Ctr. 4         |       | Industrial   |       | —           |       | 2,079            |       | 8,098                                            |       | 478 |   |
| Crosstown North              |   | Crosstown  North Bus Ctr 5           |       | Industrial   |       | —           |       | 1,079            |       | 5,566                                            |       | — |   |
| Crosstown North              |   | Crosstown  North Bus Ctr 6           |       | Industrial   |       | —           |       | 788              |       | 3,634                                            |       | — |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **BURNSVILLE, MINNESOTA**    |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| Cliff Road Industrial Center |   | Cliff Road  Industrial Ctr           |       | Industrial   |       | —           |       | 256              |       | 1,481                                            |       | 58 |   |
| Larc Industrial Park         |   | Larc  Industrial Park I              |       | Industrial   |       | —           |       | 280              |       | 1,631                                            |       | 111 |   |
| Larc Industrial Park         |   | Larc  Industrial Park II             |       | Industrial   |       | —           |       | 224              |       | 1,315                                            |       | 143 |   |
| Larc Industrial Park         |   | Larc  Industrial Park III            |       | Industrial   |       | —           |       | 135              |       | 800                                              |       | — |   |
| Larc Industrial Park         |   | Larc  Industrial Park IV             |       | Industrial   |       | —           |       | 90               |       | 539                                              |       | 6 |   |
| Larc Industrial Park         |   | Larc  Industrial Park V              |       | Industrial   |       | —           |       | 96               |       | 555                                              |       | 168 |   |
| Larc Industrial Park         |   | Larc  Industrial Park VI             |       | Industrial   |       | —           |       | 373              |       | 2,149                                            |       | 268 |   |
| Larc Industrial Park         |   | Larc  Industrial Park VII            |       | Industrial   |       | —           |       | 242              |       | 1,394                                            |       | 249 |   |
| Professional Plaza           |   | Professional  Plaza IV               |       | Industrial   |       | —           |       | 248              |       | 1,425                                            |       | 78 |   |
| Professional Plaza           |   | Professional  Plaza III              |       | Industrial   |       | —           |       | 237              |       | 1,359                                            |       | 260 |   |
| Professional Plaza           |   | Professional  Plaza II               |       | Industrial   |       | —           |       | 216              |       | 1,261                                            |       | 280 |   |
| SE Submarket—Burnsville |   | Professional  Plaza I                |       | Office       |       | —           |       | 467              |       | 2,716                                            |       | 260 |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **CANAL WINCHESTER, OHIO**   |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| Nifco at Canal Winchester    |   | Nifco at  Canal Winchester           |       | Industrial   |       | —           |       | 400              |       | 3,365                                            |       | — |   |
|                         |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| **CARMEL, INDIANA**          |   |                                 |       |         |       |             |       |             |       |                                             |       |   |   |
| Hamilton Crossing            |   | Hamilton  Crossing Bldg 1            |       | Industrial   |       | —           |       | 835              |       | 4,839                                            |       | 1,371 |   |
| Hamilton Crossing            |   | Hamilton  Crossing Bldg 2            |       | Office       |       | —           |       | 313              |       | 1,393                                            |       | 833 |   |
| Hamilton Crossing            |   | Hamilton  Crossing Bldg 3            |       | Office       |       | —           |       | 890              |       | 9,958                                            |       | — |   |
| Hamilton Crossing            |   | Hamilton  Crossing Bldg 4            |       | Office       |       | —           |       | 515              |       | 6,439                                            |       | 45 |   |
| Hamilton Crossing Retail     |   | Hamilton  Crossing Retail Bld 1 |       | Retail       |       | —           |       | 728              |       | 6,708                                            |       | 266 |   |

** **
| **Development**              |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** | ** ** | **Year  Acquired** | ** ** |
|------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|------------|--------------------|------------|
| **Land/Land Imp**            | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
|                         |       |                          |       |                              |   |                  |
| Norman Center Plaza          |       | 3,660                         |       | 26,072                            |   | 29,732                |       | 64                 |       | 2000 |   | 2000 |   |
| Penn Corporate Building      |       | 312                           |       | 1,844                             |   | 2,156                 |       | 191                |       | 1977 |   | 1997 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **BLUE ASH, OHIO**           |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| Alliance Woods               |       | 2,331                         |       | 16,829                            |   | 19,160                |       | 61                 |       | 2000 |   | 2001 |   |
| Cornell Commerce Center      |       | 495                           |       | 4,955                             |   | 5,450                 |       | 772                |       | 1989 |   | 1996 |   |
| Creek Road                   |       | 103                           |       | 870                               |   | 973                   |       | 113                |       | 1971 |   | 1996 |   |
| Creek Road                   |       | 132                           |       | 1,191                             |   | 1,323                 |       | 154                |       | 1971 |   | 1996 |   |
| Huntington Bank Building     |       | 175                           |       | 241                               |   | 416                   |       | 31                 |       | 1986 |   | 1996 |   |
| Lake Forest/Westlake         |       | 1,953                         |       | 21,803                            |   | 23,756                |       | 3,421              |       | 1985 |   | 1996 |   |
| Lake Forest/Westlake         |       | 2,459                         |       | 17,951                            |   | 20,410                |       | 2,860              |       | 1981 |   | 1996 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **BOLINGBROOK, ILLINOIS**    |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| Crossroads Business Park     |       | 914                           |       | 4,401                             |   | 5,315                 |       | 137                |       | 2000 |   | 2000 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **BRANDON, FLORIDA**         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| Regency Park North           |       | 1,048                         |       | 4,203                             |   | 5,251                 |       | 179                |       | 2000 |   | 2000 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **BRASELTON, GEORGIA**       |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| Braselton                    |       | 1,365                         |       | 8,374                             |   | 9,739                 |       | 1                  |       | 2001 |   | 2001 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **BRENTOOD, TENNESSEE**      |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| Brentwood South Bus. Center  |       | 1,065                         |       | 6,122                             |   | 7,187                 |       | 383                |       | 1987 |   | 1999 |   |
| Brentwood South Bus. Center  |       | 1,065                         |       | 3,760                             |   | 4,825                 |       | 238                |       | 1987 |   | 1999 |   |
| Brentwood South Bus. Center  |       | 848                           |       | 4,197                             |   | 5,045                 |       | 264                |       | 1989 |   | 1999 |   |
| Creekside Crossing           |       | 1,901                         |       | 9,388                             |   | 11,289                |       | 1,712              |       | 1997 |   | 1998 |   |
| Creekside Crossing           |       | 2,087                         |       | 9,579                             |   | 11,666                |       | 795                |       | 1999 |   | 2000 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **BROOKLYN PARK, MINNESOTA** |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| 7300 Northland Drive         |       | 703                           |       | 6,624                             |   | 7,327                 |       | 823                |       | 1980 |   | 1998 |   |
| Crosstown North              |       | 1,091                         |       | 6,002                             |   | 7,093                 |       | 550                |       | 1998 |   | 1999 |   |
| Crosstown North              |       | 525                           |       | 3,136                             |   | 3,661                 |       | 291                |       | 1998 |   | 1999 |   |
| Crosstown North              |       | 784                           |       | 2,793                             |   | 3,577                 |       | 433                |       | 1999 |   | 1999 |   |
| Crosstown North              |       | 2,206                         |       | 8,449                             |   | 10,655                |       | 814                |       | 1999 |   | 1999 |   |
| Crosstown North              |       | 1,079                         |       | 5,566                             |   | 6,645                 |       | 472                |       | 1999 |   | 2000 |   |
| Crosstown North              |       | 788                           |       | 3,634                             |   | 4,422                 |       | 215                |       | 2000 |   | 2000 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **BURNSVILLE, MINNESOTA**    |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| Cliff Road Industrial Center |       | 256                           |       | 1,539                             |   | 1,795                 |       | 167                |       | 1972 |   | 1998 |   |
| Larc Industrial Park         |       | 280                           |       | 1,742                             |   | 2,022                 |       | 198                |       | 1977 |   | 1997 |   |
| Larc Industrial Park         |       | 224                           |       | 1,458                             |   | 1,682                 |       | 160                |       | 1976 |   | 1997 |   |
| Larc Industrial Park         |       | 135                           |       | 800                               |   | 935                   |       | 83                 |       | 1980 |   | 1997 |   |
| Larc Industrial Park         |       | 90                            |       | 545                               |   | 635                   |       | 61                 |       | 1980 |   | 1997 |   |
| Larc Industrial Park         |       | 96                            |       | 723                               |   | 819                   |       | 88                 |       | 1980 |   | 1997 |   |
| Larc Industrial Park         |       | 373                           |       | 2,417                             |   | 2,790                 |       | 267                |       | 1975 |   | 1997 |   |
| Larc Industrial Park         |       | 242                           |       | 1,643                             |   | 1,885                 |       | 265                |       | 1973 |   | 1997 |   |
| Professional Plaza           |       | 248                           |       | 1,503                             |   | 1,751                 |       | 155                |       | 1980 |   | 1998 |   |
| Professional Plaza           |       | 241                           |       | 1,615                             |   | 1,856                 |       | 208                |       | 1985 |   | 1998 |   |
| Professional Plaza           |       | 216                           |       | 1,541                             |   | 1,757                 |       | 208                |       | 1984 |   | 1998 |   |
| SE Submarket-Burnsville      |       | 467                           |       | 2,976                             |   | 3,443                 |       | 330                |       | 1986 |   | 1998 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **CANAL WINCHESTER, OHIO**   |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| Nifco at Canal Winchester    |       | 400                           |       | 3,365                             |   | 3,765                 |       | 113                |       | 2000 |   | 2000 |   |
|                         |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| **CARMEL, INDIANA**          |       |                          |       |                              |   |                  |       |               |       |   |   |   |   |
| Hamilton Crossing            |       | 847                           |       | 6,198                             |   | 7,045                 |       | 1,027              |       | 1989 |   | 1993 |   |
| Hamilton Crossing            |       | 384                           |       | 2,155                             |   | 2,539                 |       | 407                |       | 1997 |   | 1997 |   |
| Hamilton Crossing            |       | 890                           |       | 9,958                             |   | 10,848                |       | 457                |       | 2000 |   | 2000 |   |
| Hamilton Crossing            |       | 598                           |       | 6,401                             |   | 6,999                 |       | 962                |       | 1999 |   | 1999 |   |
| Hamilton Crossing Retail     |       | 898                           |       | 6,804                             |   | 7,702                 |       | 550                |       | 1999 |   | 1999 |   |
|                              |            |                               |            |                                   |        |                       |            |                    |            |  |  |  |  |  |

 

60

----

 
|                            |   |                            |   |              |   |             |   | **Initial Cost** |   |
|---------------------------------|--------|---------------------------------|--------|-------------------|--------|------------------|--------|------------------|--------|
| **Development**                 |   | **Name**                        |   | **Building Type** |   | **Encumbrances** |   | **Land**         |   | **Buildings** |   |
| Hamilton Crossing Retail        |   | Hampton Inn Land Lease          |   | Grounds           |   | —           |   | 137              |   | — |   |
| Hamilton Crossing Retail        |   | Max & Ermas                 |   | Grounds           |   | —           |   | 167              |   | — |   |
|                            |   |                            |   |              |   |             |   |             |   |   |   |
| **CARY, NORTH CAROLINA**        |   |                            |   |              |   |             |   |             |   |   |   |
| Regency Forest                  |   | 200 Regency Forest Dr.          |   | Office            |   | —           |   | 1,230            |   | 13,501 |   |
| Regency Forest                  |   | 100 Regency Forest Dr.          |   | Office            |   | —           |   | 1,538            |   | 10,756 |   |
| Regency Forest                  |   | Regency Forest III              |   | Office            |   | —           |   | 1,134            |   | 9,604 |   |
| Weston Parkway                  |   | 6501 Weston Parkway             |   | Office            |   | 7,599            |   | 1,775            |   | 10,668 |   |
|                            |   |                            |   |              |   |             |   |             |   |   |   |
| **CELEBRATION, FLORIDA**        |   |                            |   |              |   |             |   |             |   |   |   |
| Celebration Business Center     |   | Celebration Business  Center I  |   | Office            |   | —           |   | 1,102            |   | 4,843 |   |
| Celebration Business Center     |   | Celebration Business  Center II |   | Office            |   | —           |   | 771              |   | 3,590 |   |
| Celebration Business Center     |   | Celebration Office Center  I    |   | Office            |   | —           |   | 1,011            |   | 7,691 |   |
| Celebration Business Center     |   | Celebration Office Center  II   |   | Office            |   | —           |   | 1,011            |   | 5,663 |   |
|                            |   |                            |   |              |   |             |   |             |   |   |   |
| **CHANHASSEN, MINNESOTA**       |   |                            |   |              |   |             |   |             |   |   |   |
| Chanhassen Lakes                |   | Chanhassen Lakes I              |   | Industrial        |   | —           |   | 357              |   | 2,067 |   |
| Chanhassen Lakes                |   | Chanhassen Lakes II             |   | Industrial        |   | —           |   | 438              |   | 2,542 |   |
|                            |   |                            |   |              |   |             |   |             |   |   |   |
| **CHAPEL HILL, NORTH CAROLINA** |   |                            |   |              |   |             |   |             |   |   |   |
| Governors Village               |   | Governors Village               |   | Office            |   | —           |   | 515              |   | 5,164 |   |
|                            |   |                            |   |              |   |             |   |             |   |   |   |
| **CHICAGO, ILLINOIS**           |   |                            |   |              |   |             |   |             |   |   |   |
| King's Mall                     |   | Applebee's Ground Lease         |   | Grounds           |   | —           |   | 309              |   | 29 |   |
|                            |   |                            |   |              |   |             |   |             |   |   |   |
| **CINCINNATI, OHIO**            |   |                            |   |              |   |             |   |             |   |   |   |
| 312 Elm                         |   | 312 Elm                         |   | Office            |   | 39,187           |   | 4,750            |   | 47,125 |   |
| 312 Plum                        |   | 312 Plum                        |   | Office            |   | —           |   | 2,539            |   | 24,730 |   |
| Blue Ash Office Center          |   | Blue Ash Office Ctr VI          |   | Office            |   | —           |   | 518              |   | 2,852 |   |
| Executive Plaza                 |   | Executive Plaza I               |   | Office            |   | —           |   | 728              |   | 5,504 |   |
| Executive Plaza                 |   | Executive Plaza II              |   | Office            |   | —           |   | 728              |   | 5,613 |   |
| Executive Plaza                 |   | Executive Plaza III             |   | Office            |   | —           |   | 509              |   | 4,945 |   |
| Governors Hill                  |   | 8790 Governor's Hill            |   | Office            |   | —           |   | 400              |   | 4,774 |   |
| Governors Hill                  |   | 8800 Governor's Hill            |   | Office            |   | —           |   | 225              |   | 2,375 |   |
| Governors Hill                  |   | 8600 Governor's Hill            |   | Office            |   | —           |   | 1,220            |   | 18,967 |   |
| Iams Industrial Park            |   | Cincinnati Bell Supply          |   | Industrial        |   | —           |   | 606              |   | 3,218 |   |
| Kenwood Commons                 |   | 8230 Kenwood Commons            |   | Office            |   | 4,775            |   | 638              |   | 3,281 |   |
| Kenwood Commons                 |   | 8280 Kenwood Commons            |   | Office            |   | 2,525            |   | 638              |   | 1,835 |   |
| Kenwood Executive Center        |   | Kenwood Executive Center        |   | Office            |   | —           |   | 606              |   | 4,006 |   |
| Kenwood MOB                     |   | Kenwood MOB                     |   | Office            |   | —           |   | —           |   | 7,331 |   |
| One Ashview Place               |   | One Ashview Place               |   | Office            |   | —           |   | 1,204            |   | 12,630 |   |
| Park 50                         |   | Dun & Bradstreet Bldg       |   | Office            |   | 1,598            |   | 270              |   | 2,701 |   |
| Pfeiffer Place                  |   | Pfeiffer Place                  |   | Office            |   | —           |   | 3,608            |   | 11,956 |   |
| Pfeiffer Woods                  |   | Pfeiffer Woods                  |   | Office            |   | 6,487            |   | 1,450            |   | 12,253 |   |
| Remington Office Park           |   | Remington Park Bldg A           |   | Office            |   | —           |   | 560              |   | 1,469 |   |
| Remington Office Park           |   | Remington Park Bldg B           |   | Office            |   | —           |   | 560              |   | 1,523 |   |
| Triangle Office Park            |   | Triangle Office Park            |   | Office            |   | 4,158            |   | 1,000            |   | 10,824 |   |
| World Park                      |   | World Park Bldg 5               |   | Industrial        |   | 1,824            |   | 270              |   | 3,506 |   |
| World Park                      |   | World Park Bldg 6               |   | Industrial        |   | 2,091            |   | 378              |   | 3,825 |   |
| World Park                      |   | World Park Bldg 7               |   | Industrial        |   | 2,416            |   | 525              |   | 4,500 |   |
| World Park                      |   | World Park Bldg 30              |   | Industrial        |   | —           |   | —           |   | — |   |
| Zussman Building                |   | Zussman Bldg                    |   | Office            |   | —           |   | 339              |   | 6,834 |   |
|                            |   |                            |   |              |   |             |   |             |   |   |   |
| **COLUMBUS, OHIO**              |   |                            |   |              |   |             |   |             |   |   |   |
| Easton                          |   | Easton Way One                  |   | Office            |   | —           |   | 1,874            |   | 10,259 |   |
| Easton                          |   | Easton Way Two                  |   | Office            |   | —           |   | 2,005            |   | 7,327 |   |
| Easton Oval                     |   | One Easton Oval                 |   | Office            |   | —           |   | 2,789            |   | 12,017 |   |
| Easton Oval                     |   | Two Easton Oval                 |   | Office            |   | —           |   | 2,489            |   | 16,753 |   |
| Polaris                         |   | 1000 Polaris Parkway            |   | Office            |   | 4,475            |   | 1,200            |   | 6,618 |   |
| Tuttle Crossing                 |   | BMW Parking Expansion           |   | Grounds           |   | —           |   | —           |   | — |   |

 
|                            |   |                                                 |   | **Gross Book Value 12/31/01** |   |         |   |      |   |                              |   |
|---------------------------------|--------|------------------------------------------------------|--------|-------------------------------|--------|--------------|--------|-----------|--------|-----------------------------------|--------|
| **Development**                 |   | **Cost Capitalized  Subsequent to  Acquisition (1)** |   | **Land/Land Imp**             |   | **Bldgs/TI** |   | **Total** |   | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** |   |
| Hamilton Crossing Retail        |   | 72                                                   |   | 209                           |   | —       |   | 209       |   | 13                                |   | N/A |   | 1999 |   |
| Hamilton Crossing Retail        |   | —                                               |   | 167                           |   | —       |   | 167       |   | —                            |   | N/A |   | 2000 |   |
|                            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **CARY, NORTH CAROLINA**        |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Regency Forest                  |   | 283                                                  |   | 1,230                         |   | 13,784       |   | 15,014    |   | 963                               |   | 1999 |   | 1999 |   |
| Regency Forest                  |   | 1,667                                                |   | 1,618                         |   | 12,343       |   | 13,961    |   | 1,203                             |   | 1997 |   | 1999 |   |
| Regency Forest                  |   | —                                               |   | 1,134                         |   | 9,604        |   | 10,738    |   | 206                               |   | 2000 |   | 2001 |   |
| Weston Parkway                  |   | —                                               |   | 1,775                         |   | 10,668       |   | 12,443    |   | 676                               |   | 1996 |   | 1999 |   |
|                            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **CELEBRATION, FLORIDA**        |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Celebration Business Center     |   | 685                                                  |   | 1,118                         |   | 5,512        |   | 6,630     |   | 506                               |   | 1997 |   | 1999 |   |
| Celebration Business Center     |   | —                                               |   | 771                           |   | 3,590        |   | 4,361     |   | 223                               |   | 1997 |   | 1999 |   |
| Celebration Business Center     |   | —                                               |   | 1,011                         |   | 7,691        |   | 8,702     |   | 424                               |   | 2000 |   | 2000 |   |
| Celebration Business Center     |   | —                                               |   | 1,011                         |   | 5,663        |   | 6,674     |   | 8                                 |   | 2001 |   | 2001 |   |
|                            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **CHANHASSEN, MINNESOTA**       |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Chanhassen Lakes                |   | 469                                                  |   | 370                           |   | 2,523        |   | 2,893     |   | 260                               |   | 1983 |   | 1998 |   |
| Chanhassen Lakes                |   | 134                                                  |   | 453                           |   | 2,661        |   | 3,114     |   | 243                               |   | 1986 |   | 1998 |   |
|                            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **CHAPEL HILL, NORTH CAROLINA** |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Governors Village               |   | —                                               |   | 515                           |   | 5,164        |   | 5,679     |   | 5                                 |   | 2000 |   | 2001 |   |
|                            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **CHICAGO, ILLINOIS**           |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| King's Mall                     |   | —                                               |   | 338                           |   | —       |   | 338       |   | 38                                |   | N/A |   | 1997 |   |
|                            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **CINCINNATI, OHIO**            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| 312 Elm                         |   | 4,794                                                |   | 5,428                         |   | 51,241       |   | 56,669    |   | 11,849                            |   | 1992 |   | 1993 |   |
| 312 Plum                        |   | 2,388                                                |   | 2,590                         |   | 27,067       |   | 29,657    |   | 6,488                             |   | 1987 |   | 1993 |   |
| Blue Ash Office Center          |   | 233                                                  |   | 518                           |   | 3,085        |   | 3,603     |   | 341                               |   | 1989 |   | 1997 |   |
| Executive Plaza                 |   | 9                                                    |   | 728                           |   | 5,513        |   | 6,241     |   | 724                               |   | 1980 |   | 1996 |   |
| Executive Plaza                 |   | 97                                                   |   | 728                           |   | 5,710        |   | 6,438     |   | 772                               |   | 1981 |   | 1996 |   |
| Executive Plaza                 |   | 1,403                                                |   | 509                           |   | 6,348        |   | 6,857     |   | 1,134                             |   | 1998 |   | 1998 |   |
| Governors Hill                  |   | 486                                                  |   | 408                           |   | 5,252        |   | 5,660     |   | 1,147                             |   | 1985 |   | 1993 |   |
| Governors Hill                  |   | 6                                                    |   | 231                           |   | 2,375        |   | 2,606     |   | 953                               |   | 1985 |   | 1986 |   |
| Governors Hill                  |   | 788                                                  |   | 1,245                         |   | 19,730       |   | 20,975    |   | 4,063                             |   | 1986 |   | 1993 |   |
| Iams Industrial Park            |   | —                                               |   | 606                           |   | 3,218        |   | 3,824     |   | 150                               |   | 1999 |   | 2000 |   |
| Kenwood Commons                 |   | 761                                                  |   | 638                           |   | 4,042        |   | 4,680     |   | 1,811                             |   | 1986 |   | 1986 |   |
| Kenwood Commons                 |   | —                                               |   | 638                           |   | 1,835        |   | 2,473     |   | 835                               |   | 1986 |   | 1986 |   |
| Kenwood Executive Center        |   | 404                                                  |   | 606                           |   | 4,410        |   | 5,016     |   | 494                               |   | 1981 |   | 1997 |   |
| Kenwood MOB                     |   | 139                                                  |   | —                        |   | 7,470        |   | 7,470     |   | 409                               |   | 1999 |   | 1999 |   |
| One Ashview Place               |   | 549                                                  |   | 1,204                         |   | 13,179       |   | 14,383    |   | 1,498                             |   | 1989 |   | 1997 |   |
| Park 50                         |   | 382                                                  |   | 466                           |   | 2,887        |   | 3,353     |   | 1,126                             |   | 1972 |   | 1986 |   |
| Pfeiffer Place                  |   | —                                               |   | 3,608                         |   | 11,956       |   | 15,564    |   | 14                                |   | 2001 |   | 2001 |   |
| Pfeiffer Woods                  |   | 172                                                  |   | 1,450                         |   | 12,425       |   | 13,875    |   | 752                               |   | 1998 |   | 1999 |   |
| Remington Office Park           |   | 154                                                  |   | 560                           |   | 1,623        |   | 2,183     |   | 192                               |   | 1982 |   | 1997 |   |
| Remington Office Park           |   | 54                                                   |   | 560                           |   | 1,577        |   | 2,137     |   | 169                               |   | 1982 |   | 1997 |   |
| Triangle Office Park            |   | 600                                                  |   | 1,018                         |   | 11,406       |   | 12,424    |   | 4,486                             |   | 1965 |   | 1986 |   |
| World Park                      |   | 22                                                   |   | 276                           |   | 3,522        |   | 3,798     |   | 1,230                             |   | 1987 |   | 1988 |   |
| World Park                      |   | 109                                                  |   | 385                           |   | 3,927        |   | 4,312     |   | 1,231                             |   | 1987 |   | 1988 |   |
| World Park                      |   | 143                                                  |   | 537                           |   | 4,631        |   | 5,168     |   | 1,484                             |   | 1987 |   | 1988 |   |
| World Park                      |   | —                                               |   | —                        |   | —       |   | —    |   | —                            |   | 1999 |   | 2000 |   |
| Zussman Building                |   | 870                                                  |   | 346                           |   | 7,697        |   | 8,043     |   | 2,450                             |   | 1986 |   | 1993 |   |
|                            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **COLUMBUS, OHIO**              |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Easton                          |   | —                                               |   | 1,874                         |   | 10,259       |   | 12,133    |   | 552                               |   | 2000 |   | 2000 |   |
| Easton                          |   | —                                               |   | 2,005                         |   | 7,327        |   | 9,332     |   | 2                                 |   | 2001 |   | 2001 |   |
| Easton Oval                     |   | 193                                                  |   | 2,789                         |   | 12,210       |   | 14,999    |   | 1,645                             |   | 1998 |   | 1999 |   |
| Easton Oval                     |   | 291                                                  |   | 2,489                         |   | 17,044       |   | 19,533    |   | 1,576                             |   | 1996 |   | 1998 |   |
| Polaris                         |   | 726                                                  |   | 1,200                         |   | 7,344        |   | 8,544     |   | 504                               |   | 1992 |   | 1999 |   |
| Tuttle Crossing                 |   | —                                               |   | —                        |   | —       |   | —    |   | 18                                |   | N/A |   | 1997 |   |

 

