##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K/A
 (Amendment No. 1)
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2008
 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 numbers:
    
    1-13130 (Liberty Property Trust)1-13132 (Liberty Property Limited Partnership)
 
 LIBERTY
PROPERTY TRUST LIBERTY PROPERTY LIMITED PARTNERSHIP
 
  MARYLAND(Liberty Property Trust)
    
    23-7768996PENNSYLVANIA(Liberty Property Limited Partnership)
    
    23-2766549(State or Other Jurisdiction
    
    (I.R.S. Employerof Incorporation or Organization)
    
    Identification Number)500 Chesterfield ParkwayMalvern, Pennsylvania
    
    19355(Address of Principal Executive Offices)
    
    (Zip Code)Registrants Telephone Number, including Area Code
    
    (610) 648-1700
  NAME OF EACH EXCHANGETITLE OF EACH CLASS
    
    ON WHICH REGISTEREDCommon Shares of Beneficial Interest,$0.001 par value(Liberty Property Trust)
    
    New York Stock Exchange
   þ o
  o þ
  þ o
 þ
 o o
  Large Accelerated Filer þ
    
    Accelerated Filer o
    
    Non-Accelerated Filer o
    
    Smaller Reporting Company o(Do not check if a smaller reporting company)
  o þ




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##### Table of Contents



EXPLANATORY NOTE
    
    
    The Companys disclosure controls and procedures were functioning effectively to provide
reasonable assurance that information required to be disclosed by the Company in its
reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized
and reported within the time periods specified in SECs rules and forms and (ii)
accumulated and communicated to the Companys management, including its principal
executive and principal financial officers, or persons performing similar functions, as
appropriate to allow timely decisions regarding required disclosure; and
    
    The Companys internal control over financial reporting was effective based on the
criteria on which it was evaluated, as described in the Form 10-K. Managements Annual
Reports on Internal Control over Financial Reporting are included in the Form 10-K.
 2




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##### Table of Contents



INDEX
 PageItem 6. Selected Financial Data
    
    
    4Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    6Item 8. Financial Statements and Supplementary Data
    
    
    20Item 15. Exhibits and Financial Statement Schedules
    
    
    103Signatures for Liberty Property Trust
    
    
    105Signatures for Liberty Property Limited Partnership
    
    
    105Exhibit IndexStatement re: Computation of RatiosConsent of Ernst & Young LLP relating to the TrustConsent of Ernst &Young LLP relating to the Operating PartnershipExhibit 12Exhibit 23.1Exhibit 23.2
  3




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##### Table of Contents



ITEM 6. SELECTED FINANCIAL DATA
  Liberty Property Trust
 Operating Data
    
    Year Ended December 31,(In thousands, except per share data)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Total operating revenue
    
    $
    746,008
    
    
    $
    684,885
    
    
    $
    605,820
    
    
    $
    576,051
    
    
    $
    528,331Income from continuing operations
    
    $
    153,341
    
    
    $
    146,783
    
    
    $
    158,970
    
    
    
    214,281
    
    
    
    139,729Net income
    
    $
    180,106
    
    
    $
    190,310
    
    
    $
    292,043
    
    
    
    272,785
    
    
    
    179,610Basic:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.55
    
    
    $
    2.23
    
    
    $
    1.46Income from discontinued operations
    
    $
    0.27
    
    
    $
    0.46
    
    
    $
    1.43
    
    
    $
    0.64
    
    
    $
    0.45Income per common share
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98
    
    
    $
    2.87
    
    
    $
    1.91Diluted:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.54
    
    
    $
    2.19
    
    
    $
    1.44Income from discontinued operations
    
    $
    0.27
    
    
    $
    0.45
    
    
    $
    1.41
    
    
    $
    0.63
    
    
    $
    0.44Income per common share
    
    $
    1.62
    
    
    $
    1.80
    
    
    $
    2.95
    
    
    $
    2.82
    
    
    $
    1.88Distributions paid per common share
    
    $
    2.500
    
    
    $
    2.485
    
    
    $
    2.465
    
    
    $
    2.445
    
    
    $
    2.425Weighted average number of shares outstanding  basic (1)
    
    
    93,624
    
    
    
    91,185
    
    
    
    89,313
    
    
    
    86,986
    
    
    
    84,534Weighted average number of shares outstanding  diluted (2)
    
    
    93,804
    
    
    
    91,803
    
    
    
    90,492
    
    
    
    88,376
    
    
    
    86,024
 4




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Balance Sheet Data
    
    December 31,(In thousands)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Net real estate
    
    $
    4,546,418
    
    
    $
    4,906,738
    
    
    $
    4,318,530
    
    
    $
    3,936,516
    
    
    $
    3,641,569Total assets
    
    
    5,217,035
    
    
    
    5,643,937
    
    
    
    4,910,911
    
    
    
    4,500,322
    
    
    
    4,163,997Total indebtedness
    
    
    2,590,167
    
    
    
    3,021,129
    
    
    
    2,387,938
    
    
    
    2,249,178
    
    
    
    2,133,171Shareholders equity
    
    
    1,919,871
    
    
    
    1,800,333
    
    
    
    1,752,059
    
    
    
    1,626,531
    
    
    
    1,506,227
 Other Data
    
    Year Ended December 31,(Dollars in thousands)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Cash provided by operating activities
    
    $
    268,470
    
    
    $
    346,752
    
    
    $
    324,573
    
    
    $
    360,749
    
    
    $
    293,336Cash provided by (used in) investing activities
    
    
    52,553
    
    
    
    (758,924
    )
    
    
    (334,942
    )
    
    
    (286,633
    )
    
    
    (373,975
    )Cash (used in) provided by financing activities
    
    
    (333,835
    )
    
    
    396,322
    
    
    
    (327
    )
    
    
    (39,470
    )
    
    
    89,618Funds from operations available to common shareholders (3)
    
    
    313,910
    
    
    
    305,216
    
    
    
    294,801
    
    
    
    293,973
    
    
    
    291,144Total leaseable square footage of Wholly Owned Properties in
Operation at end of period (in thousands)
    
    
    63,799
    
    
    
    62,079
    
    
    
    59,160
    
    
    
    60,613
    
    
    
    58,052Total leasable square footage of JV Properties in Operation
at end of period (in thousands)
    
    
    13,069
    
    
    
    11,462
    
    
    
    6,172
    
    
    
    3,758
    
    
    
    3,603Wholly Owned Properties in Operation at end of period
    
    
    654
    
    
    
    649
    
    
    
    672
    
    
    
    675
    
    
    
    693JV Properties in Operation at end of period
    
    
    95
    
    
    
    91
    
    
    
    48
    
    
    
    43
    
    
    
    30Wholly Owned Properties in Operation percentage leased at
end of period
    
    
    91
    %
    
    
    93
    %
    
    
    94
    %
    
    
    92
    %
    
    
    92
    %JV properties in operation percentage leased at end of period
    
    
    92
    %
    
    
    94
    %
    
    
    95
    %
    
    
    99
    %
    
    
    96
    %
 Liberty
Property Limited Partnership
 Operating Data
    
    Year Ended December 31,(In thousands, except per share data)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Total operating revenue
    
    $
    746,008
    
    
    $
    684,885
    
    
    $
    605,820
    
    
    $
    576,051
    
    
    $
    528,331Income from continuing operations
    
    $
    153,341
    
    
    $
    146,783
    
    
    $
    158,970
    
    
    $
    214,281
    
    
    $
    139,729Income available to common unitholders
    
    $
    180,106
    
    
    $
    190,310
    
    
    $
    292,043
    
    
    $
    272,785
    
    
    $
    179,610Basic:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.55
    
    
    $
    2.23
    
    
    $
    1.46Income from discontinued operations
    
    $
    0.27
    
    
    $
    0.46
    
    
    $
    1.43
    
    
    $
    0.64
    
    
    $
    0.45Income per common unit
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98
    
    
    $
    2.87
    
    
    $
    1.91Diluted:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.54
    
    
    $
    2.19
    
    
    $
    1.44Income from discontinued operations
    
    $
    0.27
    
    
    $
    0.45
    
    
    $
    1.41
    
    
    $
    0.63
    
    
    $
    0.44Income per common unit
    
    $
    1.62
    
    
    $
    1.80
    
    
    $
    2.95
    
    
    $
    2.82
    
    
    $
    1.88Distributions paid per common unit
    
    $
    2.500
    
    
    $
    2.485
    
    
    $
    2.465
    
    
    $
    2.445
    
    
    $
    2.425Weighted average number of units outstanding  basic (1)
    
    
    97,814
    
    
    
    95,375
    
    
    
    93,208
    
    
    
    90,540
    
    
    
    88,210Weighted average number of units outstanding  diluted (2)
    
    
    97,994
    
    
    
    95,993
    
    
    
    94,387
    
    
    
    91,931
    
    
    
    89,700
 5




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Balance Sheet Data
    
    December 31,(In thousands)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Net real estate
    
    $
    4,546,418
    
    
    $
    4,906,738
    
    
    $
    4,318,530
    
    
    $
    3,936,516
    
    
    $
    3,641,569Total assets
    
    
    5,217,035
    
    
    
    5,643,937
    
    
    
    4,910,911
    
    
    
    4,500,322
    
    
    
    4,163,997Total indebtedness
    
    
    2,590,167
    
    
    
    3,021,129
    
    
    
    2,387,938
    
    
    
    2,249,178
    
    
    
    2,133,171Owners equity
    
    
    1,919,871
    
    
    
    1,800,333
    
    
    
    1,752,059
    
    
    
    1,626,531
    
    
    
    1,506,227
 Other Data
    
    Year Ended December 31,(Dollars in thousands)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Cash provided by operating activities
    
    $
    268,470
    
    
    $
    346,752
    
    
    $
    324,573
    
    
    $
    360,749
    
    
    $
    293,336Cash provided by (used in) investing activities
    
    
    52,553
    
    
    
    (758,924
    )
    
    
    (334,942
    )
    
    
    (286,633
    )
    
    
    (373,975
    )Cash (used in) provided by financing activities
    
    
    (333,835
    )
    
    
    396,322
    
    
    
    (327
    )
    
    
    (39,470
    )
    
    
    89,618Funds from operations available to common shareholders (3)
    
    
    313,910
    
    
    
    305,216
    
    
    
    294,801
    
    
    
    293,973
    
    
    
    291,144Total leaseable square footage of Wholly Owned Properties in
Operation at end of period (in thousands)
    
    
    63,799
    
    
    
    62,079
    
    
    
    59,160
    
    
    
    60,613
    
    
    
    58,052Total leasable square footage of JV Properties in Operation
at end
of period (in thousands)
    
    
    13,069
    
    
    
    11,462
    
    
    
    6,172
    
    
    
    3,758
    
    
    
    3,603Wholly Owned Properties in Operation at end of period
    
    
    654
    
    
    
    649
    
    
    
    672
    
    
    
    675
    
    
    
    693JV Properties in Operation at end of period
    
    
    95
    
    
    
    91
    
    
    
    48
    
    
    
    43
    
    
    
    30Wholly Owned Properties in Operation percentage leased at
end of period
    
    
    91
    %
    
    
    93
    %
    
    
    94
    %
    
    
    92
    %
    
    
    92
    %JV properties in operation percentage leased at end of period
    
    
    92
    %
    
    
    94
    %
    
    
    95
    %
    
    
    99
    %
    
    
    96
    %
 
 (1)
    
    Basic weighted average number of shares includes vested Common Shares (Liberty Property
Trust)/Common Units (Liberty Property Limited Partnership) outstanding during the year.(2)
    
    Diluted weighted average number of shares outstanding includes the vested and unvested Common
Shares (Liberty Property Trust)/Common Units (Liberty Property Limited Partnership)
outstanding during the year as well as the dilutive effect of outstanding options.(3)
    
    The National Association of Real Estate Investment Trusts (NAREIT) has issued a standard
definition for Funds from operations (as defined below). The Securities and Exchange
Commission has agreed to the disclosure of this non-GAAP financial measure on a per share
basis in its Release No. 34-47226, Conditions for Use of Non-GAAP Financial Measures. The
Company believes that the calculation of Funds from operations is helpful to investors and
management as it is a measure of the Companys operating performance that excludes
depreciation and amortization and gains and losses from property dispositions. As a result,
year over year comparison of Funds from operations reflects the impact on operations from
trends in occupancy rates, rental rates, operating costs, development activities, general and
administrative expenses, and interest costs, providing perspective not immediately apparent
from net income. In addition, management believes that Funds from operations provides useful
information to the investment community about the Companys financial performance when
compared to other REITs since Funds from operations is generally recognized as the standard
for reporting the operating performance of a REIT. Funds from operations available to common
shareholders is defined by NAREIT as net income (computed in accordance with generally
accepted accounting principles (GAAP)), excluding gains (or losses) from sales of property,
plus depreciation and amortization, and after adjustments for unconsolidated partnerships and
joint ventures. Funds from operations available to common shareholders does not represent net
income or cash flows from operations as defined by GAAP and does not necessarily indicate that
cash flows will be sufficient to fund cash needs. It should not be considered as an
alternative to net income as an indicator of the Companys operating performance or to cash
flows as a measure of liquidity. Funds from operations available to common shareholders also
does not represent cash flows generated from operating, investing or financing activities as
defined by GAAP. A reconciliation of Funds from operations to net income may be found on page
19. 
 ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Overview
    6




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WHOLLY OWNED CAPITAL ACTIVITY
 Acquisitions
  Dispositions
  7




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Development
  JOINT VENTURE CAPITAL ACTIVITY
  Acquisitions
  Dispositions
  Development
  Liberty/Commerz 1701 JFK Boulevard, LP
 Accounting for the Sale of Real Estate
    Forward-Looking Statements
  8




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Critical Accounting Policies and Estimates
   Capitalized Costs
  Revenue Recognition
  Allowance for Doubtful Accounts
  Impairment of Real Estate
  9




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Intangibles
 Business Combinations
  Investments in Unconsolidated Joint Ventures
 Consolidation of Variable Interest Entities, Determining Whether a General
partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When
the Limited Partners Have Certain Rights
  10




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Results of Operations
   Comparison of Year Ended December 31, 2008 to Year Ended December 31, 2007
 Overview
   Segments
   Year Ended December 31,
    
    
    Percentage2008
    
    
    2007
    
    
    Increase (Decrease)Northeast Southeastern PA
    
    $
    120,778
    
    
    $
    115,192
    
    
    
    4.8
    % Lehigh/Central PA
    
    
    70,792
    
    
    
    66,799
    
    
    
    6.0
    % (1) New Jersey
    
    
    23,156
    
    
    
    26,934
    
    
    
    (14.0
    %) (2)Midwest
    
    
    51,890
    
    
    
    52,865
    
    
    
    (1.8
    %)Mid-Atlantic
    
    
    100,891
    
    
    
    90,075
    
    
    
    12.0
    % (3)South
    
    
    115,329
    
    
    
    100,274
    
    
    
    15.0
    % (3)Philadelphia
    
    
    21,635
    
    
    
    14,585
    
    
    
    48.3
    % (4)United Kingdom
    
    
    3,295
    
    
    
    2,682
    
    
    
    22.9
    % (5)Total property level operating income (6)
    
    $
    507,766
    
    
    $
    469,406
    
    
    
    8.2
    %
 
 (1)
    
    The increase for the year ended December 31, 2008 versus the year ended December 31, 2007 was
primarily due to an increase in average gross investment in operating real estate and an
increase in rental rates. This increase was partially offset by a decrease in occupancy
during 2008.(2)
    
    The decrease for the year ended December 31, 2008 versus the year ended December 31, 2007 was
primarily due to a decrease in occupancy. This decrease was partially offset by an increase
in average gross investment in operating real estate and an increase in rental rates during
2008.(3)
    
    The increase for the year ended December 31, 2008 versus the year ended December 31, 2007 was
primarily due to an increase in average gross investment in operating real estate, an increase
in rental rates and an increase in occupancy during 2008 compared to 2007.(4)
    
    The increase for the year ended December 31, 2008 versus the year ended December 31, 2007 was
primarily due to the effect of Comcast Center operation during the relevant periods. Comcast
Center was a wholly owned 1.25 million square foot development property which came into
service incrementally from the third quarter of 2007 through the first quarter of 2008.(5)
    
    The increase for the year ended December 31, 2008 versus the year ended December 31, 2007 was
primarily due to an increase in average gross investment in operating real estate. This
increase was partially offset by a decrease in occupancy, a decrease in the foreign exchange
rate, and a decrease in rental rates during 2008.(6)
    
    See a reconciliation of property level operating income to net income in the Same Store
comparison below. 11




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Same Store
    Year Ended December 31,2008
    
    
    2007Same Store:Rental revenue
    
    $
    447,731
    
    
    $
    448,489Operating expenses:Rental property expense
    
    
    144,362
    
    
    
    142,332Real estate taxes
    
    
    75,360
    
    
    
    66,778Operating expense recovery
    
    
    (210,151
    )
    
    
    (201,520
    )Unrecovered operating expenses
    
    
    9,571
    
    
    
    7,590Property level operating income
    
    
    438,160
    
    
    
    440,899Less straight line rent
    
    
    5,102
    
    
    
    6,977Cash basis property level operating income
    
    $
    433,058
    
    
    $
    433,922Reconciliation of non-GAAP financial measure  Same Store:Cash basis property level operating income
    
    $
    433,058
    
    
    $
    433,922Straight line rent
    
    
    5,102
    
    
    
    6,977Property level operating income
    
    
    438,160
    
    
    
    440,899Property
level operating income  properties purchased or developed subsequent to January 1, 2007
    
    
    69,776
    
    
    
    27,644Less: Property level operating income  properties held for sale at December 31, 2008
    
    
    (2,377
    )
    
    
    (2,084
    )Less: Property level operating income  2009 discontinued operations
    
    
    (1,648
    )
    
    
    (1,216
    )Termination fees
    
    
    3,855
    
    
    
    4,163General and administrative expense
    
    
    (54,387
    )
    
    
    (54,334
    )Depreciation and amortization expense
    
    
    (172,594
    )
    
    
    (155,248
    )Other income (expense)
    
    
    (139,176
    )
    
    
    (114,987
    )Gain on property dispositions
    
    
    10,572
    
    
    
    1,463Income taxes
    
    
    (1,645
    )
    
    
    709Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,805
    
    
    
    (226
    )Discontinued operations at December 31, 2008
    
    
    26,081
    
    
    
    42,9382009 discontinued operations
    
    
    684
    
    
    
    589Net income
    
    $
    180,106
    
    
    $
    190,310
 12




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General and Administrative
  Depreciation and Amortization
  Interest Expense
   Other
     Comparison of Year Ended December 31, 2007 to Year Ended December 31, 2006
 Overview
   13




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Segments
   Year Ended December 31,
    
    
    Percentage2007
    
    
    2006
    
    
    Increase (Decrease)Northeast Southeastern PA
    
    $
    115,192
    
    
    $
    114,046
    
    
    
    1.0
    % Lehigh/Central PA
    
    
    66,799
    
    
    
    62,222
    
    
    
    7.4
    % (1) New Jersey
    
    
    26,934
    
    
    
    26,456
    
    
    
    1.8
    %Midwest
    
    
    52,865
    
    
    
    49,214
    
    
    
    7.4
    % (2)Mid-Atlantic
    
    
    90,075
    
    
    
    80,668
    
    
    
    11.7
    % (2)South
    
    
    100,274
    
    
    
    76,525
    
    
    
    31.0
    % (2)Philadelphia
    
    
    14,585
    
    
    
    8,916
    
    
    
    63.6
    % (3)United Kingdom
    
    
    2,682
    
    
    
    906
    
    
    
    196.0
    % (4)Total property level operating income (5)
    
    $
    469,406
    
    
    $
    418,953
    
    
    
    12.0
    %
 
 (1)
    
    The increase for the year ended December 31, 2007 versus the year ended December 31, 2006 was
primarily due to an increase in average gross investment in operating real estate. This
increase was partially offset by a decrease in occupancy and a decrease in rental rates during
2007.(2)
    
    The increase for the year ended December 31, 2007 versus the year ended December 31, 2006 is
primarily due to an increase in average gross investment in operating real estate and an
increase in occupancy. This increase was partially offset by a decrease in rental rates
during 2007.(3)
    
    The increase for the year ended December 31, 2007 versus the year ended December 31, 2006 was
due to the effect of Comcast Center operation during the relevant periods. Comcast Center was
a wholly owned 1.25 million square foot development property which came into service
incrementally from the third quarter of 2007 through the first quarter of 2008.(4)
    
    The increase for the year ended December 31, 2007 versus the year ended December 31, 2006 was
primarily due to an increase in average gross investment in operating real estate, an increase
in rental rates and an increase in occupancy in 2007 compared to 2006.(5)
    
    See a reconciliation of property level operating income to net income in the Same Store
comparison below. Same Store
    14




---



##### Table of Contents



Year Ended December 31,2007
    
    
    2006Prior Year Same Store:Rental revenue
    
    $
    414,197
    
    
    $
    406,063Operating expenses:Rental property expense
    
    
    131,698
    
    
    
    123,156Real estate taxes
    
    
    62,157
    
    
    
    61,294Operating expense recovery
    
    
    (188,006
    )
    
    
    (177,680
    )Unrecovered operating expenses
    
    
    5,849
    
    
    
    6,770Property level operating income
    
    
    408,348
    
    
    
    399,293Less straight line rent
    
    
    2,111
    
    
    
    5,091Cash basis property level operating income
    
    $
    406,237
    
    
    $
    394,202Reconciliation of non-GAAP financial measure  Same Store:Cash basis property level operating income
    
    $
    406,237
    
    
    $
    394,202Straight line rent
    
    
    2,111
    
    
    
    5,091Property level operating income  prior year Same Store
    
    
    408,348
    
    
    
    399,293Property level operating income  properties purchased or developed
subsequent to January 1, 2006
    
    
    65,110
    
    
    
    21,352Less: Property level operating income  2008/2009 discontinued operations
    
    
    (8,217
    )
    
    
    (7,754
    )Termination fees
    
    
    4,165
    
    
    
    6,062General and administrative expense
    
    
    (54,334
    )
    
    
    (46,358
    )Depreciation and amortization expense
    
    
    (155,248
    )
    
    
    (131,822
    )Other income (expense)
    
    
    (114,987
    )
    
    
    (100,575
    )Gain on property dispositions
    
    
    1,463
    
    
    
    17,628Income taxes
    
    
    709
    
    
    
    (288
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    (226
    )
    
    
    1,432Discontinued operations at December 31, 2007
    
    
    40,762
    
    
    
    129,9542008/2009 discontinued operations
    
    
    2,765
    
    
    
    3,119Net income
    
    $
    190,310
    
    
    $
    292,043
 General and Administrative
  Depreciation and Amortization
  Interest Expense
   15




---



##### Table of Contents



Other
    Liquidity and Capital Resources
 Overview
  Activity
      16




---



##### Table of Contents



Payments Due By PeriodLess than 1
    
    
    
    
    
    
    
    
    
    
    More thanContractual Obligations
    
    Total
    
    
    year
    
    
    1-3 years
    
    
    3-5 years
    
    
    5 yearsLong-term debt (1)
    
    $
    3,299,597
    
    
    $
    459,053
    
    
    $
    936,021
    
    
    $
    443,029
    
    
    $
    1,461,494Capital lease obligations
    
    
    5,084
    
    
    
    407
    
    
    
    362
    
    
    
    376
    
    
    
    3,939Operating lease obligations
    
    
    18,810
    
    
    
    1,307
    
    
    
    1,732
    
    
    
    1,430
    
    
    
    14,341Share of debt of unconsolidated joint
ventures (1)
    
    
    391,675
    
    
    
    43,996
    
    
    
    61,953
    
    
    
    83,838
    
    
    
    201,888Property development commitments
    
    
    128,137
    
    
    
    109,643
    
    
    
    18,494
    
    
    
    
    
    
    
    Share of property development commitments of
unconsolidated joint ventures
    
    
    16,919
    
    
    
    16,162
    
    
    
    757
    
    
    
    
    
    
    
    Joint venture capital commitments
    
    
    3,823
    
    
    
    
    
    
    
    2,510
    
    
    
    1,313
    
    
    
    Letter of credit
    
    
    1,985
    
    
    
    562
    
    
    
    1,423
    
    
    
    
    
    
    
    Share of letter of credit of unconsolidated
joint
ventures
    
    
    1,250
    
    
    
    1,250
    
    
    
    
    
    
    
    
    
    
    
    Purchase obligations (2)
    
    
    17,597
    
    
    
    17,597
    
    
    
    
    
    
    
    
    
    
    
    Comcast Center net operating income support
    
    
    42
    
    
    
    42
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    3,884,919
    
    
    $
    650,019
    
    
    $
    1,023,252
    
    
    $
    529,986
    
    
    $
    1,681,662
 
 (1)
    
    Includes principal and interest payments. Interest payments assume $600 million Credit
Facility borrowings and interest rates remain at the December 31, 2008 level until maturity.(2)
    
    Purchase obligations refer to obligations to acquire land. General
   17




---



##### Table of Contents



Off-Balance Sheet Arrangements
  Calculation of Funds from Operations
  18




---



##### Table of Contents



Year Ended December 31,2008
    
    
    2007
    
    
    2006Reconciliation of net income to FFO  basicNet income
    
    $
    151,942
    
    
    $
    164,831
    
    
    $
    266,574Basic  income available to common shareholders
    
    
    151,942
    
    
    
    164,831
    
    
    
    266,574Basic  income available to common shareholders per weighted
average share
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    16,235
    
    
    
    6,494
    
    
    
    2,871Depreciation and amortization
    
    
    173,400
    
    
    
    162,833
    
    
    
    149,606Gain on property dispositions
    
    
    (34,336
    )
    
    
    (36,498
    )
    
    
    (136,036
    )Noncontrolling interest share in addback for depreciation and amortization and
gain on property dispositions
    
    
    (6,606
    )
    
    
    (5,820
    )
    
    
    (877
    )Funds from operations available to common shareholders  basic
    
    $
    300,635
    
    
    $
    291,840
    
    
    $
    282,138Basic Funds from operations available to common shareholders per
weighted average share
    
    $
    3.21
    
    
    $
    3.20
    
    
    $
    3.16Reconciliation of net income to FFO  dilutedNet income
    
    $
    151,942
    
    
    $
    164,831
    
    
    $
    266,574Diluted  income available to common shareholders
    
    
    151,942
    
    
    
    164,831
    
    
    
    266,574Diluted  income available to common shareholders per weighted
average share
    
    $
    1.62
    
    
   $
    1.80
    
    
    $
    2.95Adjustments:Depreciation and amortization of unconsolidated joint ventures
    
    
    16,235
    
    
    
    6,494
    
    
    
    2,871Depreciation and amortization
    
    
    173,400
    
    
    
    162,833
    
    
    
    149,606Gain on property dispositions
    
    
    (34,336
    )
    
    
    (36,498
    )
    
    
    (136,036
    )Noncontrolling interest less preferred share distributions and excess of
preferred unit redemption over carrying amount
    
    
    6,669
    
    
    
    7,556
    
    
    
    11,786Funds from operations available to common shareholders  diluted
    
    $
    313,910
    
    
    $
    305,216
    
    
    $
    294,801Diluted Funds from operations available to common shareholders per
weighted average share
    
    $
    3.20
    
    
    $
    3.18
    
    
    $
    3.12Reconciliation of weighted average shares:Weighted average Common Shares  all basic calculations
    
    
    93,624
    
    
    
    91,185
    
    
    
    89,313Dilutive shares for long term compensation plans
    
    
    180
    
    
    
    618
    
    
    
    1,179Diluted shares for net income calculations
    
    
    93,804
    
    
    
    91,803
    
    
    
    90,492Weighted average common units
    
    
    4,190
    
    
    
    4,190
    
    
    
    3,895Diluted shares for Funds from operations calculations
    
    
    97,994
    
    
    
    95,993
    
    
    
    94,387
 19




---



##### Table of Contents



Inflation
  
 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  20




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Trustees and Shareholders of Liberty Property Trust
         21




---



##### Table of Contents



CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
 December 31,2008
    
    
    2007ASSETSReal estate:Land and land improvements
    
    $
    813,397
    
    
    $
    792,991Buildings and improvements
    
    
    4,260,121
    
    
    
    4,408,309Less accumulated depreciation
    
    
    (982,114
    )
    
    
    (858,671
    )Operating real estate
    
    
    4,091,404
    
    
    
    4,342,629Development in progress
    
    
    245,463
    
    
    
    316,985Land held for development
    
    
    209,551
    
    
    
    247,124Net real estate
    
    
    4,546,418
    
    
    
    4,906,738Cash and cash equivalents
    
    
    15,794
    
    
    
    37,989Restricted cash
    
    
    39,726
    
    
    
    34,567Accounts receivable, net
    
    
    12,985
    
    
    
    15,908Deferred rent receivable
    
    
    85,352
    
    
    
    79,720Deferred financing and leasing costs, net
    
    
    134,029
    
    
    
    144,295Investments in and advances to unconsolidated joint ventures
    
    
    266,602
    
    
    
    278,383Assets held for sale
    
    
    33,662
    
    
    
    36,908Prepaid expenses and other assets
    
    
    82,467
    
    
    
    109,429Total assets
    
    $
    5,217,035
    
    
    $
    5,643,937LIABILITIESMortgage loans
    
    $
    198,560
    
    
    $
    243,169Unsecured notes
    
    
    2,131,607
    
    
    
    2,155,000Credit facility
    
    
    260,000
    
    
    
    622,960Accounts payable
    
    
    32,481
    
    
    
    44,666Accrued interest
    
    
    36,474
    
    
    
    39,725Dividends and distributions payable
    
    
    48,858
    
    
    
    59,849Other liabilities
    
    
    182,549
    
    
    
    268,926Total liabilities
    
    
    2,890,529
    
    
    
    3,434,295EQUITYCommon shares of beneficial interest, $.001 par value, 183,987,000 shares
authorized, 100,034,404
(includes 1,249,909 in treasury) and 92,817,879 (includes 1,249,909 in treasury)
shares issued and
outstanding as of December 31, 2008 and 2007, respectively
    
    
    101
    
    
    
    93Additional paid-in capital
    
    
    2,162,820
    
    
    
    1,947,453Accumulated other comprehensive (loss) income
    
    
    (5,378
    )
    
    
    21,378Distributions in excess of net income
    
    
    (185,721
    )
    
    
    (116,640
    )Common Shares held in treasury, at cost, 1,249,909 shares as of December 31, 2008 and
2007
    
    
    (51,951
    )
    
    
    (51,951
    )Total Liberty Property Trust shareholders equity
    
    
    1,919,871
    
    
    
    1,800,333Noncontrolling interest-operating partnership, 4,074,967 and 4,189,967 common units
outstanding as of December 31, 2008 and 2007, respectively, and 9,740,000 preferred
units outstanding as of December 31, 2008 and 2007
    
    
    405,505
    
    
    
    408,792Noncontrolling interest-consolidated joint ventures
    
    
    1,130
    
    
    
    517Total equity
    
    
    2,326,506
    
    
    
    2,209,642Total liabilities and equity
    
    $
    5,217,035
    
    
    $
    5,643,937
  22




---



##### Table of Contents



CONSOLIDATED STATEMENTS OF OPERATIONS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 Year Ended December 31,2008
    
    
    2007
    
    
    2006OPERATING REVENUERental
    
    $
    518,507
    
    
    $
    478,814
    
    
    $
    425,680Operating expense reimbursement
    
    
    227,501
    
    
    
    206,071
    
    
    
    180,140Total operating revenue
    
    
    746,008
    
    
    
    684,885
    
    
    
    605,820OPERATING EXPENSERental property
    
    
    152,227
    
    
    
    143,183
    
    
    
    122,454Real estate taxes
    
    
    86,015
    
    
    
    72,296
    
    
    
    64,413General and administrative
    
    
    54,387
    
    
    
    54,334
    
    
    
    46,358Depreciation and amortization
    
    
    172,594
    
    
    
    155,248
    
    
    
    131,822Total operating expenses
    
    
    465,223
    
    
    
    425,061
    
    
    
    365,047Operating income
    
    
    280,785
    
    
    
    259,824
    
    
    
    240,773OTHER INCOME (EXPENSE)Interest and other income
    
    
    13,501
    
    
    
    11,720
    
    
    
    8,690Debt extinguishment gain
    
    
    2,521
    
    
    
    
    
    
    
    Interest expense
    
    
    (155,198
    )
    
    
    (126,707
    )
    
    
    (109,265
    )Total other income (expense)
    
    
    (139,176
    )
    
    
    (114,987
    )
    
    
    (100,575
    )Income before property dispositions, income taxes and
equity in earnings (loss) of unconsolidated joint
ventures
    
    
    141,609
    
    
    
    144,837
    
    
    
    140,198Gain on property dispositions
    
    
    10,572
    
    
    
    1,463
    
    
    
    17,628Income taxes
    
    
    (1,645
    )
    
    
    709
    
    
    
    (288
    )Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,805
    
    
    
    (226
    )
    
    
    1,432Income from continuing operations
    
    
    153,341
    
    
    
    146,783
    
    
    
    158,970Discontinued operations (including net gain on property
dispositions of $23,519, $33,611, and $112,620 for the
years ended December 31, 2008, 2007 and 2006,
respectively)
    
    
    26,765
    
    
    
    43,527
    
    
    
    133,073Net income
    
    $
    180,106
    
    
    $
    190,310
    
    
    $
    292,043Noncontrolling interest-operating partnership
    
    
    (27,681
    )
    
    
    (25,378
    )
    
    
    (25,476
    )Noncontrolling interest-consolidated joint ventures
    
    
    (483
    )
    
    
    (101
    )
    
    
    7Net income available to common shareholders
    
    $
    151,942
    
    
    $
    164,831
    
    
    $
    266,574Earnings per shareBasic:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.55Income from discontinued operations
    
    
    0.27
    
    
    
    0.46
    
    
    
    1.43Income per common share  basic
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98Diluted:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.54Income from discontinued operations
    
    
    0.27
    
    
    
    0.45
    
    
    
    1.41Income per common share  diluted
    
    $
    1.62
    
    
    $
    1.80
    
    
    $
    2.95Weighted average number of Common Shares outstandingBasic
    
    
    93,624
    
    
    
    91,185
    
    
    
    89,313Diluted
    
    
    93,804
    
    
    
    91,803
    
    
    
    90,492Amounts attributable to common shareholdersIncome from continuing operations
    
    $
    126,308
    
    
    $
    123,210
    
    
    $
    139,197Discontinued operations
    
    
    25,634
    
    
    
    41,621
    
    
    
    127,377Net income available to common shareholders
    
    $
    151,942
    
    
    $
    164,831
    
    
    $
    266,574
  23




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##### Table of Contents



CONSOLIDATED STATEMENTS OF EQUITY
(IN THOUSANDS)
 Accumulated
    
    
    
    
    
    
    Common
    
    
    Total
    
    
    
    
    