61

----

 
|                        |   |                            |   |              |   |             |   | **Initial Cost** |   |
|-----------------------------|--------|---------------------------------|--------|-------------------|--------|------------------|--------|------------------|--------|
| **Development**             |   | **Name**                        |   | **Building Type** |   | **Encumbrances** |   | **Land**         |   | **Buildings** |   |
| Tuttle Crossing             |   | Qwest  Parking Expansion        |   | Grounds           |   | —           |   | —           |   | — |   |
| Westbelt Drive              |   | 2190-2200 Westbelt Drive        |   | Industrial        |   | —           |   | 300              |   | 1,951 |   |
| Westbelt West               |   | Westbelt West #1                |   | Industrial        |   | —           |   | 432              |   | 4,133 |   |
| Westbelt West               |   | Westbelt West #2                |   | Industrial        |   | —           |   | 509              |   | 5,209 |   |
| Zane Trace                  |   | 3800 Zane Trace Drive           |   | Industrial        |   | —           |   | 170              |   | 2,086 |   |
| Zane Trace                  |   | 3635 Zane Trace Drive           |   | Industrial        |   | —           |   | 236              |   | 1,800 |   |
|                        |   |                            |   |              |   |             |   |             |   |   |   |
| **CREVE COUER, MISSOURI**   |   |                            |   |              |   |             |   |             |   |   |   |
| Twin Oaks Office Ctr        |   | Twin Oaks                       |   | Office            |   | —           |   | 566              |   | 8,269 |   |
|                        |   |                            |   |              |   |             |   |             |   |   |   |
| **CRYSTAL, MINNESOTA**      |   |                            |   |              |   |             |   |             |   |   |   |
| Crystal Industrial Center   |   | Crystal Industrial Center       |   | Industrial        |   | —           |   | 456              |   | 2,621 |   |
|                        |   |                            |   |              |   |             |   |             |   |   |   |
| **DES PLAINES, ILLINOIS**   |   |                            |   |              |   |             |   |             |   |   |   |
| 105 East Oakton             |   | 105 East Oakton                 |   | Industrial        |   | —           |   | 1,132            |   | 4,253 |   |
| Deckbrand Building          |   | Wolf Road Building              |   | Industrial        |   | —           |   | 179              |   | 1,632 |   |
|                        |   |                            |   |              |   |             |   |             |   |   |   |
| **DOWNERS GROVE, ILLINOIS** |   |                            |   |              |   |             |   |             |   |   |   |
| Executive Towers            |   | Executive Towers I              |   | Office            |   | —           |   | 2,652            |   | 24,356 |   |
| Executive Towers            |   | Executive Towers II             |   | Office            |   | —           |   | 3,386            |   | 31,791 |   |
| Executive Towers            |   | Executive Towers III            |   | Office            |   | —           |   | 3,512            |   | 32,955 |   |
|                        |   |                            |   |              |   |             |   |             |   |   |   |
| **DUBLIN, OHIO**            |   |                            |   |              |   |             |   |             |   |   |   |
| Scioto Corporate Center     |   | Scioto Corporate Center         |   | Office            |   | —           |   | 1,100            |   | 3,336 |   |
| Tuttle Crossing             |   | Metrocenter III                 |   | Office            |   | —           |   | 887              |   | 2,965 |   |
| Tuttle Crossing             |   | Qwest                           |   | Office            |   | —           |   | 2,618            |   | 18,877 |   |
| Tuttle Crossing             |   | Sterling 1                      |   | Office            |   | —           |   | 1,494            |   | 12,799 |   |
| Tuttle Crossing             |   | 4700 Lakehurst Ct.              |   | Office            |   | —           |   | 717              |   | 2,442 |   |
| Tuttle Crossing             |   | Sterling 2                      |   | Office            |   | —           |   | 605              |   | 5,836 |   |
| Tuttle Crossing             |   | John Alden Life Ins.            |   | Office            |   | —           |   | 1,066            |   | 7,656 |   |
| Tuttle Crossing             |   | 5555 Glendon Court              |   | Office            |   | —           |   | 1,600            |   | 10,760 |   |
| Tuttle Crossing             |   | Sterling 3                      |   | Office            |   | —           |   | 1,601            |   | 8,668 |   |
| Tuttle Crossing             |   | Compmanagement                  |   | Office            |   | —           |   | 867              |   | 4,366 |   |
| Tuttle Crossing             |   | Sterling 4                      |   | Office            |   | —           |   | 483              |   | 9,284 |   |
| Tuttle Crossing             |   | Xerox Bldg-5555 Parkcenter  Cir |   | Office            |   | —           |   | 1,580            |   | 9,333 |   |
| Tuttle Crossing             |   | Parkwood Place                  |   | Office            |   | —           |   | 1,690            |   | 11,477 |   |
| Tuttle Crossing             |   | Nationwide                      |   | Office            |   | —           |   | 4,815            |   | 19,030 |   |
| Tuttle Crossing             |   | Emerald II                      |   | Office            |   | —           |   | 495              |   | 3,452 |   |
| Tuttle Crossing             |   | Atrium II, Phase I              |   | Office            |   | —           |   | 1,649            |   | 11,438 |   |
| Tuttle Crossing             |   | Atrium II, Phase II             |   | Office            |   | —           |   | 1,597            |   | 10,212 |   |
| Tuttle Crossing             |   | Blazer I                        |   | Office            |   | —           |   | 904              |   | 5,688 |   |
| Tuttle Crossing             |   | Parkwood II                     |   | Office            |   | —           |   | 1,848            |   | 13,952 |   |
| Tuttle Crossing             |   | Blazer II                       |   | Office            |   | —           |   | 1,016            |   | 6,854 |   |
| Tuttle Crossing             |   | Emerald III                     |   | Office            |   | —           |   | 1,685            |   | 7,774 |   |
|                        |   |                            |   |              |   |             |   |             |   |   |   |
| **DULUTH, GEORGIA**         |   |                            |   |              |   |             |   |             |   |   |   |
| Breckinridge                |   | 2825 Breckinridge Blvd          |   | Industrial        |   | —           |   | 317              |   | 3,626 |   |
| Breckinridge                |   | 2875 Breckinridge Blvd          |   | Industrial        |   | —           |   | 476              |   | 4,797 |   |
| Breckinridge                |   | 2885 Breckinridge Blvd          |   | Industrial        |   | —           |   | 487              |   | 6,893 |   |
| Business Park At Sugarloaf  |   | 2775 Premiere Parkway           |   | Industrial        |   | —           |   | 560              |   | 4,697 |   |
| Business Park At Sugarloaf  |   | 3079 Premiere Parkway           |   | Industrial        |   | —           |   | 776              |   | 6,520 |   |
| Business Park At Sugarloaf  |   | Sugarloaf Office I              |   | Industrial        |   | —           |   | 1,042            |   | 8,685 |   |
| Business Park At Sugarloaf  |   | 2855 Premiere Parkway           |   | Industrial        |   | —           |   | 765              |   | 3,941 |   |
| Business Park At Sugarloaf  |   | 6655 Sugarloaf                  |   | Industrial        |   | —           |   | —           |   | — |   |
| Business Park At Sugarloaf  |   | Sugarloaf Office IV             |   | Industrial        |   | —           |   | 623              |   | 4,157 |   |
| Business Park At Sugarloaf  |   | 6655 Sugarloaf(Innotrac)        |   | Industrial        |   | —           |   | 1,651            |   | 6,449 |   |
| Crestwood Pointe            |   | 3805 Crestwood Parkway          |   | Office            |   | —           |   | 877              |   | 15,158 |   |
| Crestwood Pointe            |   | 3885 Crestwood Parkway          |   | Office            |   | —           |   | 878              |   | 14,153 |   |
| Hampton Green               |   | Hampton Green Off I             |   | Office            |   | —           |   | 1,388            |   | 11,268 |   |
| Meadowbrook                 |   | 2475 Meadowbrook Parkway        |   | Industrial        |   | —           |   | 529              |   | 3,477 |   |

 
|                        |   |                                                 |   | **Gross Book Value 12/31/01** |   |         |   |      |   |                              |   |
|-----------------------------|--------|------------------------------------------------------|--------|-------------------------------|--------|--------------|--------|-----------|--------|-----------------------------------|--------|
| **Development**             |   | **Cost Capitalized  Subsequent to  Acquisition (1)** |   | **Land/Land Imp**             |   | **Bldgs/TI** |   | **Total** |   | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** |   |
| Tuttle Crossing             |   | —                                               |   | —                        |   | —       |   | —    |   | 39                                |   | N/A |   | 1998 |   |
| Westbelt Drive              |   | 84                                                   |   | 300                           |   | 2,035        |   | 2,335     |   | 167                               |   | 1986 |   | 1998 |   |
| Westbelt West               |   | 873                                                  |   | 432                           |   | 5,006        |   | 5,438     |   | 469                               |   | 1999 |   | 1999 |   |
| Westbelt West               |   | —                                               |   | 509                           |   | 5,209        |   | 5,718     |   | 260                               |   | 1999 |   | 2000 |   |
| Zane Trace                  |   | 371                                                  |   | 170                           |   | 2,457        |   | 2,627     |   | 471                               |   | 1978 |   | 1994 |   |
| Zane Trace                  |   | 257                                                  |   | 236                           |   | 2,057        |   | 2,293     |   | 227                               |   | 1980 |   | 1998 |   |
|                        |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **CREVE COUER, MISSOURI**   |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Twin Oaks Office Ctr        |   | 940                                                  |   | 566                           |   | 9,209        |   | 9,775     |   | 1,154                             |   | 1995 |   | 1997 |   |
|                        |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **CRYSTAL, MINNESOTA**      |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Crystal Industrial Center   |   | 552                                                  |   | 480                           |   | 3,149        |   | 3,629     |   | 514                               |   | 1974 |   | 1997 |   |
|                        |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **DES PLAINES, ILLINOIS**   |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| 105 East Oakton             |   | 278                                                  |   | 1,132                         |   | 4,531        |   | 5,663     |   | 397                               |   | 1974 |   | 1999 |   |
| Deckbrand Building          |   | 292                                                  |   | 179                           |   | 1,924        |   | 2,103     |   | 214                               |   | 1966 |   | 1998 |   |
|                        |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **DOWNERS GROVE, ILLINOIS** |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Executive Towers            |   | 2,262                                                |   | 2,652                         |   | 26,618       |   | 29,270    |   | 3,141                             |   | 1983 |   | 1997 |   |
| Executive Towers            |   | 4,255                                                |   | 3,386                         |   | 36,046       |   | 39,432    |   | 4,391                             |   | 1984 |   | 1997 |   |
| Executive Towers            |   | 2,038                                                |   | 3,512                         |   | 34,993       |   | 38,505    |   | 4,155                             |   | 1987 |   | 1997 |   |
|                        |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **DUBLIN, OHIO**            |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Scioto Corporate Center     |   | 497                                                  |   | 1,100                         |   | 3,833        |   | 4,933     |   | 518                               |   | 1987 |   | 1996 |   |
| Tuttle Crossing             |   | 429                                                  |   | 887                           |   | 3,394        |   | 4,281     |   | 478                               |   | 1983 |   | 1996 |   |
| Tuttle Crossing             |   | 916                                                  |   | 2,670                         |   | 19,741       |   | 22,411    |   | 4,055                             |   | 1990 |   | 1993 |   |
| Tuttle Crossing             |   | 331                                                  |   | 1,524                         |   | 13,100       |   | 14,624    |   | 2,658                             |   | 1990 |   | 1993 |   |
| Tuttle Crossing             |   | 409                                                  |   | 717                           |   | 2,851        |   | 3,568     |   | 704                               |   | 1994 |   | 1994 |   |
| Tuttle Crossing             |   | 61                                                   |   | 605                           |   | 5,897        |   | 6,502     |   | 976                               |   | 1995 |   | 1995 |   |
| Tuttle Crossing             |   | —                                               |   | 1,066                         |   | 7,656        |   | 8,722     |   | 1,261                             |   | 1995 |   | 1995 |   |
| Tuttle Crossing             |   | 1,082                                                |   | 1,773                         |   | 11,669       |   | 13,442    |   | 3,660                             |   | 1995 |   | 1995 |   |
| Tuttle Crossing             |   | 72                                                   |   | 1,601                         |   | 8,740        |   | 10,341    |   | 1,865                             |   | 1996 |   | 1996 |   |
| Tuttle Crossing             |   | 534                                                  |   | 867                           |   | 4,900        |   | 5,767     |   | 683                               |   | 1997 |   | 1997 |   |
| Tuttle Crossing             |   | 892                                                  |   | 483                           |   | 10,176       |   | 10,659    |   | 1,305                             |   | 1998 |   | 1998 |   |
| Tuttle Crossing             |   | 487                                                  |   | 1,580                         |   | 9,820        |   | 11,400    |   | 1,930                             |   | 1992 |   | 1994 |   |
| Tuttle Crossing             |   | 807                                                  |   | 1,690                         |   | 12,284       |   | 13,974    |   | 1,952                             |   | 1997 |   | 1997 |   |
| Tuttle Crossing             |   | 68                                                   |   | 4,815                         |   | 19,098       |   | 23,913    |   | 4,112                             |   | 1996 |   | 1996 |   |
| Tuttle Crossing             |   | —                                               |   | 495                           |   | 3,452        |   | 3,947     |   | 676                               |   | 1998 |   | 1998 |   |
| Tuttle Crossing             |   | —                                               |   | 1,649                         |   | 11,438       |   | 13,087    |   | 2,260                             |   | 1997 |   | 1998 |   |
| Tuttle Crossing             |   | 986                                                  |   | 1,597                         |   | 11,198       |   | 12,795    |   | 2,002                             |   | 1998 |   | 1999 |   |
| Tuttle Crossing             |   | 562                                                  |   | 904                           |   | 6,250        |   | 7,154     |   | 968                               |   | 1999 |   | 1999 |   |
| Tuttle Crossing             |   | —                                               |   | 1,848                         |   | 13,952       |   | 15,800    |   | 782                               |   | 2000 |   | 2000 |   |
| Tuttle Crossing             |   | —                                               |   | 1,016                         |   | 6,854        |   | 7,870     |   | 414                               |   | 2000 |   | 2000 |   |
| Tuttle Crossing             |   | —                                               |   | 1,685                         |   | 7,774        |   | 9,459     |   | 71                                |   | 2001 |   | 2001 |   |
|                        |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| **DULUTH, GEORGIA**         |   |                                                 |   |                          |   |         |   |      |   |                              |   |   |   |   |   |
| Breckinridge                |   | 117                                                  |   | 317                           |   | 3,743        |   | 4,060     |   | 256                               |   | 1986 |   | 1999 |   |
| Breckinridge                |   | —                                               |   | 476                           |   | 4,797        |   | 5,273     |   | 297                               |   | 1986 |   | 1999 |   |
| Breckinridge                |   | 308                                                  |   | 487                           |   | 7,201        |   | 7,688     |   | 439                               |   | 1997 |   | 1999 |   |
| Business Park At Sugarloaf  |   | 22                                                   |   | 560                           |   | 4,719        |   | 5,279     |   | 295                               |   | 1997 |   | 1999 |   |
| Business Park At Sugarloaf  |   | 296                                                  |   | 776                           |   | 6,816        |   | 7,592     |   | 438                               |   | 1998 |   | 1999 |   |
| Business Park At Sugarloaf  |   | 40                                                   |   | 1,042                         |   | 8,725        |   | 9,767     |   | 546                               |   | 1998 |   | 1999 |   |
| Business Park At Sugarloaf  |   | 187                                                  |   | 765                           |   | 4,128        |   | 4,893     |   | 282                               |   | 1999 |   | 1999 |   |
| Business Park At Sugarloaf  |   | —                                               |   | —                        |   | —       |   | —    |   | 14                                |   | 1998 |   | 1999 |   |
| Business Park At Sugarloaf  |   | —                                               |   | 623                           |   | 4,157        |   | 4,780     |   | 417                               |   | 2000 |   | 2000 |   |
| Business Park At Sugarloaf  |   | —                                               |   | 1,651                         |   | 6,449        |   | 8,100     |   | —                            |   | 1998 |   | 2001 |   |
| Crestwood Pointe            |   | 120                                                  |   | 877                           |   | 15,278       |   | 16,155    |   | 1,011                             |   | 1997 |   | 1999 |   |
| Crestwood Pointe            |   | 1,000                                                |   | 878                           |   | 15,153       |   | 16,031    |   | 1,266                             |   | 1998 |   | 1999 |   |
| Hampton Green               |   | —                                               |   | 1,388                         |   | 11,268       |   | 12,656    |   | 340                               |   | 2000 |   | 2000 |   |
| Meadowbrook                 |   | 155                                                  |   | 529                           |   | 3,632        |   | 4,161     |   | 285                               |   | 1986 |   | 1999 |   |

 

62

----

 
| **Development**                  |   | **Name**                        | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|----------------------------------|--------|---------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Meadowbrook                      |   | 2505  Meadowbrook Parkway       |       | Industrial         |       | —           |       | 606                    |       | 2,395         |       | 4                                                    |   |
| River Green                      |   | 3450 River  Green Court         |       | Industrial         |       | —           |       | 194                    |       | 2,191         |       | 195                                                  |   |
| Sugarloaf                        |   | Sugarloaf  Office V             |       | Industrial         |       | —           |       | 744                    |       | 3,797         |       | —                                               |   |
|                             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **EAGAN, MINNESOTA**             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Apollo Distribution Center       |   | Apollo  Industrial Ctr I        |       | Industrial         |       | —           |       | 866                    |       | 4,956         |       | 675                                                  |   |
| Apollo Distribution Center       |   | Apollo Industrial  Ctr II       |       | Industrial         |       | —           |       | 474                    |       | 3,125         |       | —                                               |   |
| Apollo Distribution Center       |   | Apollo  Industrial Ctr III      |       | Industrial         |       | —           |       | 1,432                  |       | 6,868         |       | —                                               |   |
| Eagan Point Industrial Park      |   | Eagan Pointe  Business Center I |       | Industrial         |       | —           |       | 1,046                  |       | 3,927         |       | —                                               |   |
| Eagandale Crossing               |   | Eagandale  Crossing             |       | Industrial         |       | —           |       | 974                    |       | 4,780         |       | 12                                                   |   |
| Eagandale Tech Center            |   | Eagandale  Tech Center          |       | Industrial         |       | —           |       | 987                    |       | 5,681         |       | 696                                                  |   |
| Not Applicated                   |   | Lunar Pointe                    |       | Industrial         |       | —           |       | 982                    |       | 2,805         |       | —                                               |   |
| Sibley Industrial Center         |   | Sibley Industrial  Center I     |       | Industrial         |       | —           |       | 356                    |       | 2,050         |       | 234                                                  |   |
| Sibley Industrial Center         |   | Sibley  Industrial Center II    |       | Industrial         |       | —           |       | 225                    |       | 1,343         |       | 104                                                  |   |
| Sibley Industrial Center         |   | Sibley  Industrial Center III   |       | Industrial         |       | —           |       | 213                    |       | 1,223         |       | 238                                                  |   |
| Silverbell Commons               |   | Silverbell  Commons             |       | Industrial         |       | —           |       | 1,807                  |       | 7,103         |       | 126                                                  |   |
| Trapp Road                       |   | Trapp Road  Commerce I          |       | Industrial         |       | —           |       | 671                    |       | 3,879         |       | 347                                                  |   |
| Trapp Road                       |   | Trapp Road  Commerce II         |       | Industrial         |       | —           |       | 1,250                  |       | 7,022         |       | 459                                                  |   |
| Yankee Place                     |   | Yankee Place                    |       | Industrial         |       | —           |       | 2,797                  |       | 12,146        |       | —                                               |   |
|                             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **EARTH CITY, MISSOURI**         |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Earth City                       |   | 3322 NGIC                       |       | Office             |       | 6,493            |       | 2,615                  |       | 10,809        |       | 809                                                  |   |
| Earth City                       |   | Corporate  Center, Earth City   |       | Industrial         |       | —           |       | 783                    |       | 4,481         |       | —                                               |   |
|                             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **EAST POINTE, GEORGIA**         |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Camp Creek                       |   | Camp Creek  Bldg 1400           |       | Industrial         |       | —           |       | 561                    |       | 3,200         |       | —                                               |   |
| Camp Creek                       |   | Camp Creek  Bldg 1800           |       | Industrial         |       | —           |       | 462                    |       | 2,963         |       | —                                               |   |
| Camp Creek                       |   | Camp Creek  Bldg 2000           |       | Industrial         |       | —           |       | 395                    |       | 2,256         |       | —                                               |   |
| Camp Creek                       |   | Camp Creek  Bldg 2400           |       | Industrial         |       | —           |       | 296                    |       | 1,686         |       | —                                               |   |
| Camp Creek                       |   | Camp Creek  Bldg 2600           |       | Industrial         |       | —           |       | 364                    |       | 2,075         |       | —                                               |   |
|                             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **EDEN PRAIRIE, MINNESOTA**      |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Edenvale Executive Center        |   | Edenvale  Executive Center      |       | Industrial         |       | —           |       | 1,184                  |       | 6,699         |       | 405                                                  |   |
| Golden Triangle Tech Center      |   | Golden  Triangle Tech Ctr       |       | Industrial         |       | —           |       | 1,446                  |       | 8,258         |       | 258                                                  |   |
| Valley Gate/Green                |   | Valley Gate  North              |       | Industrial         |       | —           |       | 548                    |       | 3,133         |       | 506                                                  |   |
|                             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **EDINA, MINNESOTA**             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Cahill Business Center           |   | Cahill  Business Center         |       | Industrial         |       | —           |       | 507                    |       | 2,945         |       | 337                                                  |   |
| Edina Interchange                |   | Edina  Interchange I            |       | Industrial         |       | 1,771            |       | 630                    |       | 3,646         |       | 408                                                  |   |
| Edina Interchange                |   | Edina  Interchange II           |       | Industrial         |       | 1,138            |       | 432                    |       | 2,501         |       | 60                                                   |   |
| Edina Interchange                |   | Edina  Interchange III          |       | Industrial         |       | 1,272            |       | 487                    |       | 2,821         |       | 59                                                   |   |
| Edina Interchange                |   | Edina  Interchange IV           |       | Industrial         |       | —           |       | 228                    |       | 1,322         |       | 344                                                  |   |
| Edina Interchange                |   | Edina  Interchange V            |       | Industrial         |       | —           |       | 971                    |       | 5,637         |       | 353                                                  |   |
| Edina Interchange                |   | Edina  Interchange VII          |       | Industrial         |       | —           |       | 180                    |       | 1,060         |       | 217                                                  |   |
| Pakwa                            |   | Pakwa I                         |       | Industrial         |       | —           |       | 347                    |       | 2,018         |       | 342                                                  |   |
| Pakwa                            |   | Pakwa II                        |       | Industrial         |       | —           |       | 215                    |       | 1,241         |       | 155                                                  |   |
| Pakwa                            |   | Pakwa III                       |       | Office             |       | —           |       | 248                    |       | 1,433         |       | 95                                                   |   |
|                             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **FAIRFIELD, OHIO**              |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Faifield Business Center         |   | Fairfield  Bus. Ctr. D          |       | Industrial         |       | —           |       | 135                    |       | 1,732         |       | 65                                                   |   |
| Faifield Business Center         |   | Fairfield  Bus. Ctr. E          |       | Industrial         |       | —           |       | 398                    |       | 2,583         |       | 75                                                   |   |
| University Moving                |   | University  Moving              |       | Industrial         |       | —           |       | 248                    |       | 1,760         |       | 24                                                   |   |
|                             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **FALLS TOWNSHIP, PENNSYLVANIA** |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Cabot Industrial Park            |   | GM—Philadelphia            |       | Industrial         |       | —           |       | 6,781                  |       | 23,233        |       | —                                               |   |
|                             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **FENTON, MISSOURI**             |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Fenton Interstate Buildings      |   | Fenton  Interstate Building C   |       | Industrial         |       | —           |       | 519                    |       | 1,967         |       | 20                                                   |   |
| Fenton Interstate Buildings      |   | Fenton  Interstate Building D   |       | Industrial         |       | —           |       | 1,286                  |       | 5,144         |       | 41                                                   |   |
| Fenton Interstate Buildings      |   | Fenton  Industrial Bldg A       |       | Industrial         |       | —           |       | 603                    |       | 2,609         |       | —                                               |   |
|                                  |        |                                 |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**                  |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|----------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**                | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Meadowbrook                      |       | 606                           |       | 2,399                             |   | 3,005                 |   | 149                |       | 1990 |   | 1999 |   |
| River Green                      |       | 194                           |       | 2,386                             |   | 2,580                 |   | 165                |       | 1989 |   | 1999 |   |
| Sugarloaf                        |       | 744                           |       | 3,797                             |   | 4,541                 |   | 48                 |       | 2001 |   | 2001 |   |
|                             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **EAGAN, MINNESOTA**             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Apollo Distribution Center       |       | 882                           |       | 5,615                             |   | 6,497                 |   | 806                |       | 1997 |   | 1997 |   |
| Apollo Distribution Center       |       | 474                           |       | 3,125                             |   | 3,599                 |   | 218                |       | 2000 |   | 2000 |   |
| Apollo Distribution Center       |       | 1,432                         |       | 6,868                             |   | 8,300                 |   | 294                |       | 2000 |   | 2000 |   |
| Eagan Point Industrial Park      |       | 1,046                         |       | 3,927                             |   | 4,973                 |   | —             |       | 2001 |   | 2001 |   |
| Eagandale Crossing               |       | 987                           |       | 4,779                             |   | 5,766                 |   | 1,122              |       | 1998 |   | 1998 |   |
| Eagandale Tech Center            |       | 987                           |       | 6,377                             |   | 7,364                 |   | 838                |       | 1998 |   | 1998 |   |
| Not Applicated                   |       | 982                           |       | 2,805                             |   | 3,787                 |   | —             |       | 2001 |   | 2001 |   |
| Sibley Industrial Center         |       | 380                           |       | 2,260                             |   | 2,640                 |   | 331                |       | 1973 |   | 1997 |   |
| Sibley Industrial Center         |       | 225                           |       | 1,447                             |   | 1,672                 |   | 271                |       | 1972 |   | 1997 |   |
| Sibley Industrial Center         |       | 217                           |       | 1,457                             |   | 1,674                 |   | 205                |       | 1968 |   | 1997 |   |
| Silverbell Commons               |       | 1,807                         |       | 7,229                             |   | 9,036                 |   | 863                |       | 1999 |   | 1999 |   |
| Trapp Road                       |       | 691                           |       | 4,206                             |   | 4,897                 |   | 469                |       | 1996 |   | 1998 |   |
| Trapp Road                       |       | 1,250                         |       | 7,481                             |   | 8,731                 |   | 829                |       | 1998 |   | 1998 |   |
| Yankee Place                     |       | 2,797                         |       | 12,146                            |   | 14,943                |   | 2,041              |       | 1986 |   | 1997 |   |
|                             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **EARTH CITY, MISSOURI**         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Earth City                       |       | 2,615                         |       | 11,618                            |   | 14,233                |   | 1,376              |       | 1987 |   | 1997 |   |
| Earth City                       |       | 783                           |       | 4,481                             |   | 5,264                 |   | 246                |       | 2000 |   | 2000 |   |
|                             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **EAST POINTE, GEORGIA**         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Camp Creek                       |       | 561                           |       | 3,200                             |   | 3,761                 |   | 81                 |       | 1988 |   | 2001 |   |
| Camp Creek                       |       | 462                           |       | 2,963                             |   | 3,425                 |   | 82                 |       | 1989 |   | 2001 |   |
| Camp Creek                       |       | 395                           |       | 2,256                             |   | 2,651                 |   | 57                 |       | 1989 |   | 2001 |   |
| Camp Creek                       |       | 296                           |       | 1,686                             |   | 1,982                 |   | 43                 |       | 1988 |   | 2001 |   |
| Camp Creek                       |       | 364                           |       | 2,075                             |   | 2,439                 |   | 53                 |       | 1990 |   | 2001 |   |
|                             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **EDEN PRAIRIE, MINNESOTA**      |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Edenvale Executive Center        |       | 1,185                         |       | 7,103                             |   | 8,288                 |   | 444                |       | 1987 |   | 1999 |   |
| Golden Triangle Tech Center      |       | 1,458                         |       | 8,504                             |   | 9,962                 |   | 756                |       | 1997 |   | 1998 |   |
| Valley Gate/Green                |       | 556                           |       | 3,632                             |   | 4,188                 |   | 301                |       | 1986 |   | 1999 |   |
|                             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **EDINA, MINNESOTA**             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Cahill Business Center           |       | 507                           |       | 3,282                             |   | 3,789                 |   | 428                |       | 1980 |   | 1997 |   |
| Edina Interchange                |       | 630                           |       | 4,054                             |   | 4,684                 |   | 468                |       | 1995 |   | 1997 |   |
| Edina Interchange                |       | 432                           |       | 2,561                             |   | 2,993                 |   | 264                |       | 1980 |   | 1997 |   |
| Edina Interchange                |       | 487                           |       | 2,880                             |   | 3,367                 |   | 302                |       | 1981 |   | 1997 |   |
| Edina Interchange                |       | 228                           |       | 1,666                             |   | 1,894                 |   | 273                |       | 1974 |   | 1997 |   |
| Edina Interchange                |       | 971                           |       | 5,990                             |   | 6,961                 |   | 688                |       | 1974 |   | 1997 |   |
| Edina Interchange                |       | 180                           |       | 1,277                             |   | 1,457                 |   | 166                |       | 1970 |   | 1998 |   |
| Pakwa                            |       | 347                           |       | 2,360                             |   | 2,707                 |   | 381                |       | 1979 |   | 1997 |   |
| Pakwa                            |       | 215                           |       | 1,396                             |   | 1,611                 |   | 177                |       | 1979 |   | 1997 |   |
| Pakwa                            |       | 248                           |       | 1,528                             |   | 1,776                 |   | 185                |       | 1979 |   | 1997 |   |
|                             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **FAIRFIELD, OHIO**              |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Faifield Business Center         |       | 135                           |       | 1,797                             |   | 1,932                 |   | 290                |       | 1990 |   | 1995 |   |
| Faifield Business Center         |       | 398                           |       | 2,658                             |   | 3,056                 |   | 440                |       | 1990 |   | 1995 |   |
| University Moving                |       | 248                           |       | 1,784                             |   | 2,032                 |   | 297                |       | 1991 |   | 1995 |   |
|                             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **FALLS TOWNSHIP, PENNSYLVANIA** |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Cabot Industrial Park            |       | 6,781                         |       | 23,233                            |   | 30,014                |   | —             |       | 2001 |   | 2001 |   |
|                             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **FENTON, MISSOURI**             |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Fenton Interstate Buildings      |       | 519                           |       | 1,987                             |   | 2,506                 |   | 143                |       | 1986 |   | 1999 |   |
| Fenton Interstate Buildings      |       | 1,286                         |       | 5,185                             |   | 6,471                 |   | 400                |       | 1987 |   | 1999 |   |
| Fenton Interstate Buildings      |       | 603                           |       | 2,609                             |   | 3,212                 |   | 159                |       | 1987 |   | 2000 |   |
|                                  |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