    
    Noncontroll-Common
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    Shares
    
    
    Liberty
    
    
    Noncontroll-
    
    
    ing Interest-Shares of
    
    
    Additional
    
    
    Comprehensive
    
    
    Distributions
    
    
    Held
    
    
    Property Trust
    
    
    ing interest-
    
    
    consolidatedBeneficial
    
    
    Paid-In
    
    
    Income
    
    
    in Excess of
    
    
    in
    
    
    Shareholders
    
    
    operating
    
    
    joint
    
    
    TotalInterest
    
    
    Capital
    
    
    (loss)
    
    
    Net Income
    
    
    Treasury
    
    
    Equity
    
    
    partnership
    
    
    ventures
    
    
    EquityBalance at January 1, 2006
    
    $
    88
    
    
    $
    1,716,417
    
    
    $
    9,906
    
    
    $
    (98,553
    )
    
    $
    (1,327
    )
    
    $
    1,626,531
    
    
    $
    335,377
    
    
    $
    407
    
    
    $
    1,962,315Net proceeds from the issuance of
Common Shares
    
    
    3
    
    
    
    87,040
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    87,043
    
    
    
    
    
    
    
    
    
    
    
    87,043Net proceeds from the issuance of noncontrolling interest-common units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30,000
    
    
    
    
    
    
    
    30,000Net proceeds from the issuance of noncontrolling interest-preferred units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26,305
    
    
    
    
    
    
    
    26,305Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    266,574
    
    
    
    
    
    
    
    266,574
    
    
    
    25,476
    
    
    
    (7
    )
    
    
    292,043Distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (221,907
    )
    
    
    
    
    
    
    (221,907
    )
    
    
    (23,116
    )
    
    
    19
    
    
    
    (245,004
    )Noncash compensation
    
    
    
    
    
    
    6,212
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,212
    
    
    
    
    
    
    
    
    
    
    
    6,212Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    10,417
    
    
    
    
    
    
    
    
    
    
    
    10,417
    
    
    
    
    
    
    
    
    
    
    
    10,417Redemption of noncontrolling interests for common shares
    
    
    
    
    
    
    (22,811
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (22,811
    )
    
    
    22,811
    
    
    
    
    
    
    
    Balance at December 31, 2006
    
    
    91
    
    
    
    1,786,858
    
    
    
    20,323
    
    
    
    (53,886
    )
    
    
    (1,327
    )
    
    
    1,752,059
    
    
    
    416,853
    
    
    
    419
    
    
    
    2,169,331Net proceeds from the issuance of
Common Shares
    
    
    2
    
    
    
    70,363
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    70,365
    
    
    
    
    
    
    
    
    
    
    
    70,365Net proceeds from the issuance of noncontrolling interest-preferred units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    99,964
    
    
    
    
    
    
    
    99,964Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    164,831
    
    
    
    
    
    
    
    164,831
    
    
    
    25,378
    
    
    
    101
    
    
    
    190,310Distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (227,585
    )
    
    
    
    
    
    
    (227,585
    )
    
    
    (28,340
    )
    
    
    (3
    )
    
    
    (255,928
    )Purchase of treasury shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,624
    )
    
    
    (50,624
    )
    
    
    
    
    
    
    
    
    
    
    (50,624
    )Noncash compensation
    
    
    
    
    
    
    8,128
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,128
    
    
    
    
    
    
    
    
    
    
    
    8,128Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    1,055
    
    
    
    
    
    
    
    
    
    
    
    1,055
    
    
    
    
    
    
    
    
    
    
    
    1,055Redemption of noncontrolling interest-preferred units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (22,959
    )
    
    
    
    
    
    
    (22,959
    )Redemption of noncontrolling interests for common shares
    
    
    
    
    
    
    82,104
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    82,104
    
    
    
    (82,104
    )
    
    
    
    
    
    
    Balance at December 31, 2007
    
    
    93
    
    
    
    1,947,453
    
    
    
    21,378
    
    
    
    (116,640
    )
    
    
    (51,951
    )
    
    
    1,800,333
    
    
    
    408,792
    
    
    
    517
    
    
    
    2,209,642Net proceeds from the issuance of
Common Shares
    
    
    8
    
    
    
    206,215
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206,223
    
    
    
    
    
    
    
    
    
    
    
    206,223Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    151,942
    
    
    
    
    
    
    
    151,942
    
    
    
    27,681
    
    
    
    483
    
    
    
    180,106Distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (221,023
    )
    
    
    
    
    
    
    (221,023
    )
    
    
    (30,968
    )
    
    
    130
    
    
    
    (251,861
    )Noncash compensation
    
    
    
    
    
    
    9,152
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,152
    
    
    
    
    
    
    
    
    
    
    
    9,152Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    (26,756
    )
    
    
    
    
    
    
    
    
    
    
    (26,756
    )
    
    
    
    
    
    
    
    
    
    
    (26,756
    )Balance at December 31, 2008
    
    $
    101
    
    
    $
    2,162,820
    
    
    $
    (5,378
    )
    
    $
    (185,721
    )
    
    $
    (51,951
    )
    
    $
    $1,919,871
    
    
    $
    405,505
    
    
    $
    1,130
    
    
    $
    2,326,506
  24




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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
 Year Ended December 31,2008
    
    
    2007
    
    
    2006OPERATING ACTIVITIESNet income
    
    $
    180,106
    
    
    $
    190,310
    
    
    $
    292,043Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    175,236
    
    
    
    163,665
    
    
    
    151,966Amortization of deferred financing costs
    
    
    4,429
    
    
    
    4,137
    
    
    
    4,244Equity in (earnings) loss of unconsolidated joint ventures
    
    
    (2,805
    )
    
    
    226
    
    
    
    (1,432
    )Distributions from unconsolidated joint ventures
    
    
    1,660
    
    
    
    3,550
    
    
    
    5,692Gain on property dispositions
    
    
    (34,091
    )
    
    
    (35,074
    )
    
    
    (130,248
    )Noncash compensation
    
    
    9,152
    
    
    
    8,128
    
    
    
    6,212Changes in operating assets and liabilities:Restricted cash
    
    
    (10,903
    )
    
    
    26,211
    
    
    
    (21,692
    )Accounts receivable
    
    
    (4,277
    )
    
    
    4,634
    
    
    
    (6,879
    )Deferred rent receivable
    
    
    (13,482
    )
    
    
    (13,455
    )
    
    
    924Prepaid expenses and other assets
    
    
    (26,326
    )
    
    
    (14,145
    )
    
    
    (14,394
    )Accounts payable
    
    
    (10,913
    )
    
    
    3,974
    
    
    
    7,648Accrued interest
    
    
    (3,251
    )
    
    
    3,428
    
    
    
    1,405Other liabilities
    
    
    3,935
    
    
    
    1,163
    
    
    
    29,084Net cash provided by operating activities
    
    
    268,470
    
    
    
    346,752
    
    
    
    324,573INVESTING ACTIVITIESInvestment in properties
    
    
    (60,078
    )
    
    
    (307,846
    )
    
    
    (372,610
    )Cash paid for business, net of cash acquired
    
    
    
    
    
    
    (626,007
    )
    
    
    Investments in and advances to unconsolidated joint ventures
    
    
    58,250
    
    
    
    (227,385
    )
    
    
    (6,239
    )Net proceeds from disposition of properties/land
    
    
    382,956
    
    
    
    996,474
    
    
    
    492,548Investment in development in progress
    
    
    (247,393
    )
    
    
    (417,877
    )
    
    
    (339,631
    )Investment in land held for development
    
    
    (47,857
    )
    
    
    (137,051
    )
    
    
    (79,976
    )Increase in deferred leasing costs
    
    
    (33,325
    )
    
    
    (39,232
    )
    
    
    (29,034
    )Net cash provided by (used in) investing activities
    
    
    52,553
    
    
    
    (758,924
    )
    
    
    (334,942
    )FINANCING ACTIVITIESNet proceeds from issuance of Common Shares
    
    
    206,349
    
    
    
    70,355
    
    
    
    87,043Purchase of treasury shares
    
    
    
    
    
    
    (50,624
    )
    
    
    Net proceeds from issuance of preferred units
    
    
    
    
    
    
    99,958
    
    
    
    26,305Redemption of preferred units
    
    
    
    
    
    
    (23,653
    )
    
    
    Net proceeds from issuance of notes payable
    
    
    
    
    
    
    415,063
    
    
    
    Repayments of notes payable
    
    
    
    
    
    
    (415,063
    )
    
    
    Net proceeds from issuance of unsecured notes
    
    
    
    
    
    
    446,205
    
    
    
    295,393Repayments of unsecured notes
    
    
    (23,393
    )
    
    
    (250,000
    )
    
    
    (100,000
    )Proceeds from mortgage loans
    
    
    2,667
    
    
    
    
    
    
    
    Repayments of mortgage loans
    
    
    (46,452
    )
    
    
    (16,365
    )
    
    
    (56,406
    )Proceeds from credit facility
    
    
    572,300
    
    
    
    1,363,050
    
    
    
    725,025Repayments on credit facility
    
    
    (782,300
    )
    
    
    (987,050
    )
    
    
    (733,515
    )Increase in deferred financing costs
    
    
    (33
    )
    
    
    (1,224
    )
    
    
    (1,635
    )Distributions paid on Common Shares
    
    
    (231,325
    )
    
    
    (226,718
    )
    
    
    (219,873
    )Distributions paid on units
    
    
    (31,648
    )
    
    
    (27,612
    )
    
    
    (22,664
    )Net cash (used in) provided by financing activities
    
    
    (333,835
    )
    
    
    396,322
    
    
    
    (327
    )Decrease in cash and cash equivalents
    
    
    (12,812
    )
    
    
    (15,850
    )
    
    
    (10,696
    )(Decrease) increase in cash and cash equivalents related to foreign currency translation
    
    
    (9,383
    )
    
    
    102
    
    
    
    2,804Cash and cash equivalents at beginning of year
    
    
    37,989
    
    
    
    53,737
    
    
    
    61,629Cash and cash equivalents at end of year
    
    $
    15,794
    
    
    $
    37,989
    
    
    $
    53,737SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    31,421
    
    
    $
    102,902
    
    
    $
    87,424Issuance of operating partnership common units
    
    
    
    
    
    
    
    
    
    
    30,000Acquisition of properties
    
    
    
    
    
    
    (73,556
    )
    
    
    (3,066
    )Assumption of mortgage loans
    
    
    
    
    
    
    73,556
    
    
    
    3,066
  25




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##### Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF LIBERTY PROPERTY TRUST
 1. ORGANIZATION
   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
  Principles of Consolidation
  Reclassifications
  Real Estate and Depreciation
  Building and improvements
    
    40 years (blended)Capital improvements
    
    15  20 yearsEquipment
    
    5  10 yearsTenant improvements
    
    Term of the related lease
  Business Combinations
  26




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##### Table of Contents



Investments in Unconsolidated Joint Ventures
   Cash and Cash Equivalents
  Restricted Cash
  Accounts Receivable/Deferred Rent Receivable
    Goodwill
 Business Combinations Accounting for Goodwill and Intangible Assets
 27




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##### Table of Contents



Revenues
   a)
    
    the termination agreement is executed,b)
    
    the termination fee is determinable,c)
    
    all landlord services pursuant to the terminated lease have been rendered, andd)
    
    collectability of the termination fee is assured.
 Deferred Financing and Leasing Costs
  Costs Incurred for Preferred Unit Issuance
  Income per Common Share
  2008
    
    
    2007Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Shares
    
    
    Per
    
    
    Income
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Share
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    ShareBasic income from continuing operationsIncome from continuing operations net of
noncontrolling interest
    
    $
    126,308
    
    
    
    93,624
    
    
    $
    1.35
    
    
    $
    123,210
    
    
    
    91,185
    
    
    $
    1.35Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income from continuing operationsIncome from continuing operations net of
noncontrolling interest
and assumed conversions
    
    
    126,308
    
    
    
    93,804
    
    
    $
    1.35
    
    
    
    123,210
    
    
    
    91,803
    
    
    $
    1.35Basic income from discontinued operationsDiscontinued operations net of noncontrolling
interest
    
    
    25,634
    
    
    
    93,624
    
    
    $
    0.27
    
    
    
    41,621
    
    
    
    91,185
    
    
    $
    0.46Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income from discontinued operationsDiscontinued operations net of noncontrolling
interest
    
    
    25,634
    
    
    
    93,804
    
    
    $
    0.27
    
    
    
    41,621
    
    
    
    91,803
    
    
    $
    0.45Basic income per common shareNet income available to common shareholders
    
    
    151,942
    
    
    
    93,624
    
    
    $
    1.62
    
    
    
    164,831
    
    
    
    91,185
    
    
    $
    1.81Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income per common shareNet income available to common shareholders and
assumed conversions
    
    $
    151,942
    
    
    
    93,804
    
    
    $
    1.62
    
    
    $
    164,831
    
    
    
    91,803
    
    
    $
    1.80
 28




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##### Table of Contents



2006WeightedAverageIncome
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    ShareBasic income from continuing operationsIncome from continuing operations net of
noncontrolling interest
    
    $
    139,197
    
    
    
    89,313
    
    
    $
    1.55Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income from continuing operationsIncome from continuing operations net of
noncontrolling interest
and assumed conversions
    
    
    139,197
    
    
    
    90,492
    
    
    $
    1.54Basic income from discontinued operationsDiscontinued operations net of noncontrolling interest
    
    
    127,377
    
    
    
    89,313
    
    
    $
    1.43Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income from discontinued operationsDiscontinued operations net of noncontrolling interest
    
    
    127,377
    
    
    
    90,492
    
    
    $
    1.41Basic income per common shareNet income available to common shareholders
    
    
    266,574
    
    
    
    89,313
    
    
    $
    2.98Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income per common shareNet income available to common shareholders
and assumed conversions
    
    $
    266,574
    
    
    
    90,492
    
    
    $
    2.95
  Fair Value of Financial Instruments
  Income Taxes
   Accounting for Uncertainty in Income
Taxes Accounting for Income Taxes.
 29




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##### Table of Contents



Share Based Compensation
 Share-Based Payment Accounting for Stock-Based Compensation, Accounting for Stock Issued to Employees,
  Foreign Currency Translation
  Recently Issued Accounting Standards
 SFAS No. 157
 Fair Value Measurements
 
 30




---



##### Table of Contents



SFAS No. 159
 The Fair Value Option for Financial Assets and
Financial Liabilities
 SFAS No. 141(R)
 Applying the Acquisition Method
 FSP EITF 03-6-1
 Determining Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities
 3. REAL ESTATE
  Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2008Industrial properties
    
    $
    361,911
    
    
    $
    1,831,862
    
    
    $
    2,193,773
    
    
    $
    433,904Office properties
    
    
    451,486
    
    
    
    2,428,259
    
    
    
    2,879,745
    
    
    
    548,2102008 Total
    
    $
    813,397
    
    
    $
    4,260,121
    
    
    $
    5,073,518
    
    
    $
    982,1142007Industrial properties
    
    $
    337,675
    
    
    $
    1,717,500
    
    
    $
    2,055,175
    
    
    $
    382,241Office properties
    
    
    455,316
    
    
    
    2,690,809
    
    
    
    3,146,125
    
    
    
    476,4302007 Total
    
    $
    792,991
    
    
    $
    4,408,309
    
    
    $
    5,201,300
    
    
    $
    858,671
 31




---



##### Table of Contents



2008 Sales
 Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Gross Proceeds(in thousands)NortheastSoutheastern PA
    
    
    2
    
    
    
    166,160
    
    
    $
    33,557New Jersey
    
    
    5
    
    
    
    159,989
    
    
    
    15,100Midwest
    
    
    3
    
    
    
    125,876
    
    
    
    9,420Mid-Atlantic
    
    
    2
    
    
    
    129,150
    
    
    
    16,650Florida
    
    
    1
    
    
    
    83,583
    
    
    
    5,300Total
    
    
    13
    
    
    
    664,758
    
    
    $
    80,027
 2007 Sales
 Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Gross Proceeds(in thousands)NortheastSoutheastern PA
    
    
    1
    
    
    
    141,714
    
    
    $
    8,650Lehigh/Central PA
    
    
    1
    
    
    
    289,800
    
    
    
    13,775Midwest
    
    
    60
    
    
    
    4,257,477
    
    
    
    317,600Mid-Atlantic
    
    
    6
    
    
    
    399,258
    
    
    
    21,363Florida
    
    
    2
    
    
    
    152,219
    
    
    
    8,152Total
    
    
    70
    
    
    
    5,240,468
    
    
    $
    369,540
  4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
  Liberty Venture I, LP
   32




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##### Table of Contents



Kings Hill Unit Trust
     Liberty/Commerz 1701 JFK Boulevard, LP
 Accounting for the Sales of Real Estate
     Liberty Illinois, LP
    Blythe Valley JV Sarl
  33




---



##### Table of Contents



Liberty Washington, LP
     Other Joint Ventures
    34




---



##### Table of Contents



December 31, 2008Liberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    
    
    
    
    Liberty CommerzVenture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Liberty
    
    
    1701 JFKLP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    Washington, LP
    
    
    Boulevard, LP
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    119,523
    
    
    $
    170,521
    
    
    $
    227,318
    
    
    $
    189,256
    
    
    $
    804,587
    
    
    $
    492,189
    
    
    $
    57,933
    
    
    $
    2,061,327Accumulated depreciation
    
    
    (16,285
    )
    
    
    (8,971
    )
    
    
    (12,436
    )
    
    
    (5,301
    )
    
    
    (28,515
    )
    
    
    (14,013
    )
    
    
    (790
    )
    
    
    (86,311
    )Real estate assets, net
    
    
    103,238
    
    
    
    161,550
    
    
    
    214,882
    
    
    
    183,955
    
    
    
    776,072
    
    
    
    478,176
    
    
    
    57,143
    
    
    
    1,975,016Development in progress
    
    
    9,948
    
    
    
    
    
    
    
    16,252
    
    
    
    
    
    
    
    101,653
    
    
    
    
    
    
    
    7,524
    
    
    
    135,377Land held for development
    
    
    2,733
    
    
    
    
    
    
    
    42,338
    
    
    
    42,668
    
    
    
    7,859
    
    
    
    
    
    
    
    14,435
    
    
    
    110,033Other assets
    
    
    13,585
    
    
    
    10,481
    
    
    
    9,506
    
    
    
    10,353
    
    
    
    58,485
    
    
    
    65,495
    
    
    
    31,654
    
    
    
    199,559Total assets
    
    $
    129,504
    
    
    $
    172,031
    
    
    $
    282,978
    
    
    $
    236,976
    
    
    $
    944,069
    
    
    $
    543,671
    
    
    $
    110,756
    
    
    $
    2,419,985Debt
    
    $
    82,813
    
    
    $
    138,634
    
    
    $
    145,504
    
    
    $
    180,004
    
    
    $
    350,121
    
    
    $
    324,000
    
    
    $
    38,830
    
    
    $
    1,259,906Other liabilities
    
    
    2,168
    
    
    
    38,112
    
    
    
    7,481
    
    
    
    37,899
    
    
    
    40,919
    
    
    
    32,362
    
    
    
    19,764
    
    
    
    178,705Equity
    
    
    44,523
    
    
    
    (4,715
    )
    
    
    129,993
    
    
    
    19,073
    
    
    
    553,029
    
    
    
    187,309
    
    
    
    52,162
    
    
    
    981,374Total liabilities and equity
    
    $
    129,504
    
    
    $
    172,031
    
    
    $
    282,978
    
    
    $
    236,976
    
    
    $
    944,069
    
    
    $
    543,671
    
    
    $
    110,756
    
    
    $
    2,419,985Companys net investment in
unconsolidated joint
ventures (1)
    
    $
    10,355
    
    
    $
    3,415
    
    
    $
    26,583
    
    
    $
    9,129
    
    
    $
    138,102
    
    
    $
    50,899
    
    
    $
    28,119
    
    
    $
    266,602
 December 31, 2007LibertyBlythe
    
    
    Liberty
    
    
    Commerz 1701Liberty
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,Venture I, LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    118,030
    
    
    $
    231,399
    
    
    $
    225,405
    
    
    $
    267,488
    
    
    $
    802,146
    
    
    $
    
    
    
    $
    14,586
    
    
    $
    1,659,054Accumulated depreciation
    
    
    (13,115
    )
    
    
    (8,385
    )
    
    
    (6,533
    )
    
    
    (2,004
    )
    
    
    (5,746
    )
    
    
    
    
    
    
    (60
    )
    
    
    (35,843
    )Real estate assets, net
    
    
    104,915
    
    
    
    223,014
    
    
    
    218,872
    
    
    
    265,484
    
    
    
    796,400
    
    
    
    
    
    
    
    14,526
    
    
    
    1,623,211Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    76,483
    
    
    
    
    
    
    
    40,694
    
    
    
    117,177Land held for development
    
    
    2,733
    
    
    
    
    
    
    
    41,008
    
    
    
    48,712
    
    
    
    7,859
    
    
    
    
    
    
    
    28,201
    
    
    
    128,513Other assets
    
    
    24,185
    
    
    
    17,551
    
    
    
    11,871
    
    
    
    18,716
    
    
    
    54,684
    
    
    
    
    
    
    
    15,513
    
    
    
    142,520Total assets
    
    $
    131,833
    
    
    $
    240,565
    
    
    $
    271,751
    
    
    $
    332,912
    
    
    $
    935,426
    
    
    $
    
    
    
    $
    98,934
    
    
    $
    2,011,421Debt
    
    $
    81,216
    
    
    $
    188,765
    
    
    $
    145,400
    
    
    $
    251,654
    
    
    $
    339,120
    
    
    $
    
    
    
    $
    43,249
    
    
    $
    1,049,404Other liabilities
    
    
    2,830
    
    
    
    50,656
    
    
    
    3,677
    
    
    
    40,399
    
    
    
    43,491
    
    
    
    
    
    
    
    3,834
    
    
    
    144,887Equity
    
    
    47,787
    
    
    
    1,144
    
    
    
    122,674
    
    
    
    40,859
    
    
    
    552,815
    
    
    
    
    
    
    
    51,851
    
    
    
    817,130Total liabilities and equity
    
    $
    131,833
    
    
    $
    240,565
    
    
    $
    271,751
    
    
    $
    332,912
    
    
    $
    935,426
    
    
    $
    
    
    
    $
    98,934
    
    
    $
    2,011,421Companys net investment in
unconsolidated joint ventures (1)
    
    $
    11,352
    
    
    $
    6,002
    
    
    $
    24,729
    
    
    $
    11,773
    
    
    $
    197,622
    
    
    $
    
    
    
    $
    26,905
    
    
    $
    278,383
 
 (1)
    
    Differences between the Companys net investment in unconsolidated joint ventures and its
underlying equity in the net assets of the venture is primarily a result of the deferral of
gains associated with the sales of properties to joint ventures in which the Company retains
an ownership interest and loans made to the joint ventures by the Company. Deferred gains are
amortized to equity in earnings (loss) of joint ventures over the average estimated useful
lives of the assets sold. 35




---



##### Table of Contents



Statements of Operations:
 Year Ended December 31, 2008LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    19,075
    
    
    $
    18,057
    
    
    $
    22,811
    
    
    $
    15,386
    
    
    $
    76,552
    
    
    $
    43,607
    
    
    $
    3,056
    
    
    $
    198,544Operating expense
    
    
    7,074
    
    
    
    2,490
    
    
    
    7,003
    
    
    
    2,377
    
    
    
    24,440
    
    
    
    15,080
    
    
    
    709
    
    
    
    59,17312,001
    
    
    
    15,567
    
    
    
    15,808
    
    
    
    13,009
    
    
    
    52,112
    
    
    
    28,527
    
    
    
    2,347
    
    
    
    139,371Interest
    
    
    (4,522
    )
    
    
    (9,900
    )
    
    
    (7,833
    )
    
    
    (14,253
    )
    
    
    (17,670
    )
    
    
    (15,454
    )
    
    
    (2,057
    )
    
    
    (71,689
    )Depreciation and amortization
    
    
    (4,162
    )
    
    
    (5,272
    )
    
    
    (7,378
    )
    
    
    (5,911
    )
    
    
    (34,951
    )
    
    
    (10,941
    )
    
    
    (862
    )
    
    
    (69,477
    )Other income/(expense)
    
    
    2,473
    
    
    
    (924
    )
    
    
    195
    
    
    
    (467
    )
    
    
    722
    
    
    
    191
    
    
    
    (96
    )
    
    
    2,094Gain on sale
    
    
    (3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    102
    
    
    
    99Net income (loss)
    
    $
    5,787
    
    
    $
    (529
    )
    
    $
    792
    
    
    $
    (7,622
    )
    
    $
    213
    
    
    $
    2,323
    
    
    $
    (566
    )
    
    $
    398Companys equity in earnings (loss)
of unconsolidated joint ventures
    
    $
    1,645
    
    
    $
    167
    
    
    $
    549
    
    
    $
    (1,370
    )
    
    $
    1,288
    
    
    $
    685
    
    
    $
    (159
    )
    
    $
    2,805
 Year Ended December 31, 2007LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,457
    
    
    $
    19,696
    
    
    $
    17,360
    
    
    $
    5,920
    
    
    $
    18,203
    
    
    $
    
    
    
    $
    397
    
    
    $
    80,033Operating expense
    
    
    5,807
    
    
    
    2,374
    
    
    
    4,433
    
    
    
    5,265
    
    
    
    4,273
    
    
    
    
    
    
    
    131
    
    
    
    22,28312,650
    
    
    
    17,322
    
    
    
    12,927
    
    
    
    655
    
    
    
    13,930
    
    
    
    
    
    
    
    266
    
    
    
    57,750Interest
    
    
    (4,240
    )
    
    
    (14,583
    )
    
    
    (6,297
    )
    
    
    (6,009
    )
    
    
    (4,299
    )
    
    
    
    
    
    
    (253
    )
    
    
    (35,681
    )Depreciation and amortization
    
    
    (4,228
    )
    
    
    (7,058
    )
    
    
    (6,316
    )
    
    
    (2,201
    )
    
    
    (8,969
    )
    
    
    
    
    
    
    (70
    )
    
    
    (28,842
    )Other income/(expense)
    
    
    (76
    )
    
    
    (645
    )
    
    
    (266
    )
    
    
    (220
    )
    
    
    (1,337
    )
    
    
    
    
    
    
    359
    
    
    
    (2,185
    )Gain on sale
    
    
    524
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    867
    
    
    
    1,391Net income (loss)
    
    $
    4,630
    
    
    $
    (4,964
    )
    
    $
    48
    
    
    $
    (7,775
    )
    
    $
    (675
    )
    
    $
    
    
    
    $
    1,169
    
    
    $
    (7,567
    )Companys equity in earnings (loss)
of unconsolidated joint ventures
    
    $
    1,320
    
    
    $
    (732
    )
    
    $
    399
    
    
    $
    (1,514
    )
    
    $
    (232
    )
    
    $
    
    
    
    $
    533
    
    
    $
    (226
    )
 36




---



##### Table of Contents



Year Ended December 31, 2006LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,395
    
    
    $
    18,183
    
    
    $
    7,471
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    44,049Operating expense
    
    
    5,364
    
    
    
    2,181
    
    
    
    1,833
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    171
    
    
    
    9,54913,031
    
    
    
    16,002
    
    
    
    5,638
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (171
    )
    
    
    34,500Interest
    
    
    (4,501
    )
    
    
    (13,455
    )
    
    
    (2,527
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,483
    )Depreciation and amortization
    
    
    (4,544
    )
    
    
    (6,267
    )
    
    
    (2,502
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (13,313
    )Other income/(expense)
    
    
    (127
    )
    
    
    (604
    )
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    392
    
    
    
    (334
    )Gain on sale
    
    
    2,644
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    138
    
    
    
    2,782Net income (loss)
    
    $
    6,503
    
    
    $
    (4,324
    )
    
    $
    614
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    359
    
    
    $
    3,152Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    1,651
    
    
    $
    (657
    )
    
    $
    259
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    179
    
    
    $
    1,432
 5. DEFERRED FINANCING AND LEASING COSTS
  December 31,2008
    
    
    2007Deferred leasing costs
    
    $
    188,056
    
    
    $
    173,669Deferred financing costs
    
    
    8,754
    
    
    
    12,077In-place lease value and related intangible asset
    
    
    77,564
    
    
    
    77,760274,374
    
    
    
    263,506Accumulated amortization
    
    
    (140,345
    )
    
    
    (119,211
    )Total
    
    $
    134,029
    
    
    $
    144,295
 6. INDEBTEDNESS
    37




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##### Table of Contents



Mortgage Loans, Unsecured Notes
   Credit Facility
 $600 Million Unsecured Revolving Credit Facility
  
    
    total debt to total assets may not exceed 0.60:1;
    
    earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.50:1;
    
    unsecured debt to unencumbered asset value must equal or be less than 60%; and
    
    unencumbered net operating income to unsecured interest expense must equal or exceed
200%.
  WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2009
    
    $
    6,586
    
    
    $
    41,833
    
    
    $
    270,000
    
    
    $
    
    
    
    $
    318,419
    
    
    
    7.76
    %2010
    
    
    5,823
    
    
    
    4,736
    
    
    
    176,607
    
    
    
    260,000
    
    
    
    447,166
    
    
    
    4.40
    %2011
    
    
    5,159
    
    
    
    13,409
    
    
    
    250,000
    
    
    
    
    
    
    
    268,568
    
    
    
    7.23
    %2012
    
    
    4,336
    
    
    
    32,875
    
    
    
    235,000
    
    
    
    
    
    
    
    272,211
    
    
    
    6.47
    %2013
    
    
    3,857
    
    
    
    4,510
    
    
    
    
    
    
    
    
    
    
    
    8,367
    
    
    
    5.79
    %2014
    
    
    3,888
    
    
    
    2,684
    
    
    
    200,000
    
    
    
    
    
    
    
    206,572
    
    
    
    5.66
    %2015
    
    
    3,336
    
    
    
    44,469
    
    
    
    300,000
    
    
    
    
    
    
    
    347,805
    
    
    
    5.25
    %2016
    
    
    2,409
    
    
    
    16,880
    
    
    
    300,000
    
    
    
    
    
    
    
    319,289
    
    
    
    5.55
    %2017
    
    
    1,770
    
    
    
    
    
    
    
    300,000
    
    
    
    
    
    
    
    301,770
    
    
    
    6.62
    %2018 & thereafter
    
    
    
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    100,000
    
    
    
    7.50
    %$
    37,164
    
    
    $
    161,396
    
    
    $
    2,131,607
    
    
    $
    260,000
    
    
    $
    2,590,167
    
    
    
    6.06
    %
 38




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##### Table of Contents



7. LEASING ACTIVITY
  2008
    
    $
    491,9332009
    
    
    441,8332010
    
    
    375,4672011
    
    
    312,9822012
    
    
    248,657Thereafter
    
    
    680,230TOTAL
    
    $
    2,551,102
  8. EQUITY
 Common Shares
   2008
    
    
    2007
    
    
    2006Ordinary dividend
    
    $
    2.0186
    
    
    $
    1.6771
    
    
    $
    1.6421Qualified dividend
    
    
    0.3422
    
    
    
    0.0904
    
    
    
    Capital Gain - 15%
    
    
    0.0664
    
    
    
    0.3543
    
    
    
    0.6898IRC Sec 1250 Recapture Gain - 25%
    
    
    0.0728
    
    
    
    0.3632
    
    
    
    0.1331Return of Capital
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    2.5000
    
    
    $
    2.4850
    
    
    $
    2.4650
  Common Shares Held in Treasury
   Noncontrolling Interest
  39




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##### Table of Contents



Common Units
   Preferred Units
  Date of
    
    
    
    
    
    
    
    
    
    
    
    Liquidation
    
    Dividend
    
    RedeemableIssue
    
    Issue
    
    Amount
    
    
    Units
    
    
    Preference
    
    Rate
    
    As of
    
    Exchangeable after(in 000s)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $
    25
    
    
    
    7.45
    %
    
    
    8/31/09
    
    
    8/31/13 into Series B Cumulative Redeemable Preferred
 Shares of the Trust6/16/05
    
    Series E
    
    $
    20,000
    
    
    
    400
    
    
    $
    50
    
    
    
    7.00
    %
    
    
    6/16/10
    
    
    6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust6/30/05
    
    Series F
    
    $
    44,000
    
    
    
    880
    
    
    $
    50
    
    
    
    6.65
    %
    
    
    6/30/10
    
    
    12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    
    6/30/10
    
    
    12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust12/15/06
    
    Series G
    
    $
    27,000
    
    
    
    540
    
    
    $
    50
    
    
    
    6.70
    %
    
    
    12/12/11
    
    
    12/12/16 into Series G Cumulative Redeemable Preferred 
Shares of the Trust8/21/07
    
    Series H
    
    $
    100,000
    
    
    
    4,000
    
    
    $
    25
    
    
    
    7.40
    %
    
    
    8/21/12
    
    
    8/21/17 into Series H Cumulative Redeemable Preferred 
Shares of the Trust
     2008
    
    2007
    
    2006Distributions (in millions)
    
    $
    21.0
    
    
    $
    17.1
    
    
    $
    13.7Distribution per unit:Series B
    
    $
    1.86
    
    
    $
    1.86
    
    
    $
    1.86Series D
    
    $
    1.74
    
    
    $
    1.74
    
    
    $
    3.81Series E
    
    $
    3.50
    
    
    $
    3.50
    
    
    $
    3.50Series F
    
    $
    3.33
    
    
    $
    3.33
    
    
    $
    3.33Series G
    
    $
    3.35
    
    
    $
    3.35
    
    
    $
    0.16Series H
    
    $
    1.85
    
    
    $
    0.67
    
    
    
    
  40




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##### Table of Contents



Shareholder Rights Plan
   Dividend Reinvestment and Share Purchase Plan
  9. EMPLOYEE BENEFIT PLANS
  10. SHARE BASED COMPENSATION
 2008 Plan
  Options
    41




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##### Table of Contents



Year Ended December 31,2008
    
    2007
    
    2006Risk-free interest rate
    
    
    2.7
    %
    
    
    4.6
    %
    
    
    4.8
    %Dividend yield
    
    
    7.0
    %
    
    
    5.1
    %
    
    
    5.8
    %Volatility factor
    
    
    0.221
    
    
    
    0.183
    
    
    
    0.188Weighted-average expected life
    
    5 years
    
    
    5 years
    
    
    7 years
  WeightedAverageOptions
    
    
    Exercise(000s)
    
    
    PriceOutstanding at January 1, 2008
    
    
    2,416
    
    
    $
    33.67Granted
    
    
    794
    
    
    
    32.04Exercised
    
    
    (261
    )
    
    
    24.76Forfeited
    
    
    (57
    )
    
    
    30.45Outstanding at December 31, 2008
    
    
    2,892
    
    
    $
    34.09Exercisable at December 31, 2008
    
    
    1,875
    
    
    $
    33.21
    Long Term Incentive Shares (LTI)
     Weighted AvgShares
    
    
    Grant Date(000s)
    
    
    Fair valueNonvested at January 1, 2008
    
    
    288
    
    
    $
    44.72Granted
    
    
    163
    
    
    
    31.04Vested
    
    
    (83
    )
    
    
    42.30Forfeited
    
    
    (10
    )
    
    
    40.72Nonvested at December 31, 2008
    
    
    358
    
    
    $
    39.13
 42




---



##### Table of Contents



Bonus Shares
  Profit Sharing Plan
   Employee Share Purchase Plan
  11. COMMITMENTS AND CONTINGENCIES
     Litigation
  43




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##### Table of Contents



Accounting for Contingencies,
 12. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
  Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2008
    
    
    2008
    
    
    2008
    
    
    2008
    
    
    2007
    
    
    2007
    
    
    2007
    
    
    2007Operating revenue
    
    $
    188,527
    
    
    $
    185,958
    
    
    $
    182,053
    
    
    $
    189,470
    
    
    $
    184,621
    
    
    $
    173,293
    
    
    $
    165,319
    
    
    $
    161,652Income from continuing operations
    
    
    48,839
    
    
    
    34,844
    
    
    
    34,767
    
    
    
    34,891
    
    
    
    31,074
    
    
    
    36,865
    
    
    
    39,299
    
    
    
    39,545Discontinued operations
    
    
    10,540
    
    
    
    11,109
    
    
    
    3,611
    
    
    
    1,505
    
    
    
    11,395
    
    
    
    6,248
    
    
    
    20,025
    
    
    
    5,859Net Income
    
    
    59,379
    
    
    
    45,953
    
    
    
    38,378
    
    
    
    36,396
    
    
    
    42,469
    
    
    
    43,113
    
    
    
    59,324
    
    
    
    45,404Income per common share
  basic (1)
    
    
    0.53
    
    
    
    0.41
    
    
    
    0.34
    
    
    
    0.33
    
    
    
    0.39
    
    
    
    0.41
    
    
    
    0.57
    
    
    
    0.44Income per common share 
 diluted (1)
    
    
    0.53
    
    
    
    0.41
    
    
    
    0.34
    
    
    
    0.33
    
    
    
    0.39
    
    
    
    0.41
    
    
    
    0.57
    
    
    
    0.43
 
 (1)
    
    The sum of quarterly financial data may vary from the annual data due to rounding. 13. SEGMENT INFORMATION
  Reportable Segments
    
    MarketsNortheast
    
    Southeastern PA; Lehigh/Central PA; New JerseyMidwest
    
    Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Carolinas; Richmond; Virginia BeachSouth
    
    Jacksonville; Orlando; Boca Raton; Tampa; Texas; ArizonaPhiladelphia
    
    Philadelphia; Northern Virginia/Washington, D.C.United Kingdom
    
    County of Kent; West Midlands
  Disclosures about Segments of an Enterprise and Related
Information,
 44




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##### Table of Contents



YEAR ENDED DECEMBER 31, 2008
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    
    $178,507
    
    
    
    $96,906
    
    
    
    $38,004
    
    
    
    $82,964
    
    
    
    $142,543
    
    
    
    $173,319
    
    
    
    $29,426
    
    
    
    $4,339
    
    
    
    $746,008Rental property
expenses and real 

estate taxes
    
    
    57,729
    
    
    
    26,114
    
    
    
    14,848
    
    
    
    31,074
    
    
    
    41,652
    
    
    
    57,990
    
    
    
    7,791
    
    
    
    1,044
    
    
    
    238,242Property level
operating income
    
    
    $120,778
    
    
    
    $70,792
    
    
    
    $23,156
    
    
    
    $51,890
    
    
    
    $100,891
    
    
    
    $115,329
    
    
    
    $21,635
    
    
    
    $3,295
    
    
    
    507,766Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,501Debt extinguishment gain
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,521Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (155,198
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,387
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (172,594
    )Income before property dispositions, income taxes
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    141,609Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,572Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,645
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    2,805Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26,765Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $180,106YEAR ENDED DECEMBER 31, 2007NortheastLehigh/Southeastern
    
    
    Central
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    
    $172,142
    
    
    
    $89,685
    
    
    
    $36,162
    
    
    
    $80,926
    
    
    
    $128,599
    
    
    
    $150,693
    
    
    
    $23,963
    
    
    
    $2,715
    
    
    
    $684,885Rental property
expenses and real 

estate taxes
    
    
    56,950
    
    
    
    22,886
    
    
    
    9,228
    
    
    
    28,061
    
    
    
    38,524
    
    
    
    50,419
    
    
    
    9,378
    
    
    
    33
    
    
    
    215,479Property level
operating income
    
    
    $115,192
    
    
    
    $66,799
    
    
    
    $26,934
    
    
    
    $52,865
    
    
    
    $90,075
    
    
    
    $100,274
    
    
    
    $14,585
    
    
    
    $2,682
    
    
    
    469,406Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,720Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (126,707
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,334
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (155,248
    )Income before property dispositions, income taxes
and equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    144,837Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,463Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    709Equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (226
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    43,527Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $190,310
 45




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##### Table of Contents



YEAR ENDED DECEMBER 31, 2006
 NortheastSoutheastern
    
    
    Lehigh/
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    Central PA
    
    
    Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    
    $168,227
    
    
    
    $82,107
    
    
    
    $34,584
    
    
    
    $75,966
    
    
    
    $114,593
    
    
    
    $113,347
    
    
    
    $15,829
    
    
    
    $1,167
    
    
    
    $605,820Rental property
expenses and real
estate taxes
    
    
    54,181
    
    
    
    19,885
    
    
    
    8,128
    
    
    
    26,752
    
    
    
    33,925
    
    
    
    36,822
    
    
    
    6,913
    
    
    
    261
    
    
    
    186,867Property level
operating income
    
    
    $114,046
    
    
    
    $62,222
    
    
    
    $26,456
    
    
    
    $49,214
    
    
    
    $80,668
    
    
    
    $76,525
    
    
    
    $8,916
    
    
    
    $906
    
    
    
    418,953Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,690Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (109,265
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (46,358
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (131,822
    )Income before property dispositions, income taxes
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    140,198Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,628Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (288
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    1,432Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    133,073Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    292,043
 Real Estate Related RevenuesYear Ended December 31,Product Type Information
    
    2008
    
    
    2007
    
    
    2006Industrial
    
    $
    299,581
    
    
    $
    274,404
    
    
    $
    253,222Office
    
    
    446,427
    
    
    
    410,481
    
    
    
    352,598Total operating revenue
    
    $
    746,008
    
    
    $
    684,885
    
    
    $
    605,820
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    Phila-
    
    
    UnitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    Mid-Atlantic
    
    
    South
    
    
    Delphia
    
    
    Kingdom (1)
    
    
    TotalJanuary 1, 2008
    
    $
    1,103,372
    
    
    $
    676,963
    
    
    $
    199,662
    
    
    $
    543,445
    
    
    $
    965,546
    
    
    $
    1,190,232
    
    
    $
    470,548
    
    
    $
    51,532
    
    
    $
    5,201,300Additions
    
    
    40,599
    
    
    
    76,621
    
    
    
    22,763
    
    
    
    7,319
    
    
    
    50,811
    
    
    
    109,111
    
    
    
    7,729
    
    
    
    (13,119
    )
    
    
    301,834Dispositions
    
    
    (23,232
    )
    
    
    
    
    
    
    (10,921
    )
    
    
    (8,928
    )
    
    
    (15,338
    )
    
    
    (3,300
    )
    
    
    (367,897
    )
    
    
    
    
    
    
    (429,616
    )December 31, 2008
    
    $
    1,120,739
    
    
    $
    753,584
    
    
    $
    211,504
    
    
    $
    541,836
    
    
    $
    1,001,019
    
    
    $
    1,296,043
    
    
    $
    110,380
    
    
    $
    38,413
    
    
    
    5,073,518Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (982,114
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    245,463Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    209,551Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    33,662Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    636,955Total assets at December
31, 2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,217,035
 46




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ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Phila-
    
    
    UnitedPA
    
    
    PA
    
    
    New Jersey
    
    
    Midwest
    
    
    Mid-Atlantic
    
    
    South
    
    
    Delphia
    
    
    Kingdom (1)
    
    
    TotalJanuary 1, 2007
    
    $
    1,048,142
    
    
    $
    582,475
    
    
    $
    112,397
    
    
    $
    699,585
    
    
    $
    861,863
    
    
    $
    953,808
    
    
    $
    103,008
    
    
    $
    11,435
    
    
    $
    4,372,713Additions
    
    
    67,645
    
    
    
    103,750
    
    
    
    87,265
    
    
    
    64,050
    
    
    
    114,274
    
    
    
    245,317
    
    
    
    367,540
    
    
    
    40,097
    
    
    
    1,089,938Dispositions
    
    
    (12,415
    )
    
    
    (9,262
    )
    
    
    
    
    
    
    (220,190
    )
    
    
    (10,591
    )
    
    
    (8,893
    )
    
    
    
    
    
    
    
    
    
    
    (261,351
    )December 31, 2007
    
    $
    1,103,372
    
    
    $
    676,963
    
    
    $
    199,662
    
    
    $
    543,445
    
    
    $
    965,546
    
    
    $
    1,190,232
    
    
    $
    470,548
    
    
    $
    51,532
    
    
    
    5,201,300Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (858,671
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    316,985Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    247,124Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,908Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    700,291Total assets at December
31, 2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,643,937
 
 (1)
    
    United Kingdom additions are impacted by foreign currency translation gain or loss. 14. SFAS NO. 144, ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED
 ASSETS
 Discontinued Operations
   Year Ended December 31,2008
    
    
    2007
    
    
    2006Revenues
    
    $
    15,814
    
    
    $
    45,283
    
    
    $
    87,281Operating expenses
    
    
    (6,232
    )
    
    
    (18,020
    )
    
    
    (31,725
    )Interest expense
    
    
    (2,680
    )
    
    
    (7,308
    )
    
    
    (14,981
    )Depreciation and amortization
    
    
    (3,656
    )
    
    
    (10,039
    )
    
    
    (20,122
    )Income before property dispositions
    
    $
    3,246
    
    
    $
    9,916
    
    
    $
    20,453
  Allocation of Interest to Discontinued Operations
 47




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Asset Impairment
  15. SUBSEQUENT EVENTS
     16. ADJUSTMENTS TO PREVIOUSLY FILED FINANCIAL STATEMENTS
  SFAS No.160
   48




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As reported
    
    
    Adjustment
    
    
    As adjustedMinority Interest
    
    $
    369,771
    
    
    $
    (369,771
    )
    
    $
    EquityCommon Shares
    
    
    101
    
    
    
    
    
    
    
    101Additional
paid - in capital
    
    
    2,199,684
    
    
    
    (36,864
    )
    
    
    2,162,820Accumulated other comprehensive
(loss) income
    
    
    (5,378
    )
    
    
    
    
    
    
    (5,378
    )Distributions in excess of net income
    
    
    (185,721
    )
    
    
    
    
    
    
    (185,721
    )Common shares in treasury
    
    
    (51,951
    )
    
    
    
    
    
    
    (51,951
    )Total Liberty Property Trust
Shareholders equity
    
    $
    1,956,735
    
    
    
    (36,864
    )
    
    
    1,919,871Noncontrolling interest  operating
partnership
    
    
    
    
    
    
    405,505
    
    
    
    405,505Noncontrolling interest 
consolidated joint ventures
    
    
    
    
    
    
    1,130
    
    
    
    1,130Total equity
    
    
    
    
    
    $
    369,771
    
    
    $
    2,326,506
 49




---



##### Table of Contents



As reported
    
    
    Adjustment
    
    
    As adjustedMinority Interest
    
    $
    372,621
    
    
    $
    (372,621
    )
    
    
    EquityCommon Shares
    
    
    93
    
    
    
    
    
    
    
    93Additional
paid - in capital
    
    
    1,984,141
    
    
    
    (36,688
    )
    
    
    1,947,453Accumulated other comprehensive
(loss) income
    
    
    21,378
    
    
    
    
    
    
    
    21,378Distributions in excess of net income
    
    
    (116,640
    )
    
    
    
    
    
    
    (116,640
    )Common shares in treasury
    
    
    (51,951
    )
    
    
    
    
    
    
    (51,951
    )Total Liberty Property Trust
Shareholders equity
    
    $
    1,837,021
    
    
    
    (36,688
    )
    
    
    1,800,333Noncontrolling interest  operating
partnership
    
    
    
    
    
    
    408,792
    
    
    
    408,792Noncontrolling interest 
consolidated joint ventures
    
    
    
    
    
    
    517
    
    
    
    517Total equity
    
    
    
    
    
    $
    372,621
    
    
    $
    2,209,642
 50




---



##### Table of Contents



Discontinued Operations
  
 51




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2008
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES1501 Perryman Road
    
    Aberdeen, MD
    
    
    
    
    
    
    5,813,324
    
    
    
    18,874,059
    
    
    
    5,148,782
    
    
    
    5,816,839
    
    
    
    24,019,325
    
    
    
    29,836,164
    
    
    
    1,386,798
    
    
    2005
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,347,970
    
    
    
    107,307
    
    
    
    1,341,822
    
    
    
    1,449,129
    
    
    
    828,845
    
    
    1980
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    3,000,614
    
    
    
    726,651
    
    
    
    8,013,864
    
    
    
    8,740,515
    
    
    
    3,041,759
    
    
    1976
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    4,005,636
    
    
    
    2,670,673
    
    
    
    17,313,219
    
    
    
    19,983,893
    
    
    
    4,549,501
    
    
    1988
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    20,041,174
    
    
    
    4,174,970
    
    
    
    19,339,324
    
    
    
    23,514,294
    
    
    
    5,383,054
    
    
    1998
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    213,047
    
    
    
    269,614
    
    
    
    1,057,116
    
    
    
    1,326,730
    
    
    
    322,567
    
    
    1989
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    436,346
    
    
    
    463,123
    
    
    
    1,885,196
    
    
    
    2,348,319
    
    
    
    676,185
    
    
    1989
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    314,252
    
    
    
    489,749
    
    
    
    1,972,343
    
    
    
    2,462,092
    
    
    
    584,331
    
    
    1998
    
    40 yrs.794 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,183,790
    
    
    
    1,147,541
    
    
    
    7,271,832
    
    
    
    8,419,373
    
    
    
    2,282,296
    
    
    1985
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,764,392
    
    
    
    3,645,117
    
    
    
    10,138,533
    
    
    
    13,783,650
    
    
    
    3,039,925
    
    
    1999
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,878,034
    
    
    
    4,486,836
    
    
    
    14,875,294
    
    
    
    19,362,130
    
    
    
    3,148,524
    
    
    2001
    
    40 yrs.651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,339,042
    
    
    
    4,308,646
    
    
    
    13,339,042
    
    
    
    17,647,688
    
    
    
    3,160,648
    
    
    2000
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,906,935
    
    
    
    2,571,466
    
    
    
    8,899,637
    
    
    
    11,471,103
    
    
    
    1,920,198
    
    
    2002
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,346,179
    
    
    
    1,035,854
    
    
    
    5,335,991
    
    
    
    6,371,846
    
    
    
    950,726
    
    
    2002
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    31,405,185
    
    
    
    9,961,788
    
    
    
    26,651,645
    
    
    
    36,613,433
    
    
    
    4,081,623
    
    
    2002
    
    40 yrs.200 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,722,683
    
    
    
    18,922,645
    
    
    
    237,680
    
    
    
    4,722,683
    
    
    
    19,160,325
    
    
    
    23,883,008
    
    
    
    2,091,911
    
    
    2004
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    3,599,936
    
    
    
    12,099,145
    
    
    
    2,089,337
    
    
    
    3,719,772
    
    
    
    14,068,646
    
    
    
    17,788,418
    
    
    
    1,611,741
    
    
    2004
    
    40 yrs.8400 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    6,725,948
    
    
    
    
    
    
    
    27,118,534
    
    
    
    7,534,937
    
    
    
    26,309,546
    
    
    
    33,844,483
    
    
    
    1,409,375
    
    
    2005
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    20,940,815
    
    
    
    8,065,500
    
    
    
    
    
    
    
    27,420,765
    
    
    
    8,184,096
    
    
    
    27,302,169
    
    
    
    35,486,265
    
    
    
    8,931,479
    
    
    1997
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,341,155
    
    
    
    138,127
    
    
    
    1,340,466
    
    
    
    1,478,594
    
    
    
    888,748
    
    
    1981
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    6,971,256
    
    
    
    1,197,447
    
    
    
    6,961,585
    
    
    
    8,159,032
    
    
    
    2,491,805
    
    
    1996
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    349,184
    
    
    
    1,127,805
    
    
    
    3,658,316
    
    
    
    4,786,120
    
    
    
    1,068,345
    
    
    1993
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    *
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    873,259
    
    
    2002
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    458,281
    
    
    
    
    
    
    
    2,833,097
    
    
    
    458,945
    
    
    
    2,832,433
    
    
    
    3,291,378
    
    
    
    1,350,717
    
    
    1989
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    540,795
    
    
    
    
    
    
    
    3,744,192
    
    
    
    541,459
    
    
    
    3,743,528
    
    
    
    4,284,987
    
    
    
    1,694,468
    
    
    1990
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,765,090
    
    
    
    707,867
    
    
    
    2,764,425
    
    
    
    3,472,293
    
    
    
    1,444,458
    
    
    1990
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,920,859
    
    
    
    532,047
    
    
    
    4,920,080
    
    
    
    5,452,127
    
    
    
    2,638,382
    
    
    1988
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    
    
    
    
    388,328
    
    
    
    
    
    
    
    3,355,897
    
    
    
    389,081
    
    
    
    3,355,145
    
    
    
    3,744,225
    
    
    
    1,711,345
    
    
    1988
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    422,042
    
    
    
    
    
    
    
    3,893,307
    
    
    
    422,730
    
    
    
    3,892,620
    
    
    
    4,315,349
    
    
    
    2,033,216
    
    
    1988
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,536,742
    
    
    
    144,248
    
    
    
    2,535,995
    
    
    
    2,680,242
    
    
    
    1,432,744
    
    
    1987
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    2,114,065
    
    
    
    139,480
    
    
    
    2,113,401
    
    
    
    2,252,881
    
    
    
    1,211,949
    
    
    1985
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    876,165
    
    
    
    141,746
    
    
    
    875,488
    
    
    
    1,017,234
    
    
    
    491,466
    
    
    1985
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,192,596
    
    
    
    98,986
    
    
    
    1,192,595
    
    
    
    1,291,582
    
    
    
    778,937
    
    
    1979
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,918,272
    
    
    
    129,142
    
    
    
    1,917,583
    
    
    
    2,046,726
    
    
    
    1,272,750
    
    
    1987
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,347,546
    
    
    
    104,453
    
    
    
    1,346,758
    
    
    
    1,451,211
    
    
    
    648,206
    
    
    1981
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    502,487
    
    
    
    163,735
    
    
    
    2,232,752
    
    
    
    2,396,487
    
    
    
    878,285
    
    
    1986
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    271,718
    
    
    
    161,371
    
    
    
    2,004,347
    
    
    
    2,165,718
    
    
    
    770,782
    
    
    1986
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    610,844
    
    
    
    119,711
    
    
    
    2,045,133
    
    
    
    2,164,844
    
    
    
    767,454
    
    
    1986
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,791,480
    
    
    
    484,361
    
    
    
    1,760,434
    
    
    
    2,244,795
    
    
    
    727,358
    
    
    1996
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    83,135
    
    
    
    213,879
    
    
    
    1,178,072
    
    
    
    1,391,951
    
    
    
    412,984
    
    
    1990
    
    40 yrs.7144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,725,676
    
    
    
    1,579,169
    
    
    
    6,879,485
    
    
    
    8,458,654
    
    
    
    2,191,962
    
    
    1975
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    366,017
    
    
    
    1,093,724
    
    
    
    4,215,555
    
    
    
    5,309,279
    
    
    
    1,567,236
    
    
    1990
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    *
    
    
    
    360,027
    
    
    
    
    
    
    
    3,886,266
    
    
    
    560,691
    
    
    
    3,685,601
    
    
    
    4,246,293
    
    
    
    1,564,087
    
    
    1989
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    23,101,092
    
    
    
    3,752,293
    
    
    
    23,019,055
    
    
    
    26,771,348
    
    
    
    10,515,407
    
    
    1988
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    712,787
    
    
    
    299,600
    
    
    
    2,531,649
    
    
    
    2,831,249
    
    
    
    597,538
    
    
    1985
    
    40 yrs.1655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    2,077,289
    
    
    
    215,095
    
    
    
    2,076,625
    
    
    
    2,291,720
    
    
    
    1,040,257
    
    
    1993
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,920,812
    
    
    
    545,172
    
    
    
    4,045,930
    
    
    
    4,591,102
    
    
    
    1,904,321
    
    
    1997
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    4,265,161
    
    
    
    190,728
    
    
    
    4,433,433
    
    
    
    4,624,161
    
    
    
    1,496,403
    
    
    1996
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,221,482
    
    
    
    188,896
    
    
    
    2,391,586
    
    
    
    2,580,482
    
    
    
    1,039,490
    
    
    1997
    
    40 yrs.1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,296,178
    
    
    
    188,721
    
    
    
    2,466,457
    
    
    
    2,655,178
    
    
    
    880,964
    
    
    1998
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    533,628
    
    
    
    212,744
    
    
    
    1,352,673
    
    
    
    1,565,417
    
    
    
    587,093
    
    
    1989
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    208,501
    
    
    
    237,078
    
    
    
    1,196,080
    
    
    
    1,433,158
    
    
    
    374,817
    
    
    1989
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    275,641
    
    
    
    253,886
    
    
    
    1,338,522
    
    
    
    1,592,408
    
    
    
    459,576
    
    
    1989
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    2,020,662
    
    
    
    367,706
    
    
    
    1,972,956
    
    
    
    2,340,662
    
    
    
    828,516
    
    
    1998
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,754,839
    
    
    
    804,104
    
    
    
    7,426,421
    
    
    
    8,230,525
    
    
    
    2,341,241
    
    
    1999
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    13,513,997
    
    
    
    1,099,079
    
    
    
    13,511,045
    
    
    
    14,610,124
    
    
    
    3,613,884
    
    
    2002
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    11,118,924
    
    
    
    1,766,196
    
    
    
    10,082,479
    
    
    
    11,848,675
    
    
    
    2,546,868
    
    
    2000
    
    40 yrs.3400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,053,506
    
    
    
    662,809
    
    
    
    2,688,924
    
    
    
    3,351,733
    
    
    
    531,758
    
    
    2002
    
    40 yrs.3500 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    289,529
    
    
    
    
    
    
    
    4,451,571
    
    
    
    916,280
    
    
    
    3,824,820
    
    
    
    4,741,100
    
    
    
    280,248
    
    
    2006
    
    40 yrs.3450 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    303,197
    
    
    
    
    
    
    
    4,244,190
    
    
    
    918,473
    
    
    
    3,628,915
    
    
    
    4,547,388
    
    
    
    87,174
    
    
    2006
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    4,962,712
    
    
    
    435,303
    
    
    
    4,962,049
    
    
    
    5,397,352
    
    
    
    2,114,820
    
    
    1990
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    4,189,791
    
    
    
    197,700
    
    
    
    4,189,045
    
    
    
    4,386,745
    
    
    
    1,757,816
    
    
    1988
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,635,199
    
    
    
    240,732
    
    
    
    4,634,536
    
    
    
    4,875,268
    
    
    
    2,379,153
    
    
    1988
    
    40 yrs.1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,808,228
    
    
    
    312,873
    
    
    
    3,807,563
    
    
    
    4,120,437
    
    
    
    1,953,445
    
    
    1988
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    3,016,731
    
    
    
    212,492
    
    
    
    3,015,986
    
    
    
    3,228,478
    
    
    
    1,476,546
    
    
    1988
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    789,433
    
    
    
    395,459
    
    
    
    3,485,974
    
    
    
    3,881,433
    
    
    
    1,473,420
    
    
    1986
    
    40 yrs.1685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,429,110
    
    
    
    198,482
    
    
    
    2,474,657
    
    
    
    2,673,139
    
    
    
    1,003,460
    
    
    1996
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,819,236
    
    
    
    2,310,246
    
    
    
    38,772,050
    
    
    
    41,082,296
    
    
    
    9,886,677
    
    
    1998
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    701,685
    
    
    
    709,961
    
    
    
    4,043,704
    
    
    
    4,753,665
    
    
    
    951,437
    
    
    1992
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,182
    
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    
    1,238,848
    
    
    2001
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,313,825
    
    
    
    2,060,644
    
    
    
    7,154,848
    
    
    
    9,215,492
    
    
    
    3,055,337
    
    
    2002
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    2,476,073
    
    
    
    1,264,758
    
    
    
    4,835,323
    
    
    
    6,100,081
    
    
    
    1,255,310
    
    
    2002
    
    40 yrs.
 52




---



##### Table of Contents



CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,086,930
    
    
    
    1,264,758
    
    
    
    3,446,180
    
    
    
    4,710,938
    
    
    
    667,284
    
    
    2002
    
    40 yrs.5705 Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    5,521,336
    
    
    
    2,148,571
    
    
    
    5,485,989
    
    
    
    7,634,559
    
    
    
    275,121
    
    
    2001
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    1,316,677
    
    
    
    1,430,937
    
    
    
    4,360,178
    
    
    
    5,791,114
    
    
    
    1,145,888
    
    
    1985
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    1,881,060
    
    
    
    1,426,251
    
    
    
    7,980,012
    
    
    
    9,406,262
    
    
    
    2,597,600
    
    
    1986
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    5,811,125
    
    
    
    4,501,247
    
    
    
    21,488,473
    
    
    
    25,989,719
    
    
    
    6,441,664
    
    
    1987
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    686,050
    
    
    
    1,065,068
    
    
    
    5,167,695
    
    
    
    6,232,763
    
    
    
    1,615,765
    
    
    1986
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    2,377,934
    
    
    
    8,118,881
    
    
    
    21,263,420
    
    
    
    29,382,301
    
    
    
    1,882,266
    
    
    2004
    
    40 yrs.8201 Industrial Boulevard
    
    Breinigsville, PA
    
    
    
    
    
    
    2,089,719
    
    
    
    
    
    
    
    8,333,883
    
    
    
    2,226,432
    
    
    
    8,197,170
    
    
    
    10,423,602
    
    
    
    412,396
    
    
    2006
    
    40 yrs.400 Boulder Drive
    
    Breinigsville, PA
    
    
    *
    
    
    
    
    
    
    
    
    
    
    
    13,408,721
    
    
    
    2,865,575
    
    
    
    10,543,146
    
    
    
    13,408,721
    
    
    
    1,157,345
    
    
    2003
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    603,754
    
    
    1996
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    4,071,582
    
    
    
    577,067
    
    
    
    9,269,485
    
    
    
    9,846,552
    
    
    
    2,463,373
    
    
    1984
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    1,552,539
    
    
    
    1,306,811
    
    
    
    9,662,967
    
    
    
    10,969,778
    
    
    
    2,052,573
    
    
    1994
    
    40 yrs.20800 Swenson Drive
    
    Brookfield, WI
    
    
    4,797,400
    
    
    
    1,023,466
    
    
    
    10,729,219
    
    
    
    1,022,780
    
    
    
    1,025,082
    
    
    
    11,750,382
    
    
    
    12,775,464
    
    
    
    1,245,016
    
    
    2005
    
    40 yrs.20825 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    644,563
    
    
    
    3,640,734
    
    
    
    226,102
    
    
    
    646,518
    
    
    
    3,864,882
    
    
    
    4,511,399
    
    
    
    404,282
    
    
    2006
    
    40 yrs.20935 Swenson Drive
    
    Brookfield, WI
    
    
    4,223,847
    
    
    
    571,389
    
    
    
    10,238,547
    
    
    
    796,592
    
    
    
    572,158
    
    
    
    11,034,369
    
    
    
    11,606,527
    
    
    
    1,109,335
    
    
    2005
    
    40 yrs.20700 Swenson Drive
    
    Brookfield, WI
    
    
    5,543,784
    
    
    
    830,008
    
    
    
    12,276,445
    
    
    
    641,464
    
    
    
    830,999
    
    
    
    12,916,918
    
    
    
    13,747,917
    
    
    
    1,231,488
    
    
    2005
    
    40 yrs.20975 Swenson Drive
    
    Brookfield, WI
    
    
    5,784,696
    
    
    
    675,422
    
    
    
    8,910,651
    
    
    
    1,052,523
    
    
    
    678,637
    
    
    
    9,959,959
    
    
    
    10,638,596
    
    
    
    1,188,103
    
    
    2005
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    840,856
    
    
    
    4,253,027
    
    
    
    14,723,737
    
    
    
    18,976,764
    
    
    
    1,422,465
    
    
    2004
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,674,838
    
    
    
    794,874
    
    
    
    7,618,071
    
    
    
    8,412,945
    
    
    
    2,056,603
    
    
    2001
    
    40 yrs.95 Kriner Road
    
    Chambersburg, PA
    
    
    
    
    
    
    8,695,501
    
    
    
    
    
    
    
    28,510,384
    
    
    
    9,407,871
    
    
    
    27,798,014
    
    
    
    37,205,885
    
    
    
    146,890
    
    
    2006
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,632
    
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    
    991,200
    
    
    2001
    
    40 yrs.7 Carnegie Plaza
    
    Cherry Hill, NJ
    
    
    
    
    
    
    2,000,000
    
    
    
    3,493,983
    
    
    
    3,229,339
    
    
    
    2,005,475
    
    
    
    6,717,847
    
    
    
    8,723,322
    
    
    
    1,214,808
    
    
    2004
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,911,374
    
    
    
    1,129,850
    
    
    
    4,642,543
    
    
    
    5,772,393
    
    
    
    969,927
    
    
    2002
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    776,635
    
    
    2002
    
    40 yrs.510 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    2,012,149
    
    
    
    7,546,882
    
    
    
    421,917
    
    
    
    2,014,689
    
    
    
    7,966,260
    
    
    
    9,980,949
    
    
    
    892,754
    
    
    2005
    
    40 yrs.1301 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,176,380
    
    
    
    997,570
    
    
    
    5,178,810
    
    
    
    6,176,380
    
    
    
    415,319
    
    
    2005
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    3,385,676
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    100,511
    
    
    
    866,609
    
    
    
    4,525,338
    
    
    
    5,391,946
    
    
    
    608,742
    
    
    2004
    
    40 yrs.501 Independence Parkway
    
    Chesapeake, VA
    
    
    4,195,100
    
    
    
    1,202,556
    
    
    
    5,975,538
    
    
    
    1,165,766
    
    
    
    1,292,273
    
    
    
    7,051,586
    
    
    
    8,343,860
    
    
    
    713,499
    
    
    2005
    
    40 yrs.505 Independence Parkway
    
    Chesapeake, VA
    
    
    4,967,132
    
    
    
    1,292,062
    
    
    
    6,456,515
    
    
    
    1,287,046
    
    
    
    1,292,254
    
    
    
    7,743,368
    
    
    
    9,035,623
    
    
    
    874,855
    
    
    2005
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    6,562,607
    
    
    
    1,950,375
    
    
    
    7,236,994
    
    
    
    627,345
    
    
    
    1,951,135
    
    
    
    7,863,579
    
    
    
    9,814,714
    
    
    
    1,206,288
    
    
    2004
    
    40 yrs.6230 Old Dobbin Lane
    
    Colombia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    7,636,053
    
    
    
    2,746,455
    
    
    
    7,893,673
    
    
    
    10,640,128
    
    
    
    879,885
    
    
    2004
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    4,634,835
    
    
    
    765,952
    
    
    
    4,627,834
    
    
    
    5,393,786
    
    
    
    2,272,761
    
    
    1984
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    6,180,706
    
    
    
    920,439
    
    
    
    6,160,422
    
    
    
    7,080,860
    
    
    
    3,873,038
    
    
    1983
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    2,222,793
    
    
    
    1,571,105
    
    
    
    7,007,812
    
    
    
    8,578,917
    
    
    
    2,988,407
    
    
    1987
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    1,323,686
    
    
    
    341,663
    
    
    
    4,356,995
    
    
    
    4,698,658
    
    
    
    1,227,401
    
    
    1986
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    411,079
    
    
    
    218,542
    
    
    
    2,351,715
    
    
    
    2,570,256
    
    
    
    663,919
    
    
    1986
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    328,903
    
    
    
    243,791
    
    
    
    2,492,997
    
    
    
    2,736,787
    
    
    
    813,025
    
    
    1986
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    997,913
    
    
    
    266,684
    
    
    
    3,364,814
    
    
    
    3,631,497
    
    
    
    1,056,427
    
    
    1986
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    535,352
    
    
    
    299,099
    
    
    
    3,189,421
    
    
    
    3,488,521
    
    
    
    1,016,848
    
    
    1988
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    789,527
    
    
    
    237,779
    
    
    
    2,900,362
    
    
    
    3,138,141
    
    
    
    868,166
    
    
    1988
    
    40 yrs.9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    899,462
    
    
    
    296,262
    
    
    
    3,528,395
    
    
    
    3,824,658
    
    
    
    906,195
    
    
    1986
    
    40 yrs.9050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    941,253
    
    
    
    290,950
    
    
    
    3,518,406
    
    
    
    3,809,356
    
    
    
    956,625
    
    
    1972
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    1,700,856
    
    
    
    2,427,065
    
    
    
    9,196,326
    
    
    
    11,623,391
    
    
    
    2,606,842
    
    
    1986
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,681,791
    
    
    
    1,295,000
    
    
    
    3,344,897
    
    
    
    4,639,897
    
    
    
    828,694
    
    
    2002
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,742,985
    
    
    
    1,295,000
    
    
    
    3,406,090
    
    
    
    4,701,090
    
    
    
    751,338
    
    
    2002
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,931,442
    
    
    
    1,307,300
    
    
    
    3,582,247
    
    
    
    4,889,547
    
    
    
    869,611
    
    
    2002
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,869,631
    
    
    
    1,599,259
    
    
    
    3,228,478
    
    
    
    4,827,737
    
    
    
    603,986
    
    
    2000
    
    40 yrs.9755 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    3,917,094
    
    
    
    16,219,721
    
    
    
    1,167,866
    
    
    
    3,922,382
    
    
    
    17,382,299
    
    
    
    21,304,681
    
    
    
    1,456,898
    
    
    2006
    
    40 yrs.6220 Old Dobbin Lane
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    7,434,362
    
    
    
    3,166,951
    
    
    
    8,133,259
    
    
    
    11,300,210
    
    
    
    347,572
    
    
    2006
    
    40 yrs.5150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    250,327
    
    
    
    741,858
    
    
    
    5,356,167
    
    
    
    6,098,024
    
    
    
    755,510
    
    
    2003
    
    40 yrs.1250 Hall Court
    
    Deer Park, TX
    
    
    2,983,023
    
    
    
    829,570
    
    
    