63

----

 
| **Development**              |   | **Name**                      | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|------------------------------|--------|-------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Fenton Interstate Buildings  |   | Fenton  Industrial Bldg B     |       | Industrial         |       | —           |       | 702                    |       | 2,305         |       | —                                               |   |
| Southport                    |   | Southport I                   |       | Industrial         |       | —           |       | 192                    |       | 834           |       | 46                                                   |   |
| Southport                    |   | Southport II                  |       | Industrial         |       | —           |       | 151                    |       | 659           |       | 52                                                   |   |
| Southport                    |   | Southport  Commerce Ctr       |       | Industrial         |       | —           |       | 233                    |       | 1,016         |       | 165                                                  |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **FISHERS, INDIANA**         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Exit 5                       |   | Exit 5 Bldg  I                |       | Industrial         |       | —           |       | 833                    |       | 2,680         |       | 113                                                  |   |
| Exit 5                       |   | Exit 5 Bldg.  II              |       | Industrial         |       | —           |       | 760                    |       | 4,579         |       | —                                               |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **FLORENCE, KENTUCKY**       |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Florence                     |   | Sofa Express  — Florence |       | Retail             |       | —           |       | 735                    |       | 771           |       | 342                                                  |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **FRANKLIN, TENNESSEE**      |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Aspen Grove Business Center  |   | 277 Mallory  Station          |       | Industrial         |       | —           |       | 936                    |       | 6,539         |       | 25                                                   |   |
| Aspen Grove Business Center  |   | 320 Premier  Court            |       | Industrial         |       | —           |       | 1,151                  |       | 6,521         |       | 303                                                  |   |
| Aspen Grove Business Center  |   | 305 Seaboard  Lane            |       | Industrial         |       | —           |       | 970                    |       | 6,318         |       | 584                                                  |   |
| Aspen Grove Business Center  |   | 416 Mary  Lindsay Polk Dr     |       | Industrial         |       | —           |       | 943                    |       | 5,288         |       | 657                                                  |   |
| Aspen Grove Business Center  |   | 318 Seaboard  Lane Bldg 200   |       | Industrial         |       | —           |       | 240                    |       | 1,385         |       | 523                                                  |   |
| Aspen Grove Business Center  |   | 341 Cool  Springs Blvd        |       | Office             |       | —           |       | 950                    |       | 7,429         |       | 1,468                                                |   |
| Aspen Grove Business Center  |   | 318 Seaboard  Lane Bldg 100   |       | Industrial         |       | —           |       | 301                    |       | 1,684         |       | 742                                                  |   |
| Aspen Grove Business Center  |   | Aspen Grove  Flex Ctr III     |       | Industrial         |       | —           |       | 327                    |       | 1,787         |       | —                                               |   |
| Aspen Grove Business Center  |   | Aspen Grove  Flex Ctr IV      |       | Industrial         |       | —           |       | 205                    |       | 1,337         |       | —                                               |   |
| Brentwood South Bus. Center  |   | 119 Seaboard  Lane            |       | Industrial         |       | —           |       | 569                    |       | 2,435         |       | 22                                                   |   |
| Brentwood South Bus. Center  |   | 121 Seaboard  Lane            |       | Industrial         |       | —           |       | 445                    |       | 1,932         |       | 7                                                    |   |
| Brentwood South Bus. Center  |   | 123 Seaboard  Lane            |       | Industrial         |       | —           |       | 489                    |       | 1,243         |       | 408                                                  |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **FRIDLEY, MINNESOTA**       |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| River Road                   |   | River Road Business  Ctr. S.  |       | Industrial         |       | 3,600            |       | 1,083                  |       | 6,346         |       | 433                                                  |   |
| University Center            |   | University  Center I&II   |       | Industrial         |       | —           |       | 220                    |       | 1,258         |       | 370                                                  |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **FT. LAUDERDALE, FLORIDA**  |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Sawgrass                     |   | Sawgrass —  Building 1   |       | Office             |       | —           |       | 1,211                  |       | 6,424         |       | —                                               |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **GLENWILLOW, OHIO**         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Emerald Valley               |   | Emerald  Valley Bldg I        |       | Industrial         |       | —           |       | 555                    |       | 6,350         |       | 131                                                  |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **GOLDEN VALLEY, MINNESOTA** |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Edina Realty                 |   | Edina Realty                  |       | Office             |       | —           |       | 330                    |       | 1,862         |       | 186                                                  |   |
| Golden Hills                 |   | Golden Hills  1               |       | Industrial         |       | —           |       | 1,081                  |       | 6,257         |       | 238                                                  |   |
| Golden Hills                 |   | Golden Hills  2               |       | Industrial         |       | —           |       | 1,741                  |       | 4,282         |       | 388                                                  |   |
| Golden Hills                 |   | Golden Hills  3               |       | Industrial         |       | —           |       | 1,813                  |       | 4,805         |       | 367                                                  |   |
| 5075 Building                |   | 5075  Building                |       | Office             |       | —           |       | 506                    |       | 2,911         |       | 319                                                  |   |
| Tyrol West                   |   | Tyrol West                    |       | Office             |       | —           |       | 350                    |       | 2,016         |       | 345                                                  |   |
| Sandburg Industrial Center   |   | Sandburg  Industrial Center   |       | Industrial         |       | —           |       | 451                    |       | 2,616         |       | 379                                                  |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **GREENWOOD, INDIANA**       |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| South Park—Indiana      |   | South Park  Bldg 1            |       | Office             |       | —           |       | 287                    |       | 2,556         |       | 239                                                  |   |
| South Park—Indiana      |   | South Park  Bldg 2            |       | Industrial         |       | —           |       | 334                    |       | 3,395         |       | 737                                                  |   |
| South Park—Indiana      |   | South Park  Bldg 3            |       | Office             |       | 1,002            |       | 208                    |       | 2,360         |       | 396                                                  |   |
| South Park—Indiana      |   | Brylane  Parking Lot          |       | Grounds            |       | —           |       | 54                     |       | —        |       | 3                                                    |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **GROVE CITY, OHIO**         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| South Pointe                 |   | South Pointe  Bldg D          |       | Industrial         |       | —           |       | 276                    |       | 3,154         |       | 614                                                  |   |
| South Pointe                 |   | South Pointe  Bldg E          |       | Industrial         |       | —           |       | 279                    |       | 2,427         |       | 889                                                  |   |
|                         |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **GROVEPORT, OHIO**          |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| 6600 Port Road               |   | 6600 Port  Road               |       | Industrial         |       | —           |       | 2,725                  |       | 23,424        |       | 110                                                  |   |
| Groveport Commerce Ctr       |   | Groveport  Comm Ctr #2        |       | Industrial         |       | —           |       | 1,049                  |       | 7,559         |       | 833                                                  |   |
| Groveport Commerce Ctr       |   | Groveport  Comm Ctr #3        |       | Industrial         |       | —           |       | 510                    |       | 3,863         |       | —                                               |   |
| Groveport Commerce Ctr       |   | Groveport  Comm Ctr #4        |       | Industrial         |       | —           |       | 1,114                  |       | 8,641         |       | —                                               |   |
|                              |        |                               |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**              |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**            | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Fenton Interstate Buildings  |       | 702                           |       | 2,305                             |   | 3,007                 |   | 107                |       | 1986 |   | 2000 |   |
| Southport                    |       | 192                           |       | 880                               |   | 1,072                 |   | 97                 |       | 1977 |   | 1997 |   |
| Southport                    |       | 151                           |       | 711                               |   | 862                   |   | 84                 |       | 1978 |   | 1997 |   |
| Southport                    |       | 233                           |       | 1,181                             |   | 1,414                 |   | 158                |       | 1978 |   | 1997 |   |
|                         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **FISHERS, INDIANA**         |       | 833                           |       | 2,793                             |   | 3,626                 |   | 229                |       | 1999 |   | 1999 |   |
| Exit 5                       |       | 760                           |       | 4,579                             |   | 5,339                 |   | 329                |       | 1999 |   | 2000 |   |
| Exit 5                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
|                         |       | 735                           |       | 1,113                             |   | 1,848                 |   | 122                |       | 1997 |   | 1997 |   |
| **FLORENCE, KENTUCKY**       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Florence                     |       | 936                           |       | 6,564                             |   | 7,500                 |   | 409                |       | 1996 |   | 1999 |   |
|                         |       | 1,151                         |       | 6,824                             |   | 7,975                 |   | 430                |       | 1996 |   | 1999 |   |
| **FRANKLIN, TENNESSEE**      |       | 970                           |       | 6,902                             |   | 7,872                 |   | 804                |       | 1998 |   | 1999 |   |
| Aspen Grove Business Center  |       | 943                           |       | 5,945                             |   | 6,888                 |   | 419                |       | 1996 |   | 1999 |   |
| Aspen Grove Business Center  |       | 240                           |       | 1,908                             |   | 2,148                 |   | 223                |       | 1999 |   | 1999 |   |
| Aspen Grove Business Center  |       | 950                           |       | 8,897                             |   | 9,847                 |   | 633                |       | 1999 |   | 1999 |   |
| Aspen Grove Business Center  |       | 301                           |       | 2,426                             |   | 2,727                 |   | 323                |       | 1999 |   | 1999 |   |
| Aspen Grove Business Center  |       | 327                           |       | 1,787                             |   | 2,114                 |   | —             |       | 2001 |   | 2001 |   |
| Aspen Grove Business Center  |       | 205                           |       | 1,337                             |   | 1,542                 |   | —             |       | 2001 |   | 2001 |   |
| Aspen Grove Business Center  |       | 569                           |       | 2,457                             |   | 3,026                 |   | 151                |       | 1990 |   | 1999 |   |
| Aspen Grove Business Center  |       | 445                           |       | 1,939                             |   | 2,384                 |   | 128                |       | 1990 |   | 1999 |   |
| Aspen Grove Business Center  |       | 489                           |       | 1,651                             |   | 2,140                 |   | 111                |       | 1990 |   | 1999 |   |
| Brentwood South Bus. Center  |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Brentwood South Bus. Center  |       | 1,112                         |       | 6,750                             |   | 7,862                 |   | 614                |       | 1986 |   | 1999 |   |
| Brentwood South Bus. Center  |       | 226                           |       | 1,622                             |   | 1,848                 |   | 189                |       | 1983 |   | 1999 |   |
|                         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **FRIDLEY, MINNESOTA**       |       | 1,211                         |       | 6,424                             |   | 7,635                 |   | 638                |       | 1999 |   | 2000 |   |
| River Road                   |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| University Center            |       | 555                           |       | 6,481                             |   | 7,036                 |   | 357                |       | 1999 |   | 1999 |   |
|                         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **FT. LAUDERDALE, FLORIDA**  |       | 349                           |       | 2,029                             |   | 2,378                 |   | 180                |       | 1965 |   | 1998 |   |
| Sawgrass                     |       | 1,105                         |       | 6,471                             |   | 7,576                 |   | 585                |       | 1996 |   | 1998 |   |
|                         |       | 1,742                         |       | 4,669                             |   | 6,411                 |   | 731                |       | 1999 |   | 1999 |   |
| **GLENWILLOW, OHIO**         |       | 1,815                         |       | 5,170                             |   | 6,985                 |   | 693                |       | 1999 |   | 1999 |   |
| Emerald Valley               |       | 539                           |       | 3,197                             |   | 3,736                 |   | 305                |       | 1965 |   | 1998 |   |
|                         |       | 380                           |       | 2,331                             |   | 2,711                 |   | 260                |       | 1968 |   | 1998 |   |
| **GOLDEN VALLEY, MINNESOTA** |       | 451                           |       | 2,995                             |   | 3,446                 |   | 304                |       | 1973 |   | 1997 |   |
| Edina Realty                 |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Golden Hills                 |       | 292                           |       | 2,790                             |   | 3,082                 |   | 543                |       | 1989 |   | 1993 |   |
| Golden Hills                 |       | 341                           |       | 4,125                             |   | 4,466                 |   | 1,057              |       | 1990 |   | 1993 |   |
| Golden Hills                 |       | 212                           |       | 2,752                             |   | 2,964                 |   | 651                |       | 1990 |   | 1993 |   |
| 5075 Building                |       | 57                            |       | —                            |   | 57                    |   | 15                 |       | N/A |   | 1994 |   |
| Tyrol West                   |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Sandburg Industrial Center   |       | 276                           |       | 3,768                             |   | 4,044                 |   | 760                |       | 1997 |   | 1997 |   |
|                         |       | 279                           |       | 3,316                             |   | 3,595                 |   | 610                |       | 1997 |   | 1997 |   |
| **GREENWOOD, INDIANA**       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| South Park—Indiana      |       | 2,725                         |       | 23,534                            |   | 26,259                |   | 2,827              |       | 1995 |   | 1997 |   |
| South Park—Indiana      |       | 1,049                         |       | 8,392                             |   | 9,441                 |   | 461                |       | 1999 |   | 1999 |   |
| South Park—Indiana      |       | 510                           |       | 3,863                             |   | 4,373                 |   | 228                |       | 1999 |   | 2000 |   |
| South Park—Indiana      |       | 1,114                         |       | 8,641                             |   | 9,755                 |   | 441                |       | 2000 |   | 2000 |   |
|                         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **GROVE CITY, OHIO**         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| South Pointe                 |       | 276                           |       | 3,768                             |   | 4,044                 |   | 760                |       | 1997 |   | 1997 |   |
| South Pointe                 |       | 279                           |       | 3,316                             |   | 3,595                 |   | 610                |       | 1997 |   | 1997 |   |
|                         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **GROVEPORT, OHIO**          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| 6600 Port Road               |       | 2,725                         |       | 23,534                            |   | 26,259                |   | 2,827              |       | 1995 |   | 1997 |   |
| Groveport Commerce Ctr       |       | 1,049                         |       | 8,392                             |   | 9,441                 |   | 461                |       | 1999 |   | 1999 |   |
| Groveport Commerce Ctr       |       | 510                           |       | 3,863                             |   | 4,373                 |   | 228                |       | 1999 |   | 2000 |   |
| Groveport Commerce Ctr       |       | 1,114                         |       | 8,641                             |   | 9,755                 |   | 441                |       | 2000 |   | 2000 |   |
|                              |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

64

----

 
| **Development**             |   | **Name**                      | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|-----------------------------|--------|-------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Groveport Commerce Ctr      |   | Groveport  Commerce Ctr. #345 |       | Industrial         |       | —           |       | 1,045                  |       | 7,318         |       | —                                               |   |
|                        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **HEBRON, KENTUCKY**        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| KY, Southpark               |   | Ky.  Southpark Bldg 4         |       | Industrial         |       | —           |       | 779                    |       | 3,360         |       | 110                                                  |   |
| KY, Southpark               |   | CR Services                   |       | Industrial         |       | —           |       | 1,085                  |       | 4,189         |       | 1,147                                                |   |
|                        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **HOPKINS, MINNESOTA**      |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Cornerstone Business Center |   | Cornerstone  Business Center  |       | Industrial         |       | 6,164            |       | 1,469                  |       | 8,422         |       | 191                                                  |   |
| Westside Business Park      |   | Westside  Business Park       |       | Industrial         |       | —           |       | 1,176                  |       | 6,810         |       | 554                                                  |   |
|                        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **INDEPENDENCE, OHIO**      |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| 6111 Oak Tree               |   | Oak Tree  Place               |       | Office             |       | —           |       | 703                    |       | 4,637         |       | 417                                                  |   |
| Corporate Plaza             |   | Corporate  Plaza I            |       | Office             |       | 8,113            |       | 2,116                  |       | 14,182        |       | 592                                                  |   |
| Corporate Plaza             |   | Corporate  Plaza II           |       | Office             |       | 7,163            |       | 1,841                  |       | 12,322        |       | 749                                                  |   |
| Freedom Square              |   | Freedom  Square I             |       | Office             |       | —           |       | 595                    |       | 3,975         |       | 330                                                  |   |
| Freedom Square              |   | Freedom  Square II            |       | Office             |       | 6,854            |       | 1,746                  |       | 11,702        |       | 821                                                  |   |
| Freedom Square              |   | Freedom  Square III           |       | Office             |       | —           |       | 701                    |       | 6,497         |       | 425                                                  |   |
| Park Center                 |   | Park Center  Bldg I           |       | Office             |       | —           |       | 2,193                  |       | 13,848        |       | —                                               |   |
| Park Center                 |   | Park Center  Bldg 2           |       | Office             |       | —           |       | 2,190                  |       | 13,619        |       | 387                                                  |   |
| Park Center                 |   | Park Center  Bldg 3           |       | Office             |       | —           |       | 2,190                  |       | 12,714        |       | —                                               |   |
|                        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **INDIANAPOLIS, INDIANA**   |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| First Indiana Branch        |   | First  Indiana Branch         |       | Retail             |       | —           |       | 46                     |       | 274           |       | —                                               |   |
| Franklin Road Business Park |   | Franklin  Road Bus. Ctr.      |       | Industrial         |       | —           |       | 594                    |       | 11,089        |       | 13                                                   |   |
| Hillsdale                   |   | Hillsdale  Bldg 4             |       | Industrial         |       | —           |       | 366                    |       | 5,087         |       | 215                                                  |   |
| Hillsdale                   |   | Hillsdale  Bldg 5             |       | Industrial         |       | —           |       | 251                    |       | 3,235         |       | 669                                                  |   |
| Hillsdale                   |   | Hillsdale  Bldg 6             |       | Industrial         |       | —           |       | 315                    |       | 4,320         |       | 47                                                   |   |
| KATC — North           |   | 3520  Commerce Crossing       |       | Office             |       | —           |       | 950                    |       | 2,063         |       | —                                               |   |
| KATC — South           |   | 8465 Katc  2—story       |       | Office             |       | —           |       | 89                     |       | 1,369         |       | 133                                                  |   |
| KATC — South           |   | F.C. Tucker                   |       | Office             |       | —           |       | —                 |       | 290           |       | —                                               |   |
| Keystone Crossing           |   | 8555 Katc  4—story       |       | Office             |       | —           |       | —                 |       | 5,999         |       | 540                                                  |   |
| Nampac Building             |   | 6061 Guion  Rd                |       | Industrial         |       | —           |       | 274                    |       | 1,782         |       | 124                                                  |   |
| 4750 Kentucky Avenue        |   | 4750  Kentucky Avenue         |       | Industrial         |       | —           |       | 246                    |       | 2,372         |       | 220                                                  |   |
| Software Artistry           |   | Software  Artistry            |       | Office             |       | —           |       | 856                    |       | 7,661         |       | 116                                                  |   |
| 4316 West Minnesota         |   | 4316 West  Minnesota          |       | Industrial         |       | —           |       | 287                    |       | 2,272         |       | 295                                                  |   |
| One North Capital           |   | One North  Capitol            |       | Office             |       | —           |       | 1,439                  |       | 8,177         |       | 1,238                                                |   |
| Park 100                    |   | 6060 Guion  Rd                |       | Industrial         |       | —           |       | 411                    |       | 2,837         |       | 765                                                  |   |
| Park 100                    |   | Silver  Burdett               |       | Industrial         |       | —           |       | 1,414                  |       | 13,748        |       | 62                                                   |   |
| Park 100                    |   | Park 100  Bldg 98             |       | Industrial         |       | —           |       | 273                    |       | 8,236         |       | 1,448                                                |   |
| Park 100                    |   | Park 100  Bldg 100            |       | Industrial         |       | 1,475            |       | 103                    |       | 2,447         |       | 486                                                  |   |
| Park 100                    |   | Park 100  Bldg 107            |       | Industrial         |       | —           |       | 99                     |       | 1,688         |       | 40                                                   |   |
| Park 100                    |   | Park 100  Bldg 109            |       | Industrial         |       | 1,012            |       | 240                    |       | 1,890         |       | 3                                                    |   |
| Park 100                    |   | Park 100  Bldg 116            |       | Office             |       | —           |       | 341                    |       | 3,204         |       | —                                               |   |
| Park 100                    |   | Park 100  Bldg 118            |       | Office             |       | —           |       | 226                    |       | 2,412         |       | 282                                                  |   |
| Park 100                    |   | Park 100  Bldg 119            |       | Office             |       | —           |       | 388                    |       | 3,698         |       | 1,205                                                |   |
| Park 100                    |   | Park 100  Bldg 121, Retail    |       | Retail             |       | —           |       | 592                    |       | 1,074         |       | 66                                                   |   |
| Park 100                    |   | Park 100  Bldg 122            |       | Industrial         |       | —           |       | 284                    |       | 3,733         |       | 337                                                  |   |
| Park 100                    |   | Park 100  Bldg 127            |       | Industrial         |       | —           |       | 96                     |       | 1,920         |       | 298                                                  |   |
| Park 100                    |   | Park 100  Bldg 132            |       | Office             |       | —           |       | 446                    |       | 1,217         |       | 456                                                  |   |
| Park 100                    |   | Norco  Windows Parking Lot    |       | Grounds            |       | —           |       | 37                     |       | —        |       | —                                               |   |
| Park 100                    |   | Ups Parking                   |       | Grounds            |       | —           |       | 270                    |       | —        |       | —                                               |   |
| Park 100                    |   | Norgate  Ground Lease         |       | Grounds            |       | —           |       | 51                     |       | —        |       | —                                               |   |
| Park 100                    |   | Zollman  Ground Lease         |       | Grounds            |       | —           |       | 115                    |       | —        |       | —                                               |   |
| Park 100                    |   | Becton  Dickinson Lot         |       | Grounds            |       | —           |       | —                 |       | —        |       | 13                                                   |   |
| Park Fletcher               |   | Park  Fletcher Bldg 14        |       | Industrial         |       | —           |       | 76                     |       | 740           |       | 1                                                    |   |
| Parkwood Crossing           |   | One Parkwood                  |       | Office             |       | —           |       | 1,018                  |       | 10,153        |       | 286                                                  |   |
| Parkwood Crossing           |   | Two Parkwood                  |       | Office             |       | —           |       | 861                    |       | 7,601         |       | —                                               |   |
| Parkwood Crossing           |   | Three  Parkwood               |       | Office             |       | —           |       | 1,377                  |       | 9,701         |       | —                                               |   |
| Parkwood Crossing           |   | Four  Parkwood                |       | Office             |       | —           |       | 1,489                  |       | 11,627        |       | 811                                                  |   |
| Parkwood Crossing           |   | Five  Parkwood                |       | Office             |       | —           |       | 1,485                  |       | 13,548        |       | 543                                                  |   |
|                             |        |                               |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**             |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|-----------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**           | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Groveport Commerce Ctr      |       | 1,045                         |       | 7,318                             |   | 8,363                 |   | 199                |       | 2000 |   | 2000 |   |
|                        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **HEBRON, KENTUCKY**        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| KY, Southpark               |       | 779                           |       | 3,470                             |   | 4,249                 |   | 658                |       | 1994 |   | 1994 |   |
| KY, Southpark               |       | 1,085                         |       | 5,336                             |   | 6,421                 |   | 987                |       | 1994 |   | 1994 |   |
|                        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **HOPKINS, MINNESOTA**      |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Cornerstone Business Center |       | 1,543                         |       | 8,539                             |   | 10,082                |   | 896                |       | 1996 |   | 1997 |   |
| Westside Business Park      |       | 1,170                         |       | 7,370                             |   | 8,540                 |   | 798                |       | 1987 |   | 1997 |   |
|                        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **INDEPENDENCE, OHIO**      |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| 6111 Oak Tree               |       | 703                           |       | 5,054                             |   | 5,757                 |   | 671                |       | 1979 |   | 1997 |   |
| Corporate Plaza             |       | 2,116                         |       | 14,774                            |   | 16,890                |   | 2,345              |       | 1989 |   | 1996 |   |
| Corporate Plaza             |       | 1,841                         |       | 13,071                            |   | 14,912                |   | 2,053              |       | 1991 |   | 1996 |   |
| Freedom Square              |       | 595                           |       | 4,305                             |   | 4,900                 |   | 728                |       | 1980 |   | 1996 |   |
| Freedom Square              |       | 1,746                         |       | 12,523                            |   | 14,269                |   | 2,058              |       | 1987 |   | 1996 |   |
| Freedom Square              |       | 701                           |       | 6,922                             |   | 7,623                 |   | 1,606              |       | 1997 |   | 1997 |   |
| Park Center                 |       | 2,193                         |       | 13,848                            |   | 16,041                |   | 2,137              |       | 1998 |   | 1998 |   |
| Park Center                 |       | 2,190                         |       | 14,006                            |   | 16,196                |   | 1,638              |       | 1999 |   | 1999 |   |
| Park Center                 |       | 2,190                         |       | 12,714                            |   | 14,904                |   | 670                |       | 2000 |   | 2000 |   |
|                        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **INDIANAPOLIS, INDIANA**   |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| First Indiana Branch        |       | 47                            |       | 273                               |   | 320                   |   | 54                 |       | 1988 |   | 1993 |   |
| Franklin Road Business Park |       | 594                           |       | 11,102                            |   | 11,696                |   | 2,287              |       | 1962 |   | 1995 |   |
| Hillsdale                   |       | 366                           |       | 5,302                             |   | 5,668                 |   | 1,107              |       | 1987 |   | 1993 |   |
| Hillsdale                   |       | 251                           |       | 3,904                             |   | 4,155                 |   | 835                |       | 1987 |   | 1993 |   |
| Hillsdale                   |       | 315                           |       | 4,367                             |   | 4,682                 |   | 879                |       | 1987 |   | 1993 |   |
| KATC — North           |       | 950                           |       | 2,063                             |   | 3,013                 |   | 350                |       | 1976 |   | 1993 |   |
| KATC — South           |       | 89                            |       | 1,502                             |   | 1,591                 |   | 258                |       | 1983 |   | 1995 |   |
| KATC — South           |       | —                        |       | 290                               |   | 290                   |   | 58                 |       | 1978 |   | 1993 |   |
| Keystone Crossing           |       | —                        |       | 6,539                             |   | 6,539                 |   | 927                |       | 1985 |   | 1997 |   |
| Nampac Building             |       | 274                           |       | 1,906                             |   | 2,180                 |   | 327                |       | 1974 |   | 1995 |   |
| 4750 Kentucky Avenue        |       | 246                           |       | 2,592                             |   | 2,838                 |   | 335                |       | 1974 |   | 1996 |   |
| Software Artistry           |       | 856                           |       | 7,777                             |   | 8,633                 |   | 1,090              |       | 1997 |   | 1998 |   |
| 4316 West Minnesota         |       | 287                           |       | 2,567                             |   | 2,854                 |   | 332                |       | 1970 |   | 1996 |   |
| One North Capital           |       | 1,439                         |       | 9,415                             |   | 10,854                |   | 774                |       | 1980 |   | 1998 |   |
| Park 100                    |       | 511                           |       | 3,502                             |   | 4,013                 |   | 602                |       | 1968 |   | 1996 |   |
| Park 100                    |       | 1,436                         |       | 13,788                            |   | 15,224                |   | 2,827              |       | 1994 |   | 1995 |   |
| Park 100                    |       | 273                           |       | 9,684                             |   | 9,957                 |   | 1,646              |       | 1968 |   | 1994 |   |
| Park 100                    |       | 103                           |       | 2,933                             |   | 3,036                 |   | 612                |       | 1995 |   | 1995 |   |
| Park 100                    |       | 99                            |       | 1,728                             |   | 1,827                 |   | 298                |       | 1984 |   | 1995 |   |
| Park 100                    |       | 246                           |       | 1,887                             |   | 2,133                 |   | 699                |       | 1985 |   | 1986 |   |
| Park 100                    |       | 348                           |       | 3,197                             |   | 3,545                 |   | 1,049              |       | 1988 |   | 1988 |   |
| Park 100                    |       | 230                           |       | 2,690                             |   | 2,920                 |   | 580                |       | 1988 |   | 1993 |   |
| Park 100                    |       | 395                           |       | 4,896                             |   | 5,291                 |   | 873                |       | 1989 |   | 1993 |   |
| Park 100                    |       | 604                           |       | 1,128                             |   | 1,732                 |   | 224                |       | 1989 |   | 1993 |   |
| Park 100                    |       | 290                           |       | 4,064                             |   | 4,354                 |   | 898                |       | 1990 |   | 1993 |   |
| Park 100                    |       | 96                            |       | 2,218                             |   | 2,314                 |   | 464                |       | 1995 |   | 1995 |   |
| Park 100                    |       | 446                           |       | 1,673                             |   | 2,119                 |   | 399                |       | 1997 |   | 1997 |   |
| Park 100                    |       | 37                            |       | —                            |   | 37                    |   | 11                 |       | N/A |   | 1999 |   |
| Park 100                    |       | 270                           |       | —                            |   | 270                   |   | 31                 |       | N/A |   | 1997 |   |
| Park 100                    |       | 51                            |       | —                            |   | 51                    |   | —             |       | N/A |   | 1995 |   |
| Park 100                    |       | 115                           |       | —                            |   | 115                   |   | —             |       | N/A |   | 1994 |   |
| Park 100                    |       | 13                            |       | —                            |   | 13                    |   | 1                  |       | N/A |   | 1993 |   |
| Park Fletcher               |       | 76                            |       | 741                               |   | 817                   |   | 116                |       | 1978 |   | 1996 |   |
| Parkwood Crossing           |       | 1,028                         |       | 10,429                            |   | 11,457                |   | 1,675              |       | 1989 |   | 1995 |   |
| Parkwood Crossing           |       | 871                           |       | 7,591                             |   | 8,462                 |   | 1,820              |       | 1996 |   | 1996 |   |
| Parkwood Crossing           |       | 1,387                         |       | 9,691                             |   | 11,078                |   | 1,659              |       | 1997 |   | 1997 |   |
| Parkwood Crossing           |       | 1,499                         |       | 12,428                            |   | 13,927                |   | 2,205              |       | 1998 |   | 1998 |   |
| Parkwood Crossing           |       | 1,528                         |       | 14,048                            |   | 15,576                |   | 1,559              |       | 1999 |   | 1999 |   |
|                             |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