    4,778,327
    
    
    
    47,398
    
    
    
    831,611
    
    
    
    4,823,685
    
    
    
    5,655,296
    
    
    
    272,813
    
    
    2006
    
    40 yrs.170 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    598,348
    
    
    
    3,643,756
    
    
    
    126,879
    
    
    
    598,918
    
    
    
    3,770,065
    
    
    
    4,368,983
    
    
    
    315,732
    
    
    2006
    
    40 yrs.190 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    551,663
    
    
    
    3,463,858
    
    
    
    111,209
    
    
    
    552,211
    
    
    
    3,574,519
    
    
    
    4,126,730
    
    
    
    325,727
    
    
    2006
    
    40 yrs.265 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    901,444
    
    
    
    5,751,389
    
    
    
    18,391
    
    
    
    902,374
    
    
    
    5,768,850
    
    
    
    6,671,224
    
    
    
    592,047
    
    
    2006
    
    40 yrs.285 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    975,433
    
    
    
    6,149,465
    
    
    
    39,409
    
    
    
    976,393
    
    
    
    6,187,914
    
    
    
    7,164,307
    
    
    
    723,255
    
    
    2006
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,366,266
    
    
    
    1,103,860
    
    
    
    3,393,423
    
    
    
    4,497,283
    
    
    
    848,227
    
    
    1998
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    581,781
    
    
    
    462,876
    
    
    
    4,733,572
    
    
    
    5,196,447
    
    
    
    1,471,416
    
    
    1988
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    3,184,634
    
    
    
    1,289,215
    
    
    
    7,579,302
    
    
    
    8,868,517
    
    
    
    3,001,494
    
    
    1988
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    959,527
    
    
    
    754,062
    
    
    
    2,163,474
    
    
    
    2,917,536
    
    
    
    547,299
    
    
    1987
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    321,867
    
    
    
    118,300
    
    
    
    1,409,415
    
    
    
    1,527,715
    
    
    
    363,556
    
    
    1984
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    377,179
    
    
    
    142,399
    
    
    
    1,685,678
    
    
    
    1,828,077
    
    
    
    638,560
    
    
    1984
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    93,888
    
    
    
    108,610
    
    
    
    1,091,892
    
    
    
    1,200,502
    
    
    
    364,395
    
    
    1984
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    449,591
    
    
    
    270,584
    
    
    
    2,936,576
    
    
    
    3,207,160
    
    
    
    936,102
    
    
    1985
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    364,782
    
    
    
    285,464
    
    
    
    2,988,589
    
    
    
    3,274,053
    
    
    
    959,256
    
    
    1985
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    785,407
    
    
    
    264,419
    
    
    
    3,213,924
    
    
    
    3,478,343
    
    
    
    973,584
    
    
    1985
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    1,616,449
    
    
    
    336,481
    
    
    
    4,708,856
    
    
    
    5,045,337
    
    
    
    1,121,059
    
    
    1985
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    23,353,685
    
    
    
    2,938,372
    
    
    
    23,327,703
    
    
    
    26,266,076
    
    
    
    7,312,972
    
    
    1999
    
    40 yrs.7625 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    2,987,800
    
    
    
    1,916,609
    
    
    
    5,571,833
    
    
    
    7,488,442
    
    
    
    335,245
    
    
    2006
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    625,146
    
    
    
    760,525
    
    
    
    3,879,903
    
    
    
    4,640,429
    
    
    
    1,172,450
    
    
    1997
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    240,695
    
    
    
    2,188,525
    
    
    
    4,029,456
    
    
    
    6,217,981
    
    
    
    1,152,337
    
    
    1993
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    2,051,136
    
    
    
    1,230,965
    
    
    
    6,125,200
    
    
    
    7,356,165
    
    
    
    1,369,000
    
    
    1994
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    1,350,783
    
    
    1999
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,575,107
    
    
    
    1,450,000
    
    
    
    3,575,107
    
    
    
    5,025,107
    
    
    
    920,084
    
    
    2000
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    1,176,757
    
    
    
    993,101
    
    
    
    3,313,619
    
    
    
    4,306,720
    
    
    
    802,540
    
    
    2000
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    873,485
    
    
    2001
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,665,025
    
    
    
    3,000,555
    
    
    
    6,675,988
    
    
    
    9,676,542
    
    
    
    1,756,942
    
    
    2001
    
    40 yrs.
 53




---



##### Table of Contents



CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    595,546
    
    
    2001
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,608,469
    
    
    
    1,718,407
    
    
    
    2,806,748
    
    
    
    4,525,156
    
    
    
    535,211
    
    
    2000
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    5,226,016
    
    
    
    1,599,757
    
    
    
    5,027,185
    
    
    
    6,626,941
    
    
    
    581,470
    
    
    2000
    
    40 yrs.7075 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    10,232,831
    
    
    
    10,855,851
    
    
    
    53,337
    
    
    
    10,243,977
    
    
    
    10,898,042
    
    
    
    21,142,019
    
    
    
    500,941
    
    
    2007
    
    40 yrs.7351 Coca Cola Drive
    
    Elkridge, MD
    
    
    
    
    
    
    1,897,044
    
    
    
    
    
    
    
    7,048,446
    
    
    
    3,023,417
    
    
    
    5,922,074
    
    
    
    8,945,491
    
    
    
    224,957
    
    
    2006
    
    40 yrs.180 Sheree Boulevard
    
    Exton, PA
    
    
    5,157,523
    
    
    
    2,647,861
    
    
    
    11,334,403
    
    
    
    2,049,934
    
    
    
    2,649,426
    
    
    
    13,382,772
    
    
    
    16,032,198
    
    
    
    1,066,878
    
    
    2007
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    292,813
    
    
    
    524,390
    
    
    
    1,248,175
    
    
    
    1,772,565
    
    
    
    371,902
    
    
    1982
    
    40 yrs.420 Delaware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    8,290,888
    
    
    
    2,826,994
    
    
    
    8,230,825
    
    
    
    11,057,819
    
    
    
    571,917
    
    
    2005
    
    40 yrs.414 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,267,194
    
    
    
    2,217,460
    
    
    
    307,900
    
    
    
    1,267,937
    
    
    
    2,524,616
    
    
    
    3,792,553
    
    
    
    231,189
    
    
    2004
    
    40 yrs.275 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,775,894
    
    
    
    2,160,855
    
    
    
    7,433,770
    
    
    
    1,790,041
    
    
    
    9,580,478
    
    
    
    11,370,519
    
    
    
    142,837
    
    
    2005
    
    40 yrs.1250 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,639,166
    
    
    
    1,928,574
    
    
    
    468,379
    
    
    
    1,650,703
    
    
    
    2,385,416
    
    
    
    4,036,119
    
    
    
    224,244
    
    
    2005
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    22,612,437
    
    
    
    
    
    
    
    55,809,125
    
    
    
    23,339,943
    
    
    
    55,081,619
    
    
    
    78,421,562
    
    
    
    2,007,575
    
    
    2006
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    13,007,509
    
    
    
    11,480,744
    
    
    
    53,906
    
    
    
    13,035,013
    
    
    
    11,507,146
    
    
    
    24,542,159
    
    
    
    915,103
    
    
    2006
    
    40 yrs.106 Southchase Boulevard
    
    Fountain Inn, SC
    
    
    
    
    
    
    201,944
    
    
    
    
    
    
    
    5,133,389
    
    
    
    684,003
    
    
    
    4,651,330
    
    
    
    5,335,333
    
    
    
    358,667
    
    
    2005
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    214,221
    
    
    
    475,262
    
    
    
    4,131,454
    
    
    
    4,606,716
    
    
    
    1,391,089
    
    
    1995
    
    40 yrs.200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    10,524,649
    
    
    
    3,414,989
    
    
    
    12,924,387
    
    
    
    16,339,376
    
    
    
    1,924,698
    
    
    2003
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,156,270
    
    
    
    625,111
    
    
    
    5,311,174
    
    
    
    5,936,284
    
    
    
    1,660,664
    
    
    1985
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    475,723
    
    
    
    
    
    
    
    3,529,130
    
    
    
    3,529,130
    
    
    
    1,143,136
    
    
    1989
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    772,549
    
    
    
    
    
    
    
    3,827,114
    
    
    
    3,827,114
    
    
    
    1,136,170
    
    
    1989
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    3,058,575
    
    
    
    743,898
    
    
    
    7,558,382
    
    
    
    8,302,280
    
    
    
    1,840,837
    
    
    1995
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    315,413
    
    
    
    771,029
    
    
    
    3,999,846
    
    
    
    4,770,875
    
    
    
    1,331,758
    
    
    1990
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    3,546,671
    
    
    
    483,263
    
    
    
    3,506,893
    
    
    
    3,990,156
    
    
    
    1,152,858
    
    
    1999
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    10,198,472
    
    
    
    1,075,620
    
    
    
    10,195,748
    
    
    
    11,271,368
    
    
    
    3,297,151
    
    
    1998
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    1,241,555
    
    
    
    670,292
    
    
    
    5,080,800
    
    
    
    5,751,092
    
    
    
    1,645,466
    
    
    1984
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,907,500
    
    
    
    1,010,044
    
    
    
    9,059,209
    
    
    
    10,069,253
    
    
    
    3,108,655
    
    
    1990
    
    40 yrs.4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    952,101
    
    
    
    1,083,006
    
    
    
    6,987,754
    
    
    
    8,070,760
    
    
    
    955,534
    
    
    2004
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,273,615
    
    
    
    515,542
    
    
    
    6,270,984
    
    
    
    6,786,525
    
    
    
    792,280
    
    
    2003
    
    40 yrs.45 Brookfield Oaks Drive
    
    Greenville, SC
    
    
    
    
    
    
    818,114
    
    
    
    
    
    
    
    3,549,097
    
    
    
    825,529
    
    
    
    3,541,682
    
    
    
    4,367,212
    
    
    
    118,418
    
    
    2006
    
    40 yrs.116 Pleasant Ridge Road
    
    Greenville, SC
    
    
    
    
    
    
    1,547,811
    
    
    
    
    
    
    
    13,298,582
    
    
    
    3,712,683
    
    
    
    11,133,710
    
    
    
    14,846,393
    
    
    
    131,493
    
    
    2006
    
    40 yrs.7 Research Drive
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    17,091,882
    
    
    
    4,405
    
    
    
    
    
    
    
    17,096,287
    
    
    
    17,096,287
    
    
    
    752,159
    
    
    2007
    
    40 yrs.1487 South Highway 101
    
    Greer, SC
    
    
    
    
    
    
    464,237
    
    
    
    
    
    
    
    5,136,776
    
    
    
    1,301,738
    
    
    
    4,299,275
    
    
    
    5,601,012
    
    
    
    13,817
    
    
    2007
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    1,433,088
    
    
    
    974,675
    
    
    
    7,012,957
    
    
    
    7,987,632
    
    
    
    2,255,340
    
    
    1987
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    1,257,471
    
    
    
    1,097,368
    
    
    
    8,018,248
    
    
    
    9,115,617
    
    
    
    2,462,312
    
    
    1990
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    543,765
    
    
    1999
    
    40 yrs.1317 Executive Boulevard
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    7,668,631
    
    
    
    1,128,829
    
    
    
    8,190,225
    
    
    
    9,319,054
    
    
    
    348,381
    
    
    2006
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    382,338
    
    
    
    265,719
    
    
    
    8,547,405
    
    
    
    8,813,124
    
    
    
    1,848,003
    
    
    1999
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    261,271
    
    
    
    710,486
    
    
    
    3,212,702
    
    
    
    3,923,188
    
    
    
    464,095
    
    
    2003
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    79,319
    
    
    
    1,104,359
    
    
    
    2,038,990
    
    
    
    3,143,349
    
    
    
    570,967
    
    
    1983
    
    40 yrs.600 Industrial Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    7,743,800
    
    
    
    
    
    
    
    28,472,202
    
    
    
    9,368,557
    
    
    
    26,847,444
    
    
    
    36,216,001
    
    
    
    1,554,062
    
    
    2005
    
    40 yrs.500 McCarthy Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    5,194,872
    
    
    
    19,991,436
    
    
    
    4,234,765
    
    
    
    5,687,013
    
    
    
    23,734,060
    
    
    
    29,421,073
    
    
    
    3,011,485
    
    
    2005
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,210,943
    
    
    
    373,502
    
    
    
    1,981,140
    
    
    
    2,354,642
    
    
    
    655,531
    
    
    1999
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,835,505
    
    
    
    315,614
    
    
    
    1,641,220
    
    
    
    1,956,834
    
    
    
    584,926
    
    
    1999
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    20,721,590
    
    
    
    2,042,159
    
    
    
    19,481,334
    
    
    
    21,523,492
    
    
    
    5,353,041
    
    
    1998
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    3,109,110
    
    
    
    235,698
    
    
    
    3,107,976
    
    
    
    3,343,674
    
    
    
    1,269,229
    
    
    1988
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,606,925
    
    
    
    320,450
    
    
    
    2,605,765
    
    
    
    2,926,214
    
    
    
    1,303,596
    
    
    1989
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,310,319
    
    
    
    231,692
    
    
    
    2,309,249
    
    
    
    2,540,941
    
    
    
    1,196,924
    
    
    1989
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,476,301
    
    
    
    655,240
    
    
    
    3,986,724
    
    
    
    4,641,965
    
    
    
    1,791,684
    
    
    1990
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    182,810
    
    
    
    
    
    
    
    2,396,132
    
    
    
    183,888
    
    
    
    2,395,053
    
    
    
    2,578,942
    
    
    
    1,194,991
    
    
    1989
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    484,001
    
    
    
    
    
    
    
    2,780,986
    
    
    
    173,623
    
    
    
    3,091,365
    
    
    
    3,264,988
    
    
    
    1,223,712
    
    
    1996
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    929,937
    
    
    
    597,368
    
    
    
    5,751,069
    
    
    
    6,348,438
    
    
    
    2,122,813
    
    
    1989
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,204,882
    
    
    
    283,368
    
    
    
    2,204,510
    
    
    
    2,487,878
    
    
    
    859,427
    
    
    1997
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,210,692
    
    
    
    132,655
    
    
    
    1,221,699
    
    
    
    1,354,353
    
    
    
    492,073
    
    
    1997
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,361,383
    
    
    
    545,627
    
    
    
    3,101,638
    
    
    
    3,647,265
    
    
    
    1,010,657
    
    
    1998
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,619,333
    
    
    
    265,991
    
    
    
    2,455,714
    
    
    
    2,721,705
    
    
    
    830,855
    
    
    1999
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,510,094
    
    
    
    173,889
    
    
    
    2,402,936
    
    
    
    2,576,825
    
    
    
    857,473
    
    
    1999
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    2,098,260
    
    
    
    276,038
    
    
    
    2,086,260
    
    
    
    2,362,298
    
    
    
    472,345
    
    
    1998
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    3,498,674
    
    
    
    500,980
    
    
    
    3,497,193
    
    
    
    3,998,174
    
    
    
    863,928
    
    
    2000
    
    40 yrs.1498 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    5,933,606
    
    
    
    791,880
    
    
    
    5,235,999
    
    
    
    6,027,879
    
    
    
    220,175
    
    
    2005
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,911,210
    
    
    
    526,266
    
    
    
    3,507,147
    
    
    
    4,033,413
    
    
    
    1,389,311
    
    
    2001
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,430,006
    
    
    
    431,106
    
    
    
    3,099,006
    
    
    
    3,530,112
    
    
    
    888,462
    
    
    2001
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,549
    
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    377,882
    
    
    2001
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    7,281,025
    
    
    
    984,672
    
    
    
    6,468,673
    
    
    
    7,453,345
    
    
    
    1,437,607
    
    
    2002
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,114,814
    
    
    
    611,166
    
    
    
    2,721,590
    
    
    
    3,332,756
    
    
    
    587,303
    
    
    2002
    
    40 yrs.4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,787,760
    
    
    
    511,869
    
    
    
    2,785,890
    
    
    
    3,297,759
    
    
    
    296,429
    
    
    2003
    
    40 yrs.4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    3,425,118
    
    
    
    505,700
    
    
    
    3,027,005
    
    
    
    3,532,705
    
    
    
    307,026
    
    
    2004
    
    40 yrs.400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,859,604
    
    
    
    665,239
    
    
    
    1,194,365
    
    
    
    1,859,604
    
    
    
    80,912
    
    
    2004
    
    40 yrs.4475 Premier Drive
    
    High Point, NC
    
    
    
    
    
    
    748,693
    
    
    
    
    
    
    
    5,888,692
    
    
    
    1,525,421
    
    
    
    5,111,964
    
    
    
    6,637,385
    
    
    
    86,535
    
    
    2006
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    3,977,231
    
    
    
    521,122
    
    
    
    
    
    
    
    7,300,519
    
    
    
    825,092
    
    
    
    6,996,548
    
    
    
    7,821,641
    
    
    
    3,907,767
    
    
    1995
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    3,102,784
    
    
    
    
    
    
    
    18,701,183
    
    
    
    3,764,784
    
    
    
    18,039,184
    
    
    
    21,803,967
    
    
    
    3,510,902
    
    
    1996
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,692,880
    
    
    
    1,408,041
    
    
    
    4,618,480
    
    
    
    6,026,521
    
    
    
    1,665,412
    
    
    1998
    
    40 yrs.300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    375,923
    
    
    
    180,459
    
    
    
    1,817,396
    
    
    
    1,997,855
    
    
    
    664,949
    
    
    1983
    
    40 yrs.300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,843,483
    
    
    
    282,493
    
    
    
    4,099,990
    
    
    
    4,382,483
    
    
    
    1,340,245
    
    
    1983
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,961,590
    
    
    
    1,265,363
    
    
    
    9,745,470
    
    
    
    11,010,834
    
    
    
    3,415,954
    
    
    1989
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    10,117,753
    
    
    
    1,939,712
    
    
    
    9,243,992
    
    
    
    11,183,704
    
    
    
    2,280,276
    
    
    2000
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    1,947,714
    
    
    
    638,513
    
    
    
    7,759,036
    
    
    
    8,397,550
    
    
    
    2,878,638
    
    
    1990
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,455,917
    
    
    
    629,944
    
    
    
    7,189,145
    
    
    
    7,819,089
    
    
    
    2,644,772
    
    
    1990
    
    40 yrs.
 54




---



##### Table of Contents



CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,915,620
    
    
    
    629,944
    
    
    
    7,648,854
    
    
    
    8,278,798
    
    
    
    2,937,215
    
    
    1990
    
    40 yrs.1 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,041,557
    
    
    
    1,058,901
    
    
    
    6,385,163
    
    
    
    7,444,064
    
    
    
    2,345,767
    
    
    1986
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    787,154
    
    
    
    360,549
    
    
    
    4,047,138
    
    
    
    4,407,687
    
    
    
    1,336,533
    
    
    1982
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    594,916
    
    
    
    330,111
    
    
    
    3,576,586
    
    
    
    3,906,696
    
    
    
    941,454
    
    
    1974
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    2,409,782
    
    
    
    393,019
    
    
    
    4,720,800
    
    
    
    5,113,819
    
    
    
    1,162,452
    
    
    1975
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    1,367,375
    
    
    
    489,032
    
    
    
    5,493,526
    
    
    
    5,982,558
    
    
    
    1,693,767
    
    
    1981
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    987,299
    
    
    
    294,673
    
    
    
    3,651,020
    
    
    
    3,945,694
    
    
    
    1,105,985
    
    
    1976
    
    40 yrs.103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    818,872
    
    
    
    270,906
    
    
    
    3,267,371
    
    
    
    3,538,278
    
    
    
    1,270,550
    
    
    1978
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,940,611
    
    
    
    270,282
    
    
    
    4,381,887
    
    
    
    4,652,169
    
    
    
    1,282,445
    
    
    1972
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    99,409
    
    
    1975
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,561,435
    
    
    
    732,552
    
    
    
    7,369,862
    
    
    
    8,102,414
    
    
    
    2,305,103
    
    
    1977
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    723,059
    
    
    
    208,140
    
    
    
    1,618,529
    
    
    
    1,826,669
    
    
    
    440,823
    
    
    1973
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    589,814
    
    
    
    451,731
    
    
    
    3,660,155
    
    
    
    4,111,887
    
    
    
    1,012,999
    
    
    1975
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    864,263
    
    
    
    452,251
    
    
    
    3,928,962
    
    
    
    4,381,213
    
    
    
    1,231,119
    
    
    1975
    
    40 yrs.120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    2,416,512
    
    
    
    558,142
    
    
    
    7,222,027
    
    
    
    7,780,169
    
    
    
    1,897,838
    
    
    1980
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    2,584,619
    
    
    
    673,041
    
    
    
    8,360,988
    
    
    
    9,034,029
    
    
    
    2,534,483
    
    
    1979
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    712,712
    
    
    
    255,528
    
    
    
    2,860,210
    
    
    
    3,115,738
    
    
    
    976,181
    
    
    1982
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    1,536,610
    
    
    
    502,705
    
    
    
    6,077,207
    
    
    
    6,579,912
    
    
    
    1,814,424
    
    
    1982
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,842,034
    
    
    
    376,475
    
    
    
    5,173,795
    
    
    
    5,550,270
    
    
    
    1,986,944
    
    
    1982
    
    40 yrs.400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,760,384
    
    
    
    583,628
    
    
    
    7,630,610
    
    
    
    8,214,238
    
    
    
    2,476,732
    
    
    1981
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,997,494
    
    
    
    380,802
    
    
    
    5,430,252
    
    
    
    5,811,054
    
    
    
    1,627,010
    
    
    1983
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    570,429
    
    
    
    696,061
    
    
    
    3,910,420
    
    
    
    4,606,480
    
    
    
    1,115,040
    
    
    1985
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,696,950
    
    
    
    2,565,140
    
    
    
    7,704,225
    
    
    
    10,269,365
    
    
    
    3,764,912
    
    
    1987
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    17,434,151
    
    
    
    4,138,577
    
    
    
    16,822,725
    
    
    
    20,961,302
    
    
    
    3,116,684
    
    
    2001
    
    40 yrs.102 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    1,110,209
    
    
    
    2,301,302
    
    
    
    1,133,191
    
    
    
    1,114,985
    
    
    
    3,429,717
    
    
    
    4,544,702
    
    
    
    662,819
    
    
    1985
    
    40 yrs.335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,757,475
    
    
    
    182,400
    
    
    
    8,575,075
    
    
    
    8,757,475
    
    
    
    1,064,979
    
    
    2002
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,154,289
    
    
    
    2,007,214
    
    
    
    573,608
    
    
    
    1,140,597
    
    
    
    2,594,513
    
    
    
    3,735,111
    
    
    
    391,690
    
    
    2003
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    253,426
    
    
    
    471,171
    
    
    
    1,164,098
    
    
    
    1,635,270
    
    
    
    243,111
    
    
    2003
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    1,927,940
    
    
    
    1,322,317
    
    
    
    4,460,083
    
    
    
    5,782,400
    
    
    
    1,031,964
    
    
    2003
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    194,047
    
    
    
    709,967
    
    
    
    1,565,151
    
    
    
    2,275,118
    
    
    
    345,712
    
    
    2003
    
    40 yrs.7 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    2,631,696
    
    
    
    
    
    
    
    18,587,588
    
    
    
    2,631,956
    
    
    
    18,587,328
    
    
    
    21,219,284
    
    
    
    621,811
    
    
    2006
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    1,775,341
    
    
    
    464,871
    
    
    
    5,727,312
    
    
    
    6,192,183
    
    
    
    1,216,076
    
    
    1978
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    727,352
    
    
    
    436,952
    
    
    
    4,676,314
    
    
    
    5,113,267
    
    
    
    1,504,124
    
    
    1981
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    *
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,133,749
    
    
    
    189,793
    
    
    
    2,192,104
    
    
    
    2,381,897
    
    
    
    931,792
    
    
    1975
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    *
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    251,335
    
    
    
    495,112
    
    
    
    3,061,716
    
    
    
    3,556,828
    
    
    
    851,187
    
    
    1987
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    *
    
    
    
    2,515,115
    
    
    
    
    
    
    
    10,792,470
    
    
    
    2,515,115
    
    
    
    10,792,470
    
    
    
    13,307,585
    
    
    
    1,870,755
    
    
    1999
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    5,193,398
    
    
    
    1,607,977
    
    
    
    5,192,658
    
    
    
    6,800,636
    
    
    
    2,713,953
    
    
    1988
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    8,818,780
    
    
    
    1,131,380
    
    
    
    14,136,400
    
    
    
    15,267,780
    
    
    
    4,600,504
    
    
    1988
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    *
    
    
    
    1,229,685
    
    
    
    
    
    
    
    3,430,171
    
    
    
    1,241,970
    
    
    
    3,417,886
    
    
    
    4,659,856
    
    
    
    1,742,609
    
    
    1996
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    641,300
    
    
    
    363,339
    
    
    
    3,150,486
    
    
    
    3,513,826
    
    
    
    1,208,934
    
    
    1997
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    438,371
    
    
    
    438,853
    
    
    
    3,468,766
    
    
    
    3,907,619
    
    
    
    1,057,848
    
    
    1997
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    269,417
    
    
    
    289,000
    
    
    
    3,829,274
    
    
    
    4,118,275
    
    
    
    1,055,346
    
    
    1997
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    190,651
    
    
    
    306,147
    
    
    
    3,214,306
    
    
    
    3,520,453
    
    
    
    752,950
    
    
    1999
    
    40 yrs.16680 Central Green Boulevard
    
    Houston, TX
    
    
    
    
    
    
    311,952
    
    
    
    
    
    
    
    3,956,813
    
    
    
    492,869
    
    
    
    3,775,895
    
    
    
    4,268,765
    
    
    
    83,075
    
    
    2001
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    988,599
    
    
    2002
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    321,145
    
    
    
    799,560
    
    
    
    6,270,410
    
    
    
    7,069,970
    
    
    
    1,161,015
    
    
    1999
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,711,950
    
    
    
    1,135,483
    
    
    
    8,039,401
    
    
    
    9,174,884
    
    
    
    1,159,934
    
    
    2000
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,590,836
    
    
    
    2,290,002
    
    
    
    16,887,976
    
    
    
    19,177,978
    
    
    
    2,452,452
    
    
    2000
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,935,268
    
    
    
    414,691
    
    
    
    2,520,577
    
    
    
    2,935,268
    
    
    
    339,028
    
    
    2004
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    565,588
    
    
    
    638,477
    
    
    
    3,824,378
    
    
    
    4,462,856
    
    
    
    531,488
    
    
    2004
    
    40 yrs.8850-8872 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    504,317
    
    
    
    2,878,351
    
    
    
    1,014,679
    
    
    
    504,341
    
    
    
    3,893,006
    
    
    
    4,397,347
    
    
    
    563,067
    
    
    2004
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    1,114,406
    
    
    
    6,364,767
    
    
    
    2,636,014
    
    
    
    2,775,021
    
    
    
    7,340,166
    
    
    
    10,115,187
    
    
    
    1,029,169
    
    
    2004
    
    40 yrs.16602 Central Green Boulevard
    
    Houston, TX
    
    
    
    
    
    
    284,403
    
    
    
    
    
    
    
    4,495,522
    
    
    
    503,779
    
    
    
    4,276,146
    
    
    
    4,779,925
    
    
    
    356,764
    
    
    2005
    
    40 yrs.1646 Rankin Road
    
    Houston, TX
    
    
    
    
    
    
    329,961
    
    
    
    
    
    
    
    4,895,126
    
    
    
    592,234
    
    
    
    4,632,853
    
    
    
    5,225,087
    
    
    
    384,256
    
    
    2005
    
    40 yrs.8301 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    4,515,862
    
    
    
    
    
    
    
    23,627,618
    
    
    
    5,877,884
    
    
    
    22,265,596
    
    
    
    28,143,480
    
    
    
    334,684
    
    
    2006
    
    40 yrs.5200 N. Sam Houston Parkway
    
    Houston, TX
    
    
    
    
    
    
    1,519,458
    
    
    
    7,135,548
    
    
    
    2,697,458
    
    
    
    1,520,074
    
    
    
    9,832,389
    
    
    
    11,352,464
    
    
    
    332,982
    
    
    2007
    
    40 yrs.5250 N. Sam Houston Parkway
    
    Houston, TX
    
    
    
    
    
    
    2,173,287
    
    
    
    8,868,256
    
    
    
    1,972,563
    
    
    
    2,173,942
    
    
    
    10,840,164
    
    
    
    13,014,106
    
    
    
    306,826
    
    
    2007
    
    40 yrs.11201 Greens Crossing Boulevard
    
    Houston, TX
    
    
    
    
    
    
    1,006,194
    
    
    
    5,412,584
    
    
    
    2,705,102
    
    
    
    1,008,542
    
    
    
    8,115,337
    
    
    
    9,123,879
    
    
    
    229,320
    
    
    2007
    
    40 yrs.850 Greens Parkway
    
    Houston, TX
    
    
    
    
    
    
    2,893,405
    
    
    
    11,593,197
    
    
    
    2,456,282
    
    
    
    2,899,861
    
    
    
    14,043,023
    
    
    
    16,942,883
    
    
    
    340,455
    
    
    2007
    
    40 yrs.860 Greens Parkway
    
    Houston, TX
    
    
    
    
    
    
    1,399,365
    
    
    
    6,344,650
    
    
    
    1,528,602
    
    
    
    1,374,012
    
    
    
    7,898,606
    
    
    
    9,272,618
    
    
    
    193,441
    
    
    2007
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,645,838
    
    
    
    1,861,025
    
    
    
    8,990,759
    
    
    
    10,851,784
    
    
    
    2,048,033
    
    
    2001
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    1,458,110
    
    
    
    3,269,948
    
    
    
    15,009,480
    
    
    
    18,279,428
    
    
    
    2,150,558
    
    
    2003
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    984,562
    
    
    
    2,077,949
    
    
    
    9,755,128
    
    
    
    11,833,077
    
    
    
    1,644,000
    
    
    2003
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    238,720
    
    
    
    2,211,969
    
    
    
    8,054,762
    
    
    
    10,266,731
    
    
    
    1,069,482
    
    
    2003
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    13,353,055
    
    
    
    3,542,881
    
    
    
    27,539,324
    
    
    
    31,082,206
    
    
    
    2,691,105
    
    
    2004
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    700,193
    
    
    
    615,096
    
    
    
    3,156,968
    
    
    
    3,772,064
    
    
    
    302,865
    
    
    2004
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    76,921
    
    
    
    314,572
    
    
    
    1,356,807
    
    
    
    1,671,380
    
    
    
    108,395
    
    
    2004
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    10,034,442
    
    
    
    913,013
    
    
    
    10,028,233
    
    
    
    10,941,246
    
    
    
    2,358,535
    
    
    1989
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    5,987,169
    
    
    
    974,959
    
    
    
    5,978,762
    
    
    
    6,953,721
    
    
    
    3,075,507
    
    
    1987
    
    40 yrs.7970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,391,397
    
    
    
    129,979
    
    
    
    1,388,938
    
    
    
    1,518,917
    
    
    
    1,104,987
    
    
    1978
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    3,526,767
    
    
    
    774,020
    
    
    
    9,309,747
    
    
    
    10,083,767
    
    
    
    4,201,227
    
    
    1988
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,356,397
    
    
    
    827,420
    
    
    
    9,215,977
    
    
    
    10,043,397
    
    
    
    4,496,680
    
    
    1986
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    398,257
    
    
    
    
    
    
    
    2,717,001
    
    
    
    749,811
    
    
    
    2,365,448
    
    
    
    3,115,258
    
    
    
    1,158,479
    
    
    1996
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    706,934
    
    
    
    
    
    
    
    3,572,340
    
    
    
    853,981
    
    
    
    3,425,294
    
    
    
    4,279,274
    
    
    
    1,510,930
    
    
    1996
    
    40 yrs.11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    1,127,183
    
    
    1985
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,791,159
    
    
    
    418,093
    
    
    
    8,373,065
    
    
    
    8,791,159
    
    
    
    2,765,051
    
    
    1998
    
    40 yrs.
 55




---



##### Table of Contents



CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,373,250
    
    
    
    602,633
    
    
    
    2,367,799
    
    
    
    2,970,431
    
    
    
    1,140,862
    
    
    1996
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,694,026
    
    
    
    846,461
    
    
    
    4,688,561
    
    
    
    5,535,022
    
    
    
    2,186,102
    
    
    1997
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,580,008
    
    
    
    780,486
    
    
    
    3,373,720
    
    
    
    4,154,206
    
    
    
    1,385,190
    
    
    1999
    
    40 yrs.6620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    1,017,166
    
    
    
    614,602
    
    
    
    5,284,642
    
    
    
    5,899,245
    
    
    
    1,858,105
    
    
    1984
    
    40 yrs.7980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    17,776
    
    
    
    330,726
    
    
    
    1,355,877
    
    
    
    1,686,603
    
    
    
    394,141
    
    
    1978
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    828,152
    
    
    
    1,002,704
    
    
    
    4,879,607
    
    
    
    5,882,311
    
    
    
    1,750,059
    
    
    1986
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    789,809
    
    
    
    624,215
    
    
    
    3,776,060
    
    
    
    4,400,274
    
    
    
    1,563,846
    
    
    1987
    
    40 yrs.4801 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    1,358,664
    
    
    
    554,542
    
    
    
    4,352,392
    
    
    
    4,906,935
    
    
    
    1,671,990
    
    
    1990
    
    40 yrs.4801 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    367,780
    
    
    
    370,039
    
    
    
    2,363,276
    
    
    
    2,733,315
    
    
    
    759,393
    
    
    1990
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    1,007,513
    
    
    
    370,039
    
    
    
    4,052,807
    
    
    
    4,422,846
    
    
    
    1,281,897
    
    
    1990
    
    40 yrs.6602 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    299,475
    
    
    
    388,541
    
    
    
    2,394,745
    
    
    
    2,783,287
    
    
    
    790,611
    
    
    1993
    
    40 yrs.6602 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    453,476
    
    
    
    296,032
    
    
    
    2,049,805
    
    
    
    2,345,837
    
    
    
    645,669
    
    
    1993
    
    40 yrs.6631 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    525,120
    
    
    
    251,627
    
    
    
    1,881,955
    
    
    
    2,133,582
    
    
    
    791,232
    
    
    1994
    
    40 yrs.6631 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    274,915
    
    
    
    407,043
    
    
    
    2,469,503
    
    
    
    2,876,546
    
    
    
    817,142
    
    
    1994
    
    40 yrs.4815 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    409,677
    
    
    
    366,339
    
    
    
    2,385,048
    
    
    
    2,751,387
    
    
    
    876,448
    
    
    1995
    
    40 yrs.4815 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    512,344
    
    
    
    462,549
    
    
    
    3,006,713
    
    
    
    3,469,263
    
    
    
    1,049,949
    
    
    1995
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    287,899
    
    
    
    601,401
    
    
    
    3,530,267
    
    
    
    4,131,668
    
    
    
    1,166,422
    
    
    1996
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    777,785
    
    
    