65

----

 
| **Development**            |   | **Name**                             | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|----------------------------|--------|--------------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Parkwood Crossing          |   | Six Parkwood                         |       | Office             |       | —           |       | 1,960                  |       | 15,415        |       | —                                               |   |
| Woodfield                  |   | Two  Woodfield Crossing              |       | Office             |       | —           |       | 719                    |       | 9,431         |       | 913                                                  |   |
| Woodfield                  |   | Three  Woodfield Crossing            |       | Office             |       | —           |       | 3,767                  |       | 21,142        |       | 2,593                                                |   |
| Woodland Corporate Park    |   | Woodland  Corporate Park I           |       | Office             |       | —           |       | 290                    |       | 4,550         |       | 602                                                  |   |
| Woodland Corporate Park    |   | Woodland  Corporate Park II          |       | Office             |       | —           |       | 271                    |       | 3,582         |       | 733                                                  |   |
| Woodland Corporate Park    |   | Woodland  Corporate Park III         |       | Office             |       | —           |       | 1,227                  |       | 4,400         |       | —                                               |   |
| Woodland Corporate Park    |   | Woodland  Corporate Park IV          |       | Office             |       | —           |       | 715                    |       | 7,189         |       | —                                               |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **JACKSONVILLE, FLORIDA**  |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| 7011 A.C. Skinner Pkwy     |   | 7011 A.C.  Skinner Pkwy              |       | Office             |       | —           |       | 1,007                  |       | 4,171         |       | —                                               |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **KENNESAW, GEORGIA**      |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Northwest I75              |   | 1950 Vaughn  Street                  |       | Industrial         |       | 2,713            |       | —                 |       | 4,593         |       | —                                               |   |
| Town Point                 |   | 3391 Town  Point Drive               |       | Office             |       | —           |       | 797                    |       | 8,379         |       | 886                                                  |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **LAKE FOREST, ILLINOIS**  |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Bradley Business Center    |   | Ballard Drive  Building              |       | Industrial         |       | —           |       | 186                    |       | 1,738         |       | 89                                                   |   |
| Bradley Business Center    |   | Laurel Drive  Building               |       | Industrial         |       | —           |       | 98                     |       | 913           |       | 52                                                   |   |
| Bradley Business Center    |   | 13825 W.  Laurel Dr.                 |       | Industrial         |       | —           |       | 750                    |       | 1,859         |       | 630                                                  |   |
| Conway Park                |   | One Conway  Park                     |       | Office             |       | —           |       | 1,901                  |       | 18,311        |       | 1,100                                                |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **LAKE MARY, FLORIDA**     |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Northpoint                 |   | Northpoint  Center I                 |       | Office             |       | —           |       | 1,087                  |       | 11,546        |       | —                                               |   |
| Northpoint                 |   | Northpoint  Center II                |       | Office             |       | —           |       | 1,202                  |       | 10,891        |       | —                                               |   |
| Northpoint                 |   | Northpoint  III                      |       | Office             |       | —           |       | 1,552                  |       | 10,392        |       | —                                               |   |
| Technology Park            |   | Technology  Park I                   |       | Industrial         |       | —           |       | 641                    |       | 3,519         |       | 171                                                  |   |
| Technology Park            |   | Technology  Park II                  |       | Industrial         |       | —           |       | 835                    |       | 4,306         |       | 275                                                  |   |
| Technology Park            |   | Technology  Park III                 |       | Industrial         |       | —           |       | 477                    |       | 3,859         |       | 119                                                  |   |
| Technology Park            |   | Technology  Park IV                  |       | Industrial         |       | —           |       | 669                    |       | 2,885         |       | 281                                                  |   |
| Technology Park            |   | Technology  Park V                   |       | Industrial         |       | —           |       | 547                    |       | 2,861         |       | 243                                                  |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **LAKELAND, FLORIDA**      |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Lakeland Interstate Park   |   | Lakeland  Interstate Park I          |       | Industrial         |       | —           |       | 864                    |       | 3,854         |       | —                                               |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **LAWRENCEVILLE, GEORGIA** |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Hillside at Huntcrest      |   | Huntcrest I                          |       | Office             |       | —           |       | 1,193                  |       | 9,906         |       | —                                               |   |
| Hillside at Huntcrest      |   | Huntcrest II                         |       | Office             |       | —           |       | 927                    |       | 10,497        |       | —                                               |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **LEBANON, INDIANA**       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Lebanon Bus. Park          |   | Lebanon  Building 4                  |       | Industrial         |       | —           |       | 305                    |       | 9,612         |       | 28                                                   |   |
| Lebanon Bus. Park          |   | Lebanon  Building 9                  |       | Industrial         |       | —           |       | 554                    |       | 6,837         |       | 470                                                  |   |
| Lebanon Bus. Park          |   | Pearson                              |       | Industrial         |       | —           |       | 965                    |       | 26,696        |       | —                                               |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **LEWIS CENTER, OHIO**     |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Orange Point Commerce Park |   | Orange Point  #73                    |       | Industrial         |       | —           |       | 551                    |       | 3,156         |       | —                                               |   |
| Orange Point Commerce Park |   | Orange Point  144                    |       | Industrial         |       | —           |       | 886                    |       | 4,527         |       | —                                               |   |
|                       |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MARIETTA, GEORGIA**      |   |                                 |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Franklin Forest            |   | 805 Franklin  Court                  |       | Industrial         |       | —           |       | 313                    |       | 1,932         |       | 53                                                   |   |
| Franklin Forest            |   | 810 Franklin  Court                  |       | Industrial         |       | —           |       | 255                    |       | 1,653         |       | 53                                                   |   |
| Franklin Forest            |   | 811  Livingston Court                |       | Industrial         |       | —           |       | 193                    |       | 1,424         |       | 252                                                  |   |
| Franklin Forest            |   | 825 Franklin  Court                  |       | Industrial         |       | —           |       | 358                    |       | 558           |       | 1,164                                                |   |
| Franklin Forest            |   | 830 Franklin  Court                  |       | Industrial         |       | —           |       | 133                    |       | 757           |       | 63                                                   |   |
| Franklin Forest            |   | 835 Franklin  Court                  |       | Industrial         |       | —           |       | 393                    |       | 633           |       | 996                                                  |   |
| Franklin Forest            |   | 840 Franklin  Court                  |       | Industrial         |       | —           |       | 242                    |       | 890           |       | 1                                                    |   |
| Franklin Forest            |   | 821  Livingston Court                |       | Industrial         |       | —           |       | 145                    |       | 973           |       | 11                                                   |   |
| Franklin Forest            |   | 841  Livingston Court                |       | Industrial         |       | —           |       | 275                    |       | 2,729         |       | —                                               |   |
| Northwest Business Center  |   | 1335 Capital  Circle                 |       | Industrial         |       | —           |       | 416                    |       | 2,112         |       | 86                                                   |   |
| Northwest Business Center  |   | 1337—41—51  Capital Circle |       | Industrial         |       | —           |       | 558                    |       | 5,364         |       | 237                                                  |   |
| Northwest Business Center  |   | 2260  Northwest Parkway              |       | Industrial         |       | —           |       | 320                    |       | 1,826         |       | 450                                                  |   |
|                            |        |                                      |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**            |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|----------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**          | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Parkwood Crossing          |       | 1,960                         |       | 15,415                            |   | 17,375                |   | 859                |       | 2000 |   | 2000 |   |
| Woodfield                  |       | 733                           |       | 10,330                            |   | 11,063                |   | 2,285              |       | 1987 |   | 1993 |   |
| Woodfield                  |       | 3,843                         |       | 23,659                            |   | 27,502                |   | 5,017              |       | 1989 |   | 1993 |   |
| Woodland Corporate Park    |       | 320                           |       | 5,122                             |   | 5,442                 |   | 823                |       | 1998 |   | 1998 |   |
| Woodland Corporate Park    |       | 297                           |       | 4,289                             |   | 4,586                 |   | 384                |       | 1999 |   | 1999 |   |
| Woodland Corporate Park    |       | 1,227                         |       | 4,400                             |   | 5,627                 |   | 312                |       | 1999 |   | 2000 |   |
| Woodland Corporate Park    |       | 715                           |       | 7,189                             |   | 7,904                 |   | 271                |       | 2000 |   | 2000 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **JACKSONVILLE, FLORIDA**  |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| 7011 A.C. Skinner Pkwy     |       | 1,007                         |       | 4,171                             |   | 5,178                 |   | 485                |       | 1999 |   | 1999 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **KENNESAW, GEORGIA**      |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Northwest I75              |       | —                        |       | 4,593                             |   | 4,593                 |   | 664                |       | 1992 |   | 1999 |   |
| Town Point                 |       | 797                           |       | 9,265                             |   | 10,062                |   | 789                |       | 1999 |   | 1999 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **LAKE FOREST, ILLINOIS**  |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Bradley Business Center    |       | 186                           |       | 1,827                             |   | 2,013                 |   | 185                |       | 1985 |   | 1998 |   |
| Bradley Business Center    |       | 98                            |       | 965                               |   | 1,063                 |   | 92                 |       | 1981 |   | 1998 |   |
| Bradley Business Center    |       | 750                           |       | 2,489                             |   | 3,239                 |   | 200                |       | 1978 |   | 1999 |   |
| Conway Park                |       | 1,901                         |       | 19,411                            |   | 21,312                |   | 2,043              |       | 1989 |   | 1998 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **LAKE MARY, FLORIDA**     |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Northpoint                 |       | 1,087                         |       | 11,546                            |   | 12,633                |   | 1,262              |       | 1998 |   | 1999 |   |
| Northpoint                 |       | 1,202                         |       | 10,891                            |   | 12,093                |   | 531                |       | 1999 |   | 2000 |   |
| Northpoint                 |       | 1,552                         |       | 10,392                            |   | 11,944                |   | 3                  |       | 2001 |   | 2001 |   |
| Technology Park            |       | 641                           |       | 3,690                             |   | 4,331                 |   | 251                |       | 1986 |   | 1999 |   |
| Technology Park            |       | 835                           |       | 4,581                             |   | 5,416                 |   | 290                |       | 1998 |   | 1999 |   |
| Technology Park            |       | 477                           |       | 3,978                             |   | 4,455                 |   | 256                |       | 1998 |   | 1999 |   |
| Technology Park            |       | 669                           |       | 3,166                             |   | 3,835                 |   | 200                |       | 1999 |   | 1999 |   |
| Technology Park            |       | 547                           |       | 3,104                             |   | 3,651                 |   | 193                |       | 1999 |   | 1999 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **LAKELAND, FLORIDA**      |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Lakeland Interstate Park   |       | 864                           |       | 3,854                             |   | 4,718                 |   | 30                 |       | 2001 |   | 2001 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **LAWRENCEVILLE, GEORGIA** |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Hillside at Huntcrest      |       | 1,193                         |       | 9,906                             |   | 11,099                |   | 156                |       | 2000 |   | 2001 |   |
| Hillside at Huntcrest      |       | 927                           |       | 10,497                            |   | 11,424                |   | 183                |       | 2000 |   | 2001 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **LEBANON, INDIANA**       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Lebanon Bus. Park          |       | 305                           |       | 9,640                             |   | 9,945                 |   | 982                |       | 1997 |   | 1997 |   |
| Lebanon Bus. Park          |       | 554                           |       | 7,307                             |   | 7,861                 |   | 466                |       | 1999 |   | 1999 |   |
| Lebanon Bus. Park          |       | 965                           |       | 26,696                            |   | 27,661                |   | —             |       | 1997 |   | 1998 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **LEWIS CENTER, OHIO**     |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Orange Point Commerce Park |       | 551                           |       | 3,156                             |   | 3,707                 |   | 47                 |       | 2001 |   | 2001 |   |
| Orange Point Commerce Park |       | 886                           |       | 4,527                             |   | 5,413                 |   | 61                 |       | 2001 |   | 2001 |   |
|                       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MARIETTA, GEORGIA**      |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Franklin Forest            |       | 313                           |       | 1,985                             |   | 2,298                 |   | 137                |       | 1983 |   | 1999 |   |
| Franklin Forest            |       | 255                           |       | 1,706                             |   | 1,961                 |   | 112                |       | 1983 |   | 1999 |   |
| Franklin Forest            |       | 193                           |       | 1,676                             |   | 1,869                 |   | 107                |       | 1983 |   | 1999 |   |
| Franklin Forest            |       | 358                           |       | 1,722                             |   | 2,080                 |   | 140                |       | 1983 |   | 1999 |   |
| Franklin Forest            |       | 133                           |       | 820                               |   | 953                   |   | 81                 |       | 1983 |   | 1999 |   |
| Franklin Forest            |       | 393                           |       | 1,629                             |   | 2,022                 |   | 136                |       | 1983 |   | 1999 |   |
| Franklin Forest            |       | 242                           |       | 891                               |   | 1,133                 |   | 55                 |       | 1983 |   | 1999 |   |
| Franklin Forest            |       | 145                           |       | 984                               |   | 1,129                 |   | 62                 |       | 1983 |   | 1999 |   |
| Franklin Forest            |       | 275                           |       | 2,729                             |   | 3,004                 |   | 169                |       | 1983 |   | 1999 |   |
| Northwest Business Center  |       | 416                           |       | 2,198                             |   | 2,614                 |   | 139                |       | 1985 |   | 1999 |   |
| Northwest Business Center  |       | 558                           |       | 5,601                             |   | 6,159                 |   | 395                |       | 1985 |   | 1999 |   |
| Northwest Business Center  |       | 320                           |       | 2,276                             |   | 2,596                 |   | 154                |       | 1982 |   | 1999 |   |
|                            |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

66

----

 
| **Development**                |   | **Name**                        | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|--------------------------------|--------|---------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Northwest Business Center      |   | 2252  Northwest Parkway         |       | Industrial         |       | —           |       | 92                     |       | 982           |       | 34                                                   |   |
| Northwest Business Center      |   | 2242  Northwest Parkway         |       | Industrial         |       | —           |       | 175                    |       | 1,444         |       | 74                                                   |   |
| Northwest Business Center      |   | 2256  Northwest Parkway         |       | Industrial         |       | —           |       | 85                     |       | 916           |       | 83                                                   |   |
| Northwest Business Center      |   | 2244  Northwest Parkway         |       | Industrial         |       | —           |       | 47                     |       | 492           |       | 14                                                   |   |
| Northwest Business Center      |   | 2150  Northwest Parkway         |       | Industrial         |       | —           |       | 294                    |       | 3,087         |       | 110                                                  |   |
| Northwest Business Center      |   | 2152  Northwest Parkway         |       | Industrial         |       | —           |       | 161                    |       | 1,637         |       | 61                                                   |   |
| Northwest Business Center      |   | 2130  Northwest Parkway         |       | Industrial         |       | —           |       | 353                    |       | 2,885         |       | 221                                                  |   |
| Northwest Business Center      |   | 2270  Northwest Parkway         |       | Industrial         |       | 1,803            |       | 483                    |       | 3,887         |       | 60                                                   |   |
| Northwest Business Center      |   | 2275  Northwest Parkway         |       | Industrial         |       | 1,240            |       | 327                    |       | 2,641         |       | 49                                                   |   |
|                           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MARYLAND HEIGHTS, MISSOURI** |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Riverport Business Park        |   | Riverport  Tower                |       | Office             |       | —           |       | 3,549                  |       | 30,083        |       | 845                                                  |   |
| Riverport Business Park        |   | Riverport  Distribution A       |       | Industrial         |       | —           |       | 242                    |       | 2,223         |       | 104                                                  |   |
| Riverport Business Park        |   | Express  Scripts HQ             |       | Office             |       | —           |       | 2,285                  |       | 12,358        |       | 155                                                  |   |
| Riverport Business Park        |   | Riverport 1                     |       | Industrial         |       | —           |       | 900                    |       | 4,362         |       | 92                                                   |   |
| Riverport Business Park        |   | Riverport 2                     |       | Industrial         |       | —           |       | 1,238                  |       | 6,997         |       | —                                               |   |
| Riverport Business Park        |   | Riverport 3                     |       | Industrial         |       | —           |       | 1,188                  |       | 3,711         |       | —                                               |   |
| Riverport Distribution         |   | Express  Scripts Service Center |       | Industrial         |       | —           |       | 1,197                  |       | 8,716         |       | 172                                                  |   |
| West Port Center               |   | Westport  Center I              |       | Industrial         |       | —           |       | 1,707                  |       | 6,196         |       | 793                                                  |   |
| West Port Center               |   | Westport  Center II             |       | Industrial         |       | —           |       | 915                    |       | 2,854         |       | 246                                                  |   |
| West Port Center               |   | Westport  Center III            |       | Industrial         |       | —           |       | 1,207                  |       | 2,963         |       | 442                                                  |   |
|                           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MASON, OHIO**                |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Deerfield Crossing             |   | Deerfield  Crossing Bldg 1      |       | Office             |       | —           |       | 1,493                  |       | 14,260        |       | 495                                                  |   |
| Deerfield Crossing             |   | Deerfield  Crossing Bldg 2      |       | Office             |       | —           |       | 1,069                  |       | 13,243        |       | —                                               |   |
| Governor's Pointe              |   | Governor's  Pointe 4770         |       | Office             |       | 4,086            |       | 586                    |       | 7,952         |       | —                                               |   |
| Governor's Pointe              |   | Governor's  Pointe 4700         |       | Industrial         |       | 3,150            |       | 584                    |       | 5,810         |       | 132                                                  |   |
| Governor's Pointe              |   | Governor's  Pointe 4900         |       | Industrial         |       | 2,415            |       | 654                    |       | 4,308         |       | 15                                                   |   |
| Governor's Pointe              |   | Governor's  Pointe 4705         |       | Office             |       | —           |       | 719                    |       | 7,793         |       | 2,242                                                |   |
| Governor's Pointe              |   | Governor's  Pointe 4605         |       | Office             |       | —           |       | 630                    |       | 17,566        |       | 1,157                                                |   |
| Governor's Pointe              |   | Governor's  Pointe 8990         |       | Office             |       | —           |       | 594                    |       | 6,096         |       | 428                                                  |   |
| Governor's Pointe              |   | Governor's  Pointe 4660         |       | Office             |       | —           |       | 385                    |       | 4,782         |       | 409                                                  |   |
| Governor's Pointe              |   | Governor's  Pointe 4680         |       | Office             |       | —           |       | 1,115                  |       | 8,550         |       | 810                                                  |   |
| Governors Pointe Retail        |   | Bigg's  Supercenter             |       | Retail             |       | —           |       | 2,107                  |       | 9,942         |       | 24                                                   |   |
| Governors Pointe Retail        |   | Lowes                           |       | Retail             |       | —           |       | 3,750                  |       | 6,477         |       | 137                                                  |   |
|                           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MAYFIELD HEIGHTS, OHIO**     |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Landerbrook Corporate Ctr      |   | Landerbrook  Corp. Center I     |       | Office             |       | —           |       | 1,807                  |       | 10,775        |       | 421                                                  |   |
| Landerbrook Corporate Ctr      |   | Landerbrook  Corp. Center II    |       | Office             |       | —           |       | 1,382                  |       | 10,063        |       | 1,003                                                |   |
| Landerbrook Corporate Ctr      |   | Landerbrook  Corp. Center III   |       | Office             |       | —           |       | 1,528                  |       | 8,505         |       | —                                               |   |
|                           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MCDONOUGH, GEORGIA**         |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Liberty Dist. Center           |   | 120  Declaration Drive          |       | Industrial         |       | —           |       | 615                    |       | 8,582         |       | —                                               |   |
| Liberty Dist. Center           |   | Liberty III                     |       | Industrial         |       | —           |       | 2,273                  |       | 13,582        |       | —                                               |   |
|                           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MENDOTA HEIGHTS, MINNESOTA** |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Enterprise Industrial Center   |   | Enterprise  Industrial Center   |       | Industrial         |       | 2,283            |       | 864                    |       | 5,016         |       | 631                                                  |   |
|                           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MIDDLETOWN, OHIO**           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Monroe Business Center         |   | Monroe  Business Center 2       |       | Industrial         |       | —           |       | 767                    |       | 11,542        |       | —                                               |   |
|                           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MILFORD, OHIO**              |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Park 50                        |   | Park 50 Bldg  17                |       | Office             |       | —           |       | 500                    |       | 5,473         |       | 133                                                  |   |
| Park 50                        |   | Park 50 Bldg  20                |       | Industrial         |       | 3,625            |       | 461                    |       | 7,144         |       | —                                               |   |
| Park 50                        |   | Park 50 Bldg  25                |       | Industrial         |       | —           |       | 1,161                  |       | 4,128         |       | 988                                                  |   |
|                           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MINNEAPOLIS, MINNESOTA**     |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Broadway Business Center       |   | Broadway  Business Ctr III      |       | Industrial         |       | —           |       | 140                    |       | 813           |       | 53                                                   |   |
| Broadway Business Center       |   | Broadway  Business Ctr IV       |       | Industrial         |       | —           |       | 194                    |       | 1,142         |       | 194                                                  |   |
| Broadway Business Center       |   | Broadway  Business Ctr VI       |       | Industrial         |       | —           |       | 433                    |       | 2,504         |       | 249                                                  |   |
|                                |        |                                 |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**                |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|--------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**              | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Northwest Business Center      |       | 92                            |       | 1,016                             |   | 1,108                 |   | 64                 |       | 1982 |   | 1999 |   |
| Northwest Business Center      |       | 175                           |       | 1,518                             |   | 1,693                 |   | 109                |       | 1982 |   | 1999 |   |
| Northwest Business Center      |       | 85                            |       | 999                               |   | 1,084                 |   | 64                 |       | 1982 |   | 1999 |   |
| Northwest Business Center      |       | 47                            |       | 506                               |   | 553                   |   | 33                 |       | 1982 |   | 1999 |   |
| Northwest Business Center      |       | 294                           |       | 3,197                             |   | 3,491                 |   | 202                |       | 1982 |   | 1999 |   |
| Northwest Business Center      |       | 161                           |       | 1,698                             |   | 1,859                 |   | 112                |       | 1982 |   | 1999 |   |
| Northwest Business Center      |       | 353                           |       | 3,106                             |   | 3,459                 |   | 224                |       | 1982 |   | 1999 |   |
| Northwest Business Center      |       | 483                           |       | 3,947                             |   | 4,430                 |   | 256                |       | 1988 |   | 1999 |   |
| Northwest Business Center      |       | 327                           |       | 2,690                             |   | 3,017                 |   | 179                |       | 1988 |   | 1999 |   |
|                           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MARYLAND HEIGHTS, MISSOURI** |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Riverport Business Park        |       | 3,549                         |       | 30,928                            |   | 34,477                |   | 3,451              |       | 1991 |   | 1997 |   |
| Riverport Business Park        |       | 242                           |       | 2,327                             |   | 2,569                 |   | 248                |       | 1990 |   | 1997 |   |
| Riverport Business Park        |       | 2,285                         |       | 12,513                            |   | 14,798                |   | 1,844              |       | 1999 |   | 1999 |   |
| Riverport Business Park        |       | 900                           |       | 4,454                             |   | 5,354                 |   | 851                |       | 1999 |   | 1999 |   |
| Riverport Business Park        |       | 1,238                         |       | 6,997                             |   | 8,235                 |   | 849                |       | 2000 |   | 2000 |   |
| Riverport Business Park        |       | 1,188                         |       | 3,711                             |   | 4,899                 |   | 28                 |       | 2001 |   | 2001 |   |
| Riverport Distribution         |       | 1,197                         |       | 8,888                             |   | 10,085                |   | 987                |       | 1992 |   | 1997 |   |
| West Port Center               |       | 1,707                         |       | 6,989                             |   | 8,696                 |   | 1,396              |       | 1998 |   | 1998 |   |
| West Port Center               |       | 914                           |       | 3,101                             |   | 4,015                 |   | 672                |       | 1998 |   | 1998 |   |
| West Port Center               |       | 1,206                         |       | 3,406                             |   | 4,612                 |   | 403                |       | 1998 |   | 1999 |   |
|                           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MASON, OHIO**                |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Deerfield Crossing             |       | 1,493                         |       | 14,755                            |   | 16,248                |   | 1,775              |       | 1999 |   | 1999 |   |
| Deerfield Crossing             |       | 1,069                         |       | 13,243                            |   | 14,312                |   | 253                |       | 2001 |   | 2001 |   |
| Governor's Pointe              |       | 596                           |       | 7,942                             |   | 8,538                 |   | 2,644              |       | 1986 |   | 1988 |   |
| Governor's Pointe              |       | 595                           |       | 5,931                             |   | 6,526                 |   | 2,047              |       | 1987 |   | 1988 |   |
| Governor's Pointe              |       | 673                           |       | 4,304                             |   | 4,977                 |   | 1,307              |       | 1987 |   | 1989 |   |
| Governor's Pointe              |       | 987                           |       | 9,767                             |   | 10,754                |   | 2,445              |       | 1988 |   | 1993 |   |
| Governor's Pointe              |       | 909                           |       | 18,444                            |   | 19,353                |   | 3,990              |       | 1990 |   | 1993 |   |
| Governor's Pointe              |       | 594                           |       | 6,524                             |   | 7,118                 |   | 1,357              |       | 1997 |   | 1997 |   |
| Governor's Pointe              |       | 529                           |       | 5,047                             |   | 5,576                 |   | 1,104              |       | 1997 |   | 1997 |   |
| Governor's Pointe              |       | 1,115                         |       | 9,360                             |   | 10,475                |   | 1,812              |       | 1998 |   | 1998 |   |
| Governors Pointe Retail        |       | 4,227                         |       | 7,846                             |   | 12,073                |   | 1,573              |       | 1996 |   | 1996 |   |
| Governors Pointe Retail        |       | 3,750                         |       | 6,614                             |   | 10,364                |   | 1,166              |       | 1997 |   | 1997 |   |
|                           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MAYFIELD HEIGHTS, OHIO**     |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Landerbrook Corporate Ctr      |       | 1,808                         |       | 11,195                            |   | 13,003                |   | 2,164              |       | 1997 |   | 1997 |   |
| Landerbrook Corporate Ctr      |       | 1,382                         |       | 11,066                            |   | 12,448                |   | 1,359              |       | 1998 |   | 1998 |   |
| Landerbrook Corporate Ctr      |       | 1,528                         |       | 8,505                             |   | 10,033                |   | 59                 |       | 2000 |   | 2001 |   |
|                           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MCDONOUGH, GEORGIA**         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Liberty Dist. Center           |       | 615                           |       | 8,582                             |   | 9,197                 |   | 532                |       | 1997 |   | 1999 |   |
| Liberty Dist. Center           |       | 2,273                         |       | 13,582                            |   | 15,855                |   | 147                |       | 2001 |   | 2001 |   |
|                           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MENDOTA HEIGHTS, MINNESOTA** |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Enterprise Industrial Center   |       | 864                           |       | 5,647                             |   | 6,511                 |   | 865                |       | 1979 |   | 1997 |   |
|                           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MIDDLETOWN, OHIO**           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Monroe Business Center         |       | 767                           |       | 11,542                            |   | 12,309                |   | 129                |       | 2000 |   | 2001 |   |
|                           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MILFORD, OHIO**              |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Park 50                        |       | 510                           |       | 5,596                             |   | 6,106                 |   | 2,181              |       | 1985 |   | 1986 |   |
| Park 50                        |       | 469                           |       | 7,136                             |   | 7,605                 |   | 2,848              |       | 1987 |   | 1988 |   |
| Park 50                        |       | 1,184                         |       | 5,093                             |   | 6,277                 |   | 1,401              |       | 1989 |   | 1993 |   |
|                           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MINNEAPOLIS, MINNESOTA**     |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Broadway Business Center       |       | 144                           |       | 862                               |   | 1,006                 |   | 83                 |       | 1983 |   | 1998 |   |
| Broadway Business Center       |       | 200                           |       | 1,330                             |   | 1,530                 |   | 152                |       | 1983 |   | 1998 |   |
| Broadway Business Center       |       | 447                           |       | 2,739                             |   | 3,186                 |   | 284                |       | 1983 |   | 1998 |   |
|                                |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

67

----

 
| **Development**                 |   | **Name**                        | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|---------------------------------|--------|---------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Broadway Business Center        |   | Broadway  Business Ctr VII      |       | Industrial         |       | —           |       | 233                    |       | 1,355         |       | 170                                                  |   |
| Minneapolis                     |   | Chilies Ground  Lease           |       | Grounds            |       | —           |       | 921                    |       | —        |       | 69                                                   |   |
| Minneapolis                     |   | Knox Land  Lease                |       | Grounds            |       | —           |       | 1,067                  |       | —        |       | —                                               |   |
| Minneapolis                     |   | Olive Garden  Ground Lease      |       | Grounds            |       | —           |       | 921                    |       | —        |       | —                                               |   |
| 10801 Red Circle Drive          |   | 10801 Red  Circle Dr.           |       | Office             |       | —           |       | 527                    |       | 3,448         |       | 740                                                  |   |
| Encore Park                     |   | Encore Park                     |       | Industrial         |       | —           |       | 947                    |       | 5,649         |       | 297                                                  |   |
|                            |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MONROE, OHIO**                |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Monroe Business Center          |   | Monroe  Business Center Bldg. 1 |       | Industrial         |       | —           |       | 660                    |       | 5,403         |       | 238                                                  |   |
|                            |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **MORRISVILLE, NORTH CAROLINA** |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Perimeter Park                  |   | 507 Airport  Blvd               |       | Industrial         |       | 5,492            |       | 1,327                  |       | 8,442         |       | 363                                                  |   |
| Perimeter Park                  |   | 5151  McCrimmon Pkwy            |       | Industrial         |       | —           |       | 1,318                  |       | 8,219         |       | 412                                                  |   |
| Perimeter Park                  |   | 2600  Perimeter Park Dr         |       | Industrial         |       | —           |       | 975                    |       | 5,392         |       | 143                                                  |   |
| Perimeter Park                  |   | 5150  McCrimmon Pkwy            |       | Industrial         |       | —           |       | 1,739                  |       | 12,249        |       | 136                                                  |   |
| Perimeter Park                  |   | 2400  Perimeter Park Dr.        |       | Office             |       | —           |       | 760                    |       | 6,305         |       | 203                                                  |   |
| Perimeter Park                  |   | 3000  Perimeter Park Dr         |       | Industrial         |       | 1,921            |       | 482                    |       | 3,156         |       | 421                                                  |   |
| Perimeter Park                  |   | 2900  Perimeter Park Dr         |       | Industrial         |       | 1,510            |       | 235                    |       | 2,340         |       | 563                                                  |   |
| Perimeter Park                  |   | 2800  Perimeter Park Dr         |       | Industrial         |       | 2,784            |       | 777                    |       | 4,927         |       | 173                                                  |   |
| Perimeter Park                  |   | 100  Perimeter Park Drive       |       | Industrial         |       | —           |       | 477                    |       | 3,239         |       | 71                                                   |   |
| Perimeter Park                  |   | 200 Perimeter  Park Drive       |       | Industrial         |       | —           |       | 567                    |       | 3,149         |       | 70                                                   |   |
| Perimeter Park                  |   | 300  Perimeter Park Drive       |       | Industrial         |       | —           |       | 567                    |       | 3,148         |       | 130                                                  |   |
| Perimeter Park                  |   | 400  Perimeter Park Drive       |       | Industrial         |       | 3,966            |       | 486                    |       | 4,455         |       | 105                                                  |   |
| Perimeter Park                  |   | 500  Perimeter Park Drive       |       | Industrial         |       | —           |       | 522                    |       | 4,421         |       | 71                                                   |   |
| Perimeter Park                  |   | 800  Perimeter Park Drive       |       | Industrial         |       | 2,932            |       | 405                    |       | 3,309         |       | 127                                                  |   |
| Perimeter Park                  |   | 900  Perimeter Park Drive       |       | Industrial         |       | —           |       | 629                    |       | 1,908         |       | 651                                                  |   |
| Perimeter Park                  |   | 1000  Perimeter Park Drive      |       | Industrial         |       | —           |       | 405                    |       | 3,259         |       | 115                                                  |   |
| Perimeter Park                  |   | 1100  Perimeter Park Drive      |       | Industrial         |       | —           |       | 777                    |       | 6,037         |       | 201                                                  |   |
| Perimeter Park                  |   | 1400  Perimeter Park Drive      |       | Office             |       | —           |       | 666                    |       | 4,603         |       | 53                                                   |   |
| Perimeter Park                  |   | 1500  Perimeter Park Drive      |       | Office             |       | —           |       | 1,148                  |       | 10,397        |       | 356                                                  |   |
| Perimeter Park                  |   | 1600  Perimeter Park Drive      |       | Office             |       | 6,402            |       | 1,463                  |       | 10,134        |       | 286                                                  |   |
| Perimeter Park                  |   | 1800  Perimeter Park Drive      |       | Office             |       | 3,637            |       | 907                    |       | 5,751         |       | 58                                                   |   |
| Perimeter Park                  |   | 2000  Perimeter Park Drive      |       | Office             |       | —           |       | 788                    |       | 8,210         |       | 76                                                   |   |
| Perimeter Park                  |   | 1700  Perimeter Center West     |       | Office             |       | —           |       | 1,230                  |       | 10,780        |       | 42                                                   |   |
| Perimeter Park                  |   | 3900 N.  Paramount Parkway      |       | Office             |       | —           |       | 540                    |       | 13,296        |       | 110                                                  |   |
| Perimeter Park                  |   | 3900  S.Paramount Pkwy          |       | Office             |       | —           |       | 1,575                  |       | 12,398        |       | 648                                                  |   |
| Perimeter Park                  |   | 5200 East  Paramount            |       | Office             |       | —           |       | 1,748                  |       | 17,667        |       | 242                                                  |   |
| Perimeter Park                  |   | 3500  Paramount Pkwy            |       | Office             |       | —           |       | 755                    |       | 12,894        |       | —                                               |   |
| Perimeter Park                  |   | 2700  Perimeter Park            |       | Industrial         |       | —           |       | 662                    |       | 2,848         |       | —                                               |   |
| Perimeter Park                  |   | 5200 West  Paramount            |       | Office             |       | —           |       | 1,831                  |       | 12,899        |       | —                                               |   |
| Research Triangle Ind. Ctr      |   | 409 Airport  Blvd Bldg A        |       | Industrial         |       | 871              |       | 296                    |       | 1,286         |       | —                                               |   |
| Research Triangle Ind. Ctr      |   | 409 Airport  Blvd Bldg B        |       | Industrial         |       | 536              |       | 175                    |       | 769           |       | 12                                                   |   |
| Research Triangle Ind. Ctr      |   | 409 Airport  Blvd bldg C        |       | Industrial         |       | 1,812            |       | 185                    |       | 2,849         |       | 198                                                  |   |
| Woodlake Center                 |   | 100  Innovation Avenue          |       | Industrial         |       | —           |       | 633                    |       | 4,003         |       | 261                                                  |   |
| Woodlake Center                 |   | 101  Innovation Ave             |       | Industrial         |       | —           |       | 615                    |       | 4,095         |       | 98                                                   |   |
| Woodlake Center                 |   | 200  Innovation Drive           |       | Industrial         |       | —           |       | 357                    |       | 4,521         |       | —                                               |   |
| Woodlake Center                 |   | 501  Innovation Ave.            |       | Industrial         |       | —           |       | 640                    |       | 7,029         |       | 67                                                   |   |
|                            |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **NASHVILLE, TENNESSEE**        |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Airpark Business Center         |   | 1420  Donelson Pike             |       | Industrial         |       | 579              |       | 1,331                  |       | 5,401         |       | 368                                                  |   |
| Airpark Business Center         |   | 1410  Donelson Pike             |       | Industrial         |       | 685              |       | 1,411                  |       | 6,898         |       | 115                                                  |   |
| Airpark Business Center         |   | 1400  Donelson Pike             |       | Industrial         |       | 539              |       | 1,276                  |       | 5,042         |       | 270                                                  |   |
| Airpark Business Center         |   | 400 Airpark  Center             |       | Industrial         |       | 1,957            |       | 419                    |       | 2,182         |       | 8                                                    |   |
| Airpark Business Center         |   | 500 Airpark  Center Dr.         |       | Industrial         |       | 3,151            |       | 923                    |       | 2,456         |       | 850                                                  |   |
| Airpark Business Center         |   | 600 Airport  Center Dr.         |       | Industrial         |       | 3,038            |       | 729                    |       | 3,331         |       | 13                                                   |   |
| Airpark Business Center         |   | 700 Airpark  Center Dr.         |       | Industrial         |       | 2,934            |       | 801                    |       | 2,840         |       | 283                                                  |   |
| Airpark Business Center         |   | 800 Airpark  Center Dr.         |       | Industrial         |       | 2,558            |       | 924                    |       | 4,010         |       | 221                                                  |   |
| Airpark Business Center         |   | 900 Airpark  Center Dr.         |       | Industrial         |       | 2,161            |       | 798                    |       | 3,414         |       | 194                                                  |   |
| Airpark Business Center         |   | 1000 Airpark  Center Dr.        |       | Industrial         |       | —           |       | 1,300                  |       | 9,624         |       | 18                                                   |   |
| Airpark Business Center         |   | 5270 Harding  Place             |       | Industrial         |       | 1,201            |       | 535                    |       | 2,494         |       | 8                                                    |   |
|                                 |        |                                 |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**                 |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|---------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**               | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Broadway Business Center        |       | 241                           |       | 1,517                             |   | 1,758                 |   | 212                |       | 1983 |   | 1998 |   |
| Minneapolis                     |       | 990                           |       | —                            |   | 990                   |   | 1                  |       | N/A |   | 1998 |   |
| Minneapolis                     |       | 1,067                         |       | —                            |   | 1,067                 |   | —             |       | N/A |   | 1997 |   |
| Minneapolis                     |       | 921                           |       | —                            |   | 921                   |   | —             |       | N/A |   | 1998 |   |
| 10801 Red Circle Drive          |       | 527                           |       | 4,188                             |   | 4,715                 |   | 872                |       | 1977 |   | 1997 |   |
| Encore Park                     |       | 974                           |       | 5,919                             |   | 6,893                 |   | 668                |       | 1977 |   | 1997 |   |
|                            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MONROE, OHIO**                |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Monroe Business Center          |       | 660                           |       | 5,641                             |   | 6,301                 |   | 457                |       | 1992 |   | 1999 |   |
|                            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **MORRISVILLE, NORTH CAROLINA** |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Perimeter Park                  |       | 1,351                         |       | 8,781                             |   | 10,132                |   | 635                |       | 1993 |   | 1999 |   |
| Perimeter Park                  |       | 1,342                         |       | 8,607                             |   | 9,949                 |   | 603                |       | 1995 |   | 1999 |   |
| Perimeter Park                  |       | 991                           |       | 5,519                             |   | 6,510                 |   | 344                |       | 1997 |   | 1999 |   |
| Perimeter Park                  |       | 1,773                         |       | 12,351                            |   | 14,124                |   | 753                |       | 1998 |   | 1999 |   |
| Perimeter Park                  |       | 778                           |       | 6,490                             |   | 7,268                 |   | 424                |       | 1999 |   | 1999 |   |
| Perimeter Park                  |       | 491                           |       | 3,568                             |   | 4,059                 |   | 263                |       | 1989 |   | 1999 |   |
| Perimeter Park                  |       | 241                           |       | 2,897                             |   | 3,138                 |   | 216                |       | 1990 |   | 1999 |   |
| Perimeter Park                  |       | 791                           |       | 5,086                             |   | 5,877                 |   | 340                |       | 1992 |   | 1999 |   |
| Perimeter Park                  |       | 477                           |       | 3,310                             |   | 3,787                 |   | 232                |       | 1987 |   | 1999 |   |
| Perimeter Park                  |       | 567                           |       | 3,219                             |   | 3,786                 |   | 220                |       | 1987 |   | 1999 |   |
| Perimeter Park                  |       | 567                           |       | 3,278                             |   | 3,845                 |   | 222                |       | 1986 |   | 1999 |   |
| Perimeter Park                  |       | 486                           |       | 4,560                             |   | 5,046                 |   | 308                |       | 1983 |   | 1999 |   |
| Perimeter Park                  |       | 522                           |       | 4,492                             |   | 5,014                 |   | 320                |       | 1985 |   | 1999 |   |
| Perimeter Park                  |       | 405                           |       | 3,436                             |   | 3,841                 |   | 241                |       | 1984 |   | 1999 |   |
| Perimeter Park                  |       | 629                           |       | 2,559                             |   | 3,188                 |   | 178                |       | 1982 |   | 1999 |   |
| Perimeter Park                  |       | 405                           |       | 3,374                             |   | 3,779                 |   | 239                |       | 1982 |   | 1999 |   |
| Perimeter Park                  |       | 794                           |       | 6,221                             |   | 7,015                 |   | 433                |       | 1990 |   | 1999 |   |
| Perimeter Park                  |       | 679                           |       | 4,643                             |   | 5,322                 |   | 286                |       | 1991 |   | 1999 |   |
| Perimeter Park                  |       | 1,177                         |       | 10,724                            |   | 11,901                |   | 780                |       | 1996 |   | 1999 |   |
| Perimeter Park                  |       | 1,492                         |       | 10,391                            |   | 11,883                |   | 670                |       | 1994 |   | 1999 |   |
| Perimeter Park                  |       | 923                           |       | 5,793                             |   | 6,716                 |   | 355                |       | 1994 |   | 1999 |   |
| Perimeter Park                  |       | 810                           |       | 8,264                             |   | 9,074                 |   | 513                |       | 1997 |   | 1999 |   |
| Perimeter Park                  |       | 1,260                         |       | 10,792                            |   | 12,052                |   | 683                |       | 1997 |   | 1999 |   |
| Perimeter Park                  |       | 574                           |       | 13,372                            |   | 13,946                |   | 839                |       | 1998 |   | 1999 |   |
| Perimeter Park                  |       | 1,612                         |       | 13,009                            |   | 14,621                |   | 1,015              |       | 2000 |   | 1999 |   |
| Perimeter Park                  |       | 1,797                         |       | 17,860                            |   | 19,657                |   | 1,405              |       | 1999 |   | 1999 |   |
| Perimeter Park                  |       | 755                           |       | 12,894                            |   | 13,649                |   | 630                |       | 1999 |   | 2000 |   |
| Perimeter Park                  |       | 662                           |       | 2,848                             |   | 3,510                 |   | 18                 |       | 2001 |   | 2001 |   |
| Perimeter Park                  |       | 1,831                         |       | 12,899                            |   | 14,730                |   | —             |       | 2000 |   | 2001 |   |
| Research Triangle Ind. Ctr      |       | 300                           |       | 1,282                             |   | 1,582                 |   | 84                 |       | 1983 |   | 1999 |   |
| Research Triangle Ind. Ctr      |       | 177                           |       | 779                               |   | 956                   |   | 51                 |       | 1986 |   | 1999 |   |
| Research Triangle Ind. Ctr      |       | 193                           |       | 3,039                             |   | 3,232                 |   | 254                |       | 1982 |   | 1999 |   |
| Woodlake Center                 |       | 633                           |       | 4,264                             |   | 4,897                 |   | 307                |       | 1994 |   | 1999 |   |
| Woodlake Center                 |       | 615                           |       | 4,193                             |   | 4,808                 |   | 267                |       | 1997 |   | 1999 |   |
| Woodlake Center                 |       | 357                           |       | 4,521                             |   | 4,878                 |   | 491                |       | 1999 |   | 1999 |   |
| Woodlake Center                 |       | 640                           |       | 7,096                             |   | 7,736                 |   | 794                |       | 1999 |   | 1999 |   |
|                            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **NASHVILLE, TENNESSEE**        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Airpark Business Center         |       | 1,357                         |       | 5,743                             |   | 7,100                 |   | 360                |       | 1985 |   | 1999 |   |
| Airpark Business Center         |       | 1,411                         |       | 7,013                             |   | 8,424                 |   | 443                |       | 1986 |   | 1999 |   |
| Airpark Business Center         |       | 1,276                         |       | 5,312                             |   | 6,588                 |   | 367                |       | 1996 |   | 1999 |   |
| Airpark Business Center         |       | 419                           |       | 2,190                             |   | 2,609                 |   | 139                |       | 1989 |   | 1999 |   |
| Airpark Business Center         |       | 923                           |       | 3,306                             |   | 4,229                 |   | 252                |       | 1988 |   | 1999 |   |
| Airpark Business Center         |       | 729                           |       | 3,344                             |   | 4,073                 |   | 207                |       | 1990 |   | 1999 |   |
| Airpark Business Center         |       | 801                           |       | 3,123                             |   | 3,924                 |   | 199                |       | 1992 |   | 1999 |   |
| Airpark Business Center         |       | 924                           |       | 4,231                             |   | 5,155                 |   | 296                |       | 1995 |   | 1999 |   |
| Airpark Business Center         |       | 798                           |       | 3,608                             |   | 4,406                 |   | 210                |       | 1995 |   | 1999 |   |
| Airpark Business Center         |       | 1,300                         |       | 9,642                             |   | 10,942                |   | 599                |       | 1997 |   | 1999 |   |
| Airpark Business Center         |       | 535                           |       | 2,502                             |   | 3,037                 |   | 155                |       | 1996 |   | 1999 |   |
|                                 |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