    555,213
    
    
    
    3,470,875
    
    
    
    4,026,088
    
    
    
    1,111,648
    
    
    1997
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    110,993
    
    
    
    551,250
    
    
    
    3,239,353
    
    
    
    3,790,603
    
    
    
    876,571
    
    
    1992
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    2,857,775
    
    
    
    877,964
    
    
    
    5,218,517
    
    
    
    6,096,481
    
    
    
    2,096,702
    
    
    1986
    
    40 yrs.4875 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    2,089,347
    
    
    
    
    
    
    
    12,746,697
    
    
    
    2,287,152
    
    
    
    12,548,892
    
    
    
    14,836,044
    
    
    
    19,127
    
    
    1998
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    8,299,049
    
    
    
    1,168,062
    
    
    
    8,430,188
    
    
    
    9,598,250
    
    
    
    2,332,310
    
    
    2000
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,467,521
    
    
    
    641,272
    
    
    
    3,464,403
    
    
    
    4,105,675
    
    
    
    1,067,726
    
    
    2000
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,820
    
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    883,202
    
    
    2000
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    1,038,509
    
    
    
    853,704
    
    
    
    4,548,337
    
    
    
    5,402,042
    
    
    
    1,287,220
    
    
    1996
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    8,013,821
    
    
    
    1,665,915
    
    
    
    7,647,107
    
    
    
    9,313,022
    
    
    
    2,008,217
    
    
    2002
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,975,677
    
    
    
    680,766
    
    
    
    2,686,971
    
    
    
    3,367,737
    
    
    
    700,627
    
    
    2002
    
    40 yrs.5201 Gate Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    3,836,532
    
    
    
    
    
    
    
    21,433,694
    
    
    
    4,269,346
    
    
    
    21,000,880
    
    
    
    25,270,226
    
    
    
    2,025,647
    
    
    2005
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    928,637
    
    
    
    
    
    
    
    7,121,324
    
    
    
    1,210,137
    
    
    
    6,839,824
    
    
    
    8,049,961
    
    
    
    2,905,022
    
    
    1996
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    3,338,962
    
    
    
    717,001
    
    
    
    8,155,083
    
    
    
    8,872,084
    
    
    
    3,226,346
    
    
    1988
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    4,321,549
    
    
    
    705,317
    
    
    
    9,059,036
    
    
    
    9,764,353
    
    
    
    2,487,896
    
    
    1988
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    6,630,138
    
    
    
    1,186,972
    
    
    
    13,599,118
    
    
    
    14,786,090
    
    
    
    283,014
    
    
    1980
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,628,625
    
    
    
    350,874
    
    
    
    1,674,929
    
    
    
    2,025,803
    
    
    
    750,858
    
    
    1998
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    789,409
    
    
    
    
    
    
    
    2,125,279
    
    
    
    815,855
    
    
    
    2,098,833
    
    
    
    2,914,688
    
    
    
    876,136
    
    
    1997
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    9,556,741
    
    
    
    952,911
    
    
    
    16,279,570
    
    
    
    17,232,481
    
    
    
    7,018,413
    
    
    1971
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,367,206
    
    
    
    952,361
    
    
    
    15,090,036
    
    
    
    16,042,397
    
    
    
    6,558,527
    
    
    1971
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    784,645
    
    
    
    236,432
    
    
    
    2,640,897
    
    
    
    2,877,328
    
    
    
    758,733
    
    
    1989
    
    40 yrs.3602 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    217,734
    
    
    
    1,759,489
    
    
    
    338,288
    
    
    
    217,809
    
    
    
    2,097,701
    
    
    
    2,315,510
    
    
    
    677,108
    
    
    1989
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    4,242,628
    
    
    
    867,815
    
    
    
    4,139,183
    
    
    
    5,006,998
    
    
    
    1,403,069
    
    
    1998
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    1,096,966
    
    
    1998
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,866,474
    
    
    
    592,886
    
    
    
    2,783,167
    
    
    
    3,376,054
    
    
    
    1,104,642
    
    
    1999
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    3,042,297
    
    
    
    574,152
    
    
    
    2,977,725
    
    
    
    3,551,877
    
    
    
    958,737
    
    
    1999
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,339,057
    
    
    
    1,132,519
    
    
    
    9,316,649
    
    
    
    10,449,169
    
    
    
    3,018,221
    
    
    1999
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    1,276,655
    
    
    
    776,496
    
    
    
    4,415,723
    
    
    
    5,192,219
    
    
    
    1,336,234
    
    
    1995
    
    40 yrs.2301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,063,879
    
    
    
    4,581,649
    
    
    
    27,127,475
    
    
    
    31,709,124
    
    
    
    6,028,262
    
    
    2002
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    5,015,045
    
    
    
    978,402
    
    
    
    5,056,643
    
    
    
    6,035,045
    
    
    
    2,170,675
    
    
    1999
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,888,377
    
    
    
    2,413,514
    
    
    
    16,474,863
    
    
    
    18,888,377
    
    
    
    3,917,910
    
    
    2000
    
    40 yrs.2540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,497
    
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    439,087
    
    
    2000
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    983,905
    
    
    2000
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    3,987,694
    
    
    
    458,232
    
    
    
    7,214,662
    
    
    
    7,672,894
    
    
    
    3,544,518
    
    
    1980
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,647,906
    
    
    
    461,909
    
    
    
    4,900,797
    
    
    
    5,362,706
    
    
    
    2,466,986
    
    
    1980
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,630,229
    
    
    
    1,223,875
    
    
    
    2,611,193
    
    
    
    3,835,068
    
    
    
    827,303
    
    
    1996
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    688,183
    
    
    1997
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    601,956
    
    
    
    
    
    
    
    2,068,047
    
    
    
    611,436
    
    
    
    2,058,568
    
    
    
    2,670,003
    
    
    
    842,426
    
    
    1995
    
    40 yrs.11425 State Highway 225
    
    LaPorte, TX
    
    
    
    
    
    
    975,974
    
    
    
    3,409,036
    
    
    
    8,956
    
    
    
    977,542
    
    
    
    3,416,424
    
    
    
    4,393,966
    
    
    
    274,812
    
    
    2006
    
    40 yrs.11503 State Highway 225
    
    LaPorte, TX
    
    
    
    
    
    
    2,561,931
    
    
    
    9,779,023
    
    
    
    22,961
    
    
    
    2,566,047
    
    
    
    9,797,868
    
    
    
    12,363,915
    
    
    
    627,449
    
    
    2006
    
    40 yrs.7528 Walker Way
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    5,510,455
    
    
    
    779,330
    
    
    
    5,624,567
    
    
    
    6,403,897
    
    
    
    581,674
    
    
    2004
    
    40 yrs.8500 Willard Drive
    
    Lehigh, PA
    
    
    
    
    
    
    6,398,815
    
    
    
    
    
    
    
    21,593,357
    
    
    
    7,640,417
    
    
    
    20,351,755
    
    
    
    27,992,172
    
    
    
    238,144
    
    
    2004
    
    40 yrs.8301 Industrial Boulevard
    
    Lehigh, PA
    
    
    
    
    
    
    11,249,550
    
    
    
    
    
    
    
    44,324,333
    
    
    
    11,254,716
    
    
    
    44,319,167
    
    
    
    55,573,883
    
    
    
    3,543,014
    
    
    2005
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    (158,513
    )
    
    
    373,203
    
    
    
    1,666,207
    
    
    
    2,039,410
    
    
    
    474,553
    
    
    1988
    
    40 yrs.31811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    (152,186
    )
    
    
    207,599
    
    
    
    1,026,824
    
    
    
    1,234,423
    
    
    
    315,809
    
    
    1983
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    (167,324
    )
    
    
    302,567
    
    
    
    1,045,908
    
    
    
    1,348,475
    
    
    
    338,473
    
    
    1980
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    2,270,262
    
    
    
    6,083,206
    
    
    
    14,614,415
    
    
    
    20,697,621
    
    
    
    3,698,818
    
    
    1998
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    795,143
    
    
    
    
    
    
    
    4,196,561
    
    
    
    795,831
    
    
    
    4,195,873
    
    
    
    4,991,704
    
    
    
    2,393,329
    
    
    1974
    
    40 yrs.11,15 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064
    
    
    
    1,837,878
    
    
    
    15,004,237
    
    
    
    16,842,114
    
    
    
    10,408,833
    
    
    1986
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    448,775
    
    
    
    
    
    
    
    2,545,542
    
    
    
    449,447
    
    
    
    2,544,870
    
    
    
    2,994,317
    
    
    
    1,684,414
    
    
    1977
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    1,004,647
    
    
    
    406,421
    
    
    
    4,598,226
    
    
    
    5,004,647
    
    
    
    1,810,575
    
    
    1982
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    649,407
    
    
    
    588,384
    
    
    
    3,296,009
    
    
    
    3,884,393
    
    
    
    2,113,705
    
    
    1989
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,051,932
    
    
    
    1,337,076
    
    
    
    12,564,432
    
    
    
    13,901,508
    
    
    
    5,256,060
    
    
    1997
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    330,704
    
    
    
    419,460
    
    
    
    4,123,273
    
    
    
    4,542,734
    
    
    
    1,272,070
    
    
    1982
    
    40 yrs.5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    1,594,348
    
    
    
    684,200
    
    
    
    7,776,009
    
    
    
    8,460,209
    
    
    
    2,367,337
    
    
    1983
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,097,184
    
    
    
    1,676,470
    
    
    
    15,857,528
    
    
    
    17,533,998
    
    
    
    6,046,629
    
    
    1998
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,433
    
    
    
    1,128,881
    
    
    
    4,631,830
    
    
    
    5,760,711
    
    
    
    1,237,565
    
    
    1998
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,112,927
    
    
    
    321,473
    
    
    
    1,982,568
    
    
    
    2,304,041
    
    
    
    846,015
    
    
    1998
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,018,620
    
    
    
    234,922
    
    
    
    1,974,811
    
    
    
    2,209,734
    
    
    
    812,215
    
    
    1998
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,314,868
    
    
    
    4,749,748
    
    
    
    14,945,341
    
    
    
    19,695,089
    
    
    
    5,592,198
    
    
    1999
    
    40 yrs.
 56




---



##### Table of Contents



CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,714,624
    
    
    
    1,451,139
    
    
    
    6,584,110
    
    
    
    8,035,249
    
    
    
    2,703,488
    
    
    1998
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,255,848
    
    
    
    2,171,080
    
    
    
    8,098,519
    
    
    
    10,269,598
    
    
    
    2,977,313
    
    
    1999
    
    40 yrs.700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,216,674
    
    
    
    2,158,337
    
    
    
    8,072,087
    
    
    
    10,230,424
    
    
    
    2,945,440
    
    
    1999
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    99,539
    
    
    
    397,293
    
    
    
    4,072,504
    
    
    
    4,469,796
    
    
    
    1,029,148
    
    
    1980
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    810,169
    
    
    2001
    
    40 yrs.40 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,241,137
    
    
    
    17,737,090
    
    
    
    2,182,842
    
    
    
    4,241,167
    
    
    
    19,919,901
    
    
    
    24,161,068
    
    
    
    6,188,393
    
    
    1989
    
    40 yrs.2 West Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    11,635,939
    
    
    
    5,405,042
    
    
    
    11,635,938
    
    
    
    17,040,980
    
    
    
    1,218,933
    
    
    2003
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    315,887
    
    
    
    832,244
    
    
    
    1,648,558
    
    
    
    2,480,802
    
    
    
    250,709
    
    
    2003
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,760,414
    
    
    
    724,846
    
    
    
    5,759,626
    
    
    
    6,484,472
    
    
    
    2,818,957
    
    
    1985
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    1,054,418
    
    
    
    
    
    
    
    7,140,197
    
    
    
    1,055,243
    
    
    
    7,139,372
    
    
    
    8,194,615
    
    
    
    3,580,383
    
    
    1989
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    664,282
    
    
    
    
    
    
    
    6,022,257
    
    
    
    643,892
    
    
    
    6,042,647
    
    
    
    6,686,539
    
    
    
    3,107,281
    
    
    1988
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    472,364
    
    
    
    
    
    
    
    3,323,124
    
    
    
    519,742
    
    
    
    3,275,746
    
    
    
    3,795,488
    
    
    
    1,804,871
    
    
    1988
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    937,212
    
    
    
    
    
    
    
    5,742,100
    
    
    
    1,012,843
    
    
    
    5,666,469
    
    
    
    6,679,312
    
    
    
    2,967,422
    
    
    1988
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    322,918
    
    
    
    
    
    
    
    3,282,210
    
    
    
    325,775
    
    
    
    3,279,352
    
    
    
    3,605,128
    
    
    
    1,678,712
    
    
    1987
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    3,204,468
    
    
    
    323,792
    
    
    
    3,204,647
    
    
    
    3,528,439
    
    
    
    1,436,712
    
    
    1987
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    465,539
    
    
    
    
    
    
    
    5,835,528
    
    
    
    466,413
    
    
    
    5,834,654
    
    
    
    6,301,067
    
    
    
    3,318,987
    
    
    1987
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    504,611
    
    
    
    
    
    
    
    5,192,928
    
    
    
    505,458
    
    
    
    5,192,081
    
    
    
    5,697,539
    
    
    
    3,345,868
    
    
    1983
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816
    
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    769,673
    
    
    1985
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,452,813
    
    
    
    531,534
    
    
    
    2,452,008
    
    
    
    2,983,542
    
    
    
    1,480,904
    
    
    1984
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,911,205
    
    
    
    397,948
    
    
    
    2,910,388
    
    
    
    3,308,336
    
    
    
    1,616,977
    
    
    1984
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    176,435
    
    
    
    
    
    
    
    5,105,230
    
    
    
    177,317
    
    
    
    5,104,349
    
    
    
    5,281,665
    
    
    
    3,183,485
    
    
    1985
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    4,393,160
    
    
    
    215,818
    
    
    
    4,392,348
    
    
    
    4,608,165
    
    
    
    2,300,673
    
    
    1983
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    381,544
    
    
    
    
    
    
    
    7,203,727
    
    
    
    382,361
    
    
    
    7,202,910
    
    
    
    7,585,271
    
    
    
    4,415,881
    
    
    1983
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    331,392
    
    
    
    
    
    
    
    2,021,104
    
    
    
    332,216
    
    
    
    2,020,280
    
    
    
    2,352,496
    
    
    
    1,333,384
    
    
    1984
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    509,075
    
    
    
    
    
    
    
    3,142,498
    
    
    
    509,899
    
    
    
    3,141,674
    
    
    
    3,651,573
    
    
    
    1,876,084
    
    
    1984
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    3,109,124
    
    
    
    524,230
    
    
    
    3,108,424
    
    
    
    3,632,654
    
    
    
    1,735,696
    
    
    1985
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    330,693
    
    
    1975
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    887,664
    
    
    
    
    
    
    
    5,989,734
    
    
    
    888,359
    
    
    
    5,989,039
    
    
    
    6,877,398
    
    
    
    3,817,572
    
    
    1978
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,368,259
    
    
    
    
    
    
    
    10,951,703
    
    
    
    1,369,003
    
    
    
    10,950,959
    
    
    
    12,319,962
    
    
    
    7,311,132
    
    
    1981
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,560,924
    
    
    
    128,767
    
    
    
    1,562,846
    
    
    
    1,691,613
    
    
    
    1,010,537
    
    
    1982
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,682,215
    
    
    1981
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    615,963
    
    
    1983
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    5,003,181
    
    
    
    884,974
    
    
    
    14,268,631
    
    
    
    15,153,605
    
    
    
    7,616,738
    
    
    1989
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    1,056,753
    
    
    
    786,235
    
    
    
    5,734,318
    
    
    
    6,520,553
    
    
    
    2,238,508
    
    
    1985
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    233,819
    
    
    
    143,074
    
    
    
    
    
    
    
    888,076
    
    
    
    143,811
    
    
    
    887,338
    
    
    
    1,031,150
    
    
    
    639,417
    
    
    1977
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    480,768
    
    
    
    513,250
    
    
    
    3,382,673
    
    
    
    3,895,923
    
    
    
    924,902
    
    
    1989
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    4,136,671
    
    
    
    271,743
    
    
    
    7,901,315
    
    
    
    8,173,058
    
    
    
    3,869,216
    
    
    1987
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    630,335
    
    
    
    96,161
    
    
    
    1,947,123
    
    
    
    2,043,284
    
    
    
    787,244
    
    
    1987
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,794,883
    
    
    
    317,799
    
    
    
    3,546,486
    
    
    
    3,864,285
    
    
    
    1,160,762
    
    
    1999
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    1,152,052
    
    
    
    327,554
    
    
    
    2,685,824
    
    
    
    3,013,378
    
    
    
    1,208,728
    
    
    1990
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,627,277
    
    
    
    1,069,838
    
    
    
    6,407,440
    
    
    
    7,477,277
    
    
    
    2,579,480
    
    
    1988
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    3,061,402
    
    
    
    1,069,838
    
    
    
    7,841,565
    
    
    
    8,911,402
    
    
    
    3,095,840
    
    
    1988
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    822,958
    
    
    
    334,411
    
    
    
    3,556,271
    
    
    
    3,890,683
    
    
    
    1,303,790
    
    
    1985
    
    40 yrs.404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,809,487
    
    
    
    131,896
    
    
    
    1,809,487
    
    
    
    1,941,383
    
    
    
    732,345
    
    
    1997
    
    40 yrs.402 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    2,096,558
    
    
    
    131,896
    
    
    
    2,096,558
    
    
    
    2,228,454
    
    
    
    785,592
    
    
    1997
    
    40 yrs.75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    2,476,356
    
    
    
    430,909
    
    
    
    2,465,178
    
    
    
    2,896,087
    
    
    
    276,134
    
    
    2003
    
    40 yrs.65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    2,745,259
    
    
    
    506,318
    
    
    
    2,796,116
    
    
    
    3,302,434
    
    
    
    273,241
    
    
    2004
    
    40 yrs.7800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    417,823
    
    
    
    1,711,964
    
    
    
    7,265,680
    
    
    
    8,977,644
    
    
    
    2,144,918
    
    
    1991
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    597,682
    
    
    
    394,938
    
    
    
    2,934,675
    
    
    
    3,329,613
    
    
    
    962,505
    
    
    1986
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    352,646
    
    
    
    443,101
    
    
    
    2,707,044
    
    
    
    3,150,145
    
    
    
    678,300
    
    
    1986
    
    40 yrs.11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    978,198
    
    
    
    385,305
    
    
    
    3,325,768
    
    
    
    3,711,073
    
    
    
    1,301,393
    
    
    1987
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    123,888
    
    
    
    619,465
    
    
    
    2,745,357
    
    
    
    3,364,821
    
    
    
    679,473
    
    
    1987
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    1,077,279
    
    
    
    350,628
    
    
    
    3,471,392
    
    
    
    3,822,020
    
    
    
    1,219,789
    
    
    1987
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    10,745,623
    
    
    
    491,531
    
    
    
    10,488,536
    
    
    
    10,980,067
    
    
    
    3,129,496
    
    
    2001
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    78,494
    
    
    
    341,698
    
    
    
    1,606,042
    
    
    
    1,947,740
    
    
    
    372,203
    
    
    1995
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    572,084
    
    
    
    532,370
    
    
    
    3,813,573
    
    
    
    4,345,943
    
    
    
    1,107,320
    
    
    1984
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,537,760
    
    
    
    1,801,024
    
    
    
    7,536,736
    
    
    
    9,337,760
    
    
    
    1,330,833
    
    
    2003
    
    40 yrs.11050 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,816,745
    
    
    
    914,760
    
    
    
    2,901,985
    
    
    
    3,816,745
    
    
    
    175,374
    
    
    2005
    
    40 yrs.4700 Nathan Lane North
    
    Minneapolis, MN
    
    
    
    
    
    
    1,501,308
    
    
    
    8,446,083
    
    
    
    225,056
    
    
    
    1,501,308
    
    
    
    8,671,139
    
    
    
    10,172,447
    
    
    
    2,049,711
    
    
    1996
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,683,083
    
    
    
    1,038,197
    
    
    
    6,708,444
    
    
    
    7,746,641
    
    
    
    2,184,719
    
    
    2002
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    7,480,997
    
    
    
    2,177,953
    
    
    
    11,426,338
    
    
    
    13,604,291
    
    
    
    1,523,808
    
    
    1986
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    2,154,498
    
    
    
    829,263
    
    
    
    9,553,293
    
    
    
    10,382,557
    
    
    
    3,528,882
    
    
    1988
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    2,288,449
    
    
    
    883,895
    
    
    
    10,271,794
    
    
    
    11,155,689
    
    
    
    3,272,429
    
    
    1985
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,661,289
    
    
    
    2,022,153
    
    
    
    13,007,169
    
    
    
    15,029,323
    
    
    
    3,866,622
    
    
    1990
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    2,623,700
    
    
    
    2,022,152
    
    
    
    13,980,843
    
    
    
    16,002,994
    
    
    
    4,453,379
    
    
    1990
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    19,988,526
    
    
    
    2,980,689
    
    
    
    19,968,347
    
    
    
    22,949,037
    
    
    
    5,995,017
    
    
    2000
    
    40 yrs.324 Park Knoll Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,449,092
    
    
    
    4,424,932
    
    
    
    239,301
    
    
    
    1,449,450
    
    
    
    4,663,875
    
    
    
    6,113,325
    
    
    
    221,707
    
    
    2007
    
    40 yrs.619 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,031,430
    
    
    
    5,655,167
    
    
    
    406,756
    
    
    
    1,031,685
    
    
    
    6,061,668
    
    
    
    7,093,353
    
    
    
    273,517
    
    
    2007
    
    40 yrs.627 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,061,370
    
    
    
    5,152,110
    
    
    
    231,852
    
    
    
    1,061,632
    
    
    
    5,383,700
    
    
    
    6,445,332
    
    
    
    226,746
    
    
    2007
    
    40 yrs.701 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,300,889
    
    
    
    5,313,226
    
    
    
    206,727
    
    
    
    1,301,211
    
    
    
    5,519,632
    
    
    
    6,820,842
    
    
    
    230,736
    
    
    2007
    
    40 yrs.330 Fellowship Road
    
    Mount Laurel, NJ
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    15,782,675
    
    
    
    3,758,270
    
    
    
    15,754,975
    
    
    
    19,513,245
    
    
    
    118,386
    
    
    2006
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,350,519
    
    
    
    1,098,904
    
    
    
    6,251,616
    
    
    
    7,350,519
    
    
    
    838,722
    
    
    2004
    
    40 yrs.302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    2,931,388
    
    
    
    539,060
    
    
    
    3,904,448
    
    
    
    4,443,507
    
    
    
    356,761
    
    
    2001
    
    40 yrs.3001 Leadenhall Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,925,719
    
    
    
    191,390
    
    
    
    10,965,396
    
    
    
    1,936,489
    
    
    
    11,146,016
    
    
    
    13,082,505
    
    
    
    1,731,986
    
    
    2003
    
    40 yrs.350 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    2,960,159
    
    
    
    1,449,611
    
    
    
    4,555,353
    
    
    
    2,970,687
    
    
    
    5,994,436
    
    
    
    8,965,123
    
    
    
    397,053
    
    
    2006
    
    40 yrs.4001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,894,592
    
    
    
    2,784,694
    
    
    
    19,708,950
    
    
    
    22,493,644
    
    
    
    4,148,410
    
    
    2002
    
    40 yrs.
 57




---



##### Table of Contents



CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    5,049,174
    
    
    
    512,018
    
    
    
    9,537,156
    
    
    
    10,049,174
    
    
    
    4,500,007
    
    
    1987
    
    40 yrs.11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    622,498
    
    
    
    311,950
    
    
    
    5,016,033
    
    
    
    5,327,983
    
    
    
    2,405,135
    
    
    1985
    
    40 yrs.12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    968,639
    
    
    
    362,855
    
    
    
    4,253,401
    
    
    
    4,616,256
    
    
    
    1,746,377
    
    
    1985
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    1,335,052
    
    
    
    290,545
    
    
    
    3,846,890
    
    
    
    4,137,435
    
    
    
    1,379,385
    
    
    1985
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    2,152,136
    
    
    
    450,558
    
    
    
    5,225,828
    
    
    
    5,676,386
    
    
    
    1,991,748
    
    
    1988
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    902,135
    
    
    
    234,151
    
    
    
    2,924,818
    
    
    
    3,158,969
    
    
    
    1,102,498
    
    
    1985
    
    40 yrs.7000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    428,261
    
    
    
    260,014
    
    
    
    2,664,945
    
    
    
    2,924,959
    
    
    
    947,137
    
    
    1984
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    468,864
    
    
    
    234,814
    
    
    
    2,463,962
    
    
    
    2,698,776
    
    
    
    726,982
    
    
    1983
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    999,069
    
    
    
    286,587
    
    
    
    3,473,888
    
    
    
    3,760,476
    
    
    
    1,235,450
    
    
    1983
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    1,481,895
    
    
    
    288,577
    
    
    
    4,028,432
    
    
    
    4,317,009
    
    
    
    1,762,710
    
    
    1986
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    3,166,630
    
    
    
    569,184
    
    
    
    3,091,781
    
    
    
    3,660,964
    
    
    
    1,022,257
    
    
    1999
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,918,905
    
    
    
    310,831
    
    
    
    5,716,649
    
    
    
    6,027,480
    
    
    
    2,538,858
    
    
    1986
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    1,651,610
    
    
    
    1,057,763
    
    
    
    5,843,437
    
    
    
    6,901,200
    
    
    
    1,628,440
    
    
    1988
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    2,139,294
    
    
    
    701,705
    
    
    
    5,644,946
    
    
    
    6,346,652
    
    
    
    2,407,293
    
    
    1986
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,673,175
    
    
    
    470,659
    
    
    
    3,559,503
    
    
    
    4,030,162
    
    
    
    1,075,140
    
    
    2000
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    3,457,069
    
    
    
    144,515
    
    
    
    3,457,069
    
    
    
    3,601,584
    
    
    
    962,620
    
    
    2001
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    278,931
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    1,234,492
    
    
    
    430,990
    
    
    
    4,949,320
    
    
    
    5,380,310
    
    
    
    1,830,207
    
    
    1987
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    1,023,137
    
    
    
    622,205
    
    
    
    3,251,811
    
    
    
    3,874,016
    
    
    
    1,175,053
    
    
    1981
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    666,032
    
    
    
    766,390
    
    
    
    4,153,931
    
    
    
    4,920,320
    
    
    
    1,174,506
    
    
    1996
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    2,469,160
    
    
    
    2,011,030
    
    
    
    10,533,709
    
    
    
    12,544,739
    
    
    
    1,157,212
    
    
    2004
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    1,867,935
    
    
    
    1,809,927
    
    
    
    9,125,573
    
    
    
    10,935,500
    
    
    
    958,092
    
    
    2004
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    62,116
    
    
    
    252,850
    
    
    
    1,360,039
    
    
    
    1,612,889
    
    
    
    410,096
    
    
    1989
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,999
    
    
    
    405,362
    
    
    
    1,497,545
    
    
    
    1,902,907
    
    
    
    472,552
    
    
    1989
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    1,027,641
    
    
    
    538,512
    
    
    
    4,204,431
    
    
    
    4,742,943
    
    
    
    1,349,433
    
    
    1989
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,330,526
    
    
    
    587,319
    
    
    
    2,318,038
    
    
    
    2,905,357
    
    
    
    716,478
    
    
    1999
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    487,613
    
    
    
    522,991
    
    
    
    3,050,362
    
    
    
    3,573,353
    
    
    
    1,013,101
    
    
    1985
    
    40 yrs.1400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    862,155
    
    
    
    518,043
    
    
    
    3,424,093
    
    
    
    3,942,136
    
    
    
    918,802
    
    
    1962
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    30,979
    
    
    
    453,918
    
    
    
    2,603,181
    
    
    
    3,057,099
    
    
    
    686,270
    
    
    1998
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,409,102
    
    
    
    642,427
    
    
    
    2,152,639
    
    
    
    2,795,066
    
    
    
    498,346
    
    
    2001
    
    40 yrs.6923 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    3,790,657
    
    
    
    830,953
    
    
    
    3,863,405
    
    
    
    4,694,358
    
    
    
    218,655
    
    
    2006
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,560,142
    
    
    
    925,671
    
    
    
    5,538,172
    
    
    
    6,463,843
    
    
    
    1,024,755
    
    
    2001
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,175,219
    
    
    
    704,800
    
    
    
    3,006,382
    
    
    
    3,711,182
    
    
    
    951,877
    
    
    2002
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    416,722
    
    
    2001
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    1,241,828
    
    
    
    680,312
    
    
    
    3,362,582
    
    
    
    4,042,894
    
    
    
    662,327
    
    
    2003
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,371,034
    
    
    
    878,320
    
    
    
    3,929,867
    
    
    
    4,808,187
    
    
    
    529,509
    
    
    2003
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,631,110
    
    
    
    1,283,713
    
    
    
    5,347,397
    
    
    
    6,631,110
    
    
    
    1,072,811
    
    
    2004
    
    40 yrs.South Center Land-Phase II
    
    Orlando, FL
    
    
    
    
    
    
    838,853
    
    
    
    
    
    
    
    4,084,539
    
    
    
    767,953
    
    
    
    4,155,440
    
    
    
    4,923,392
    
    
    
    298,526
    
    
    2006
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    2,135,046
    
    
    
    1,932,004
    
    
    
    8,522,943
    
    
    
    10,454,946
    
    
    
    1,287,196
    
    
    2004
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    411,516
    
    
    
    2,263,211
    
    
    
    7,906,478
    
    
    
    10,169,689
    
    
    
    790,763
    
    
    2004
    
    40 yrs.1950 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,700
    
    
    
    17,478,646
    
    
    
    587,603
    
    
    
    2,583,667
    
    
    
    18,056,282
    
    
    
    20,639,949
    
    
    
    1,772,310
    
    
    2005
    
    40 yrs.1958 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,961
    
    
    
    11,206,937
    
    
    
    8,841,420
    
    
    
    2,583,216
    
    
    
    20,039,102
    
    
    
    22,622,318
    
    
    
    2,031,969
    
    
    2005
    
    40 yrs.6200 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    1,423,584
    
    
    
    6,399,510
    
    
    
    65,322
    
    
    
    1,435,301
    
    
    
    6,453,115
    
    
    
    7,888,416
    
    
    
    543,837
    
    
    2006
    
    40 yrs.7022 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,443,510
    
    
    
    6,845,559
    
    
    
    572,022
    
    
    
    1,457,286
    
    
    
    7,403,806
    
    
    
    8,861,092
    
    
    
    625,097
    
    
    2006
    
    40 yrs.7100 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,431,489
    
    
    
    7,948,341
    
    
    
    576,378
    
    
    
    1,445,807
    
    
    
    8,510,400
    
    
    
    9,956,207
    
    
    
    576,967
    
    
    2006
    
    40 yrs.7101 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,553,537
    
    
    
    5,301,499
    
    
    
    777,653
    
    
    
    1,570,863
    
    
    
    6,061,826
    
    
    
    7,632,689
    
    
    
    436,743
    
    
    2006
    
    40 yrs.851 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    332,992
    
    
    
    
    
    
    
    2,559,105
    
    
    
    373,500
    
    
    
    2,518,597
    
    
    
    2,892,097
    
    
    
    28,215
    
    
    2006
    
    40 yrs.950 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    443,989
    
    
    
    
    
    
    
    2,496,959
    
    
    
    464,800
    
    
    
    2,476,148
    
    
    
    2,940,948
    
    
    
    28,432
    
    
    2006
    
    40 yrs.1000 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    415,906
    
    
    
    
    
    
    
    2,700,326
    
    
    
    435,400
    
    
    
    2,680,832
    
    
    
    3,116,232
    
    
    
    36,577
    
    
    2006
    
    40 yrs.8751 Skinner Court
    
    Orlando, FL
    
    
    
    
    
    
    1,009,532
    
    
    
    
    
    
    
    5,452,988
    
    
    
    1,075,437
    
    
    
    5,387,083
    
    
    
    6,462,520
    
    
    
    50,479
    
    
    2008
    
    40 yrs.2256 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    467,296
    
    
    
    
    
    
    
    2,494,666
    
    
    
    825,673
    
    
    
    2,136,290
    
    
    
    2,961,963
    
    
    
    237,098
    
    
    2005
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,598,952
    
    
    
    125,087
    
    
    
    45,947,896
    
    
    
    46,072,983
    
    
    
    15,252,548
    
    
    1997
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    7,807,092
    
    
    1999
    
    40 yrs.4751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    6,753,197
    
    
    
    1,022,081
    
    
    
    7,056,006
    
    
    
    8,078,087
    
    
    
    989,840
    
    
    2003
    
    40 yrs.1 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    14,379,278
    
    
    
    347,892
    
    
    
    14,598,666
    
    
    
    14,946,558
    
    
    
    917,104
    
    
    2004
    
    40 yrs.4775 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    891,892
    
    
    
    
    
    
    
    5,757,514
    
    
    
    366,982
    
    
    
    6,282,425
    
    
    
    6,649,406
    
    
    
    176,510
    
    
    2006
    
    40 yrs.4410 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    4,758,484
    
    
    
    10,559,563
    
    
    
    4,222,270
    
    
    
    4,765,172
    
    
    
    14,775,144
    
    
    
    19,540,317
    
    
    
    224,278
    
    
    2007
    
    40 yrs.4750 S. 44th Place
    
    Phoenix, AZ
    
    
    
    
    
    
    3,756,307
    
    
    
    8,336,400
    
    
    
    3,624,432
    
    
    
    3,761,587
    
    
    
    11,955,552
    
    
    
    15,717,139
    
    
    
    175,068
    
    
    2007
    
    40 yrs.4435 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    1,910,584
    
    
    
    1,954,020
    
    
    
    2,167,338
    
    
    
    1,911,045
    
    
    
    4,120,898
    
    
    
    6,031,943
    
    
    
    127,251
    
    
    2007
    
    40 yrs.4207 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    1,409,908
    
    
    
    4,680,808
    
    
    
    1,096,836
    
    
    
    1,410,248
    
    
    
    5,777,305
    
    
    
    7,187,552
    
    
    
    415,229
    
    
    2007
    
    40 yrs.4217 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    4,831,925
    
    
    
    10,045,599
    
    
    
    2,015,623
    
    
    
    4,833,088
    
    
    
    12,060,059
    
    
    
    16,893,147
    
    
    
    598,710
    
    
    2007
    
    40 yrs.4425 E. Cotton Center Boulvard
    
    Phoenix, AZ
    
    
    *
    
    
    
    7,318,457
    
    
    
    24,549,401
    
    
    
    28,556
    
    
    
    7,318,457
    
    
    
    24,577,957
    
    
    
    31,896,413
    
    
    
    1,212,322
    
    
    2007
    
    40 yrs.4415 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    1,749,957
    
    
    
    3,767,213
    
    
    
    6,137
    
    
    
    1,749,957
    
    
    
    3,773,350
    
    
    
    5,523,308
    
    
    
    260,492
    
    
    2007
    
    40 yrs.4405 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    2,646,318
    
    
    
    9,697,439
    
    
    
    9,441
    
    
    
    2,646,318
    
    
    
    9,706,880
    
    
    
    12,353,198
    
    
    
    442,023
    
    
    2007
    
    40 yrs.4313 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    3,895,539
    
    
    
    16,724,283
    
    
    
    1,399,749
    
    
    
    3,895,539
    
    
    
    18,124,032
    
    
    
    22,019,571
    
    
    
    913,104
    
    
    2007
    
    40 yrs.4303 E. Cotton Center Boulvard
    
    Phoenix, AZ
    
    
    *
    
    
    
    2,619,964
    
    
    
    9,675,711
    
    
    
    11,076
    
    
    
    2,619,964
    
    
    
    9,686,787
    
    
    
    12,306,751
    
    
    
    485,652
    
    
    2007
    
    40 yrs.9801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    337,495
    
    
    
    1,689,726
    
    
    
    8,274,640
    
    
    
    9,964,366
    
    
    
    2,019,026
    
    
    1994
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    2,985,528
    
    
    
    1,032,507
    
    
    
    12,144,428
    
    
    
    13,176,935
    
    
    
    3,779,952
    
    
    1985
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,932,535
    
    
    
    516,920
    
    
    
    6,578,877
    
    
    
    7,095,797
    
    
    
    2,540,236
    
    
    1983
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    1,165,443
    
    
    
    395,366
    
    
    
    4,719,955
    
    
    
    5,115,321
    
    
    
    1,724,869
    
    
    1985
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    508,272
    
    
    
    151,238
    
    
    
    1,878,412
    
    
    
    2,029,650
    
    
    
    739,900
    
    
    1985
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    661,796
    
    
    
    384,235
    
    
    
    4,103,265
    
    
    
    4,487,500
    
    
    
    1,329,439
    
    
    1997
    
    40 yrs.14630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    782,928
    
    
    
    198,205
    
    
    
    2,576,350
    
    
    
    2,774,555
    
    
    
    890,678
    
    
    1978
    
    40 yrs.2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    536,220
    
    
    
    1,934,438
    
    
    
    11,488,723
    
    
    
    13,423,161
    
    
    
    3,263,618
    
    
    1995
    
    40 yrs.9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    1,020,792
    
    
    
    332,317
    
    
    
    4,098,612
    
    
    
    4,430,929
    
    
    
    1,432,032
    
    
    1998
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    404,585
    
    
    
    972,232
    
    
    
    4,296,671
    
    
    
    5,268,902
    
    
    
    1,230,523
    
    
    1957
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    129,136
    
    
    
    203,247
    
    
    
    940,230
    
    
    
    1,143,477
    
    
    
    336,929
    
    
    1990
    
    40 yrs.
 58




---



##### Table of Contents



CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    402,780
    
    
    
    203,247
    
    
    
    1,213,873
    
    
    
    1,417,120
    
    
    
    427,797
    
    
    1990
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    34,991
    
    
    
    203,247
    
    
    
    846,085
    
    
    
    1,049,332
    
    
    
    246,654
    
    
    1990
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    422,912
    
    
    
    1,157,049
    
    
    
    5,043,868
    
    
    
    6,200,917
    
    
    
    1,436,541
    
    
    1986
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    206,898
    
    
    
    392,138
    
    
    
    1,772,685
    
    
    
    2,164,823
    
    
    
    519,497
    
    
    1985
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    195,253
    
    
    
    359,933
    
    
    
    1,632,369
    
    
    
    1,992,302
    
    
    
    453,566
    
    
    1984
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    119,530
    
    
    
    164,413
    
    
    
    775,463
    
    
    
    939,875
    
    
    
    280,108
    
    
    1984
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    275,029
    
    
    
    310,178
    
    
    
    1,513,953
    
    
    
    1,824,131
    
    
    
    442,398
    
    
    1965
    
    40 yrs.4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    496,232
    
    
    
    2,009,136
    
    
    
    15,422,421
    
    
    
    17,431,557
    
    
    
    5,304,579
    
    
    1985
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    93,935
    
    
    
    659,456
    
    
    
    4,929,945
    
    
    
    5,589,401
    
    
    
    1,673,276
    
    
    1989
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    335,023
    
    
    
    489,941
    
    
    
    3,927,923
    
    
    
    4,417,864
    
    
    
    1,439,202
    
    
    1989
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    244,746
    
    
    
    644,384
    
    
    
    4,270,226
    
    
    
    4,914,610
    
    
    
    1,618,808
    
    
    1990
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    818,887
    
    
    
    408,729
    
    
    
    3,516,235
    
    
    
    3,924,964
    
    
    
    1,291,932
    
    
    1990
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    578,738
    
    
    
    310,854
    
    
    
    2,858,335
    
    
    
    3,169,189
    
    
    
    965,450
    
    
    1973
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    1,669,869
    
    
    
    693,203
    
    
    
    6,753,362
    
    
    
    7,446,565
    
    
    
    2,303,775
    
    
    1975
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,968,381
    
    
    
    256,203
    
    
    
    4,518,030
    
    
    
    4,774,233
    
    
    
    1,452,966
    
    
    1976
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    2,672,043
    
    
    
    223,696
    
    
    
    4,312,478
    
    
    
    4,536,174
    
    
    
    905,854
    
    
    1978
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    1,627,330
    
    
    
    325,303
    
    
    
    4,012,887
    
    
    
    4,338,190
    
    
    
    1,560,157
    
    
    1979
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    410,129
    
    
    
    486,166
    
    
    
    3,975,340
    
    
    
    4,461,506
    
    
    
    1,405,245
    
    
    1981
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    759,624
    
    
    
    474,360
    
    
    
    4,238,270
    
    
    
    4,712,630
    
    
    
    1,362,082
    
    
    1982
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    622,565
    
    
    
    652,455
    
    
    
    5,407,240
    
    
    
    6,059,695
    
    
    
    2,062,630
    
    
    1985
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,247,671
    
    
    
    404,616
    
    
    
    4,214,858
    
    
    
    4,619,474
    
    
    
    1,942,146
    
    
    1985
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    293,897
    
    
    
    454,056
    
    
    
    3,023,639
    
    
    
    3,477,695
    
    
    
    1,133,376
    
    
    1987
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    397,983
    
    
    
    615,038
    
    
    
    4,908,255
    
    
    
    5,523,293
    
    
    
    1,728,465
    
    
    1988
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    393,834
    
    
    1988
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    705,660
    
    
    
    
    
    
    
    4,880,177
    
    
    
    720,100
    
    
    
    4,865,737
    
    
    
    5,585,837
    
    
    
    1,927,568
    
    
    1996
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,822,772
    
    
    
    687,898
    
    
    
    4,811,535
    
    
    
    5,499,433
    
    
    
    1,547,220
    
    
    1997
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    746,131
    
    
    
    452,263
    
    
    
    4,038,011
    
    
    
    4,490,274
    
    
    
    1,555,342
    
    
    1978
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,652,274
    
    
    
    91,599
    
    
    
    1,652,151
    
    
    
    1,743,750
    
    
    
    532,286
    
    
    1975
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    485,076
    
    
    
    262,210
    
    
    
    2,595,701
    
    
    
    2,857,911
    
    
    
    929,172
    
    
    1989
    
    40 yrs.520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    397,629
    
    
    
    486,598
    
    
    
    4,480,731
    
    
    
    4,967,329
    
    
    
    1,472,083
    
    
    1989
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,851,949
    
    
    
    700,503
    
    
    
    5,846,090
    
    
    
    6,546,593
    
    
    
    1,958,624
    
    
    1998
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    3,132,390
    
    
    
    334,772
    
    
    
    3,064,501
    
    
    
    3,399,273
    
    
    
    1,276,640
    
    
    1999
    
    40 yrs.6000 Eastport Blvd
    
    Richmond, VA
    
    
    
    
    
    
    872,901
    
    
    
    
    
    
    
    7,486,746
    
    
    
    901,666
    
    
    
    7,457,981
    
    
    
    8,359,647
    
    
    
    132,485
    
    
    1997
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    39,764
    
    
    
    364,165
    
    
    
    3,303,879
    
    
    
    3,668,044
    
    
    
    896,060
    
    
    1988
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    3,132,138
    
    
    2000
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,411,249
    
    
    
    1,456,084
    
    
    
    8,197,637
    
    
    
    9,653,721
    
    
    
    1,688,941
    
    
    2001
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    6,030,738
    
    
    
    1,072,797
    
    
    
    6,581,554
    
    
    
    7,654,350
    
    
    
    1,369,827
    
    
    2002
    
    40 yrs.3900 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    392,184
    
    
    
    
    
    
    
    11,788,193
    
    
    
    1,100,000
    
    
    
    11,080,377
    
    
    
    12,180,377
    
    
    
    733,032
    
    
    2005
    
    40 yrs.1001 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    2,073,739
    
    
    
    5,634,796
    
    
    
    1,606,286
    
    
    
    2,079,643
    
    
    
    7,235,178
    
    
    
    9,314,821
    
    
    
    772,257
    
    
    2005
    
    40 yrs.7400 Beaufont Springs Drive
    
    Richmond, VA
    
    
    
    
    
    
    808,581
    
    
    
    7,273,850
    
    
    
    1,076,495
    
    
    
    810,743
    
    
    
    8,348,182
    
    
    
    9,158,925
    
    
    
    849,550
    
    
    2005
    
    40 yrs.1100 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,276,936
    
    
    
    12,052,192
    
    
    
    1,391,680
    
    
    
    1,280,662
    
    
    
    13,440,146
    
    
    
    14,720,808
    
    
    
    1,107,762
    
    
    2005
    
    40 yrs.2020 US Highway 301 South
    
    Riverview, FL
    
    
    
    
    
    
    1,233,639
    
    
    
    13,608,485
    
    
    
    109,898
    
    
    
    1,233,800
    
    
    
    13,718,223
    
    
    
    14,952,022
    
    
    
    929,938
    
    
    2006
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,694,306
    
    
    
    399,988
    
    
    
    3,649,221
    
    
    
    4,049,209
    
    
    
    1,182,063
    
    
    1997
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,808,367
    
    
    
    335,061
    
    
    
    4,779,126
    
    
    
    5,114,187
    
    
    
    1,133,828
    
    
    1999
    
    40 yrs.6509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,829,679
    
    
    
    372,494
    
    
    
    2,817,679
    
    
    
    3,190,173
    
    
    
    703,751
    
    
    2001
    
    40 yrs.8501 East Raintree Drive
    
    Scottsdale, AZ
    
    
    
    
    
    
    4,076,412
    
    
    
    
    
    
    
    27,621,159
    
    
    
    4,115,137
    
    
    
    27,582,434
    
    
    
    31,697,571
    
    
    
    2,337,940
    
    
    2005
    
    40 yrs.Renaissance Blvd & Hwy 20
    
    Sturtevant, WI
    
    
    
    
    
    
    2,484,450
    
    
    
    
    
    
    
    21,261,491
    
    
    
    2,487,293
    
    
    
    21,258,647
    
    
    
    23,745,940
    
    
    
    896,554
    
    
    2006
    
    40 yrs.6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    6,209,197
    
    
    
    794,848
    
    
    
    6,344,194
    
    
    
    7,139,041
    
    
    
    531,978
    
    
    2004
    
    40 yrs.6900 Harbor View Boulevard
    
    Suffolk, VA
    
    
    
    
    
    
    904,052
    
    
    
    
    
    
    
    8,372,235
    
    
    
    807,006
    
    
    
    8,469,281
    
    
    
    9,276,287
    
    
    
    293,059
    
    
    2006
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    106,552
    
    
    
    558,251
    
    
    
    2,278,454
    
    
    
    2,836,705
    
    
    
    703,684
    
    
    1991
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    772,671
    
    
    
    659,825
    
    
    
    3,368,917
    
    
    
    4,028,742
    
    
    
    1,244,345
    
    
    1991
    
    40 yrs.1301 International Parkway
    
    Sunrise, FL
    
    
    
    
    
    
    5,100,162
    
    
    
    24,219,956
    
    
    
    7,393,483
    
    
    
    5,100,791
    
    
    
    31,612,809
    
    
    
    36,713,600
    
    
    
    1,335,884
    
    
    2006
    
    40 yrs.13621 NW 12th Street
    
    Sunrise, FL
    
    
    
    
    
    
    5,570,820
    
    
    
    16,794,539
    
    
    
    (6,363,816
    )
    
    
    5,570,820
    
    
    
    10,430,723
    
    
    
    16,001,543
    
    
    
    519,716
    
    
    2008
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    979,607
    
    
    
    262,416
    
    
    
    2,492,191
    
    
    
    2,754,607
    
    
    
    774,174
    
    
    1981
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    217,470
    
    
    
    181,923
    
    
    
    2,029,967
    
    
    
    2,211,890
    
    
    
    697,188
    
    
    1979
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    1,665,018
    
    
    
    503,767
    
    
    
    4,452,603
    
    
    
    4,956,370
    
    
    
    1,853,673
    
    
    1986
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    2,424,302
    
    
    
    769,789
    
    
    
    6,898,812
    
    
    
    7,668,601
    
    
    
    2,731,317
    
    
    1986
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    660,118
    
    
    
    359,540
    
    
    
    2,121,968
    
    
    
    2,481,508
    
    
    
    865,380
    
    
    1990
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    5,348,191
    
    
    
    559,527
    
    
    
    5,300,127
    
    
    
    5,859,654
    
    
    
    2,096,018
    
    
    1985
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,344,137
    
    
    
    235,894
    
    
    
    2,344,136
    
    
    
    2,580,030
    
    
    
    808,901
    
    
    1998
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,820,324
    
    
    
    506,949
    
    
    
    2,670,740
    
    
    
    3,177,688
    
    
    
    1,185,581
    
    
    1999
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,831,556
    
    
    
    506,949
    
    
    
    2,681,971
    
    
    
    3,188,920
    
    
    
    1,157,792
    
    
    1999
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    972,276
    
    
    
    254,493
    
    
    
    2,006,034
    
    
    
    2,260,527
    
    
    
    564,527
    
    
    1998
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,671,277
    
    
    
    952,860
    
    
    
    3,671,277
    
    
    
    4,624,137
    
    
    
    1,016,975
    
    
    1998
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,247,449
    
    
    
    771,501
    
    
    
    3,029,283
    
    
    
    3,800,784
    
    
    
    753,608
    
    
    1999
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,454,389
    
    
    
    438,061
    
    
    
    2,366,735
    
    
    
    2,804,796
    
    
    
    711,284
    
    
    1999
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,427,823
    
    
    
    1,560,099
    
    
    
    11,810,893
    
    
    
    13,370,992
    
    
    
    2,833,709
    
    
    2000
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,840,421
    
    
    
    661,680
    
    
    
    3,598,424
    
    
    
    4,260,104
    
    
    
    1,365,997
    
    
    2000
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,018,360
    
    
    
    1,071,535
    
    
    
    2,946,825
    
    
    
    4,018,360
    
    
    
    675,199
    
    
    1999
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,877,914
    
    
    
    364,514
    
    
    
    1,723,242
    
    
    
    2,087,756
    
    
    
    444,426
    
    
    2000
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,258,452
    
    
    
    556,887
    
    
    
    3,200,163
    
    
    
    3,757,050
    
    
    
    762,367
    
    
    2000
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    225,053
    
    
    2000
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,041,019
    
    
    
    840,314
    
    
    
    3,701,097
    
    
    
    4,541,411
    
    
    
    1,209,118
    
    
    2001
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,328
    
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    580,188
    
    
    2002
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,361,805
    
    
    
    716,594
    
    
    
    2,645,211
    
    
    
    3,361,805
    
    
    
    790,285
    
    
    2002
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,466
    
    
    
    686,594
    
    
    
    2,153,872
    
    
    
    2,840,466
    
    
    
    516,379
    
    
    2002
    
    40 yrs.
 59




---



##### Table of Contents



CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES7621 Bald Cypress Place (Bldg N)
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    184,387
    
    
    2001
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,721,233
    
    
    
    854,797
    
    
    
    2,763,364
    
    
    
    3,618,161
    
    
    
    324,144
    
    
    2003
    
    40 yrs.501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    3,498,107
    
    
    
    900,508
    
    
    
    3,496,483
    
    
    
    4,396,991
    
    
    
    601,264
    
    
    2004
    
    40 yrs.9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    3,964,055
    
    
    
    899,284
    
    
    
    3,557,092
    
    
    
    4,456,375
    
    
    
    898,192
    
    
    2004
    
    40 yrs.8900-34 Brittany Was
    
    Tampa, FL
    
    
    
    
    
    
    537,194
    
    
    
    
    
    
    
    4,267,109
    
    
    
    978,019
    
    
    
    3,826,284
    
    
    
    4,804,303
    
    
    
    641,478
    
    
    2005
    
    40 yrs.200-34 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    330,097
    
    
    
    
    
    
    
    3,670,597
    
    
    
    933,362
    
    
    
    3,067,332
    
    
    
    4,000,694
    
    
    
    545,939
    
    
    2005
    
    40 yrs.910-926 Chad Lane
    
    Tampa, FL
    
    
    
    
    
    
    201,771
    
    
    
    
    
    
    
    3,214,736
    
    
    
    628,237
    
    
    
    2,788,270
    
    
    
    3,416,507
    
    
    
    268,040
    
    
    2006
    
    40 yrs.150-182 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    403,541
    
    
    
    
    
    
    
    5,545,972
    
    
    
    1,181,609
    
    
    
    4,767,905
    
    
    
    5,949,513
    
    
    
    547,200
    
    
    2006
    
    40 yrs.8725 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,167,787
    
    
    
    19,126,318
    
    
    
    77,765
    
    
    
    3,167,958
    
    
    
    19,203,913
    
    
    
    22,371,871
    
    
    
    1,748,139
    
    
    2006
    
    40 yrs.8735 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,166,130
    
    
    
    18,735,573
    
    
    
    901,647
    
    
    
    3,166,300
    
    
    
    19,637,050
    
    
    
    22,803,350
    
    
    
    1,772,264
    
    
    2006
    
    40 yrs.8705 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    4,303,870
    
    
    
    23,688,409
    
    
    
    540,212
    
    
    
    4,304,102
    
    
    
    24,228,389
    
    
    
    28,532,491
    
    
    
    2,826,951
    
    
    2006
    
    40 yrs.8715 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,343,910
    
    
    
    18,325,599
    
    
    
    165,447
    
    
    
    3,344,090
    
    
    
    18,490,866
    
    
    
    21,834,956
    
    
    
    1,449,600
    
    
    2006
    
    40 yrs.8745 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    2,050,439
    
    
    
    11,173,008
    
    
    
    369,184
    
    
    
    2,050,548
    
    
    
    11,542,083
    
    
    
    13,592,631
    
    
    
    1,060,574
    
    
    2006
    
    40 yrs.7851-7861 Woodland Center Blvd
    
    Tampa, FL
    
    
    
    
    
    
    548,905
    
    
    
    2,241,627
    
    
    
    115,828
    
    
    
    548,905
    
    
    
    2,357,455
    
    
    
    2,906,360
    
    
    
    183,337
    
    
    2006
    
    40 yrs.9306-24 East Broadway Avenue
    
    Tampa, FL
    
    
    
    
    
    
    450,440
    
    
    
    
    
    
    
    3,305,840
    
    
    
    486,004
    
    
    
    3,270,276
    
    
    
    3,756,280
    
    
    
    50,077
    
    
    2007
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    1,008,256
    
    
    
    1,408,478
    
    
    
    6,255,502
    
    
    
    7,663,980
    
    
    
    2,120,396
    
    
    1990
    
    40 yrs.7920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,082,648
    
    
    
    2,445,444
    
    
    
    23,564
    
    
    
    1,082,648
    
    
    
    2,469,008
    
    
    
    3,551,656
    
    
    
    721,718
    
    
    1997
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    474,519
    
    
    
    399,088
    
    
    
    3,343,353
    
    
    
    3,742,441
    
    
    
    1,186,541
    
    
    1988
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    658,168
    
    
    
    513,263
    
    
    
    3,888,408
    
    
    
    4,401,670
    
    
    
    1,147,345
    
    
    1995
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    680,703
    
    
    1996
    
    40 yrs.8313 West Pierce Street
    
    Tolleson, AZ
    
    
    
    
    
    
    2,295,090
    
    
    
    9,079,811
    
    
    
    3,014,938
    
    
    
    2,295,090
    
    
    
    12,094,749
    
    
    
    14,389,840
    
    
    
    343,685
    
    
    2007
    
    40 yrs.3701 Corporate Parkway
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    9,823,105
    
    
    
    901,968
    
    
    
    9,999,811
    
    
    
    10,901,779
    
    
    
    629,464
    
    
    2005
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    1,382,128
    
    
    
    953,590
    
    
    
    7,524,870
    
    
    
    8,478,460
    
    
    
    2,279,614
    
    
    1987
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    1,420,159
    
    
    
    1,116,693
    
    
    
    8,190,639
    
    
    
    9,307,332
    
    
    
    2,528,604
    
    
    1988
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,504,070
    
    
    
    965,177
    
    
    
    8,232,787
    
    
    
    9,197,965
    
    
    
    2,598,564
    
    
    1989
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    529,968
    
    
    
    891,753
    
    
    
    4,137,858
    
    
    
    5,029,610
    
    
    
    1,296,159
    
    
    1987
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    238,683
    
    
    
    371,694
    
    
    
    2,346,780
    
    
    
    2,718,474
    
    
    
    745,517
    
    
    1996
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    2,158,112
    
    
    
    700,564
    
    
    
    11,750,381
    
    
    
    12,450,945
    
    
    
    3,807,303
    
    
    1989
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    824,754
    
    
    
    474,746
    
    
    
    3,486,743
    
    
    
    3,961,488
    
    
    
    609,881
    
    
    2003
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    2,681,255
    
    
    
    49,877
    
    
    
    464,246
    
    
    
    2,731,132
    
    
    
    3,195,378
    
    
    
    683,120
    
    
    1985
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    3,593,981
    
    
    
    5,539,281
    
    
    
    19,770,532
    
    
    
    25,309,813
    
    
    
    3,971,913
    
    
    1979
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    31,571,199
    
    
    
    11,636,499
    
    
    
    28,222,255
    
    
    
    39,858,754
    
    
    
    6,286,378
    
    
    2002
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,762,512
    
    
    
    5,223,660
    
    
    
    9,754,519
    
    
    
    14,978,179
    
    
    
    3,122,508
    
    
    2001
    
    40 yrs.11300-90 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    500,565
    
    
    
    1,591,678
    
    
    
    648,026
    
    
    
    505,972
    
    
    
    2,234,297
    
    
    
    2,740,269
    
    
    
    269,360
    
    
    2005
    
    40 yrs.11548 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    660,068
    
    
    
    4,640,578
    
    
    
    87,815
    
    
    
    663,766
    
    
    
    4,724,696
    
    
    
    5,388,462
    
    
    
    418,716
    
    
    2005
    
    40 yrs.11420 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    348,146
    
    
    
    2,057,483
    
    
    
    104,569
    
    
    
    350,008
    
    
    
    2,160,190
    
    
    
    2,510,198
    
    
    
    187,134
    
    
    2005
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    438,609
    
    
    
    845,846
    
    
    
    7,247,634
    
    
    
    8,093,480
    
    
    
    2,098,749
    
    
    1988
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    869,826
    
    
    
    664,899
    
    
    
    6,222,236
    
    
    
    6,887,135
    
    
    
    1,935,854
    
    
    1988
    
    40 yrs.905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    1,606,158
    
    
    
    1,735,012
    
    
    
    6,771,146
    
    
    
    8,506,158
    
    
    
    2,625,718
    
    
    1988
    
    40 yrs.42 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,686,576
    
    
    
    3,964,227
    
    
    
    12,722,349
    
    
    
    16,686,576
    
    
    
    538,112
    
    
    2005
    
    40 yrs.Liberty Square Retail Blocks
    
    West Malling, UK
    
    
    
    
    
    
    559,590
    
    
    
    5,113,902
    
    
    
    2,899,426
    
    
    
    1,050,098
    
    
    
    7,522,820
    
    
    
    8,572,918
    
    
    
    693,039
    
    
    2006
    
    40 yrs.1 Kings Hill Aveune
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,108,043
    
    
    
    3,651,552
    
    
    
    9,456,491
    
    
    
    13,108,043
    
    
    
    458,779
    
    
    2006
    
    40 yrs.Liberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    330,317
    
    
    
    
    
    
    
    330,317
    
    
    
    330,317
    
    
    
    (157
    )
    
    2006
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,722,994
    
    
    
    887,234
    
    
    
    4,835,761
    
    
    
    5,722,994
    
    
    
    530,944
    
    
    2003
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,283,324
    
    
    
    1,385,739
    
    
    
    10,177,420
    
    
    
    11,563,158
    
    
    
    2,818,147
    
    
    2002
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    $
    73,031,582
    
    
    $
    739,850,862
    
    
    $
    1,806,581,935
    
    
    $
    2,527,084,867
    
    
    $
    813,396,833
    
    
    $
    4,260,120,830
    
    
    $
    5,073,517,664
    
    
    $
    982,114,170
 60




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2008
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)DEVELOPMENT PROPERTIES750 Park of Commerce Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    2,430,000
    
    
    
    
    
    
    
    18,111,076
    
    
    
    
    
    
    
    20,541,076
    
    
    
    20,541,076
    
    
    
    
    
    
    2007
    
    N/A8500 Industrial Bouldvard
    
    Breinigsville, PA
    
    
    
    
    
    
    8,752,708
    
    
    
    
    
    
    
    33,267,256
    
    
    
    
    
    
    
    42,019,964
    
    
    
    42,019,964
    
    
    
    
    
    
    2007
    
    N/A676 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,527,303
    
    
    
    
    
    
    
    8,699,711
    
    
    
    
    
    
    
    10,227,014
    
    
    
    10,227,014
    
    
    
    
    
    
    2006
    
    N/A11841 Newgate Boulevard
    
    Hagerstown, MD
    
    
    
    
    
    
    3,356,207
    
    
    
    
    
    
    
    24,227,728
    
    
    
    
    
    
    
    27,583,935
    
    
    
    27,583,935
    
    
    
    
    
    
    2008
    
    N/A7361 Coca Cola Drive
    
    Hanover, MD
    
    
    
    
    
    
    2,245,187
    
    
    
    
    
    
    
    7,629,724
    
    
    
    
    
    
    
    9,874,911
    
    
    
    9,874,911
    
    
    
    
    
    
    2004
    
    N/A4700 Nathan Lane N  Expansion
    
    Minneapolis, MN
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    437,333
    
    
    
    
    
    
    
    437,333
    
    
    
    437,333
    
    
    
    
    
    
    2008
    
    N/A3100 SW 145th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    6,204,407
    
    
    
    
    
    
    
    14,345,267
    
    
    
    
    
    
    
    20,549,674
    
    
    
    20,549,674
    
    
    
    
    
    
    2007
    
    N/A27th Street
    
    Oak Creek, WI
    
    
    
    
    
    
    348,280
    
    
    
    
    
    
    
    3,696,508
    
    
    
    
    
    
    
    4,044,788
    
    
    
    4,044,788
    
    
    
    
    
    
    2007
    
    N/ACorporate Preserve Drive
    
    Oak Creek, WI
    
    
    
    
    
    
    516,016
    
    
    
    
    
    
    
    3,873,031
    
    
    
    
    
    
    
    4,389,047
    
    
    
    4,389,047
    
    
    
    
    
    
    2007
    
    N/A201 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,009,532
    
    
    
    
    
    
    
    10,583,667
    
    
    
    
    
    
    
    11,593,199
    
    
    
    11,593,199
    
    
    
    
    
    
    2008
    
    N/A4300 South 26th Street
    
    Philadelphia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,848,311
    
    
    
    
    
    
    
    27,848,311
    
    
    
    27,848,311
    
    
    
    
    
    
    2008
    
    N/A3 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    214,726
    
    
    
    
    
    
    
    14,404,565
    
    
    
    
    
    
    
    14,619,291
    
    
    
    14,619,291
    
    
    
    
    
    
    2008
    
    N/A4610 South 44th Street
    
    Phoenix, AZ
    
    
    
    
    
    
    6,539,310
    
    
    
    
    
    
    
    4,650,492
    
    
    
    
    
    
    
    11,189,801
    
    
    
    11,189,801
    
    
    
    
    
    
    2007
    
    N/A4550 South 44th Street
    
    Phoenix, AZ
    
    
    
    
    
    
    5,380,972
    
    
    
    
    
    
    
    3,791,364
    
    
    
    
    
    
    
    9,172,336
    
    
    
    9,172,336
    
    
    
    
    
    
    2007
    
    N/A3901 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    634,231
    
    
    
    
    
    
    
    11,511,294
    
    
    
    
    
    
    
    12,145,525
    
    
    
    12,145,525
    
    
    
    
    
    
    2003
    
    N/A540 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    742,300
    
    
    
    
    
    
    
    4,677,279
    
    
    
    
    
    
    
    5,419,579
    
    
    
    5,419,579
    
    
    
    
    
    
    2007
    
    N/A4631 Woodland Corporate Blvd
    
    Tampa, FL
    
    
    
    
    
    
    1,453,367
    
    
    
    
    
    
    
    12,353,851
    
    
    
    
    
    
    
    13,807,218
    
    
    
    13,807,218
    
    
    
    
    
    
    2006
    
    N/ASubtotal Development in Progress
    
    
    
    $
    
    
    
    $
    41,354,546
    
    
    $
    
    
    
    $
    204,108,454
    
    
    $
    
    
    
    $
    245,463,000
    
    
    $
    245,463,000
    
    
    $
    
 61




---



##### Table of Contents



LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2008
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)LAND HELD FOR DEVELOPMENTPerryman Road Land
    
    Aberdeen, MD
    
    
    
    
    
    
    12,052,635
    
    
    
    
    
    
    
    274,379
    
    
    
    12,327,014
    
    
    
    
    
    
    
    12,327,014
    
    
    
    
    
    
    2000
    
    N/A2 Womack Drive Land
    
    Annapolis, MD
    
    
    
    
    
    
    5,796,667
    
    
    
    
    
    
    
    6,444
    
    
    
    5,803,111
    
    
    
    
    
    
    
    5,803,111
    
    
    
    
    
    
    2005
    
    N/ABoca Colannade Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    2,039,735
    
    
    
    
    
    
    
    566,124
    
    
    
    2,605,859
    
    
    
    
    
    
    
    2,605,859
    
    
    
    
    
    
    2001
    
    N/AFlying Cloud Drive Land
    
    Eden Pairie, MN
    
    
    
    
    
    
    2,051,631
    
    
    
    
    
    
    
    3,701
    
    
    
    2,055,331
    
    
    
    
    
    
    
    2,055,331
    
    
    
    
    
    
    1997
    
    N/ACamelback 303 Business Center Land
    
    Goodyear, AZ
    
    
    
    
    
    
    16,857,556
    
    
    
    
    
    
    
    3,216,158
    
    
    
    20,073,714
    
    
    
    
    
    
    
    20,073,714
    
    
    
    
    
    
    2005
    
    N/APleasant Ridge Road Land
    
    Greensboro, NC
    
    
    
    
    
    
    564,535
    
    
    
    
    
    
    
    2,895,957
    
    
    
    3,460,492
    
    
    
    
    
    
    
    3,460,492
    
    
    
    
    
    
    2008
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,308,325
    
    
    
    
    
    
    
    705,094
    
    
    
    2,013,419
    
    
    
    
    
    
    
    2,013,419
    
    
    
    
    
    
    2007
    
    N/ACaliber Ridge Ind. Park Land
    
    Greer, SC
    
    
    
    
    
    
    2,297,492
    
    
    
    
    
    
    
    3,562,592
    
    
    
    5,860,084
    
    
    
    
    
    
    
    5,860,084
    
    
    
    
    
    
    2007
    
    N/AHunters Green Land
    
    Hagerstown, MD
    
    
    
    
    
    
    5,489,586
    
    
    
    
    
    
    
    8,334,639
    
    
    
    13,824,225
    
    
    
    
    
    
    
    13,824,225
    
    
    
    
    
    
    1999
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    229,953
    
    
    
    138,101
    
    
    
    
    
    
    
    101,061
    
    
    
    239,162
    
    
    
    
    
    
    
    239,162
    
    
    
    
    
    
    2007
    
    N/ARidge Road Land
    
    Hanover, MD
    
    
    
    
    
    
    3,371,183
    
    
    
    
    
    
    
    439,543
    
    
    
    3,810,727
    
    
    
    
    
    
    
    3,810,727
    
    
    
    
    
    
    2007
    
    N/AMendenhall Land
    
    High Point, NC
    
    
    
    
    
    
    1,757,675
    
    
    
    
    
    
    
    1,645,453
    
    
    
    3,403,128
    
    
    
    
    
    
    
    3,403,128
    
    
    
    
    
    
    1998
    
    N/APiedmond Centre Land
    
    High Point, NC
    
    
    
    
    
    
    913,276
    
    
    
    
    
    
    
    757,687
    
    
    
    1,670,963
    
    
    
    
    
    
    
    1,670,963
    
    
    
    
    
    
    1995
    
    N/ACommonwealth Corporate Center Land
    
    Horsham, PA
    
    
    
    
    
    
    3,043,938
    
    
    
    
    
    
    
    25,160
    
    
    
    3,069,098
    
    
    
    
    
    
    
    3,069,098
    
    
    
    
    
    
    1998
    
    N/ABeltway 8 @Bammel Bus Park Land
    
    Houston, TX
    
    
    
    
    
    
    1,072,634
    
    
    
    
    
    
    
    13,656
    
    
    
    1,086,290
    
    
    
    
    
    
    
    1,086,290
    
    
    
    
    
    
    2006
    
    N/ACentral Green Land  Tract 5
    
    Houston, TX
    
    
    
    
    
    
    4,169,183
    
    
    
    
    
    
    
    580,110
    
    
    
    4,749,293
    
    
    
    
    
    
    
    4,749,293
    
    
    
    
    
    
    2000
    
    N/AGreens Crossing Land
    
    Houston, TX
    
    
    
    
    
    
    2,476,892
    
    
    
    
    
    
    
    14,369
    
    
    
    2,491,261
    
    
    
    
    
    
    
    2,491,261
    
    
    
    
    
    
    1995
    
    N/ARankin Road Land
    
    Houston, TX
    
    
    
    
    
    
    5,756,865
    
    
    
    
    
    
    
    94,054
    
    
    
    5,850,919
    
    
    
    
    
    
    
    5,850,919
    
    
    
    
    
    
    1996
    
    N/AHollister Beltway 8 Land
    
    Houston, TX
    
    
    
    
    
    
    6,282,232
    
    
    
    
    
    
    
    88,510
    
    
    
    6,370,741
    
    
    