68

----

 
| **Development**             |   | **Name**                      | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|-----------------------------|--------|-------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Airpark Business Center     |   | 1415  Donelson Pike           |       | Industrial         |       | 4,030            |       | 1,308                  |       | 8,799         |       | 56                                                   |   |
| Airpark Business Center     |   | 1413  Donelson Pike           |       | Industrial         |       | 1,302            |       | 549                    |       | 2,743         |       | —                                               |   |
| Airpark Business Center     |   | 5233 Harding  Place           |       | Industrial         |       | —           |       | 628                    |       | 3,108         |       | —                                               |   |
| Cumberland Business Center  |   | Cumberland  Business Center I |       | Industrial         |       | —           |       | 1,461                  |       | 6,938         |       | —                                               |   |
| Four-Forty Business Center  |   | 700 Melrose  Avenue           |       | Industrial         |       | 3,596            |       | 938                    |       | 6,464         |       | —                                               |   |
| Four-Forty Business Center  |   | 684 Melrose  Avenue           |       | Industrial         |       | —           |       | 1,812                  |       | 7,583         |       | 191                                                  |   |
| Four-Forty Business Center  |   | 782 Melrose  Avenue           |       | Industrial         |       | —           |       | 1,522                  |       | 5,750         |       | 205                                                  |   |
| Four-Forty Business Center  |   | 784 Melrose  Avenue           |       | Industrial         |       | —           |       | 471                    |       | 3,321         |       | 257                                                  |   |
| Greenbriar                  |   | Greenbriar  Business Park     |       | Industrial         |       | —           |       | 1,445                  |       | 5,085         |       | 573                                                  |   |
| Haywood Oaks                |   | Haywood Oaks  Bldg 2          |       | Industrial         |       | —           |       | 395                    |       | 1,928         |       | 62                                                   |   |
| Haywood Oaks                |   | Haywood Oaks  Bldg 3          |       | Industrial         |       | —           |       | 346                    |       | 1,741         |       | 356                                                  |   |
| Haywood Oaks                |   | Haywood Oaks  Bldg 4          |       | Industrial         |       | —           |       | 435                    |       | 2,083         |       | 279                                                  |   |
| Haywood Oaks                |   | Haywood Oaks  Bldg 5          |       | Industrial         |       | —           |       | 629                    |       | 3,041         |       | 149                                                  |   |
| Haywood Oaks                |   | Haywood Oaks  Bldg 6          |       | Industrial         |       | —           |       | 924                    |       | 6,323         |       | 527                                                  |   |
| Haywood Oaks                |   | Haywood Oaks  Bldg 7          |       | Industrial         |       | —           |       | 456                    |       | 1,844         |       | 247                                                  |   |
| Haywood Oaks                |   | Haywood Oaks  Bldg 8          |       | Industrial         |       | —           |       | 617                    |       | 3,481         |       | 741                                                  |   |
| Haywood Oaks East           |   | Haywood Oaks  East            |       | Industrial         |       | —           |       | 969                    |       | 5,837         |       | —                                               |   |
| Lakeview Place              |   | Three  Lakeview               |       | Office             |       | —           |       | 2,126                  |       | 13,853        |       | 926                                                  |   |
| Lakeview Place              |   | One Lakeview  Place           |       | Office             |       | —           |       | 2,046                  |       | 11,807        |       | 608                                                  |   |
| Lakeview Place              |   | Two Lakeview  Place           |       | Office             |       | —           |       | 2,046                  |       | 11,838        |       | 827                                                  |   |
| Metro Center                |   | 545  Mainstream Dr.           |       | Office             |       | 2,697            |       | 847                    |       | 6,310         |       | 136                                                  |   |
| Metro Center                |   | 566  Mainstream Dr.           |       | Industrial         |       | —           |       | 454                    |       | 3,927         |       | 209                                                  |   |
| Metro Center                |   | 621 Mainstream  Dr.           |       | Industrial         |       | —           |       | 428                    |       | 2,860         |       | 16                                                   |   |
| Metro Center                |   | Riverview  Business Center I  |       | Industrial         |       | —           |       | 497                    |       | 2,830         |       | —                                               |   |
| Metro Center                |   | Riverview  Business Center II |       | Industrial         |       | —           |       | 685                    |       | 2,435         |       | —                                               |   |
| Metropolitan Airport Center |   | Metro  Airport Center Bldg 1  |       | Industrial         |       | —           |       | 1,180                  |       | 4,776         |       | 98                                                   |   |
| Metropolitan Airport Center |   | Metro  Airport Bus Ctr C      |       | Industrial         |       | —           |       | 1,053                  |       | 4,925         |       | —                                               |   |
| Nashville Business Center   |   | 3300 Briley  Park Blvd.       |       | Industrial         |       | —           |       | 936                    |       | 7,138         |       | 2                                                    |   |
| Royal Parkway Center        |   | 2515  Perimeter Parkway       |       | Industrial         |       | —           |       | 731                    |       | 4,753         |       | 192                                                  |   |
| Royal Parkway Center        |   | 500 Royal  Parkway            |       | Industrial         |       | —           |       | 599                    |       | 4,636         |       | —                                               |   |
|                        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **NEW ALBANY, OHIO**        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| New Albany                  |   | Novus  Services, Inc.         |       | Office             |       | —           |       | 9,000                  |       | 46,150        |       | —                                               |   |
| New Albany                  |   | 6525 Campus  Oval             |       | Office             |       | —           |       | 881                    |       | 5,469         |       | —                                               |   |
|                        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **NEW HOPE, MINNESOTA**     |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Bass Lake Business Building |   | Bass Lake  Business Bldg      |       | Industrial         |       | 931              |       | 298                    |       | 1,715         |       | 68                                                   |   |
|                        |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **NORCROSS, GEORGIA**       |   |                          |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Gwinnett Park               |   | 1750 Beaver  Ruin             |       | Industrial         |       | —           |       | 640                    |       | 6,793         |       | 17                                                   |   |
| Gwinnett Park               |   | 4258  Communications Drive    |       | Industrial         |       | —           |       | 29                     |       | 2,388         |       | —                                               |   |
| Gwinnett Park               |   | 4261  Communications Drive    |       | Industrial         |       | —           |       | 254                    |       | 1,916         |       | 99                                                   |   |
| Gwinnett Park               |   | 4291  Communications Drive    |       | Industrial         |       | —           |       | 4                      |       | 1,467         |       | —                                               |   |
| Gwinnett Park               |   | 1826 Doan  Way                |       | Industrial         |       | —           |       | 51                     |       | 3,065         |       | 66                                                   |   |
| Gwinnett Park               |   | 1857 Doan  Way                |       | Industrial         |       | —           |       | 23                     |       | 397           |       | 44                                                   |   |
| Gwinnett Park               |   | 1650  International Blvd      |       | Industrial         |       | —           |       | 69                     |       | 2,211         |       | 27                                                   |   |
| Gwinnett Park               |   | 4245  International Blvd      |       | Industrial         |       | —           |       | 192                    |       | 10,848        |       | 1                                                    |   |
| Gwinnett Park               |   | 4250  International Blvd      |       | Industrial         |       | —           |       | 193                    |       | 3,042         |       | 23                                                   |   |
| Gwinnett Park               |   | 4295  International Blvd      |       | Industrial         |       | —           |       | 58                     |       | 2,330         |       | 45                                                   |   |
| Gwinnett Park               |   | 4320  International Blvd      |       | Industrial         |       | —           |       | 44                     |       | 2,058         |       | 37                                                   |   |
| Gwinnett Park               |   | 4350  International Blvd      |       | Industrial         |       | —           |       | 78                     |       | 3,061         |       | 225                                                  |   |
| Gwinnett Park               |   | 4355  International Blvd      |       | Industrial         |       | —           |       | 233                    |       | 2,969         |       | 180                                                  |   |
| Gwinnett Park               |   | 4405A  International Blvd     |       | Industrial         |       | —           |       | 97                     |       | 2,680         |       | 86                                                   |   |
| Gwinnett Park               |   | 4405B  International Blvd     |       | Industrial         |       | —           |       | 118                    |       | 3,900         |       | 143                                                  |   |
| Gwinnett Park               |   | 4405C  International Blvd     |       | Industrial         |       | —           |       | 21                     |       | 800           |       | 43                                                   |   |
| Gwinnett Park               |   | 1828 Meca  Way                |       | Industrial         |       | —           |       | 16                     |       | 2,621         |       | 109                                                  |   |
| Gwinnett Park               |   | 1858 Meca  Way                |       | Industrial         |       | —           |       | 20                     |       | 1,828         |       | 170                                                  |   |
| Gwinnett Park               |   | 4316 Park  Drive              |       | Industrial         |       | —           |       | 262                    |       | 1,420         |       | 273                                                  |   |
| Gwinnett Park               |   | 4357 Park  Drive              |       | Industrial         |       | —           |       | 12                     |       | 2,251         |       | 219                                                  |   |
| Gwinnett Park               |   | 4366 Park  Drive              |       | Office             |       | —           |       | 6                      |       | 205           |       | 292                                                  |   |
|                             |        |                               |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**                 |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|---------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**               | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Airpark Business Center         |       | 1,308                         |       | 8,855                             |   | 10,163                |   | 532                |       | 1996 |   | 1999 |   |
| Airpark Business Center         |       | 549                           |       | 2,743                             |   | 3,292                 |   | 170                |       | 1996 |   | 1999 |   |
| Airpark Business Center         |       | 628                           |       | 3,108                             |   | 3,736                 |   | 300                |       | 1998 |   | 1999 |   |
| Cumberland Business Center      |       | 1,461                         |       | 6,938                             |   | 8,399                 |   | 692                |       | 1999 |   | 1999 |   |
| Four—Forty Business Center |       | 938                           |       | 6,464                             |   | 7,402                 |   | 399                |       | 1997 |   | 1999 |   |
| Four—Forty Business Center |       | 1,812                         |       | 7,774                             |   | 9,586                 |   | 555                |       | 1998 |   | 1999 |   |
| Four—Forty Business Center |       | 1,522                         |       | 5,955                             |   | 7,477                 |   | 373                |       | 1997 |   | 1999 |   |
| Four—Forty Business Center |       | 471                           |       | 3,578                             |   | 4,049                 |   | 310                |       | 1999 |   | 1999 |   |
| Greenbriar                      |       | 1,445                         |       | 5,658                             |   | 7,103                 |   | 1,067              |       | 1986 |   | 1994 |   |
| Haywood Oaks                    |       | 395                           |       | 1,990                             |   | 2,385                 |   | 405                |       | 1988 |   | 1993 |   |
| Haywood Oaks                    |       | 346                           |       | 2,097                             |   | 2,443                 |   | 398                |       | 1988 |   | 1993 |   |
| Haywood Oaks                    |       | 435                           |       | 2,362                             |   | 2,797                 |   | 567                |       | 1988 |   | 1993 |   |
| Haywood Oaks                    |       | 629                           |       | 3,190                             |   | 3,819                 |   | 704                |       | 1988 |   | 1993 |   |
| Haywood Oaks                    |       | 946                           |       | 6,828                             |   | 7,774                 |   | 1,406              |       | 1989 |   | 1993 |   |
| Haywood Oaks                    |       | 456                           |       | 2,091                             |   | 2,547                 |   | 376                |       | 1995 |   | 1995 |   |
| Haywood Oaks                    |       | 751                           |       | 4,088                             |   | 4,839                 |   | 1,224              |       | 1997 |   | 1997 |   |
| Haywood Oaks East               |       | 969                           |       | 5,837                             |   | 6,806                 |   | 388                |       | 2000 |   | 2000 |   |
| Lakeview Place                  |       | 2,126                         |       | 14,779                            |   | 16,905                |   | 1,011              |       | 1999 |   | 1999 |   |
| Lakeview Place                  |       | 2,063                         |       | 12,398                            |   | 14,461                |   | 1,071              |       | 1986 |   | 1998 |   |
| Lakeview Place                  |       | 2,046                         |       | 12,665                            |   | 14,711                |   | 1,069              |       | 1988 |   | 1998 |   |
| Metro Center                    |       | 847                           |       | 6,446                             |   | 7,293                 |   | 440                |       | 1983 |   | 1999 |   |
| Metro Center                    |       | 454                           |       | 4,136                             |   | 4,590                 |   | 321                |       | 1982 |   | 1999 |   |
| Metro Center                    |       | 428                           |       | 2,876                             |   | 3,304                 |   | 178                |       | 1984 |   | 1999 |   |
| Metro Center                    |       | 497                           |       | 2,830                             |   | 3,327                 |   | 158                |       | 2000 |   | 2000 |   |
| Metro Center                    |       | 685                           |       | 2,435                             |   | 3,120                 |   | 16                 |       | 2001 |   | 2001 |   |
| Metropolitan Airport Center     |       | 1,190                         |       | 4,864                             |   | 6,054                 |   | 665                |       | 1999 |   | 1999 |   |
| Metropolitan Airport Center     |       | 1,053                         |       | 4,925                             |   | 5,978                 |   | 9                  |       | 2001 |   | 2001 |   |
| Nashville Business Center       |       | 936                           |       | 7,140                             |   | 8,076                 |   | 892                |       | 1997 |   | 1999 |   |
| Royal Parkway Center            |       | 734                           |       | 4,942                             |   | 5,676                 |   | 307                |       | 1990 |   | 1999 |   |
| Royal Parkway Center            |       | 603                           |       | 4,632                             |   | 5,235                 |   | 288                |       | 1990 |   | 1999 |   |
|                            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **NEW ALBANY, OHIO**            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| New Albany                      |       | 9,000                         |       | 46,150                            |   | 55,150                |   | 1,945              |       | 1999 |   | 2000 |   |
| New Albany                      |       | 881                           |       | 5,469                             |   | 6,350                 |   | —             |       | 1999 |   | 2001 |   |
|                            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **NEW HOPE, MINNESOTA**         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Bass Lake Business Building     |       | 298                           |       | 1,783                             |   | 2,081                 |   | 194                |       | 1981 |   | 1997 |   |
|                            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **NORCROSS, GEORGIA**           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Gwinnett Park                   |       | 640                           |       | 6,810                             |   | 7,450                 |   | 424                |       | 1997 |   | 1999 |   |
| Gwinnett Park                   |       | 29                            |       | 2,388                             |   | 2,417                 |   | 152                |       | 1981 |   | 1999 |   |
| Gwinnett Park                   |       | 254                           |       | 2,015                             |   | 2,269                 |   | 122                |       | 1981 |   | 1999 |   |
| Gwinnett Park                   |       | 16                            |       | 1,455                             |   | 1,471                 |   | 92                 |       | 1981 |   | 1999 |   |
| Gwinnett Park                   |       | 51                            |       | 3,131                             |   | 3,182                 |   | 201                |       | 1984 |   | 1999 |   |
| Gwinnett Park                   |       | 56                            |       | 408                               |   | 464                   |   | 31                 |       | 1970 |   | 1999 |   |
| Gwinnett Park                   |       | 69                            |       | 2,238                             |   | 2,307                 |   | 138                |       | 1984 |   | 1999 |   |
| Gwinnett Park                   |       | 192                           |       | 10,849                            |   | 11,041                |   | 673                |       | 1985 |   | 1999 |   |
| Gwinnett Park                   |       | 216                           |       | 3,042                             |   | 3,258                 |   | 192                |       | 1986 |   | 1999 |   |
| Gwinnett Park                   |       | 58                            |       | 2,375                             |   | 2,433                 |   | 157                |       | 1984 |   | 1999 |   |
| Gwinnett Park                   |       | 44                            |       | 2,095                             |   | 2,139                 |   | 129                |       | 1984 |   | 1999 |   |
| Gwinnett Park                   |       | 78                            |       | 3,286                             |   | 3,364                 |   | 206                |       | 1982 |   | 1999 |   |
| Gwinnett Park                   |       | 233                           |       | 3,149                             |   | 3,382                 |   | 203                |       | 1983 |   | 1999 |   |
| Gwinnett Park                   |       | 97                            |       | 2,766                             |   | 2,863                 |   | 175                |       | 1984 |   | 1999 |   |
| Gwinnett Park                   |       | 118                           |       | 4,043                             |   | 4,161                 |   | 302                |       | 1984 |   | 1999 |   |
| Gwinnett Park                   |       | 21                            |       | 843                               |   | 864                   |   | 51                 |       | 1984 |   | 1999 |   |
| Gwinnett Park                   |       | 16                            |       | 2,730                             |   | 2,746                 |   | 227                |       | 1975 |   | 1999 |   |
| Gwinnett Park                   |       | 27                            |       | 1,991                             |   | 2,018                 |   | 132                |       | 1975 |   | 1999 |   |
| Gwinnett Park                   |       | 262                           |       | 1,693                             |   | 1,955                 |   | 119                |       | 1980 |   | 1999 |   |
| Gwinnett Park                   |       | 12                            |       | 2,470                             |   | 2,482                 |   | 173                |       | 1979 |   | 1999 |   |
| Gwinnett Park                   |       | 22                            |       | 481                               |   | 503                   |   | 32                 |       | 1981 |   | 1999 |   |
|                                 |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

69

----

 
| **Development**               |   | **Name**                         | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|-------------------------------|--------|----------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Gwinnett Park                 |   | 4386 Park  Drive                 |       | Industrial         |       | —           |       | 17                     |       | 986           |       | 411                                                  |   |
| Gwinnett Park                 |   | 4436 Park  Drive                 |       | Industrial         |       | —           |       | 18                     |       | 2,279         |       | 27                                                   |   |
| Gwinnett Park                 |   | 4437 Park  Drive                 |       | Industrial         |       | —           |       | 21                     |       | 2,644         |       | 108                                                  |   |
| Gwinnett Park                 |   | 4467 Park  Drive                 |       | Industrial         |       | —           |       | 6                      |       | 1,630         |       | 48                                                   |   |
| Gwinnett Park                 |   | 4487 Park  Drive                 |       | Industrial         |       | —           |       | 6                      |       | 3,407         |       | 342                                                  |   |
| Gwinnett Park                 |   | 1835  Shackleford Court          |       | Office             |       | —           |       | 29                     |       | 6,309         |       | 152                                                  |   |
| Gwinnett Park                 |   | 1854  Shackleford Road           |       | Office             |       | —           |       | 52                     |       | 10,387        |       | 590                                                  |   |
| Gwinnett Park                 |   | 4274  Shackleford Road           |       | Industrial         |       | —           |       | 27                     |       | 3,626         |       | 120                                                  |   |
| Gwinnett Park                 |   | 4275  Shackleford Court          |       | Office             |       | 477              |       | 8                      |       | 2,125         |       | 243                                                  |   |
| Gwinnett Park                 |   | 4344  Shackleford Road           |       | Industrial         |       | —           |       | 286                    |       | 2,221         |       | 166                                                  |   |
| Gwinnett Park                 |   | 4355  Shackleford Road           |       | Industrial         |       | —           |       | 7                      |       | 6,856         |       | 63                                                   |   |
| Gwinnett Park                 |   | 4364  Shackleford Road           |       | Industrial         |       | —           |       | 9                      |       | 982           |       | —                                               |   |
| Gwinnett Park                 |   | 4366 Shackleford  Road           |       | Industrial         |       | —           |       | 20                     |       | 2,567         |       | 314                                                  |   |
| Gwinnett Park                 |   | 4388  Shackelford Road           |       | Industrial         |       | —           |       | 33                     |       | 4,002         |       | 192                                                  |   |
| Gwinnett Park                 |   | 4400  Shackleford Road           |       | Industrial         |       | —           |       | 14                     |       | 1,567         |       | —                                               |   |
| Gwinnett Park                 |   | 4444  Shackleford Road           |       | Industrial         |       | —           |       | 31                     |       | 2,632         |       | 327                                                  |   |
| Gwinnett Pavilion             |   | 1505  Pavillion Place            |       | Industrial         |       | —           |       | 448                    |       | 3,996         |       | 414                                                  |   |
| Gwinnett Pavilion             |   | 3883 Steve  Reynolds Blvd.       |       | Industrial         |       | —           |       | 612                    |       | 4,928         |       | 4                                                    |   |
| Gwinnett Pavilion             |   | 3890 Steve  Reynolds Blvd        |       | Industrial         |       | —           |       | 519                    |       | 3,028         |       | —                                               |   |
| Gwinnett Pavilion             |   | 3950 Steve  Reynolds Blvd.       |       | Industrial         |       | —           |       | 684                    |       | 2,825         |       | 3                                                    |   |
| Northeast I85                 |   | 6525—27  Jimmy Carter Blvd  |       | Industrial         |       | —           |       | 509                    |       | 4,233         |       | 203                                                  |   |
| Northeast I85                 |   | 5755  Peachtree Industrial Blvd  |       | Office             |       | —           |       | 800                    |       | 3,652         |       | 231                                                  |   |
| Northeast I85                 |   | 5765  Peachtree Industrial Blvd  |       | Industrial         |       | —           |       | 521                    |       | 4,674         |       | —                                               |   |
| Northeast I85                 |   | 5775  Peachtree Industrial Blvd  |       | Industrial         |       | —           |       | 521                    |       | 4,695         |       | 42                                                   |   |
| Northwoods                    |   | 2915  Courtyards Drive           |       | Industrial         |       | —           |       | 268                    |       | 1,961         |       | 44                                                   |   |
| Northwoods                    |   | 2925  Courtyards Drive           |       | Industrial         |       | —           |       | 333                    |       | 3,235         |       | —                                               |   |
| Northwoods                    |   | 2975  Courtyards Drive           |       | Industrial         |       | —           |       | 144                    |       | 1,264         |       | 94                                                   |   |
| Northwoods                    |   | 2995  Courtyards Drive           |       | Industrial         |       | —           |       | 109                    |       | 892           |       | —                                               |   |
| Northwoods                    |   | 2725  Northwoods Pkwy            |       | Industrial         |       | —           |       | 440                    |       | 2,568         |       | 539                                                  |   |
| Northwoods                    |   | 2755  Northwoods Pkwy            |       | Industrial         |       | —           |       | 249                    |       | 2,880         |       | 37                                                   |   |
| Northwoods                    |   | 2775  Northwoods Pkwy            |       | Industrial         |       | —           |       | 322                    |       | 2,425         |       | —                                               |   |
| Northwoods                    |   | 2850  Colonnades Court           |       | Industrial         |       | —           |       | 562                    |       | 5,280         |       | —                                               |   |
| Northwoods                    |   | 3040  Northwoods Pkwy            |       | Industrial         |       | —           |       | 298                    |       | 1,801         |       | 155                                                  |   |
| Northwoods                    |   | 3044  Northwoods Circle          |       | Industrial         |       | —           |       | 167                    |       | 718           |       | 34                                                   |   |
| Northwoods                    |   | 3055  Northwoods Pkwy            |       | Industrial         |       | —           |       | 213                    |       | 1,556         |       | 90                                                   |   |
| Northwoods                    |   | 3075  Northwoods Pkwy            |       | Industrial         |       | —           |       | 374                    |       | 2,865         |       | 185                                                  |   |
| Northwoods                    |   | 3100  Northwoods Pkwy            |       | Industrial         |       | —           |       | 393                    |       | 2,543         |       | 6                                                    |   |
| Northwoods                    |   | 3155  Northwoods Pkwy            |       | Industrial         |       | —           |       | 331                    |       | 2,504         |       | —                                               |   |
| Northwoods                    |   | 3175  Northwoods Pkwy            |       | Industrial         |       | —           |       | 250                    |       | 2,071         |       | 6                                                    |   |
| Peachtree Corners Tech Center |   | 3170 Reps  Miller Road           |       | Industrial         |       | —           |       | 500                    |       | 3,662         |       | 18                                                   |   |
| Peachtree Corners Tech Center |   | 3180 Reps  Miller Road           |       | Industrial         |       | —           |       | 500                    |       | 2,943         |       | 38                                                   |   |
| Peachtree Corners Tech Center |   | 3190 Reps  Miller Road           |       | Industrial         |       | —           |       | 525                    |       | 2,363         |       | 222                                                  |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **NORTH OLMSTED, OHIO**       |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Great Northern Corp Center    |   | Great  Northern Corp Center I    |       | Office             |       | —           |       | 1,048                  |       | 7,088         |       | 513                                                  |   |
| Great Northern Corp Center    |   | Great  Northern Corp Center II   |       | Office             |       | —           |       | 1,048                  |       | 7,169         |       | 1,180                                                |   |
| Great Northern Corp Center    |   | Great  Northern Corp Center III  |       | Office             |       | —           |       | 604                    |       | 5,642         |       | 863                                                  |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **OLIVETTE, MISSOURI**        |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| I—170 Center             |   | I—170 Center                |       | Industrial         |       | —           |       | 950                    |       | 4,151         |       | 577                                                  |   |
| Warson Commerce Center        |   | Warson  Commerce Center          |       | Industrial         |       | —           |       | 749                    |       | 5,372         |       | 340                                                  |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **ORLANDO, FLORIDA**          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Business Centre at Lee Vista  |   | Lee Vista  Distribution Ctr I    |       | Industrial         |       | —           |       | 819                    |       | 4,545         |       | 450                                                  |   |
| Business Centre at Lee Vista  |   | Lee Vista  Distribution Ctr II   |       | Industrial         |       | —           |       | 740                    |       | 3,887         |       | —                                               |   |
| Business Centre at Lee Vista  |   | Lee Vista  Service Center I      |       | Industrial         |       | —           |       | 926                    |       | 2,344         |       | —                                               |   |
| Parksouth Dist. Center        |   | Parksouth  Dist. Ctr—Bldg B |       | Industrial         |       | —           |       | 565                    |       | 4,893         |       | —                                               |   |
| Parksouth Dist. Center        |   | Parksouth Dist.  Ctr—Bldg A |       | Industrial         |       | —           |       | 493                    |       | 4,545         |       | —                                               |   |
| Parksouth Dist. Center        |   | Parksouth  Dist. Ctr—Bldg D |       | Industrial         |       | —           |       | 593                    |       | 4,131         |       | —                                               |   |
| Parksouth Dist. Center        |   | Parksouth  Dist. Ctr—Bldg E |       | Industrial         |       | —           |       | 649                    |       | 4,654         |       | —                                               |   |
|                               |        |                                  |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**               |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|-------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**             | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Gwinnett Park                 |       | 17                            |       | 1,397                             |   | 1,414                 |   | 105                |       | 1973 |   | 1999 |   |
| Gwinnett Park                 |       | 18                            |       | 2,306                             |   | 2,324                 |   | 141                |       | 1968 |   | 1999 |   |
| Gwinnett Park                 |       | 21                            |       | 2,752                             |   | 2,773                 |   | 171                |       | 1978 |   | 1999 |   |
| Gwinnett Park                 |       | 6                             |       | 1,678                             |   | 1,684                 |   | 112                |       | 1978 |   | 1999 |   |
| Gwinnett Park                 |       | 6                             |       | 3,749                             |   | 3,755                 |   | 248                |       | 1978 |   | 1999 |   |
| Gwinnett Park                 |       | 29                            |       | 6,461                             |   | 6,490                 |   | 439                |       | 1990 |   | 1999 |   |
| Gwinnett Park                 |       | 52                            |       | 10,977                            |   | 11,029                |   | 756                |       | 1985 |   | 1999 |   |
| Gwinnett Park                 |       | 27                            |       | 3,746                             |   | 3,773                 |   | 233                |       | 1974 |   | 1999 |   |
| Gwinnett Park                 |       | 12                            |       | 2,364                             |   | 2,376                 |   | 151                |       | 1985 |   | 1999 |   |
| Gwinnett Park                 |       | 286                           |       | 2,387                             |   | 2,673                 |   | 192                |       | 1975 |   | 1999 |   |
| Gwinnett Park                 |       | 70                            |       | 6,856                             |   | 6,926                 |   | 425                |       | 1972 |   | 1999 |   |
| Gwinnett Park                 |       | 9                             |       | 982                               |   | 991                   |   | 61                 |       | 1973 |   | 1999 |   |
| Gwinnett Park                 |       | 26                            |       | 2,875                             |   | 2,901                 |   | 213                |       | 1981 |   | 1999 |   |
| Gwinnett Park                 |       | 43                            |       | 4,184                             |   | 4,227                 |   | 259                |       | 1981 |   | 1999 |   |
| Gwinnett Park                 |       | 18                            |       | 1,563                             |   | 1,581                 |   | 98                 |       | 1981 |   | 1999 |   |
| Gwinnett Park                 |       | 31                            |       | 2,959                             |   | 2,990                 |   | 240                |       | 1979 |   | 1999 |   |
| Gwinnett Pavilion             |       | 448                           |       | 4,410                             |   | 4,858                 |   | 441                |       | 1988 |   | 1999 |   |
| Gwinnett Pavilion             |       | 612                           |       | 4,932                             |   | 5,544                 |   | 305                |       | 1990 |   | 1999 |   |
| Gwinnett Pavilion             |       | 519                           |       | 3,028                             |   | 3,547                 |   | 190                |       | 1991 |   | 1999 |   |
| Gwinnett Pavilion             |       | 684                           |       | 2,828                             |   | 3,512                 |   | 175                |       | 1992 |   | 1999 |   |
| Northeast I85                 |       | 509                           |       | 4,436                             |   | 4,945                 |   | 303                |       | 1983 |   | 1999 |   |
| Northeast I85                 |       | 800                           |       | 3,883                             |   | 4,683                 |   | 240                |       | 1997 |   | 1999 |   |
| Northeast I85                 |       | 521                           |       | 4,674                             |   | 5,195                 |   | 290                |       | 1997 |   | 1999 |   |
| Northeast I85                 |       | 521                           |       | 4,737                             |   | 5,258                 |   | 298                |       | 1997 |   | 1999 |   |
| Northwoods                    |       | 268                           |       | 2,005                             |   | 2,273                 |   | 143                |       | 1986 |   | 1999 |   |
| Northwoods                    |       | 333                           |       | 3,235                             |   | 3,568                 |   | 200                |       | 1986 |   | 1999 |   |
| Northwoods                    |       | 144                           |       | 1,358                             |   | 1,502                 |   | 88                 |       | 1986 |   | 1999 |   |
| Northwoods                    |       | 109                           |       | 892                               |   | 1,001                 |   | 55                 |       | 1986 |   | 1999 |   |
| Northwoods                    |       | 440                           |       | 3,107                             |   | 3,547                 |   | 209                |       | 1984 |   | 1999 |   |
| Northwoods                    |       | 249                           |       | 2,917                             |   | 3,166                 |   | 181                |       | 1986 |   | 1999 |   |
| Northwoods                    |       | 322                           |       | 2,425                             |   | 2,747                 |   | 150                |       | 1986 |   | 1999 |   |
| Northwoods                    |       | 562                           |       | 5,280                             |   | 5,842                 |   | 327                |       | 1988 |   | 1999 |   |
| Northwoods                    |       | 298                           |       | 1,956                             |   | 2,254                 |   | 140                |       | 1984 |   | 1999 |   |
| Northwoods                    |       | 167                           |       | 752                               |   | 919                   |   | 47                 |       | 1984 |   | 1999 |   |
| Northwoods                    |       | 213                           |       | 1,646                             |   | 1,859                 |   | 115                |       | 1985 |   | 1999 |   |
| Northwoods                    |       | 374                           |       | 3,050                             |   | 3,424                 |   | 251                |       | 1985 |   | 1999 |   |
| Northwoods                    |       | 393                           |       | 2,549                             |   | 2,942                 |   | 158                |       | 1985 |   | 1999 |   |
| Northwoods                    |       | 331                           |       | 2,504                             |   | 2,835                 |   | 155                |       | 1985 |   | 1999 |   |
| Northwoods                    |       | 250                           |       | 2,077                             |   | 2,327                 |   | 128                |       | 1985 |   | 1999 |   |
| Peachtree Corners Tech Center |       | 500                           |       | 3,680                             |   | 4,180                 |   | 228                |       | 1998 |   | 1999 |   |
| Peachtree Corners Tech Center |       | 500                           |       | 2,981                             |   | 3,481                 |   | 186                |       | 1998 |   | 1999 |   |
| Peachtree Corners Tech Center |       | 525                           |       | 2,585                             |   | 3,110                 |   | 176                |       | 1998 |   | 1999 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **NORTH OLMSTED, OHIO**       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Great Northern Corp Center    |       | 1,040                         |       | 7,609                             |   | 8,649                 |   | 1,129              |       | 1985 |   | 1996 |   |
| Great Northern Corp Center    |       | 1,048                         |       | 8,349                             |   | 9,397                 |   | 1,589              |       | 1987 |   | 1996 |   |
| Great Northern Corp Center    |       | 604                           |       | 6,505                             |   | 7,109                 |   | 882                |       | 1999 |   | 1999 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **OLIVETTE, MISSOURI**        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| I—170 Center             |       | 1,018                         |       | 4,660                             |   | 5,678                 |   | 696                |       | 1986 |   | 1996 |   |
| Warson Commerce Center        |       | 749                           |       | 5,712                             |   | 6,461                 |   | 582                |       | 1987 |   | 1998 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **ORLANDO, FLORIDA**          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Business Centre at Lee Vista  |       | 819                           |       | 4,995                             |   | 5,814                 |   | 767                |       | 1998 |   | 1999 |   |
| Business Centre at Lee Vista  |       | 740                           |       | 3,887                             |   | 4,627                 |   | 282                |       | 1999 |   | 2000 |   |
| Business Centre at Lee Vista  |       | 926                           |       | 2,344                             |   | 3,270                 |   | 17                 |       | 2000 |   | 2001 |   |
| Parksouth Dist. Center        |       | 565                           |       | 4,893                             |   | 5,458                 |   | 303                |       | 1996 |   | 1999 |   |
| Parksouth Dist. Center        |       | 493                           |       | 4,545                             |   | 5,038                 |   | 289                |       | 1997 |   | 1999 |   |
| Parksouth Dist. Center        |       | 593                           |       | 4,131                             |   | 4,724                 |   | 273                |       | 1998 |   | 1999 |   |
| Parksouth Dist. Center        |       | 649                           |       | 4,654                             |   | 5,303                 |   | 311                |       | 1997 |   | 1999 |   |
|                               |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

70

----

 
| **Development**               |   | **Name**                         | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|-------------------------------|--------|----------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Parksouth Dist. Center        |   | Parksouth  Dist. Ctr—Bldg F |       | Industrial         |       | —           |       | 1,030                  |       | 5,525         |       | 688                                                  |   |
| Parksouth Dist. Center        |   | Parksouth  Dist. Ctr—Bldg H |       | Industrial         |       | —           |       | 725                    |       | 3,575         |       | —                                               |   |
| Parksouth Dist. Center        |   | Chase  BTS—Orlando          |       | Industrial         |       | —           |       | 598                    |       | 2,046         |       | —                                               |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **PEPPER PIKE, OHIO**         |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Corporate Circle              |   | Corporate  Circle                |       | Office             |       | —           |       | 1,696                  |       | 11,368        |       | 1,368                                                |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **PLAINFIELD, INDIANA**       |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Plainfield Business Park      |   | Plainfield  Building 1           |       | Industrial         |       | 6,332            |       | 1,104                  |       | 11,103        |       | —                                               |   |
| Plainfield Business Park      |   | Plainfield  Building 2           |       | Industrial         |       | —           |       | 1,387                  |       | 9,688         |       | —                                               |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **PLANO, TEXAS**              |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Legacy Business Park          |   | Metasolv  Building Phase I       |       | Office             |       | —           |       | 1,527                  |       | 5,831         |       | 707                                                  |   |
| Legacy Business Park          |   | Metasolv  Building Phase II      |       | Office             |       | —           |       | 1,181                  |       | 11,182        |       | 65                                                   |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **PLYMOUTH, MINNESOTA**       |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Medicine Lake                 |   | Medicine  Lake Indus. Center     |       | Industrial         |       | 3,902            |       | 1,158                  |       | 6,645         |       | 283                                                  |   |
| Plymouth Office/Tech Center   |   | Plymouth  Office/Tech Center     |       | Industrial         |       | —           |       | 428                    |       | 2,430         |       | 299                                                  |   |
| Plymouth Service Center       |   | Plymouth  Service Center         |       | Industrial         |       | —           |       | 345                    |       | 1,971         |       | 720                                                  |   |
| Westpoint Buildings           |   | Westpoint  Business Ctr          |       | Office             |       | —           |       | 98                     |       | 569           |       | 225                                                  |   |
| Westpoint Buildings           |   | Westpoint  Bldg B&C          |       | Industrial         |       | —           |       | 370                    |       | 2,115         |       | 362                                                  |   |
| Westpoint Buildings           |   | Westpoint  Bldg D&E          |       | Industrial         |       | —           |       | 362                    |       | 2,071         |       | 542                                                  |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **RALEIGH, NORTH CAROLINA**   |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Brook Forest                  |   | Brook Forest  I                  |       | Office             |       | —           |       | 935                    |       | 5,227         |       | —                                               |   |
| Crabtree Overlook             |   | Crabtree  Overlook               |       | Office             |       | —           |       | 2,164                  |       | 17,367        |       | —                                               |   |
| Interchange Plaza             |   | 5520 Capital  Ctr Dr.            |       | Office             |       | 2,736            |       | 842                    |       | 3,796         |       | 535                                                  |   |
| Interchange Plaza             |   | 801 Jones  Franklin Road         |       | Office             |       | 5,311            |       | 1,351                  |       | 7,778         |       | 30                                                   |   |
| Spring Forest Business Center |   | 3200 Spring  Forest Road         |       | Industrial         |       | —           |       | 561                    |       | 5,240         |       | 108                                                  |   |
| Spring Forest Business Center |   | 3100 Spring  Forest Road         |       | Industrial         |       | —           |       | 616                    |       | 4,220         |       | 102                                                  |   |
| Walnut Creek                  |   | Walnut Creek  Business Park #1   |       | Industrial         |       | —           |       | 419                    |       | 2,351         |       | —                                               |   |
| Walnut Creek                  |   | Walnut Creek  Business Park #2   |       | Industrial         |       | —           |       | 456                    |       | 3,069         |       | —                                               |   |
| Walnut Creek                  |   | Walnut Creek  Business Park #3   |       | Industrial         |       | —           |       | 679                    |       | 3,801         |       | —                                               |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **ROANOKE, TEXAS**            |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Alliance Gateway North        |   | General  Motors at Alliance      |       | Industrial         |       | —           |       | 3,338                  |       | 16,101        |       | —                                               |   |
|                          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **ROSWELL, GEORGIA**          |   |                             |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Hembree Crest                 |   | 11545 Wills  Road                |       | Industrial         |       | —           |       | 1,225                  |       | 6,461         |       | 147                                                  |   |
| Hembree Park                  |   | 105 Hembree  Park Drive          |       | Industrial         |       | —           |       | 288                    |       | 1,791         |       | 312                                                  |   |
| Hembree Park                  |   | 150 Hembree  Park Drive          |       | Industrial         |       | —           |       | 824                    |       | 3,751         |       | 63                                                   |   |
| Hembree Park                  |   | 200 Hembree  Park Drive          |       | Industrial         |       | —           |       | 160                    |       | 2,059         |       | 110                                                  |   |
| Hembree Park                  |   | 645 Hembree  Parkway             |       | Industrial         |       | —           |       | 248                    |       | 2,620         |       | 296                                                  |   |
| Hembree Park                  |   | 655 Hembree  Parkway             |       | Industrial         |       | —           |       | 248                    |       | 2,755         |       | 29                                                   |   |
| Hembree Park                  |   | 250 Hembree  Park Drive          |       | Industrial         |       | —           |       | 686                    |       | 5,255         |       | —                                               |   |
| Hembree Park                  |   | 660 Hembree  Park Drive          |       | Industrial         |       | —           |       | 785                    |       | 5,070         |       | 185                                                  |   |
| Hembree Park                  |   | 245 Hembree  Park Drive          |       | Industrial         |       | —           |       | 616                    |       | 6,375         |       | 575                                                  |   |
| Mansell Commons               |   | 993 Mansell  Road                |       | Industrial         |       | —           |       | 136                    |       | 1,285         |       | —                                               |   |
| Mansell Commons               |   | 995 Mansell  Road                |       | Industrial         |       | —           |       | 80                     |       | 915           |       | 47                                                   |   |
| Mansell Commons               |   | 997 Mansell  Road                |       | Industrial         |       | —           |       | 72                     |       | 664           |       | 99                                                   |   |
| Mansell Commons               |   | 999 Mansell  Road                |       | Industrial         |       | —           |       | 104                    |       | 960           |       | —                                               |   |
| Mansell Commons               |   | 1003 Mansell  Road               |       | Industrial         |       | —           |       | 136                    |       | 1,362         |       | 120                                                  |   |
| Mansell Commons               |   | 1005 Mansell  Road               |       | Industrial         |       | —           |       | 72                     |       | 946           |       | 4                                                    |   |
| Mansell Commons               |   | 1007 Mansell  Road               |       | Industrial         |       | —           |       | 168                    |       | 2,129         |       | 80                                                   |   |
| Mansell Commons               |   | 1009 Mansell  Road               |       | Industrial         |       | —           |       | 264                    |       | 2,539         |       | 252                                                  |   |
| Mansell Commons               |   | 1011 Mansell  Road               |       | Industrial         |       | —           |       | 256                    |       | 2,655         |       | 352                                                  |   |
| North Meadow                  |   | 1100  Northmeadow Parkway        |       | Industrial         |       | —           |       | 552                    |       | 3,955         |       | 227                                                  |   |
| North Meadow                  |   | 1150  Northmeadow Parkway        |       | Industrial         |       | —           |       | 464                    |       | 3,230         |       | 143                                                  |   |
| North Meadow                  |   | 1125  Northmeadow Parkway        |       | Industrial         |       | —           |       | 320                    |       | 3,638         |       | 309                                                  |   |
| North Meadow                  |   | 1175  Northmeadow Parkway        |       | Industrial         |       | —           |       | 328                    |       | 3,409         |       | 541                                                  |   |
|                               |        |                                  |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**               |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|-------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**             | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Parksouth Dist. Center        |       | 1,030                         |       | 6,213                             |   | 7,243                 |   | 489                |       | 1999 |   | 1999 |   |
| Parksouth Dist. Center        |       | 725                           |       | 3,575                             |   | 4,300                 |   | 116                |       | 2000 |   | 2000 |   |
| Parksouth Dist. Center        |       | 598                           |       | 2,046                             |   | 2,644                 |   | 18                 |       | 2000 |   | 2001 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **PEPPER PIKE, OHIO**         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Corporate Circle              |       | 1,698                         |       | 12,734                            |   | 14,432                |   | 1,718              |       | 1983 |   | 1996 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **PLAINFIELD, INDIANA**       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Plainfield Business Park      |       | 1,104                         |       | 11,103                            |   | 12,207                |   | 500                |       | 2000 |   | 2000 |   |
| Plainfield Business Park      |       | 1,387                         |       | 9,688                             |   | 11,075                |   | 564                |       | 2000 |   | 2000 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **PLANO, TEXAS**              |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Legacy Business Park          |       | 1,527                         |       | 6,538                             |   | 8,065                 |   | 437                |       | 1997 |   | 1999 |   |
| Legacy Business Park          |       | 1,181                         |       | 11,247                            |   | 12,428                |   | 743                |       | 1999 |   | 1999 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **PLYMOUTH, MINNESOTA**       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Medicine Lake                 |       | 1,145                         |       | 6,941                             |   | 8,086                 |   | 718                |       | 1970 |   | 1997 |   |
| Plymouth Office/Tech Center   |       | 431                           |       | 2,726                             |   | 3,157                 |   | 285                |       | 1986 |   | 1998 |   |
| Plymouth Service Center       |       | 351                           |       | 2,685                             |   | 3,036                 |   | 304                |       | 1978 |   | 1999 |   |
| Westpoint Buildings           |       | 114                           |       | 778                               |   | 892                   |   | 128                |       | 1978 |   | 1999 |   |
| Westpoint Buildings           |       | 370                           |       | 2,477                             |   | 2,847                 |   | 233                |       | 1978 |   | 1999 |   |
| Westpoint Buildings           |       | 362                           |       | 2,613                             |   | 2,975                 |   | 303                |       | 1978 |   | 1999 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **RALEIGH, NORTH CAROLINA**   |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Brook Forest                  |       | 935                           |       | 5,227                             |   | 6,162                 |   | 208                |       | 2000 |   | 2000 |   |
| Crabtree Overlook             |       | 2,164                         |       | 17,367                            |   | 19,531                |   | 194                |       | 2000 |   | 2001 |   |
| Interchange Plaza             |       | 842                           |       | 4,331                             |   | 5,173                 |   | 294                |       | 1993 |   | 1999 |   |
| Interchange Plaza             |       | 1,351                         |       | 7,808                             |   | 9,159                 |   | 489                |       | 1995 |   | 1999 |   |
| Spring Forest Business Center |       | 561                           |       | 5,348                             |   | 5,909                 |   | 353                |       | 1986 |   | 1999 |   |
| Spring Forest Business Center |       | 616                           |       | 4,322                             |   | 4,938                 |   | 284                |       | 1992 |   | 1999 |   |
| Walnut Creek                  |       | 419                           |       | 2,351                             |   | 2,770                 |   | 15                 |       | 2001 |   | 2001 |   |
| Walnut Creek                  |       | 456                           |       | 3,069                             |   | 3,525                 |   | 26                 |       | 2001 |   | 2001 |   |
| Walnut Creek                  |       | 679                           |       | 3,801                             |   | 4,480                 |   | —             |       | 2001 |   | 2001 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **ROANOKE, TEXAS**            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Alliance Gateway North        |       | 3,338                         |       | 16,101                            |   | 19,439                |   | —             |       | 2001 |   | 2001 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **ROSWELL, GEORGIA**          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Hembree Crest                 |       | 1,225                         |       | 6,608                             |   | 7,833                 |   | 401                |       | 1998 |   | 1999 |   |
| Hembree Park                  |       | 288                           |       | 2,103                             |   | 2,391                 |   | 141                |       | 1988 |   | 1999 |   |
| Hembree Park                  |       | 824                           |       | 3,814                             |   | 4,638                 |   | 267                |       | 1985 |   | 1999 |   |
| Hembree Park                  |       | 160                           |       | 2,169                             |   | 2,329                 |   | 142                |       | 1985 |   | 1999 |   |
| Hembree Park                  |       | 248                           |       | 2,916                             |   | 3,164                 |   | 201                |       | 1986 |   | 1999 |   |
| Hembree Park                  |       | 248                           |       | 2,784                             |   | 3,032                 |   | 175                |       | 1986 |   | 1999 |   |
| Hembree Park                  |       | 686                           |       | 5,255                             |   | 5,941                 |   | 329                |       | 1996 |   | 1999 |   |
| Hembree Park                  |       | 785                           |       | 5,255                             |   | 6,040                 |   | 319                |       | 1998 |   | 1999 |   |
| Hembree Park                  |       | 616                           |       | 6,950                             |   | 7,566                 |   | 643                |       | 1999 |   | 1999 |   |
| Mansell Commons               |       | 136                           |       | 1,285                             |   | 1,421                 |   | 79                 |       | 1987 |   | 1999 |   |
| Mansell Commons               |       | 80                            |       | 962                               |   | 1,042                 |   | 77                 |       | 1987 |   | 1999 |   |
| Mansell Commons               |       | 72                            |       | 763                               |   | 835                   |   | 68                 |       | 1987 |   | 1999 |   |
| Mansell Commons               |       | 104                           |       | 960                               |   | 1,064                 |   | 63                 |       | 1987 |   | 1999 |   |
| Mansell Commons               |       | 136                           |       | 1,482                             |   | 1,618                 |   | 101                |       | 1987 |   | 1999 |   |
| Mansell Commons               |       | 72                            |       | 950                               |   | 1,022                 |   | 60                 |       | 1987 |   | 1999 |   |
| Mansell Commons               |       | 168                           |       | 2,209                             |   | 2,377                 |   | 146                |       | 1987 |   | 1999 |   |
| Mansell Commons               |       | 264                           |       | 2,791                             |   | 3,055                 |   | 182                |       | 1986 |   | 1999 |   |
| Mansell Commons               |       | 256                           |       | 3,007                             |   | 3,263                 |   | 196                |       | 1984 |   | 1999 |   |
| North Meadow                  |       | 552                           |       | 4,182                             |   | 4,734                 |   | 273                |       | 1989 |   | 1999 |   |
| North Meadow                  |       | 464                           |       | 3,373                             |   | 3,837                 |   | 222                |       | 1988 |   | 1999 |   |
| North Meadow                  |       | 320                           |       | 3,947                             |   | 4,267                 |   | 330                |       | 1987 |   | 1999 |   |
| North Meadow                  |       | 328                           |       | 3,950                             |   | 4,278                 |   | 300                |       | 1987 |   | 1999 |   |
|                               |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

71

----

 
| **Development**                    |   | **Name**                       | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|------------------------------------|--------|--------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| North Meadow                       |   | 1250  Northmeadow Parkway      |       | Industrial         |       | —           |       | 312                    |       | 4,359         |       | 300                                                  |   |
| North Meadow                       |   | 1225  Northmeadow Parkway      |       | Industrial         |       | —           |       | 336                    |       | 3,518         |       | 192                                                  |   |
| North Meadow                       |   | 1325  Northmeadow Parkway      |       | Industrial         |       | —           |       | 472                    |       | 6,432         |       | 307                                                  |   |
| North Meadow                       |   | 1335  Northmeadow Parkway      |       | Industrial         |       | —           |       | 946                    |       | 8,174         |       | 30                                                   |   |
| North Meadow                       |   | 11390 Old  Roswell Road        |       | Industrial         |       | —           |       | 530                    |       | 3,597         |       | —                                               |   |
| North Meadow                       |   | 1400 Hembree  Road             |       | Industrial         |       | —           |       | 545                    |       | 3,258         |       | —                                               |   |
| North Meadow                       |   | 1357 Hembree  Road             |       | Office             |       | —           |       | 471                    |       | 4,534         |       | 417                                                  |   |
| North Meadow                       |   | Northmeadow  BD IV             |       | Industrial         |       | —           |       | 694                    |       | 5,671         |       | —                                               |   |
| North Meadow                       |   | Northmeadow  Service Ctr V     |       | Industrial         |       | —           |       | 705                    |       | 3,237         |       | —                                               |   |
| North Meadow                       |   | Northmeadow  BD VI             |       | Industrial         |       | —           |       | 423                    |       | 3,025         |       | —                                               |   |
| Northbrook                         |   | Northbrook  Business Dist II   |       | Industrial         |       | —           |       | 267                    |       | 2,211         |       | —                                               |   |
| Other North Central Prop.          |   | 10745  Westside Parkway        |       | Office             |       | —           |       | 925                    |       | 7,177         |       | 323                                                  |   |
|                               |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **SEVEN HILLS, OHIO**              |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Rock Run                           |   | Rock Run —  North         |       | Office             |       | 3,228            |       | 837                    |       | 5,609         |       | 298                                                  |   |
| Rock Run                           |   | Rock Run —  Center        |       | Office             |       | 4,344            |       | 1,046                  |       | 6,967         |       | 987                                                  |   |
| Rock Run                           |   | Rock Run —  South         |       | Office             |       | 3,364            |       | 877                    |       | 5,888         |       | 290                                                  |   |
|                               |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **SHARONVILLE, OHIO**              |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Enterprise Park                    |   | Enterprise  Bldg 1             |       | Industrial         |       | —           |       | 1,030                  |       | 5,997         |       | 380                                                  |   |
| Enterprise Park                    |   | Enterprise  Bldg 2             |       | Industrial         |       | —           |       | 733                    |       | 3,864         |       | 704                                                  |   |
| Enterprise Park                    |   | Enterprise  Bldg A             |       | Industrial         |       | —           |       | 119                    |       | 728           |       | 74                                                   |   |
| Enterprise Park                    |   | Enterprise  Bldg B             |       | Industrial         |       | —           |       | 119                    |       | 1,227         |       | 67                                                   |   |
| Enterprise Park                    |   | Enterprise  Bldg D             |       | Industrial         |       | —           |       | 243                    |       | 1,967         |       | 451                                                  |   |
| Mosteller Dist. Center             |   | Mosteller  Distribution Ctr I  |       | Industrial         |       | —           |       | 1,327                  |       | 6,280         |       | 1,000                                                |   |
| Mosteller Dist. Center             |   | Mosteller  Distribution Ctr II |       | Industrial         |       | —           |       | 828                    |       | 4,726         |       | 1,068                                                |   |
| Perimeter Park                     |   | Perimeter  Park Bldg A         |       | Industrial         |       | —           |       | 229                    |       | 1,343         |       | 175                                                  |   |
| Perimeter Park                     |   | Perimeter  Park Bldg B         |       | Industrial         |       | —           |       | 244                    |       | 1,063         |       | 134                                                  |   |
|                               |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **SOLON, OHIO**                    |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Fountain Parkway                   |   | Fountain  Parkway Bldg 2       |       | Industrial         |       | —           |       | 1,138                  |       | 8,661         |       | 38                                                   |   |
| Fountain Parkway                   |   | Fountain  Parkway Bldg 1       |       | Industrial         |       | —           |       | 527                    |       | 2,889         |       | 41                                                   |   |
| Solon                              |   | 30600 Carter                   |       | Industrial         |       | —           |       | 819                    |       | 3,388         |       | 302                                                  |   |
| Solon                              |   | 6230 Cochran                   |       | Industrial         |       | —           |       | 600                    |       | 2,482         |       | 693                                                  |   |
| Solon                              |   | 5821 Harper                    |       | Industrial         |       | —           |       | 554                    |       | 2,285         |       | 269                                                  |   |
| Solon                              |   | 6161 Cochran                   |       | Industrial         |       | —           |       | 395                    |       | 1,624         |       | 226                                                  |   |
| Solon                              |   | 5901 Harper                    |       | Industrial         |       | —           |       | 349                    |       | 1,441         |       | 163                                                  |   |
| Solon                              |   | 29125 Solon                    |       | Industrial         |       | —           |       | 504                    |       | 2,072         |       | 417                                                  |   |
| Solon                              |   | 6661 Cochran                   |       | Industrial         |       | —           |       | 244                    |       | 1,012         |       | 98                                                   |   |
| Solon                              |   | 6521 Davis                     |       | Industrial         |       | —           |       | 128                    |       | 529           |       | 42                                                   |   |
| Solon                              |   | 30301 Carter  Street           |       | Industrial         |       | —           |       | 650                    |       | 5,205         |       | 225                                                  |   |
|                               |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **ST. LOUIS PARK, MINNESOTA**      |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Cedar Lake Business Center         |   | Cedar Lake  Business Center    |       | Industrial         |       | —           |       | 332                    |       | 1,920         |       | 95                                                   |   |
| Minneapolis—West              |   | 1600 Tower                     |       | Office             |       | —           |       | 2,321                  |       | 31,776        |       | —                                               |   |
| North Plaza                        |   | North Plaza                    |       | Office             |       | —           |       | 374                    |       | 1,662         |       | 205                                                  |   |
| South Plaza                        |   | South Plaza                    |       | Office             |       | —           |       | 397                    |       | 2,306         |       | 65                                                   |   |
| Travelers Express Tower            |   | Travelers  Express Tower       |       | Office             |       | —           |       | 3,039                  |       | 35,964        |       | 533                                                  |   |
| Novartis                           |   | Novartis  Warehouse            |       | Industrial         |       | —           |       | 2,005                  |       | 10,914        |       | 443                                                  |   |
| SW Submkt—Minneapolis West BC |   | 5219  Building                 |       | Office             |       | —           |       | 99                     |       | 574           |       | 43                                                   |   |
|                               |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **ST. LOUIS, MISSOURI**            |   |                           |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Craig Park Center                  |   | Craig Park  Center             |       | Industrial         |       | —           |       | 254                    |       | 2,291         |       | 199                                                  |   |
| Earth City                         |   | 3300 Pointe  70                |       | Office             |       | 4,183            |       | 1,186                  |       | 7,526         |       | 323                                                  |   |
| Laumeier Office Park               |   | Laumeier I                     |       | Office             |       | —           |       | 1,384                  |       | 9,992         |       | 418                                                  |   |
| Laumeier Office Park               |   | Laumeier II                    |       | Office             |       | —           |       | 1,421                  |       | 9,971         |       | 577                                                  |   |
| Laumeier Office Park               |   | Laumeier IV                    |       | Office             |       | —           |       | 1,029                  |       | 7,368         |       | 468                                                  |   |
| Maryville Center                   |   | 500—510  Maryville Centre |       | Office             |       | —           |       | 3,402                  |       | 24,719        |       | 386                                                  |   |
| Maryville Center                   |   | 530  Maryville Centre          |       | Office             |       | 7,493            |       | 2,219                  |       | 15,683        |       | 1,026                                                |   |
| Maryville Center                   |   | 550  Maryville Centre          |       | Office             |       | 9,858            |       | 1,996                  |       | 12,501        |       | 12                                                   |   |
|                                    |        |                                |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**                    |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|------------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**                  | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| North Meadow                       |       | 312                           |       | 4,659                             |   | 4,971                 |   | 335                |       | 1989 |   | 1999 |   |
| North Meadow                       |       | 336                           |       | 3,710                             |   | 4,046                 |   | 236                |       | 1989 |   | 1999 |   |
| North Meadow                       |       | 472                           |       | 6,739                             |   | 7,211                 |   | 504                |       | 1990 |   | 1999 |   |
| North Meadow                       |       | 946                           |       | 8,204                             |   | 9,150                 |   | 507                |       | 1996 |   | 1999 |   |
| North Meadow                       |       | 530                           |       | 3,597                             |   | 4,127                 |   | 227                |       | 1997 |   | 1999 |   |
| North Meadow                       |       | 545                           |       | 3,258                             |   | 3,803                 |   | 208                |       | 1998 |   | 1999 |   |
| North Meadow                       |       | 471                           |       | 4,951                             |   | 5,422                 |   | 919                |       | 1999 |   | 1999 |   |
| North Meadow                       |       | 694                           |       | 5,671                             |   | 6,365                 |   | 323                |       | 1999 |   | 1999 |   |
| North Meadow                       |       | 705                           |       | 3,237                             |   | 3,942                 |   | 207                |       | 1999 |   | 1999 |   |
| North Meadow                       |       | 423                           |       | 3,025                             |   | 3,448                 |   | 170                |       | 2000 |   | 2000 |   |
| Northbrook                         |       | 267                           |       | 2,211                             |   | 2,478                 |   | 72                 |       | 2000 |   | 2000 |   |
| Other North Central Prop.          |       | 925                           |       | 7,500                             |   | 8,425                 |   | 474                |       | 1995 |   | 1999 |   |
|                               |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **SEVEN HILLS, OHIO**              |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Rock Run                           |       | 837                           |       | 5,907                             |   | 6,744                 |   | 910                |       | 1984 |   | 1996 |   |
| Rock Run                           |       | 1,046                         |       | 7,954                             |   | 9,000                 |   | 1,450              |       | 1985 |   | 1996 |   |
| Rock Run                           |       | 877                           |       | 6,178                             |   | 7,055                 |   | 949                |       | 1986 |   | 1996 |   |
|                               |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **SHARONVILLE, OHIO**              |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Enterprise Park                    |       | 1,051                         |       | 6,356                             |   | 7,407                 |   | 1,386              |       | 1990 |   | 1993 |   |
| Enterprise Park                    |       | 747                           |       | 4,554                             |   | 5,301                 |   | 1,097              |       | 1990 |   | 1993 |   |
| Enterprise Park                    |       | 119                           |       | 802                               |   | 921                   |   | 140                |       | 1987 |   | 1995 |   |
| Enterprise Park                    |       | 119                           |       | 1,294                             |   | 1,413                 |   | 234                |       | 1988 |   | 1995 |   |
| Enterprise Park                    |       | 243                           |       | 2,418                             |   | 2,661                 |   | 702                |       | 1989 |   | 1995 |   |
| Mosteller Dist. Center             |       | 1,327                         |       | 7,280                             |   | 8,607                 |   | 1,939              |       | 1957 |   | 1996 |   |
| Mosteller Dist. Center             |       | 828                           |       | 5,794                             |   | 6,622                 |   | 1,038              |       | 1997 |   | 1997 |   |
| Perimeter Park                     |       | 229                           |       | 1,518                             |   | 1,747                 |   | 202                |       | 1991 |   | 1996 |   |
| Perimeter Park                     |       | 244                           |       | 1,197                             |   | 1,441                 |   | 186                |       | 1991 |   | 1996 |   |
|                               |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **SOLON, OHIO**                    |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Fountain Parkway                   |       | 1,138                         |       | 8,699                             |   | 9,837                 |   | 707                |       | 1998 |   | 1999 |   |
| Fountain Parkway                   |       | 527                           |       | 2,930                             |   | 3,457                 |   | 300                |       | 1997 |   | 1998 |   |
| Solon                              |       | 821                           |       | 3,688                             |   | 4,509                 |   | 408                |       | 1971 |   | 1997 |   |
| Solon                              |       | 602                           |       | 3,173                             |   | 3,775                 |   | 472                |       | 1977 |   | 1997 |   |
| Solon                              |       | 555                           |       | 2,553                             |   | 3,108                 |   | 344                |       | 1970 |   | 1997 |   |
| Solon                              |       | 396                           |       | 1,849                             |   | 2,245                 |   | 225                |       | 1978 |   | 1997 |   |
| Solon                              |       | 350                           |       | 1,603                             |   | 1,953                 |   | 178                |       | 1970 |   | 1997 |   |
| Solon                              |       | 505                           |       | 2,488                             |   | 2,993                 |   | 238                |       | 1980 |   | 1997 |   |
| Solon                              |       | 245                           |       | 1,109                             |   | 1,354                 |   | 128                |       | 1979 |   | 1997 |   |
| Solon                              |       | 128                           |       | 571                               |   | 699                   |   | 62                 |       | 1979 |   | 1997 |   |
| Solon                              |       | 650                           |       | 5,430                             |   | 6,080                 |   | 724                |       | 1972 |   | 1999 |   |
|                               |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **ST. LOUIS PARK, MINNESOTA**      |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Cedar Lake Business Center         |       | 332                           |       | 2,015                             |   | 2,347                 |   | 228                |       | 1976 |   | 1997 |   |
| Minneapolis—West              |       | 2,321                         |       | 31,776                            |   | 34,097                |   | 1,432              |       | 2000 |   | 2000 |   |
| North Plaza                        |       | 374                           |       | 1,867                             |   | 2,241                 |   | 202                |       | 1966 |   | 1998 |   |
| South Plaza                        |       | 397                           |       | 2,371                             |   | 2,768                 |   | 210                |       | 1966 |   | 1998 |   |
| Travelers Express Tower            |       | 3,091                         |       | 36,445                            |   | 39,536                |   | 2,379              |       | 1987 |   | 1999 |   |
| Novartis                           |       | 2,005                         |       | 11,357                            |   | 13,362                |   | 1,025              |       | 1960 |   | 1998 |   |
| SW Submkt—Minneapolis West BC |       | 102                           |       | 614                               |   | 716                   |   | 55                 |       | 1965 |   | 1998 |   |
|                               |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **ST. LOUIS, MISSOURI**            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Craig Park Center                  |       | 254                           |       | 2,490                             |   | 2,744                 |   | 215                |       | 1984 |   | 1998 |   |
| Earth City                         |       | 1,186                         |       | 7,849                             |   | 9,035                 |   | 952                |       | 1989 |   | 1997 |   |
| Laumeier Office Park               |       | 1,384                         |       | 10,410                            |   | 11,794                |   | 2,075              |       | 1987 |   | 1995 |   |
| Laumeier Office Park               |       | 1,421                         |       | 10,548                            |   | 11,969                |   | 2,029              |       | 1988 |   | 1995 |   |
| Laumeier Office Park               |       | 1,029                         |       | 7,836                             |   | 8,865                 |   | 719                |       | 1987 |   | 1998 |   |
| Maryville Center                   |       | 3,402                         |       | 25,105                            |   | 28,507                |   | 2,758              |       | 1984 |   | 1997 |   |
| Maryville Center                   |       | 2,219                         |       | 16,709                            |   | 18,928                |   | 1,919              |       | 1990 |   | 1997 |   |
| Maryville Center                   |       | 1,996                         |       | 12,513                            |   | 14,509                |   | 1,322              |       | 1988 |   | 1997 |   |
|                                    |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