    
    
    
    
    6,370,741
    
    
    
    
    
    
    2006
    
    N/ANoxell Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,040,690
    
    
    
    
    
    
    
    1,173
    
    
    
    2,041,863
    
    
    
    
    
    
    
    2,041,863
    
    
    
    
    
    
    2007
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    456,269
    
    
    
    
    
    
    
    82,345
    
    
    
    538,614
    
    
    
    
    
    
    
    538,614
    
    
    
    
    
    
    1987
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    751,448
    
    
    
    
    
    
    
    73,504
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    2007
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    492,908
    
    
    
    
    
    
    
    87,304
    
    
    
    580,212
    
    
    
    
    
    
    
    580,212
    
    
    
    
    
    
    2006
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,402,337
    
    
    
    
    
    
    
    198,904
    
    
    
    1,601,241
    
    
    
    
    
    
    
    1,601,241
    
    
    
    
    
    
    2005
    
    N/ASkinner Land Parcel B
    
    Jacksonville, FL
    
    
    
    
    
    
    2,295,790
    
    
    
    
    
    
    
    1,230,516
    
    
    
    3,526,306
    
    
    
    
    
    
    
    3,526,306
    
    
    
    
    
    
    2008
    
    N/AImeson Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    4,153,948
    
    
    
    
    
    
    
    158,922
    
    
    
    4,312,870
    
    
    
    
    
    
    
    4,312,870
    
    
    
    
    
    
    2000
    
    N/AKent County, UK
    
    Kent County, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,577,381
    
    
    
    14,577,381
    
    
    
    
    
    
    
    14,577,381
    
    
    
    
    
    
    1999
    
    N/ACommodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    792,118
    
    
    
    
    
    
    
    671,146
    
    
    
    1,463,264
    
    
    
    
    
    
    
    1,463,264
    
    
    
    
    
    
    1998
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    4,774,994
    
    
    
    
    
    
    
    5,850,801
    
    
    
    10,625,795
    
    
    
    
    
    
    
    10,625,795
    
    
    
    
    
    
    2007
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    1,290,032
    
    
    
    
    
    
    
    2,230,261
    
    
    
    3,520,293
    
    
    
    
    
    
    
    3,520,293
    
    
    
    
    
    
    2006
    
    N/AMonarch Towne Center Land
    
    Mirarar, FL
    
    
    
    
    
    
    6,085,337
    
    
    
    
    
    
    
    413,926
    
    
    
    6,499,264
    
    
    
    
    
    
    
    6,499,264
    
    
    
    
    
    
    2006
    
    N/ASouth 27th Street Land
    
    Oak Creek, WI
    
    
    
    
    
    
    2,169,232
    
    
    
    
    
    
    
    2,685,212
    
    
    
    4,854,444
    
    
    
    
    
    
    
    4,854,444
    
    
    
    
    
    
    2001
    
    N/ABeachline Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    2006
    
    N/AJFK & Arch Parking Lots/Land (West)
    
    Philadelphia, PA
    
    
    
    
    
    
    4,792,286
    
    
    
    
    
    
    
    4,147,633
    
    
    
    8,939,919
    
    
    
    
    
    
    
    8,939,919
    
    
    
    
    
    
    2007
    
    N/ACotton Center Land
    
    Phoenix, AZ
    
    
    
    
    
    
    4,449,689
    
    
    
    
    
    
    
    40
    
    
    
    4,449,729
    
    
    
    
    
    
    
    4,449,729
    
    
    
    
    
    
    1997
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    382,698
    
    
    
    
    
    
    
    3,325
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    2006
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    211,627
    
    
    
    
    
    
    
    3,325
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1998
    
    N/AIRS Distribution Ctr Land
    
    Richmond, VA
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    2007
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    148,314
    
    
    
    
    
    
    
    19,354
    
    
    
    167,668
    
    
    
    
    
    
    
    167,668
    
    
    
    
    
    
    2007
    
    N/ANorthsight Land (LPLP)
    
    Scottsdale, AZ
    
    
    
    
    
    
    6,176,464
    
    
    
    
    
    
    
    2,204,597
    
    
    
    8,381,061
    
    
    
    
    
    
    
    8,381,061
    
    
    
    
    
    
    2001
    
    N/AOld Scotland Road Land
    
    Shippensburg, PA
    
    
    
    
    
    
    8,322,686
    
    
    
    
    
    
    
    2,562,070
    
    
    
    10,884,757
    
    
    
    
    
    
    
    10,884,757
    
    
    
    
    
    
    2005
    
    N/ABridgeway II Land
    
    Suffolk, VA
    
    
    
    
    
    
    603,391
    
    
    
    
    
    
    
    2,022,814
    
    
    
    2,626,205
    
    
    
    
    
    
    
    2,626,205
    
    
    
    
    
    
    1995
    
    N/ASuffolk Land
    
    Suffolk, VA
    
    
    
    
    
    
    2,715,714
    
    
    
    
    
    
    
    675,966
    
    
    
    3,391,680
    
    
    
    
    
    
    
    3,391,680
    
    
    
    
    
    
    2005
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    180,136
    
    
    
    
    
    
    
    30,500
    
    
    
    210,635
    
    
    
    
    
    
    
    210,635
    
    
    
    
    
    
    2005
    
    N/ATampa Triangle Land
    
    Tampa, FL
    
    
    
    
    
    
    10,358,826
    
    
    
    
    
    
    
    1,125,564
    
    
    
    11,484,390
    
    
    
    
    
    
    
    11,484,390
    
    
    
    
    
    
    2006
    
    N/ARenaissance Park Land
    
    Tampa, FL
    
    
    
    
    
    
    1,995,375
    
    
    
    
    
    
    
    308,575
    
    
    
    2,303,950
    
    
    
    
    
    
    
    2,303,950
    
    
    
    
    
    
    2007
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    229,953
    
    
    $
    150,902,343
    
    
    $
    
    
    
    $
    58,648,168
    
    
    $
    209,550,512
    
    
    $
    
    
    
    $
    209,550,512
    
    
    $
    Total All Properties
    
    
    
    $
    73,261,535
    
    
    $
    932,107,751
    
    
    $
    1,806,581,935
    
    
    $
    2,789,841,489
    
    
    $
    1,022,947,345
    
    
    $
    4,505,583,831
    
    
    $
    5,528,531,176
    
    
    $
    982,114,170
 
 *
    
    Denotes property is collateralized under mortgages with American General, USG Annuity and
Life, Metropolitan Life and LaSalle Bank totaling $122.4 million. 62




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##### Table of Contents



SCHEDULE III
 LIBERTY PROPERTY TRUST
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
  Year Ended December 31,2008
    
    
    2007
    
    
    2006REAL ESTATE:Balance at beginning of year
    
    $
    5,765,409
    
    
    $
    5,101,280
    
    
    $
    4,649,302Additions
    
    
    330,371
    
    
    
    939,322
    
    
    
    820,012Disposition of property
    
    
    (567,248
    )
    
    
    (275,193
    )
    
    
    (368,034
    )Balance at end of year
    
    $
    5,528,532
    
    
    $
    5,765,409
    
    
    $
    5,101,280ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    858,671
    
    
    $
    782,750
    
    
    $
    712,786Depreciation expense
    
    
    140,925
    
    
    
    126,852
    
    
    
    120,947Disposition of property
    
    
    (17,482
    )
    
    
    (50,931
    )
    
    
    (50,983
    )Balance at end of year
    
    $
    982,114
    
    
    $
    858,671
    
    
    $
    782,750
 63




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of Liberty Property Limited Partnership
       
 64




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##### Table of Contents



CONSOLIDATED BALANCE SHEETS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 December 31,2008
    
    
    2007ASSETSReal estate:Land and land improvements
    
    $
    813,397
    
    
    $
    792,991Buildings and improvements
    
    
    4,260,121
    
    
    
    4,408,309Less accumulated depreciation
    
    
    (982,114
    )
    
    
    (858,671
    )Operating real estate
    
    
    4,091,404
    
    
    
    4,342,629Development in progress
    
    
    245,463
    
    
    
    316,985Land held for development
    
    
    209,551
    
    
    
    247,124Net real estate
    
    
    4,546,418
    
    
    
    4,906,738Cash and cash equivalents
    
    
    15,794
    
    
    
    37,989Restricted cash
    
    
    39,726
    
    
    
    34,567Accounts receivable, net
    
    
    12,985
    
    
    
    15,908Deferred rent receivable
    
    
    85,352
    
    
    
    79,720Deferred financing and leasing costs, net
    
    
    134,029
    
    
    
    144,295Investments in and advances to unconsolidated joint ventures
    
    
    266,602
    
    
    
    278,383Assets held for sale
    
    
    33,662
    
    
    
    36,908Prepaid expenses and other assets
    
    
    82,467
    
    
    
    109,429Total assets
    
    $
    5,217,035
    
    
    $
    5,643,937LIABILITIESMortgage loans
    
    $
    198,560
    
    
    $
    243,169Unsecured notes
    
    
    2,131,607
    
    
    
    2,155,000Credit facility
    
    
    260,000
    
    
    
    622,960Accounts payable
    
    
    32,481
    
    
    
    44,666Accrued interest
    
    
    36,474
    
    
    
    39,725Distributions payable
    
    
    48,858
    
    
    
    59,849Other liabilities
    
    
    182,549
    
    
    
    268,926Total liabilities
    
    
    2,890,529
    
    
    
    3,434,295Noncontrolling interest-consolidated joint ventures
    
    
    1,130
    
    
    
    517Limited partners equity  preferred units, 9,740,000 preferred units outstanding as of
December 31, 2008 and December 31, 2007
    
    
    287,959
    
    
    
    287,960 common units, 4,074,967 and 4,189,967 common units
outstanding as of December 31, 2008 and December 31,
2007, respectively
    
    
    117,546
    
    
    
    120,832OWNERS EQUITYGeneral partners equity  common units, 100,034,404 and 92,817,879 units outstanding as
of December 31, 2008 and December 31, 2007, respectively
    
    
    1,919,871
    
    
    
    1,800,333Total liabilities and owners equity
    
    $
    5,217,035
    
    
    $
    5,643,937
  65




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##### Table of Contents



CONSOLIDATED STATEMENTS OF OPERATIONS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
 Year Ended December 31,2008
    
    
    2007
    
    
    2006OPERATING REVENUERental
    
    $
    518,507
    
    
    $
    478,814
    
    
    $
    425,680Operating expense reimbursement
    
    
    227,501
    
    
    
    206,071
    
    
    
    180,140Total operating revenue
    
    
    746,008
    
    
    
    684,885
    
    
    
    605,820OPERATING EXPENSESRental property
    
    
    152,227
    
    
    
    143,183
    
    
    
    122,454Real estate taxes
    
    
    86,015
    
    
    
    72,296
    
    
    
    64,413General and administrative
    
    
    54,387
    
    
    
    54,334
    
    
    
    46,358Depreciation and amortization
    
    
    172,594
    
    
    
    155,248
    
    
    
    131,822Total operating expenses
    
    
    465,223
    
    
    
    425,061
    
    
    
    365,047Operating income
    
    
    280,785
    
    
    
    259,824
    
    
    
    240,773OTHER INCOME (EXPENSE)Interest and other income
    
    
    13,501
    
    
    
    11,720
    
    
    
    8,690Debt extinguishment gain
    
    
    2,521
    
    
    
    
    
    
    
    Interest expense
    
    
    (155,198
    )
    
    
    (126,707
    )
    
    
    (109,265
    )Total other income(expense)
    
    
    (139,176
    )
    
    
    (114,987
    )
    
    
    (100,575
    )Income before property dispositions, income taxes and equity in (loss) earnings
of unconsolidated joint ventures
    
    
    141,609
    
    
    
    144,837
    
    
    
    140,198Gain on property dispositions
    
    
    10,572
    
    
    
    1,463
    
    
    
    17,628Income taxes
    
    
    (1,645
    )
    
    
    709
    
    
    
    (288
    )Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,805
    
    
    
    (226
    )
    
    
    1,432Income from continuing operations
    
    
    153,341
    
    
    
    146,783
    
    
    
    158,970Discontinued operations (including net gain on property dispositions of $23,519,
$33,611 and $112,620 for the years ended December 31, 2008, 2007 and 2006,
respectively)
    
    
    26,765
    
    
    
    43,527
    
    
    
    133,073Net income
    
    
    180,106
    
    
    
    190,310
    
    
    
    292,043Noncontrolling interest-consolidated joint venture
    
    
    (483
    )
    
    
    (101
    )
    
    
    7Preferred unit distributions
    
    
    21,012
    
    
    
    17,126
    
    
    
    13,691Excess of preferred unit redemption over carrying amount
    
    
    
    
    
    
    696
    
    
    
    Income available to common unitholders
    
    $
    158,611
    
    
    $
    172,387
    
    
    $
    278,359Earnings per common unitBasic:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.55Income from discontinued operations
    
    
    0.27
    
    
    
    0.46
    
    
    
    1.43Income per
common unit  basic
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98Diluted:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.54Income from discontinued operations
    
    
    0.27
    
    
    
    0.45
    
    
    
    1.41Income per
common unit  diluted
    
    $
    1.62
    
    
    $
    1.80
    
    
    $
    2.95Weighted average number of common units outstandingBasic
    
    
    97,814
    
    
    
    95,375
    
    
    
    93,208Diluted
    
    
    97,994
    
    
    
    95,993
    
    
    
    94,387
  66




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##### Table of Contents



CONSOLIDATED STATEMENTS OF EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 GeneralPartnersEquityBalance at January 1, 2006
    
    $
    1,626,531Contributions from partners
    
    
    93,255Distributions to partners
    
    
    (221,907
    )Foreign currency translation adjustment
    
    
    10,417Net income
    
    
    266,574Redemption of limited partners common units for common shares
    
    
    (22,811
    )Balance at December 31, 2006
    
    
    1,752,059Contributions from partners
    
    
    78,493Distributions to partners
    
    
    (278,209
    )Foreign currency translation adjustment
    
    
    1,055Net income
    
    
    164,831Redemption of limited partners common units for common shares
    
    
    82,104Balance at December 31, 2007
    
    
    1,800,333Contributions from partners
    
    
    215,375Distributions to partners
    
    
    (221,023
    )Foreign currency translation adjustment
    
    
    (26,756
    )Net income
    
    
    151,942Balance at December 31, 2008
    
    $
    1,919,871
  67




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##### Table of Contents



CONSOLIDATED STATEMENTS OF CASH FLOWS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 Year Ended December 31,2008
    
    
    2007
    
    
    2006OPERATING ACTIVITIESNet income
    
    $
    180,106
    
    
    $
    190,310
    
    
    $
    292,043Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization
    
    
    175,236
    
    
    
    163,665
    
    
    
    151,966Amortization of deferred financing costs
    
    
    4,429
    
    
    
    4,137
    
    
    
    4,244Equity in loss (earnings) of unconsolidated joint ventures
    
    
    (2,805
    )
    
    
    226
    
    
    
    (1,432
    )Distributions from unconsolidated joint ventures
    
    
    1,660
    
    
    
    3,550
    
    
    
    5,692Gain on property dispositions
    
    
    (34,091
    )
    
    
    (35,074
    )
    
    
    (130,248
    )Noncash compensation
    
    
    9,152
    
    
    
    8,128
    
    
    
    6,212Changes in operating assets and liabilities:Restricted cash
    
    
    (10,903
    )
    
    
    26,211
    
    
    
    (21,692
    )Accounts receivable
    
    
    (4,277
    )
    
    
    4,634
    
    
    
    (6,879
    )Deferred rent receivable
    
    
    (13,482
    )
    
    
    (13,455
    )
    
    
    924Prepaid expenses and other assets
    
    
    (26,326
    )
    
    
    (14,145
    )
    
    
    (14,394
    )Accounts payable
    
    
    (10,913
    )
    
    
    3,974
    
    
    
    7,648Accrued interest
    
    
    (3,251
    )
    
    
    3,428
    
    
    
    1,405Other liabilities
    
    
    3,935
    
    
    
    1,163
    
    
    
    29,084Net cash provided by operating activities
    
    
    268,470
    
    
    
    346,752
    
    
    
    324,573INVESTING ACTIVITIESInvestment in properties
    
    
    (60,078
    )
    
    
    (307,846
    )
    
    
    (372,610
    )Cash paid for business, net of cash acquired
    
    
    
    
    
    
    (626,007
    )
    
    
    Investments in and advances to unconsolidated joint ventures
    
    
    58,250
    
    
    
    (227,385
    )
    
    
    (6,239
    )Net proceeds from disposition of properties/land
    
    
    382,956
    
    
    
    996,474
    
    
    
    492,548Investment in development in progress
    
    
    (247,393
    )
    
    
    (417,877
    )
    
    
    (339,631
    )Increase in land held for development
    
    
    (47,857
    )
    
    
    (137,051
    )
    
    
    (79,976
    )Increase in deferred leasing costs
    
    
    (33,325
    )
    
    
    (39,232
    )
    
    
    (29,034
    )Net cash provided by (used in) investing activities
    
    
    52,553
    
    
    
    (758,924
    )
    
    
    (334,942
    )FINANCING ACTIVITIESNet proceeds from issuance of notes payable
    
    
    
    
    
    
    415,063
    
    
    
    Redemption of notes payable
    
    
    
    
    
    
    (415,063
    )
    
    
    Net proceeds from issuance of unsecured notes
    
    
    
    
    
    
    446,205
    
    
    
    295,393Repayment of unsecured notes
    
    
    (23,393
    )
    
    
    (250,000
    )
    
    
    (100,000
    )Proceeds from mortgage loans
    
    
    2,667
    
    
    
    
    
    
    
    Repayments of mortgage loans
    
    
    (46,452
    )
    
    
    (16,365
    )
    
    
    (56,406
    )Proceeds from credit facility
    
    
    572,300
    
    
    
    1,363,050
    
    
    
    725,025Repayments on credit facility
    
    
    (782,300
    )
    
    
    (987,050
    )
    
    
    (733,515
    )Increase in deferred financing costs
    
    
    (33
    )
    
    
    (1,224
    )
    
    
    (1,635
    )Capital contributions
    
    
    206,349
    
    
    
    170,313
    
    
    
    113,348Distributions to partners
    
    
    (262,973
    )
    
    
    (328,607
    )
    
    
    (242,537
    )Net cash (used in) provided by financing activities
    
    
    (333,835
    )
    
    
    396,322
    
    
    
    (327
    )Decrease in cash and cash equivalents
    
    
    (12,812
    )
    
    
    (15,850
    )
    
    
    (10,696
    )(Decrease) increase in cash and cash equivalents related to foreign currency translation
    
    
    (9,383
    )
    
    
    102
    
    
    
    2,804Cash and cash equivalents at beginning of year
    
    
    37,989
    
    
    
    53,737
    
    
    
    61,629Cash and cash equivalents at end of year
    
    $
    15,794
    
    
    $
    37,989
    
    
    $
    53,737SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONSWrite-off of fully depreciated property and deferred costs
    
    $
    31,421
    
    
    $
    102,902
    
    
    $
    87,424Issuance of operating partnership common units
    
    
    
    
    
    
    
    
    
    
    30,000Acquisition of properties
    
    
    
    
    
    
    (73,556
    )
    
    
    (3,066
    )Assumption of mortgage loans
    
    
    
    
    
    
    73,556
    
    
    
    3,066
  68




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##### Table of Contents



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
 1. ORGANIZATION
   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Use of Estimates
  Principles of Consolidation
  Reclassifications
  Real Estate and Depreciation
  Building and Improvements
    
    40 years (blended)Capital improvements
    
    15  20 yearsEquipment
    
    5  10 yearsTenant improvements
    
    Term of the related lease
  Business Combinations,
 69




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##### Table of Contents



Investments in Unconsolidated Joint Ventures
   Cash and Cash Equivalents
  Restricted Cash
  Accounts Receivable/Deferred Rent Receivable
    Goodwill
 Business Combinations Accounting for Goodwill and Intangible Assets
 70




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##### Table of Contents



Revenues
   a)
    
    the termination agreement is executed,b)
    
    the termination fee is determinable,c)
    
    all landlord services pursuant to the terminated lease have been rendered, andd)
    
    collectability of the termination fee is assured.
 Deferred Financing and Leasing Costs
  Costs Incurred for Preferred Unit Issuance
  Income per Common Unit
  2008
    
    
    2007Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageIncome
    
    
    Units
    
    
    Per
    
    
    Income
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    Unit
    
    
    (Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    152,858
    
    
    
    
    
    
    
    
    
    
    $
    146,682Less: Preferred unit distributions
    
    
    (21,012
    )
    
    
    
    
    
    
    
    
    
    
    (17,126
    )Excess of preferred unit redemption over carrying
amount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (696
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    131,846
    
    
    
    97,814
    
    
    $
    1.35
    
    
    
    128,860
    
    
    
    95,375
    
    
    $
    1.35Dilutive units for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income from continuing operationsIncome from continuing operations available
to common unitholders and assumed conversions
    
    
    131,846
    
    
    
    97,994
    
    
    $
    1.35
    
    
    
    128,860
    
    
    
    95,993
    
    
    $
    1.35Basic income from discontinued operationsDiscontinued operations
    
    
    26,765
    
    
    
    97,814
    
    
    $
    0.27
    
    
    
    43,527
    
    
    
    95,375
    
    
    $
    0.46Dilutive units for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income from discontinued operationsDiscontinued operations
    
    
    26,765
    
    
    
    97,994
    
    
    $
    0.27
    
    
    
    43,527
    
    
    
    95,993
    
    
    $
    0.45Basic income per common unitIncome available to common unitholders
    
    
    158,611
    
    
    
    97,814
    
    
    $
    1.62
    
    
    
    172,387
    
    
    
    95,375
    
    
    $
    1.81Dilutive units for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income per common unitIncome available to common unitholders and assumed
conversions
    
    $
    158,611
    
    
    
    97,994
    
    
    $
    1.62
    
    
    $
    172,387
    
    
    
    95,993
    
    
    $
    1.80
 71




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##### Table of Contents



2006WeightedAverageIncome
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    158,977Less: Preferred unit distributions
    
    
    (13,691
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    145,286
    
    
    
    93,208
    
    
    $
    1.55Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income from continuing operationsIncome from continuing operations available to
common unitholders and assumed conversions
    
    
    145,286
    
    
    
    94,387
    
    
    $
    1.54Basic income from discontinued operationsDiscontinued operations
    
    
    133,073
    
    
    
    93,208
    
    
    $
    1.43Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income from discontinued operationsDiscontinued operations
    
    
    133,073
    
    
    
    94,387
    
    
    $
    1.41Basic income per common unitIncome available to common unitholders
    
    
    278,359
    
    
    
    93,208
    
    
    $
    2.98Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income per common unitIncome available to common unitholders and
assumed
Conversions
    
    $
    278,359
    
    
    
    94,387
    
    
    $
    2.95
 Fair Value of Financial Instruments
  Income Taxes
  Accounting for Uncertainty in Income
Taxes Accounting for Income Taxes.
  72




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##### Table of Contents



Foreign Currency Translation
  73




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##### Table of Contents



Recently Issued Accounting Standards
 SFAS No. 157
 Fair Value Measurements
     SFAS No. 159
 The Fair Value Option for Financial Assets and
Financial Liabilities
 SFAS No. 141(R)
 Applying the Acquisition Method
 FSP EITF 03-6-1
 Determining Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities
 74




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##### Table of Contents



3. REAL ESTATE
  Land
    
    
    BuildingsAnd Land
    
    
    And
    
    
    
    
    
    
    AccumulatedImprovements
    
    
    Improvements
    
    
    Total
    
    
    Depreciation2008Industrial properties
    
    $
    361,911
    
    
    $
    1,831,862
    
    
    $
    2,193,773
    
    
    $
    433,904Office properties
    
    
    451,486
    
    
    
    2,428,259
    
    
    
    2,879,745
    
    
    
    548,2102008 Total
    
    $
    813,397
    
    
    $
    4,260,121
    
    
    $
    5,073,518
    
    
    $
    982,1142007Industrial properties
    
    $
    337,675
    
    
    $
    1,717,500
    
    
    $
    2,055,175
    
    
    $
    382,241Office properties
    
    
    455,316
    
    
    
    2,690,809
    
    
    
    3,146,125
    
    
    
    476,4302007 Total
    
    $
    792,991
    
    
    $
    4,408,309
    
    
    $
    5,201,300
    
    
    $
    858,671
     2008
Sales
 Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Gross Proceeds(in thousands)NortheastSoutheastern PA
    
    
    2
    
    
    
    166,160
    
    
    $
    33,557New Jersey
    
    
    5
    
    
    
    159,989
    
    
    
    15,100Midwest
    
    
    3
    
    
    
    125,876
    
    
    
    9,420Mid-Atlantic
    
    
    2
    
    
    
    129,150
    
    
    
    16,650Florida
    
    
    1
    
    
    
    83,583
    
    
    
    5,300Total
    
    
    13
    
    
    
    664,758
    
    
    $
    80,027
 75




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##### Table of Contents



2007
Sales
 Number of
    
    
    LeaseableSegment
    
    Buildings
    
    
    Square Feet
    
    
    Gross Proceeds(in thousands)NortheastSoutheastern PA
    
    
    1
    
    
    
    141,714
    
    
    $
    8,650Lehigh/Central PA
    
    
    1
    
    
    
    289,800
    
    
    
    13,775Midwest
    
    
    60
    
    
    
    4,257,477
    
    
    
    317,600Mid-Atlantic
    
    
    6
    
    
    
    399,258
    
    
    
    21,363Florida
    
    
    2
    
    
    
    152,219
    
    
    
    8,152Total
    
    
    70
    
    
    
    5,240,468
    
    
    $
    369,540
  4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES
  Liberty Venture I, LP
    Kings Hill Unit Trust
     Liberty/Commerz 1701 JFK Boulevard, LP
 Accounting for the Sales of Real Estate
 76




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##### Table of Contents



Liberty Illinois, LP
    Blythe Valley JV Sarl
   Liberty Washington, LP
     77




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##### Table of Contents



Other Joint Ventures
     December 31, 2008Liberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    
    
    
    
    Liberty CommerzVenture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Liberty
    
    
    1701 JFKLP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    Washington, LP
    
    
    Boulevard, LP
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    119,523
    
    
    $
    170,521
    
    
    $
    227,318
    
    
    $
    189,256
    
    
    $
    804,587
    
    
    $
    492,189
    
    
    $
    57,933
    
    
    $
    2,061,327Accumulated depreciation
    
    
    (16,285
    )
    
    
    (8,971
    )
    
    
    (12,436
    )
    
    
    (5,301
    )
    
    
    (28,515
    )
    
    
    (14,013
    )
    
    
    (790
    )
    
    
    (86,311
    )Real estate assets, net
    
    
    103,238
    
    
    
    161,550
    
    
    
    214,882
    
    
    
    183,955
    
    
    
    776,072
    
    
    
    478,176
    
    
    
    57,143
    
    
    
    1,975,016Development in progress
    
    
    9,948
    
    
    
    
    
    
    
    16,252
    
    
    
    
    
    
    
    101,653
    
    
    
    
    
    
    
    7,524
    
    
    
    135,377Land held for development
    
    
    2,733
    
    
    
    
    
    
    
    42,338
    
    
    
    42,668
    
    
    
    7,859
    
    
    
    
    
    
    
    14,435
    
    
    
    110,033Other assets
    
    
    13,585
    
    
    
    10,481
    
    
    
    9,506
    
    
    
    10,353
    
    
    
    58,485
    
    
    
    65,495
    
    
    
    31,654
    
    
    
    199,559Total assets
    
    $
    129,504
    
    
    $
    172,031
    
    
    $
    282,978
    
    
    $
    236,976
    
    
    $
    944,069
    
    
    $
    543,671
    
    
    $
    110,756
    
    
    $
    2,419,985Debt
    
    $
    82,813
    
    
    $
    138,634
    
    
    $
    145,504
    
    
    $
    180,004
    
    
    $
    350,121
    
    
    $
    324,000
    
    
    $
    38,830
    
    
    $
    1,259,906Other liabilities
    
    
    2,168
    
    
    
    38,112
    
    
    
    7,481
    
    
    
    37,899
    
    
    
    40,919
    
    
    
    32,362
    
    
    
    19,764
    
    
    
    178,705Equity
    
    
    44,523
    
    
    
    (4,715
    )
    
    
    129,993
    
    
    
    19,073
    
    
    
    553,029
    
    
    
    187,309
    
    
    
    52,162
    
    
    
    981,374Total liabilities and equity
    
    $
    129,504
    
    
    $
    172,031
    
    
    $
    282,978
    
    
    $
    236,976
    
    
    $
    944,069
    
    
    $
    543,671
    
    
    $
    110,756
    
    
    $
    2,419,985Companys net investment in 

unconsolidated joint
ventures (1)
    
    $
    10,355
    
    
    $
    3,415
    
    
    $
    26,583
    
    
    $
    9,129
    
    
    $
    138,102
    
    
    $
    50,899
    
    
    $
    28,119
    
    
    $
    266,602
 78




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##### Table of Contents



December 31, 2007LibertyBlythe
    
    
    Liberty
    
    
    Commerz 1701Liberty
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,Venture I, LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalReal estate assets
    
    $
    118,030
    
    
    $
    231,399
    
    
    $
    225,405
    
    
    $
    267,488
    
    
    $
    802,146
    
    
    $
    
    
    
    $
    14,586
    
    
    $
    1,659,054Accumulated depreciation
    
    
    (13,115
    )
    
    
    (8,385
    )
    
    
    (6,533
    )
    
    
    (2,004
    )
    
    
    (5,746
    )
    
    
    
    
    
    
    (60
    )
    
    
    (35,843
    )Real estate assets, net
    
    
    104,915
    
    
    
    223,014
    
    
    
    218,872
    
    
    
    265,484
    
    
    
    796,400
    
    
    
    
    
    
    
    14,526
    
    
    
    1,623,211Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    76,483
    
    
    
    
    
    
    
    40,694
    
    
    
    117,177Land held for development
    
    
    2,733
    
    
    
    
    
    
    
    41,008
    
    
    
    48,712
    
    
    
    7,859
    
    
    
    
    
    
    
    28,201
    
    
    
    128,513Other assets
    
    
    24,185
    
    
    
    17,551
    
    
    
    11,871
    
    
    
    18,716
    
    
    
    54,684
    
    
    
    
    
    
    
    15,513
    
    
    
    142,520Total assets
    
    $
    131,833
    
    
    $
    240,565
    
    
    $
    271,751
    
    
    $
    332,912
    
    
    $
    935,426
    
    
    $
    
    
    
    $
    98,934
    
    
    $
    2,011,421Debt
    
    $
    81,216
    
    
    $
    188,765
    
    
    $
    145,400
    
    
    $
    251,654
    
    
    $
    339,120
    
    
    $
    
    
    
    $
    43,249
    
    
    $
    1,049,404Other liabilities
    
    
    2,830
    
    
    
    50,656
    
    
    
    3,677
    
    
    
    40,399
    
    
    
    43,491
    
    
    
    
    
    
    
    3,834
    
    
    
    144,887Equity
    
    
    47,787
    
    
    
    1,144
    
    
    
    122,674
    
    
    
    40,859
    
    
    
    552,815
    
    
    
    
    
    
    
    51,851
    
    
    
    817,130Total liabilities and equity
    
    $
    131,833
    
    
    $
    240,565
    
    
    $
    271,751
    
    
    $
    332,912
    
    
    $
    935,426
    
    
    $
    
    
    
    $
    98,934
    
    
    $
    2,011,421Companys net investment in
unconsolidated joint 
ventures (1)
    
    $
    11,352
    
    
    $
    6,002
    
    
    $
    24,729
    
    
    $
    11,773
    
    
    $
    197,622
    
    
    $
    
    
    
    $
    26,905
    
    
    $
    278,383
 
 (1)
    
    Differences between the Companys net investment in unconsolidated joint ventures and
its underlying equity in the net assets of the venture is primarily a result of the
deferral of gains associated with the sales of properties to joint ventures in which the
Company retains an ownership interest and loans made to the joint ventures by the Company.
Deferred gains are amortized to equity in earnings (loss) of joint ventures over the
average estimated useful lives of the assets sold. Statements of Operations:
 Year Ended December 31, 2008LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    , LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    19,075
    
    
    $
    18,057
    
    
    $
    22,811
    
    
    $
    15,386
    
    
    $
    76,552
    
    
    $
    43,607
    
    
    $
    3,056
    
    
    $
    198,544Operating expense
    
    
    7,074
    
    
    
    2,490
    
    
    
    7,003
    
    
    
    2,377
    
    
    
    24,440
    
    
    
    15,080
    
    
    
    709
    
    
    
    59,17312,001
    
    
    
    15,567
    
    
    
    15,808
    
    
    
    13,009
    
    
    
    52,112
    
    
    
    28,527
    
    
    
    2,347
    
    
    
    139,371Interest
    
    
    (4,522
    )
    
    
    (9,900
    )
    
    
    (7,833
    )
    
    
    (14,253
    )
    
    
    (17,670
    )
    
    
    (15,454
    )
    
    
    (2,057
    )
    
    
    (71,689
    )Depreciation and amortization
    
    
    (4,162
    )
    
    
    (5,272
    )
    
    
    (7,378
    )
    
    
    (5,911
    )
    
    
    (34,951
    )
    
    
    (10,941
    )
    
    
    (862
    )
    
    
    (69,477
    )Other income/(expense)
    
    
    2,473
    
    
    
    (924
    )
    
    
    195
    
    
    
    (467
    )
    
    
    722
    
    
    
    191
    
    
    
    (96
    )
    
    
    2,094Gain on sale
    
    
    (3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    102
    
    
    
    99Net income (loss)
    
    $
    5,787
    
    
    $
    (529
    )
    
    $
    792
    
    
    $
    (7,622
    )
    
    $
    213
    
    
    $
    2,323
    
    
    $
    (566
    )
    
    $
    398Companys equity in earnings (loss)
of unconsolidated joint ventures
    
    $
    1,645
    
    
    $
    167
    
    
    $
    549
    
    
    $
    (1,370
    )
    
    $
    1,288
    
    
    $
    685
    
    
    $
    (159
    )
    
    $
    2,805
 79




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##### Table of Contents



Year Ended December 31, 2007LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,457
    
    
    $
    19,696
    
    
    $
    17,360
    
    
    $
    5,920
    
    
    $
    18,203
    
    
    $
    
    
    
    $
    397
    
    
    $
    80,033Operating expense
    
    
    5,807
    
    
    
    2,374
    
    
    
    4,433
    
    
    
    5,265
    
    
    
    4,273
    
    
    
    
    
    
    
    131
    
    
    
    22,28312,650
    
    
    
    17,322
    
    
    
    12,927
    
    
    
    655
    
    
    
    13,930
    
    
    
    
    
    
    
    266
    
    
    
    57,750Interest
    
    
    (4,240
    )
    
    
    (14,583
    )
    
    
    (6,297
    )
    