72

----

 
| **Development**               |   | **Name**                        | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|-------------------------------|--------|---------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| Maryville Center              |   | 635—645  Maryville Centre  |       | Office             |       | 11,556           |       | 3,048                  |       | 18,371        |       | 438                                                  |   |
| Maryville Center              |   | 655  Maryville Centre           |       | Office             |       | 8,120            |       | 1,860                  |       | 13,213        |       | 15                                                   |   |
| Maryville Center              |   | 540  Maryville Centre           |       | Office             |       | —           |       | 2,219                  |       | 14,870        |       | —                                               |   |
| Maryville Center              |   | 520  Maryville Centre           |       | Office             |       | —           |       | 2,404                  |       | 15,923        |       | 81                                                   |   |
| Maryville Center              |   | 700  Maryville Centre           |       | Office             |       | —           |       | 4,556                  |       | 28,444        |       | —                                               |   |
| Maryville Center              |   | 533  Maryville Centre           |       | Office             |       | —           |       | 3,230                  |       | 21,008        |       | —                                               |   |
| Maryville Center              |   | 555  Maryville Centre           |       | Office             |       | —           |       | —                 |       | 11,971        |       | —                                               |   |
| Maryville Center              |   | Maryville  Center Grounds       |       | Grounds            |       | —           |       | 3,226                  |       | —        |       | —                                               |   |
| St. Louis Business Center     |   | St. Louis  Business Center A    |       | Industrial         |       | —           |       | 194                    |       | 1,749         |       | 293                                                  |   |
| St. Louis Business Center     |   | St. Louis  Business Center B    |       | Industrial         |       | —           |       | 250                    |       | 2,255         |       | 1,092                                                |   |
| St. Louis Business Center     |   | St. Louis  Business Center C    |       | Industrial         |       | —           |       | 166                    |       | 1,498         |       | 384                                                  |   |
| St. Louis Business Center     |   | St. Louis  Business Center D    |       | Industrial         |       | —           |       | 168                    |       | 1,518         |       | 383                                                  |   |
| West Port Center              |   | Westport  Center IV             |       | Industrial         |       | —           |       | 1,440                  |       | 5,490         |       | —                                               |   |
| West Port Center              |   | Westport  Center V              |       | Industrial         |       | —           |       | 493                    |       | 1,577         |       | —                                               |   |
| West Port Center              |   | Westport  Place                 |       | Office             |       | —           |       | 1,990                  |       | 7,773         |       | —                                               |   |
| Westmark                      |   | Westmark                        |       | Office             |       | —           |       | 1,497                  |       | 10,777        |       | 1,775                                                |   |
| Westview Place                |   | Westview  Place                 |       | Office             |       | —           |       | 669                    |       | 9,276         |       | 1,320                                                |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **ST. PAUL, MINNESOTA**       |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| University Crossing           |   | University  Crossing            |       | Industrial         |       | —           |       | 874                    |       | 5,013         |       | 733                                                  |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **ST. PETERS, MISSOURI**      |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Horizon Business Ctr          |   | Horizon  Business Center        |       | Industrial         |       | —           |       | 344                    |       | 2,470         |       | 127                                                  |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **STRONGSVILLE, OHIO**        |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Dymet                         |   | Dyment                          |       | Industrial         |       | —           |       | 816                    |       | 5,337         |       | 39                                                   |   |
| Johnson Controlls             |   | Johnson  Controls               |       | Industrial         |       | —           |       | 364                    |       | 2,389         |       | 75                                                   |   |
| Park 82                       |   | Park 82 Bldg  2                 |       | Industrial         |       | —           |       | 322                    |       | 2,873         |       | 606                                                  |   |
| Park 82                       |   | Park 82 Bldg  1                 |       | Industrial         |       | —           |       | 243                    |       | 1,955         |       | 281                                                  |   |
| Park 82                       |   | Park 82 Bldg  3                 |       | Industrial         |       | —           |       | 298                    |       | 2,650         |       | 342                                                  |   |
| Park 82                       |   | Park 82 Bldg  4                 |       | Industrial         |       | —           |       | 360                    |       | 5,432         |       | —                                               |   |
| Park 82                       |   | Park 82 Bldg  5                 |       | Industrial         |       | —           |       | 351                    |       | 4,390         |       | —                                               |   |
| Srague Rd. Industrial         |   | Mohawk Dr.  Bldg. 1             |       | Industrial         |       | —           |       | 564                    |       | 4,447         |       | —                                               |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **SUNRISE, FLORIDA**          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Sawgrass                      |   | Sawgrass  Commerce Ctr Phase II |       | Office             |       | —           |       | 1,143                  |       | 3,674         |       | —                                               |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **SUWANEE, GEORGIA**          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| North Central Prop.           |   | 7250  McGinnis Ferry Road       |       | Industrial         |       | —           |       | 498                    |       | 4,795         |       | —                                               |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **TAMPA, FLORIDA**            |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Fairfield Distribution Center |   | Fairfield  Distribution Ctr I   |       | Industrial         |       | —           |       | 483                    |       | 2,671         |       | 3                                                    |   |
| Fairfield Distribution Center |   | Fairfield  Distribution Ctr II  |       | Industrial         |       | —           |       | 530                    |       | 4,990         |       | 11                                                   |   |
| Fairfield Distribution Center |   | Fairfield  Distribution Ctr III |       | Industrial         |       | —           |       | 334                    |       | 2,771         |       | 39                                                   |   |
| Fairfield Distribution Center |   | Fairfield  Distribution Ctr IV  |       | Industrial         |       | —           |       | 600                    |       | 2,521         |       | 878                                                  |   |
| Fairfield Distribution Center |   | Fairfield  Distribution Ctr V   |       | Industrial         |       | —           |       | 488                    |       | 2,863         |       | —                                               |   |
| Fairfield Distribution Center |   | Fairfield  Distribution Ctr VI  |       | Industrial         |       | —           |       | 555                    |       | 4,174         |       | —                                               |   |
| Fairfield Distribution Center |   | Fairfield  Distribution Ctr VII |       | Industrial         |       | —           |       | 394                    |       | 2,571         |       | —                                               |   |
| Highland Oaks                 |   | Highland  Oaks I                |       | Office             |       | —           |       | 1,525                  |       | 14,176        |       | 369                                                  |   |
| Highland Oaks                 |   | Highland  Oaks II               |       | Office             |       | —           |       | 1,605                  |       | 10,168        |       | —                                               |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **TWINSBURG, OHIO**           |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Enterprise Parkway            |   | Enterprise  Parkway #1          |       | Industrial         |       | —           |       | 198                    |       | 1,573         |       | 193                                                  |   |
| Enterprise Parkway            |   | Enterprise  Parkway Bldg 2      |       | Industrial         |       | —           |       | 610                    |       | 7,345         |       | —                                               |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **WEST CHESTER, OHIO**        |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| World Park Union Centre       |   | World Park  at Union Ctr 12     |       | Industrial         |       | —           |       | 306                    |       | 3,081         |       | —                                               |   |
|                          |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **WESTERVILLE, OHIO**         |   |                            |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Westerville Executive Campus  |   | Liebert                         |       | Office             |       | —           |       | 755                    |       | 4,475         |       | 890                                                  |   |
|                               |        |                                 |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**               |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|-------------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**             | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| Maryville Center              |       | 3,048                         |       | 18,809                            |   | 21,857                |   | 2,301              |       | 1987 |   | 1997 |   |
| Maryville Center              |       | 1,860                         |       | 13,228                            |   | 15,088                |   | 1,393              |       | 1994 |   | 1997 |   |
| Maryville Center              |       | 2,219                         |       | 14,870                            |   | 17,089                |   | 1,730              |       | 1990 |   | 1997 |   |
| Maryville Center              |       | 2,404                         |       | 16,004                            |   | 18,408                |   | 1,937              |       | 1998 |   | 1999 |   |
| Maryville Center              |       | 4,556                         |       | 28,444                            |   | 33,000                |   | 1,742              |       | 1999 |   | 2000 |   |
| Maryville Center              |       | 3,230                         |       | 21,008                            |   | 24,238                |   | 525                |       | 2000 |   | 2000 |   |
| Maryville Center              |       | —                        |       | 11,971                            |   | 11,971                |   | —             |       | 2000 |   | 2001 |   |
| Maryville Center              |       | 3,226                         |       | —                            |   | 3,226                 |   | 22                 |       | N/A |   | 1999 |   |
| St. Louis Business Center     |       | 194                           |       | 2,042                             |   | 2,236                 |   | 183                |       | 1987 |   | 1998 |   |
| St. Louis Business Center     |       | 250                           |       | 3,347                             |   | 3,597                 |   | 406                |       | 1986 |   | 1998 |   |
| St. Louis Business Center     |       | 166                           |       | 1,882                             |   | 2,048                 |   | 204                |       | 1986 |   | 1998 |   |
| St. Louis Business Center     |       | 168                           |       | 1,901                             |   | 2,069                 |   | 213                |       | 1987 |   | 1998 |   |
| West Port Center              |       | 1,440                         |       | 5,490                             |   | 6,930                 |   | 435                |       | 2000 |   | 2000 |   |
| West Port Center              |       | 493                           |       | 1,577                             |   | 2,070                 |   | 136                |       | 1999 |   | 2000 |   |
| West Port Center              |       | 1,990                         |       | 7,773                             |   | 9,763                 |   | 828                |       | 1999 |   | 2000 |   |
| Westmark                      |       | 1,488                         |       | 12,561                            |   | 14,049                |   | 2,231              |       | 1987 |   | 1995 |   |
| Westview Place                |       | 669                           |       | 10,596                            |   | 11,265                |   | 2,042              |       | 1988 |   | 1995 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **ST. PAUL, MINNESOTA**       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| University Crossing           |       | 911                           |       | 5,709                             |   | 6,620                 |   | 556                |       | 1990 |   | 1998 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **ST. PETERS, MISSOURI**      |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Horizon Business Ctr          |       | 344                           |       | 2,597                             |   | 2,941                 |   | 251                |       | 1985 |   | 1998 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **STRONGSVILLE, OHIO**        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Dymet                         |       | 816                           |       | 5,376                             |   | 6,192                 |   | 620                |       | 1988 |   | 1997 |   |
| Johnson Controlls             |       | 364                           |       | 2,464                             |   | 2,828                 |   | 285                |       | 1972 |   | 1997 |   |
| Park 82                       |       | 294                           |       | 3,507                             |   | 3,801                 |   | 481                |       | 1998 |   | 1998 |   |
| Park 82                       |       | 215                           |       | 2,264                             |   | 2,479                 |   | 289                |       | 1998 |   | 1998 |   |
| Park 82                       |       | 272                           |       | 3,018                             |   | 3,290                 |   | 233                |       | 1999 |   | 1999 |   |
| Park 82                       |       | 360                           |       | 5,432                             |   | 5,792                 |   | 254                |       | 2000 |   | 2000 |   |
| Park 82                       |       | 351                           |       | 4,390                             |   | 4,741                 |   | 53                 |       | 2000 |   | 2000 |   |
| Srague Rd. Industrial         |       | 564                           |       | 4,447                             |   | 5,011                 |   | 113                |       | 2000 |   | 2000 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **SUNRISE, FLORIDA**          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Sawgrass                      |       | 1,143                         |       | 3,674                             |   | 4,817                 |   | 108                |       | 2000 |   | 2001 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **SUWANEE, GEORGIA**          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| North Central Prop.           |       | 498                           |       | 4,795                             |   | 5,293                 |   | 267                |       | 1996 |   | 1999 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **TAMPA, FLORIDA**            |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Fairfield Distribution Center |       | 487                           |       | 2,670                             |   | 3,157                 |   | 168                |       | 1998 |   | 1999 |   |
| Fairfield Distribution Center |       | 534                           |       | 4,997                             |   | 5,531                 |   | 311                |       | 1998 |   | 1999 |   |
| Fairfield Distribution Center |       | 338                           |       | 2,806                             |   | 3,144                 |   | 171                |       | 1999 |   | 1999 |   |
| Fairfield Distribution Center |       | 604                           |       | 3,395                             |   | 3,999                 |   | 348                |       | 1999 |   | 1999 |   |
| Fairfield Distribution Center |       | 488                           |       | 2,863                             |   | 3,351                 |   | 91                 |       | 2000 |   | 2000 |   |
| Fairfield Distribution Center |       | 555                           |       | 4,174                             |   | 4,729                 |   | 31                 |       | 2001 |   | 2001 |   |
| Fairfield Distribution Center |       | 394                           |       | 2,571                             |   | 2,965                 |   | 16                 |       | 2001 |   | 2001 |   |
| Highland Oaks                 |       | 1,525                         |       | 14,545                            |   | 16,070                |   | 1,324              |       | 1999 |   | 1999 |   |
| Highland Oaks                 |       | 1,605                         |       | 10,168                            |   | 11,773                |   | 400                |       | 1999 |   | 2000 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **TWINSBURG, OHIO**           |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Enterprise Parkway            |       | 198                           |       | 1,766                             |   | 1,964                 |   | 160                |       | 1974 |   | 1998 |   |
| Enterprise Parkway            |       | 610                           |       | 7,345                             |   | 7,955                 |   | 348                |       | 2000 |   | 2000 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **WEST CHESTER, OHIO**        |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| World Park Union Centre       |       | 306                           |       | 3,081                             |   | 3,387                 |   | 148                |       | 2000 |   | 2000 |   |
|                          |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **WESTERVILLE, OHIO**         |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Westerville Executive Campus  |       | 755                           |       | 5,365                             |   | 6,120                 |   | 839                |       | 1999 |   | 1999 |   |
|                               |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |  |  |

 

73

----

 
| **Development**          |   | **Name**                     | ** ** | **Building  Type** | ** ** | **Encumbrances** | ** ** | **Initial Cost  Land** | ** ** | **Buildings** | ** ** | **Cost Capitalized  Subsequent  to Acquisition (1)** |   |
|--------------------------|--------|------------------------------|------------|--------------------|------------|------------------|------------|------------------------|------------|---------------|------------|------------------------------------------------------|--------|
| **WESTMONT, ILLINOIS**   |   |                         |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Oakmont Corporate Center |   | Oakmont Tech  Center         |       | Industrial         |       | —           |       | 1,501                  |       | 8,650         |       | 125                                                  |   |
| Oakmont Corporate Center |   | Oakmont  Circle Office       |       | Office             |       | —           |       | 3,177                  |       | 14,124        |       | 664                                                  |   |
|                     |   |                         |       |               |       |             |       |                   |       |          |       |                                                 |   |
| **WOODLAWN, OHIO**       |   |                         |       |               |       |             |       |                   |       |          |       |                                                 |   |
| Glenwood Crossing        |   | Glenwood  Crossing           |       | Retail             |       | —           |       | 3,651                  |       | 1,361         |       | —                                               |   |
|                     |   | McDonalds Ground Lease       |       | Grounds            |       | —           |       | 480                    |       | —        |       | —                                               |   |
|                     |   | Eliminations                 |       |               |       |             |       | —                 |       | —        |       | (34,903                                              |   |
|                     |   | MV Construction Loan Payable |       |               |       | 27,590           |       |                   |       |          |       |                                                 |   |
|                     |   |                         |       |               |       | 318,484          |       | 576,985                |       | 3,916,831     |       | 159,037                                              |   |
|                          |        |                              |            |                    |            |                  |            |                        |            |               |            |                                                      |        |  |  |  |  |  |

 
| **Development**          |       | **Gross Book Value 12/31/01** | ** ** | **Accumulated  Depreciation (2)** |   | **Year  Constructed** |   | **Year  Acquired** | ** ** |
|--------------------------|------------|-------------------------------|------------|-----------------------------------|--------|-----------------------|--------|--------------------|------------|
| **Land/Land Imp**        | ** ** | **Bldgs/TI**                  | ** ** | **Total**                         |
| **WESTMONT, ILLINOIS**   |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Oakmont Corporate Center |       | 1,501                         |       | 8,775                             |   | 10,276                |   | 685                |       | 1989 |   | 1998 |   |
| Oakmont Corporate Center |       | 3,177                         |       | 14,788                            |   | 17,965                |   | 1,250              |       | 1990 |   | 1998 |   |
|                     |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| **WOODLAWN, OHIO**       |       |                          |       |                              |   |                  |   |               |       |   |   |   |   |
| Glenwood Crossing        |       | 3,651                         |       | 1,361                             |   | 5,012                 |   | 127                |       | 1999 |   | 2000 |   |
|                     |       | 480                           |       | —                            |   | 480                   |   | —             |       | N/A |   | 2000 |   |
|                     |       | (399                          | )          | (34,505                           | )      | (34,903               | )      | (6,730             | )          |   |   |   |   |
|                     |       | 583,909                       |       | 4,068,944                         |   | 4,652,853             |   | 425,721            |       |   |   |   |   |
|                          |            |                               |            |                                   |        |                       |        |                    |            |  |  |  |  |  |  |  |  |

 

(1)     Costs capitalized subsequent to acquisitioninclude decreases for purchase price reduction payments received and land salesor takedowns.

 

(2)     Depreciation of real estate is computed using thestraight-line method over 40 years for buildings, 15 years for landimprovements and shorter periods based on lease terms (generally 3 to 10 years)for tenant improvements.

 
|                                       |   | **Real Estate Assets** |      | **Accumulated Depreciation** |       |
|--------------------------------------------|--------|------------------------|-----------|------------------------------|------------|
|                                       |   | **2001**               |      | **2000**                     | ** ** | **1999** | ** ** | **2001** | ** ** | **2000** | ** ** | **1999** |   |
| Balance at beginning of year               |   | $                      | 4,570,563 |                         | $          | 4,726,906 |   | $ | 2,403,779 |   | $ | 338,426 |   | $ | 254,574 |   | $ | 179,887 |   |
| Acquisitions                               |   | 13,927                 |      | 6,104                        |       | 162,876 |   | — |   | — |   | — |   |
| Merger with Weeks Corporation              |   | —                 |      |                         |       | 1,659,578 |   |   |   |   |   |   |   |
| Construction costs and tenant improvements |   | 467,285                |      | 603,194                      |       | 549,568 |   | — |   | — |   | — |   |
| Depreciation expense                       |   | —                 |      | —                       |       | — |   | 138,723 |   | 143,800 |   | 99,350 |   |
| Acquisition of minority interest           |   | 4,259                  |      | 1,317                        |       | 49,472 |   | — |   | — |   | — |   |
|                                       |   | 5,056,034              |      | 5,337,521                    |       | 4,825,273 |   | 477,149 |   | 398,374 |   | 279,237 |   |
|                                       |   |                   |      |                         |       |   |   |   |   |   |   |   |   |
| Deductions during year:                    |   |                   |      |                         |       |   |   |   |   |   |   |   |   |
| Cost of real estate sold or contributed    |   | (386,495               | )         | (745,554                     | )          | (86,664 | ) | (39,542 | ) | (39,085 | ) | (12,960 | ) |
| Impairment Allowance                       |   | (4,800                 | )         | (541                         | )          | — |   |   |   |   |   |   |   |
| Write—off of fully amortized assets   |   | (11,886                | )         | (20,863                      | )          | (11,703 | ) | (11,886 | ) | (20,863 | ) | (11,703 | ) |
| Balance at end of year                     |   | $                      | 4,652,853 |                         | $          | 4,570,563 |   | $ | 4,726,906 |   | $ | 425,721 |   | $ | 338,426 |   | $ | 254,574 |   |

 

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**SIGNATURES**

 

Pursuant to the requirements ofSection 13 or 15(d) of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

 
|   |           |   |   | DUKE REALTY LIMITED  PARTNERSHIP       |
|--------|----------------|--------|--------|----------------------------------------|
|   |           |   |   | By:                                    | Duke Realty  Corporation |
|   |           |   |   | Its General  Partner                   |
|   |           |   |   |                                   |
|   | March  26 | , 2002 | By:    |                                   | /s/  Thomas L. Hefner |   |
|   |           |   |   | Thomas L.  Hefner                      |
|   |           |   |   | Chairman of  the Board,                |
|   |           |   |   | President  and Chief Executive Officer |
|   |           |   |   |                                   |
|   |           |   | By:    |                                   | /s/ Darell  E. Zink, Jr. |   |
|   |           |   |   | Darell E.  Zink, Jr.                   |
|   |           |   |   | Executive  Vice President and          |
|   |           |   |   | Chief Financial Officer                |
|   |           |   |   | (Principal Financial Officer)          |
|   |           |   |   |                                   |
|   |           |   | By:    |                                   | /s/ Dennis  D. Oklak |   |
|   |           |   |   | Dennis D.  Oklak                       |
|   |           |   |   | Executive  Vice President and          |
|   |           |   |   | Chief Administrative Officer           |
|   |           |   |   | (Principal Accounting Officer)         |
|        |                |        |        |                                        |  |  |  |  |  |  |  |

 

Pursuant to the requirements ofthe Securities Exchange Act of 1934, this report has been signed below by thefollowing persons on behalf of the registrant and in the capacities and on thedates indicated.

 
| **Signature**              |   | **Date** |   | **Title**                           |
|----------------------------|--------|----------|--------|-------------------------------------|
|                       |   |     |   |                                |
| /s/ Thomas  L. Hefner *    |   | 3/26/02  |   | Chairman of  the Board,             |
| Thomas L.  Hefner          |   |     |   | President and Chief Executive       |
|                       |   |     |   | Officer and Director                |
|                       |   |     |   |                                |
| /s/ Darell  E. Zink, Jr. * |   | 3/26/02  |   | Executive  Vice President and Chief |
| Darell E.  Zink, Jr.       |   |     |   | Financial Officer and Director      |
|                       |   |     |   |                                |
| /s/ Dennis  D. Oklak *     |   | 3/26/02  |   | Executive  Vice President and       |
| Dennis D.  Oklak           |   |     |   | Chief Administrative Officer        |

 
| /s/ Dennis  D. Oklak * |   | 3/26/02 |   | Executive  Vice President and |
|------------------------|--------|---------|--------|-------------------------------|
| Dennis D.  Oklak       |   |    |   | Chief Administrative Officer  |

 

75

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| /s/  Barrington H. Branch*   |   | 3/26/02 |   | Director |
|------------------------------|--------|---------|--------|----------|
| Barrington  H. Branch        |   |    |   |     |
|                         |   |    |   |     |
| /s/ Geoffrey  Button *       |   | 3/26/02 |   | Director |
| Geoffrey  Button             |   |    |   |     |
|                         |   |    |   |     |
| /s/ William  Cavanaugh, III* |   | 3/26/02 |   | Director |
| William  Cavanaugh, III      |   |    |   |     |
|                         |   |    |   |     |
| /s/ Ngaire  E. Cuneo *       |   | 3/26/02 |   | Director |
| Ngaire E.  Cuneo             |   |    |   |     |
|                         |   |    |   |     |
| /s/ Charles  R. Eitel*       |   | 3/26/02 |   | Director |
| Charles R.  Eitel            |   |    |   |     |
|                         |   |    |   |     |
| /s/ Howard  L. Feinsand *    |   | 3/26/02 |   | Director |
| Howard L.  Feinsand          |   |    |   |     |
|                         |   |    |   |     |
| /s/ L. Ben Lytle  *          |   | 3/26/02 |   | Director |
| L. Ben Lytle                 |   |    |   |     |
|                         |   |    |   |     |
| /s/ William  O. McCoy *      |   | 3/26/02 |   | Director |
| William O.  McCoy            |   |    |   |     |
|                         |   |    |   |     |
| /s/ John W.  Nelley, Jr. *   |   | 3/26/02 |   | Director |
| John W.  Nelley, Jr.         |   |    |   |     |
|                         |   |    |   |     |
| /s/ James E.  Rogers *       |   | 3/26/02 |   | Director |
| James E.  Rogers             |   |    |   |     |

 
| * By Dennis  D. Oklak, Attorney-in-Fact | /s/  Dennis D. Oklak |   |
|-----------------------------------------|---------------------------|--------|

 

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