    
    (6,009
    )
    
    
    (4,299
    )
    
    
    
    
    
    
    (253
    )
    
    
    (35,681
    )Depreciation and amortization
    
    
    (4,228
    )
    
    
    (7,058
    )
    
    
    (6,316
    )
    
    
    (2,201
    )
    
    
    (8,969
    )
    
    
    
    
    
    
    (70
    )
    
    
    (28,842
    )Other income/(expense)
    
    
    (76
    )
    
    
    (645
    )
    
    
    (266
    )
    
    
    (220
    )
    
    
    (1,337
    )
    
    
    
    
    
    
    359
    
    
    
    (2,185
    )Gain on sale
    
    
    524
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    867
    
    
    
    1,391Net income (loss)
    
    $
    4,630
    
    
    $
    (4,964
    )
    
    $
    48
    
    
    $
    (7,775
    )
    
    $
    (675
    )
    
    $
    
    
    
    $
    1,169
    
    
    $
    (7,567
    )Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    1,320
    
    
    $
    (732
    )
    
    $
    399
    
    
    $
    (1,514
    )
    
    $
    (232
    )
    
    $
    
    
    
    $
    533
    
    
    $
    (226
    )
 Year Ended December 31, 2006LibertyLiberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    Commerz 1701Venture I,
    
    
    Kings Hill
    
    
    Liberty
    
    
    Valley JV
    
    
    Washington,
    
    
    JFK Boulevard,LP
    
    
    Unit Trust
    
    
    Illinois, LP
    
    
    Sarl
    
    
    LP
    
    
    LP
    
    
    Other
    
    
    TotalTotal revenue
    
    $
    18,395
    
    
    $
    18,183
    
    
    $
    7,471
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    44,049Operating expense
    
    
    5,364
    
    
    
    2,181
    
    
    
    1,833
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    171
    
    
    
    9,54913,031
    
    
    
    16,002
    
    
    
    5,638
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (171
    )
    
    
    34,500Interest
    
    
    (4,501
    )
    
    
    (13,455
    )
    
    
    (2,527
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,483
    )Depreciation and amortization
    
    
    (4,544
    )
    
    
    (6,267
    )
    
    
    (2,502
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (13,313
    )Other income/(expense)
    
    
    (127
    )
    
    
    (604
    )
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    392
    
    
    
    (334
    )Gain on sale
    
    
    2,644
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    138
    
    
    
    2,782Net income (loss)
    
    $
    6,503
    
    
    $
    (4,324
    )
    
    $
    614
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    359
    
    
    $
    3,152Companys equity in earnings
(loss) of unconsolidated
joint ventures
    
    $
    1,651
    
    
    $
    (657
    )
    
    $
    259
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    179
    
    
    $
    1,432
 80




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##### Table of Contents



5. DEFERRED FINANCING AND LEASING COSTS
  December 31,2008
    
    
    2007Deferred leasing costs
    
    $
    188,056
    
    
    $
    173,669Deferred financing costs
    
    
    8,754
    
    
    
    12,077In-place lease value and related intangible asset
    
    
    77,564
    
    
    
    77,760274,374
    
    
    
    263,506Accumulated amortization
    
    
    (140,345
    )
    
    
    (119,211
    )Total
    
    $
    134,029
    
    
    $
    144,295
 6. INDEBTEDNESS
      Mortgage Loans, Unsecured Notes
   Credit Facility
 $600 Million Unsecured Revolving Credit Facility
  81




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##### Table of Contents




    
    total debt to total assets may not exceed 0.60:1;
    
    earnings before interest, taxes, depreciation and amortization to fixed charges may
not be less than 1.50:1;
    
    unsecured debt to unencumbered asset value must equal or be less than 60%; and
    
    unencumbered net operating income to unsecured interest expense must equal or exceed
200%.
  WeightedMortgages
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    AveragePrincipal
    
    
    Principal
    
    
    Unsecured
    
    
    Credit
    
    
    
    
    
    
    InterestAmortization
    
    
    Maturities
    
    
    Notes
    
    
    Facility
    
    
    Total
    
    
    Rate2009
    
    $
    6,586
    
    
    $
    41,833
    
    
    $
    270,000
    
    
    $
    
    
    
    $
    318,419
    
    
    
    7.76
    %2010
    
    
    5,823
    
    
    
    4,736
    
    
    
    176,607
    
    
    
    260,000
    
    
    
    447,166
    
    
    
    4.40
    %2011
    
    
    5,159
    
    
    
    13,409
    
    
    
    250,000
    
    
    
    
    
    
    
    268,568
    
    
    
    7.23
    %2012
    
    
    4,336
    
    
    
    32,875
    
    
    
    235,000
    
    
    
    
    
    
    
    272,211
    
    
    
    6.47
    %2013
    
    
    3,857
    
    
    
    4,510
    
    
    
    
    
    
    
    
    
    
    
    8,367
    
    
    
    5.79
    %2014
    
    
    3,888
    
    
    
    2,684
    
    
    
    200,000
    
    
    
    
    
    
    
    206,572
    
    
    
    5.66
    %2015
    
    
    3,336
    
    
    
    44,469
    
    
    
    300,000
    
    
    
    
    
    
    
    347,805
    
    
    
    5.25
    %2016
    
    
    2,409
    
    
    
    16,880
    
    
    
    300,000
    
    
    
    
    
    
    
    319,289
    
    
    
    5.55
    %2017
    
    
    1,770
    
    
    
    
    
    
    
    300,000
    
    
    
    
    
    
    
    301,770
    
    
    
    6.62
    %2018 & thereafter
    
    
    
    
    
    
    
    
    
    
    100,000
    
    
    
    
    
    
    
    100,000
    
    
    
    7.50
    %$
    37,164
    
    
    $
    161,396
    
    
    $
    2,131,607
    
    
    $
    260,000
    
    
    $
    2,590,167
    
    
    
    6.06
    %
 7. LEASING ACTIVITY
  2008
    
    $
    491,9332009
    
    
    441,8332010
    
    
    375,4672011
    
    
    312,9822012
    
    
    248,657Thereafter
    
    
    680,230TOTAL
    
    $
    2,551,102
  82




---



##### Table of Contents



8. EQUITY
 Noncontrolling Interest
  Noncontrollinginterest -
    
    
    Limited
    
    
    Limited partnersconsolidated
    
    
    partners equity
    
    
    equity -joint ventures
    
    
    - preferred units
    
    
    common unitsBalance at January 1, 2006
    
    $
    407
    
    
    $
    184,656
    
    
    $
    150,721Contributions from partners
    
    
    19
    
    
    
    
    
    
    
    Distributions to partners
    
    
    
    
    
    
    (13,690
    )
    
    
    (9,425
    )Issuance of operating partnership units
    
    
    
    
    
    
    26,304
    
    
    
    30,000Net income
    
    
    (7
    )
    
    
    13,690
    
    
    
    11,786Redemption of limited partners common units
for common shares
    
    
    
    
    
    
    
    
    
    
    22,811Balance at December 31, 2006
    
    
    419
    
    
    
    210,960
    
    
    
    205,893Distributions to partners
    
    
    (3
    )
    
    
    (17,828
    )
    
    
    (10,512
    )Issuance of operating partnership units
    
    
    
    
    
    
    99,964
    
    
    
    Redemption of preferred units
    
    
    
    
    
    
    (22,959
    )
    
    
    Net income
    
    
    101
    
    
    
    17,823
    
    
    
    7,555Redemption of limited partners common units
for common shares
    
    
    
    
    
    
    
    
    
    
    (82,104
    )Balance at December 31, 2007
    
    
    517
    
    
    
    287,960
    
    
    
    120,832Contributions from partners
    
    
    130
    
    
    
    
    
    
    
    176Distributions to partners
    
    
    
    
    
    
    (21,013
    )
    
    
    (10,131
    )Net income
    
    
    483
    
    
    
    21,012
    
    
    
    6,669Balance at December 31, 2008
    
    $
    1,130
    
    
    $
    287,959
    
    
    $
    117,546
 Common Units
   83




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##### Table of Contents



Preferred Units
  Date of
    
    
    
    
    
    
    
    
    
    
    
    Liquidation
    
    Dividend
    
    RedeemableIssue
    
    Issue
    
    Amount
    
    Units
    
    Preference
    
    Rate
    
    As of
    
    Exchangeable After(in 000s)7/28/99
    
    Series B
    
    $
    95,000
    
    
    
    3,800
    
    
    $
    25
    
    
    
    7.45
    %
    
    8/31/09
    
    8/31/13 into Series B
Cumulative Redeemable
Preferred Shares of the
Trust6/16/05
    
    Series E
    
    $
    20,000
    
    
    
    400
    
    
    $
    50
    
    
    
    7.00
    %
    
    6/16/10
    
    6/16/15 into Series E
Cumulative Redeemable
Preferred Shares of the
Trust6/30/05
    
    Series F
    
    $
    44,000
    
    
    
    880
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    12/12/15 into Series F
Cumulative Redeemable
Preferred Shares of the
Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    6/30/10
    
    12/12/15 into Series F
Cumulative Redeemable
Preferred Shares of the
Trust12/15/06
    
    Series G
    
    $
    27,000
    
    
    
    540
    
    
    $
    50
    
    
    
    6.70
    %
    
    12/12/11
    
    12/12/16 into Series G
Cumulative Redeemable
Preferred Shares of the
Trust8/21/07
    
    Series H
    
    $
    100,000
    
    
    
    4,000
    
    
    $
    25
    
    
    
    7.40
    %
    
    8/21/12
    
    8/21/17 into Series H
Cumulative Redeemable
Preferred Shares of the
Trust
     2008
    
    2007
    
    2006Distributions (in millions)
    
    $
    21.0
    
    
    $
    17.1
    
    
    $
    13.7Distribution per unit:Series B
    
    $
    1.86
    
    
    $
    1.86
    
    
    $
    1.86Series D
    
    $
    1.74
    
    
    $
    1.74
    
    
    $
    3.81Series E
    
    $
    3.50
    
    
    $
    3.50
    
    
    $
    3.50Series F
    
    $
    3.33
    
    
    $
    3.33
    
    
    $
    3.33Series G
    
    $
    3.35
    
    
    $
    3.35
    
    
    $
    0.16Series H
    
    $
    1.85
    
    
    $
    0.67
    
    
    
    
 9. COMMITMENTS AND CONTINGENCIES
    84




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##### Table of Contents



Litigation
  Accounting for Contingencies,
 10. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
  Quarter EndedDec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,
    
    
    Dec. 31,
    
    
    Sept. 30,
    
    
    June 30,
    
    
    Mar. 31,2008
    
    
    2008
    
    
    2008
    
    
    2008
    
    
    2007
    
    
    2007
    
    
    2007
    
    
    2007Operating revenue
    
    $
    188,527
    
    
    $
    185,958
    
    
    $
    182,053
    
    
    $
    189,470
    
    
    $
    184,621
    
    
    $
    173,293
    
    
    $
    165,319
    
    
    $
    161,652Income from continuing operations
    
    
    48,839
    
    
    
    34,844
    
    
    
    34,767
    
    
    
    34,891
    
    
    
    31,074
    
    
    
    36,865
    
    
    
    39,299
    
    
    
    39,545Discontinued operations
    
    
    10,540
    
    
    
    11,109
    
    
    
    3,611
    
    
    
    1,505
    
    
    
    11,395
    
    
    
    6,248
    
    
    
    20,025
    
    
    
    5,859Net Income
    
    
    29,379
    
    
    
    45,953
    
    
    
    38,378
    
    
    
    36,396
    
    
    
    42,469
    
    
    
    43,113
    
    
    
    59,324
    
    
    
    45,404Income per common unit  basic (1)
    
    
    0.53
    
    
    
    0.41
    
    
    
    0.34
    
    
    
    0.33
    
    
    
    0.39
    
    
    
    0.41
    
    
    
    0.57
    
    
    
    0.44Income per common unit  diluted
(1)
    
    
    0.53
    
    
    
    0.41
    
    
    
    0.34
    
    
    
    0.33
    
    
    
    0.39
    
    
    
    0.41
    
    
    
    0.57
    
    
    
    0.43
 
 (1)
    
    The sum of quarterly financial data may vary from the annual data due to rounding. 
 85




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##### Table of Contents



11. SEGMENT INFORMATION
  Reportable Segments
    
    MarketsNortheast
    
    Southeastern PA; Lehigh/Central PA; New JerseyMidwest
    
    Minnesota; Milwaukee; ChicagoMid-Atlantic
    
    Maryland; Carolinas; Richmond; Virginia BeachSouth
    
    Jacksonville; Orlando; Boca Raton; Tampa; Texas; ArizonaPhiladelphia
    
    Philadelphia; Northern Virginia/Washington, D.C.United Kingdom
    
    County of Kent; West Midlands
  Disclosures about Segments of an Enterprise and Related
Information,
   YEAR ENDED DECEMBER 31, 2008
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    PA
    
    
    Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    $
    178,507
    
    
    $
    96,906
    
    
    $
    38,004
    
    
    $
    82,964
    
    
    $
    142,543
    
    
    $
    173,319
    
    
    $
    29,426
    
    
    $
    4,339
    
    
    $
    746,008Rental property
expenses and real
estate taxes
    
    
    57,729
    
    
    
    26,114
    
    
    
    14,848
    
    
    
    31,074
    
    
    
    41,652
    
    
    
    57,990
    
    
    
    7,791
    
    
    
    1,044
    
    
    
    238,242Property level
operating income
    
    $
    120,778
    
    
    $
    70,792
    
    
    $
    23,156
    
    
    $
    51,890
    
    
    $
    100,891
    
    
    $
    115,329
    
    
    $
    21,635
    
    
    $
    3,295
    
    
    
    507,766Interest and other income
    
    
    
    
    
    
    13,501Debt extinguishment gain
    
    
    
    
    
    
    2,521Interest expense
    
    
    
    
    
    
    (155,198
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,387
    )Depreciation and amortization
    
    
    
    
    
    
    (172,594
    )Income before property dispositions, income taxes
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    141,609Gain on property dispositions
    
    
    
    
    
    
    10,572Income taxes
    
    
    
    
    
    
    (1,645
    )Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    2,805Discontinued operations
    
    
    
    
    
    
    26,765Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    180,106
 86




---



##### Table of Contents



YEAR ENDED DECEMBER 31, 2007
 NortheastSoutheastern
    
    
    Lehigh/
    
    
    New
    
    
    
    
    
    
    mid-
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    Central PA
    
    
    Jersey
    
    
    Midwest
    
    
    atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    $
    172,142
    
    
    $
    89,685
    
    
    $
    36,162
    
    
    $
    80,926
    
    
    $
    128,599
    
    
    $
    150,693
    
    
    $
    23,963
    
    
    $
    2,715
    
    
    $
    684,885Rental property
expenses and real
estate taxes
    
    
    56,950
    
    
    
    22,886
    
    
    
    9,228
    
    
    
    28,061
    
    
    
    38,524
    
    
    
    50,419
    
    
    
    9,378
    
    
    
    33
    
    
    
    215,479Property level
operating income
    
    $
    115,192
    
    
    $
    66,799
    
    
    $
    26,934
    
    
    $
    52,865
    
    
    $
    90,075
    
    
    $
    100,274
    
    
    $
    14,585
    
    
    $
    2,682
    
    
    
    469,406Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,720Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (126,707
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,334
    )Depreciation and amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (155,248
    )Income before property
dispositions, income taxes
and equity in loss
of unconsolidated joint ventures
    
    
    
    
    
    
    144,837Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,463Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    709Equity in loss of
unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (226
    )Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    43,527Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    190,310
 YEAR ENDED DECEMBER 31, 2006
 NortheastSoutheastern
    
    
    Lehigh/
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    Central PA
    
    
    Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    $
    168,227
    
    
    $
    82,107
    
    
    $
    34,584
    
    
    $
    75,966
    
    
    $
    114,593
    
    
    $
    113,347
    
    
    $
    15,829
    
    
    $
    1,167
    
    
    $
    605,820Rental property
expenses and real
estate taxes
    
    
    54,181
    
    
    
    19,885
    
    
    
    8,128
    
    
    
    26,752
    
    
    
    33,925
    
    
    
    36,822
    
    
    
    6,913
    
    
    
    261
    
    
    
    186,867Property level
operating income
    
    $
    114,046
    
    
    $
    62,222
    
    
    $
    26,456
    
    
    $
    49,214
    
    
    $
    80,668
    
    
    $
    76,525
    
    
    $
    8,916
    
    
    $
    906
    
    
    
    418,953Interest and other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,690Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (109,265
    )General and administrative
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (46,358
    )Depreciation and
amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (131,822
    )Income before property
dispositions, income taxes
and equity in earnings
of unconsolidated joint
ventures
    
    
    
    
    
    
    140,198Gain on property dispositions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,628Income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (288
    )Equity in earnings of
unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,432Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    133,073Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    292,043
 87




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##### Table of Contents



Product Type Information
 Real Estate Related RevenuesYear Ended December 31,2008
    
    
    2007
    
    
    2006Industrial
    
    $
    299,581
    
    
    $
    274,404
    
    
    $
    253,222Office
    
    
    446,427
    
    
    
    410,481
    
    
    
    352,598Total operating revenue
    
    $
    746,008
    
    
    $
    684,885
    
    
    $
    605,820
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 NortheastSoutheastern
    
    
    Lehigh/
    
    
    
    
    
    
    
    
    
    
    Mid-
    
    
    
    
    
    
    Phila-
    
    
    UnitedPA
    
    
    Central PA
    
    
    New Jersey
    
    
    Midwest
    
    
    Atlantic
    
    
    South
    
    
    Delphia
    
    
    Kingdom (1)
    
    
    TotalJanuary 1, 2008
    
    $
    1,103,372
    
    
    $
    676,963
    
    
    $
    199,662
    
    
    $
    543,445
    
    
    $
    965,546
    
    
    $
    1,190,232
    
    
    $
    470,548
    
    
    $
    51,532
    
    
    $
    5,201,300Additions
    
    
    40,599
    
    
    
    76,621
    
    
    
    22,763
    
    
    
    7,319
    
    
    
    50,811
    
    
    
    109,111
    
    
    
    7,729
    
    
    
    (13,119
    )
    
    
    301,834Dispositions
    
    
    (23,232
    )
    
    
    
    
    
    
    (10,921
    )
    
    
    (8,928
    )
    
    
    (15,338
    )
    
    
    (3,300
    )
    
    
    (367,897
    )
    
    
    
    
    
    
    (429,616
    )December 31, 2008
    
    $
    1,120,739
    
    
    $
    753,584
    
    
    $
    211,504
    
    
    $
    541,836
    
    
    $
    1,001,019
    
    
    $
    1,296,043
    
    
    $
    110,380
    
    
    $
    38,413
    
    
    
    5,073,518Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (982,114
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    245,463Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    209,551Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    33,662Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    636,955Total assets at December 31, 2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,217,035
 ROLLFORWARD
OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 NortheastLehigh/Southeastern
    
    
    Central
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Phila
    
    
    UnitedPA
    
    
    PA
    
    
    New Jersey
    
    
    Midwest
    
    
    Mid-Atlantic
    
    
    South
    
    
    -Delphia
    
    
    Kingdom (1)
    
    
    TotalJanuary 1, 2007
    
    $
    1,048,142
    
    
    $
    582,475
    
    
    $
    112,397
    
    
    $
    699,585
    
    
    $
    861,863
    
    
    $
    953,808
    
    
    $
    103,008
    
    
    $
    11,435
    
    
    $
    4,372,713Additions
    
    
    67,645
    
    
    
    103,750
    
    
    
    87,265
    
    
    
    64,050
    
    
    
    114,274
    
    
    
    245,317
    
    
    
    367,540
    
    
    
    40,097
    
    
    
    1,089,938Dispositions
    
    
    (12,415
    )
    
    
    (9,262
    )
    
    
    
    
    
    
    (220,190
    )
    
    
    (10,591
    )
    
    
    (8,893
    )
    
    
    
    
    
    
    
    
    
    
    (261,351
    )December 31, 2007
    
    $
    1,103,372
    
    
    $
    676,963
    
    
    $
    199,662
    
    
    $
    543,445
    
    
    $
    965,546
    
    
    $
    1,190,232
    
    
    $
    470,548
    
    
    $
    51,532
    
    
    
    5,201,300Accumulated depreciation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (858,671
    )Development in progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    316,985Land held for development
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    247,124Assets held for sale
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,908Other assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    700,291Total assets at
December 31, 2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    5,643,937
 
 (1)
    
    United Kingdom additions are impacted by foreign currency translation gain or loss. 88




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##### Table of Contents



12. SFAS NO. 144, ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS
 Discontinued Operations
   Year Ended December 31,2008
    
    
    2007
    
    
    2006Revenues
    
    $
    15,814
    
    
    $
    45,283
    
    
    $
    87,281Operating expenses
    
    
    (6,232
    )
    
    
    (18,020
    )
    
    
    (31,725
    )Interest expense
    
    
    (2,680
    )
    
    
    (7,308
    )
    
    
    (14,981
    )Depreciation and amortization
    
    
    (3,656
    )
    
    
    (10,039
    )
    
    
    (20,122
    )Income before property dispositions
    
    $
    3,246
    
    
    $
    9,916
    
    
    $
    20,453
  Allocation of Interest to Discontinued Operations
 Asset Impairment
  13. SUBSEQUENT EVENTS
   89




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##### Table of Contents



14. 
Adjustments to Previously Filed Financial Statements
     As of December 31, 2008As Reported
    
    
    Adjustment
    
    
    As AdjustedNoncontrolling interest  preferred units
    
    $
    
    
    
    $
    287,959
    
    
    $
    287,959Noncontrolling interest  common units
    
    
    
    
    
    
    117,546
    
    
    
    117,546Owners EquityGeneral partners equity  common units
    
    $
    1,956,735
    
    
    $
    (36,864
    )
    
    $
    1,919,871Limited partners equity  preferred units
    
    
    287,959
    
    
    
    (287,959
    )
    
    
    Limited partners equity  common units
    
    
    80,682
    
    
    
    (80,682
    )
    
    
    Total Owners equity
    
    $
    2,325,376
    
    
    $
    (405,505
    )
    
    $
    1,919,871
 As of December 31, 2007As Reported
    
    
    Adjustment
    
    
    As AdjustedNoncontrolling interest  preferred units
    
    $
    
    
    
    $
    287,960
    
    
    $
    287,960Noncontrolling interest  common units
    
    
    
    
    
    
    120,832
    
    
    
    120,832Owners EquityGeneral partners equity  common units
    
    $
    1,837,021
    
    
    $
    (36,688
    )
    
    $
    1,800,333Limited partners equity  preferred units
    
    
    287,960
    
    
    
    (287,960
    )
    
    
    Limited partners equity  common units
    
    
    84,144
    
    
    
    (84,144
    )
    
    
    Total Owners equity
    
    $
    2,209,125
    
    
    $
    (408,792
    )
    
    $
    1,800,333
   90




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2008
 CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES1501 Perryman Road
    
    Aberdeen, MD
    
    
    
    
    
    
    5,813,324
    
    
    
    18,874,059
    
    
    
    5,148,782
    
    
    
    5,816,839
    
    
    
    24,019,325
    
    
    
    29,836,164
    
    
    
    1,386,798
    
    
    2005
    
    40 yrs.2196 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    101,159
    
    
    
    
    
    
    
    1,347,970
    
    
    
    107,307
    
    
    
    1,341,822
    
    
    
    1,449,129
    
    
    
    828,845
    
    
    1980
    
    40 yrs.7437 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    717,488
    
    
    
    5,022,413
    
    
    
    3,000,614
    
    
    
    726,651
    
    
    
    8,013,864
    
    
    
    8,740,515
    
    
    
    3,041,759
    
    
    1976
    
    40 yrs.7248 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,670,849
    
    
    
    13,307,408
    
    
    
    4,005,636
    
    
    
    2,670,673
    
    
    
    17,313,219
    
    
    
    19,983,893
    
    
    
    4,549,501
    
    
    1988
    
    40 yrs.700 Nestle Way
    
    Allentown, PA
    
    
    
    
    
    
    3,473,120
    
    
    
    
    
    
    
    20,041,174
    
    
    
    4,174,970
    
    
    
    19,339,324
    
    
    
    23,514,294
    
    
    
    5,383,054
    
    
    1998
    
    40 yrs.7562 Penn Drive
    
    Allentown, PA
    
    
    
    
    
    
    269,614
    
    
    
    844,069
    
    
    
    213,047
    
    
    
    269,614
    
    
    
    1,057,116
    
    
    
    1,326,730
    
    
    
    322,567
    
    
    1989
    
    40 yrs.7277 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    462,964
    
    
    
    1,449,009
    
    
    
    436,346
    
    
    
    463,123
    
    
    
    1,885,196
    
    
    
    2,348,319
    
    
    
    676,185
    
    
    1989
    
    40 yrs.7355 Williams Avenue
    
    Allentown, PA
    
    
    
    
    
    
    489,749
    
    
    
    1,658,091
    
    
    
    314,252
    
    
    
    489,749
    
    
    
    1,972,343
    
    
    
    2,462,092
    
    
    
    584,331
    
    
    1998
    
    40 yrs.794 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    1,147,541
    
    
    
    6,088,041
    
    
    
    1,183,790
    
    
    
    1,147,541
    
    
    
    7,271,832
    
    
    
    8,419,373
    
    
    
    2,282,296
    
    
    1985
    
    40 yrs.8014 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    4,019,258
    
    
    
    
    
    
    
    9,764,392
    
    
    
    3,645,117
    
    
    
    10,138,533
    
    
    
    13,783,650
    
    
    
    3,039,925
    
    
    1999
    
    40 yrs.705 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,484,096
    
    
    
    
    
    
    
    14,878,034
    
    
    
    4,486,836
    
    
    
    14,875,294
    
    
    
    19,362,130
    
    
    
    3,148,524
    
    
    2001
    
    40 yrs.651 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,308,646
    
    
    
    
    
    
    
    13,339,042
    
    
    
    4,308,646
    
    
    
    13,339,042
    
    
    
    17,647,688
    
    
    
    3,160,648
    
    
    2000
    
    40 yrs.8150 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    2,564,167
    
    
    
    
    
    
    
    8,906,935
    
    
    
    2,571,466
    
    
    
    8,899,637
    
    
    
    11,471,103
    
    
    
    1,920,198
    
    
    2002
    
    40 yrs.8250 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    1,025,667
    
    
    
    
    
    
    
    5,346,179
    
    
    
    1,035,854
    
    
    
    5,335,991
    
    
    
    6,371,846
    
    
    
    950,726
    
    
    2002
    
    40 yrs.650 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    5,208,248
    
    
    
    
    
    
    
    31,405,185
    
    
    
    9,961,788
    
    
    
    26,651,645
    
    
    
    36,613,433
    
    
    
    4,081,623
    
    
    2002
    
    40 yrs.200 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    4,722,683
    
    
    
    18,922,645
    
    
    
    237,680
    
    
    
    4,722,683
    
    
    
    19,160,325
    
    
    
    23,883,008
    
    
    
    2,091,911
    
    
    2004
    
    40 yrs.250 Boulder Drive
    
    Allentown, PA
    
    
    
    
    
    
    3,599,936
    
    
    
    12,099,145
    
    
    
    2,089,337
    
    
    
    3,719,772
    
    
    
    14,068,646
    
    
    
    17,788,418
    
    
    
    1,611,741
    
    
    2004
    
    40 yrs.8400 Industrial Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    6,725,948
    
    
    
    
    
    
    
    27,118,534
    
    
    
    7,534,937
    
    
    
    26,309,546
    
    
    
    33,844,483
    
    
    
    1,409,375
    
    
    2005
    
    40 yrs.400 Nestle Way
    
    Allentown, PA
    
    
    20,940,815
    
    
    
    8,065,500
    
    
    
    
    
    
    
    27,420,765
    
    
    
    8,184,096
    
    
    
    27,302,169
    
    
    
    35,486,265
    
    
    
    8,931,479
    
    
    1997
    
    40 yrs.2202 Hanger Place
    
    Allentown, PA
    
    
    *
    
    
    
    137,439
    
    
    
    
    
    
    
    1,341,155
    
    
    
    138,127
    
    
    
    1,340,466
    
    
    
    1,478,594
    
    
    
    888,748
    
    
    1981
    
    40 yrs.7339 Industrial Boulevard
    
    Allentown, PA
    
    
    *
    
    
    
    1,187,776
    
    
    
    
    
    
    
    6,971,256
    
    
    
    1,197,447
    
    
    
    6,961,585
    
    
    
    8,159,032
    
    
    
    2,491,805
    
    
    1996
    
    40 yrs.6923 Schantz Spring Road
    
    Allentown, PA
    
    
    *
    
    
    
    1,127,805
    
    
    
    3,309,132
    
    
    
    349,184
    
    
    
    1,127,805
    
    
    
    3,658,316
    
    
    
    4,786,120
    
    
    
    1,068,345
    
    
    1993
    
    40 yrs.7165 Ambassador Drive
    
    Allentown, PA
    
    
    *
    
    
    
    792,999
    
    
    
    
    
    
    
    4,533,868
    
    
    
    804,848
    
    
    
    4,522,019
    
    
    
    5,326,867
    
    
    
    873,259
    
    
    2002
    
    40 yrs.6560 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    458,281
    
    
    
    
    
    
    
    2,833,097
    
    
    
    458,945
    
    
    
    2,832,433
    
    
    
    3,291,378
    
    
    
    1,350,717
    
    
    1989
    
    40 yrs.6370 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    540,795
    
    
    
    
    
    
    
    3,744,192
    
    
    
    541,459
    
    
    
    3,743,528
    
    
    
    4,284,987
    
    
    
    1,694,468
    
    
    1990
    
    40 yrs.6390 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    707,203
    
    
    
    
    
    
    
    2,765,090
    
    
    
    707,867
    
    
    
    2,764,425
    
    
    
    3,472,293
    
    
    
    1,444,458
    
    
    1990
    
    40 yrs.6330 Hedgewood Drive
    
    Allentown, PA
    
    
    
    
    
    
    531,268
    
    
    
    
    
    
    
    4,920,859
    
    
    
    532,047
    
    
    
    4,920,080
    
    
    
    5,452,127
    
    
    
    2,638,382
    
    
    1988
    
    40 yrs.6580 Snowdrift Road
    
    Allentown, PA
    
    
    
    
    
    
    388,328
    
    
    
    
    
    
    
    3,355,897
    
    
    
    389,081
    
    
    
    3,355,145
    
    
    
    3,744,225
    
    
    
    1,711,345
    
    
    1988
    
    40 yrs.6540 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    422,042
    
    
    
    
    
    
    
    3,893,307
    
    
    
    422,730
    
    
    
    3,892,620
    
    
    
    4,315,349
    
    
    
    2,033,216
    
    
    1988
    
    40 yrs.974 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    143,500
    
    
    
    
    
    
    
    2,536,742
    
    
    
    144,248
    
    
    
    2,535,995
    
    
    
    2,680,242
    
    
    
    1,432,744
    
    
    1987
    
    40 yrs.964 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    138,816
    
    
    
    
    
    
    
    2,114,065
    
    
    
    139,480
    
    
    
    2,113,401
    
    
    
    2,252,881
    
    
    
    1,211,949
    
    
    1985
    
    40 yrs.764 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    141,069
    
    
    
    
    
    
    
    876,165
    
    
    
    141,746
    
    
    
    875,488
    
    
    
    1,017,234
    
    
    
    491,466
    
    
    1985
    
    40 yrs.3174 Airport Road
    
    Allentown, PA
    
    
    
    
    
    
    98,986
    
    
    
    
    
    
    
    1,192,596
    
    
    
    98,986
    
    
    
    1,192,595
    
    
    
    1,291,582
    
    
    
    778,937
    
    
    1979
    
    40 yrs.2201 Hanger Place
    
    Allentown, PA
    
    
    
    
    
    
    128,454
    
    
    
    
    
    
    
    1,918,272
    
    
    
    129,142
    
    
    
    1,917,583
    
    
    
    2,046,726
    
    
    
    1,272,750
    
    
    1987
    
    40 yrs.954 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    103,665
    
    
    
    
    
    
    
    1,347,546
    
    
    
    104,453
    
    
    
    1,346,758
    
    
    
    1,451,211
    
    
    
    648,206
    
    
    1981
    
    40 yrs.754 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    162,115
    
    
    
    1,731,885
    
    
    
    502,487
    
    
    
    163,735
    
    
    
    2,232,752
    
    
    
    2,396,487
    
    
    
    878,285
    
    
    1986
    
    40 yrs.744 Roble Road
    
    Allentown, PA
    
    
    
    
    
    
    159,771
    
    
    
    1,734,229
    
    
    
    271,718
    
    
    
    161,371
    
    
    
    2,004,347
    
    
    
    2,165,718
    
    
    
    770,782
    
    
    1986
    
    40 yrs.944 Marcon Boulevard
    
    Allentown, PA
    
    
    
    
    
    
    118,521
    
    
    
    1,435,479
    
    
    
    610,844
    
    
    
    119,711
    
    
    
    2,045,133
    
    
    
    2,164,844
    
    
    
    767,454
    
    
    1986
    
    40 yrs.6520 Stonegate Drive
    
    Allentown, PA
    
    
    
    
    
    
    453,315
    
    
    
    
    
    
    
    1,791,480
    
    
    
    484,361
    
    
    
    1,760,434
    
    
    
    2,244,795
    
    
    
    727,358
    
    
    1996
    
    40 yrs.2041 Avenue C
    
    Allentown, PA
    
    
    
    
    
    
    213,599
    
    
    
    1,095,217
    
    
    
    83,135
    
    
    
    213,879
    
    
    
    1,178,072
    
    
    
    1,391,951
    
    
    
    412,984
    
    
    1990
    
    40 yrs.7144 Daniels Drive
    
    Allentown, PA
    
    
    
    
    
    
    2,390,217
    
    
    
    2,342,761
    
    
    
    3,725,676
    
    
    
    1,579,169
    
    
    
    6,879,485
    
    
    
    8,458,654
    
    
    
    2,191,962
    
    
    1975
    
    40 yrs.7620 Cetronia Road
    
    Allentown, PA
    
    
    
    
    
    
    1,091,806
    
    
    
    3,851,456
    
    
    
    366,017
    
    
    
    1,093,724
    
    
    
    4,215,555
    
    
    
    5,309,279
    
    
    
    1,567,236
    
    
    1990
    
    40 yrs.6350 Hedgewood Drive
    
    Allentown, PA
    
    
    *
    
    
    
    360,027
    
    
    
    
    
    
    
    3,886,266
    
    
    
    560,691
    
    
    
    3,685,601
    
    
    
    4,246,293
    
    
    
    1,564,087
    
    
    1989
    
    40 yrs.180,190 Cochrane Drive
    
    Annapolis, MD
    
    
    
    
    
    
    3,670,256
    
    
    
    
    
    
    
    23,101,092
    
    
    
    3,752,293
    
    
    
    23,019,055
    
    
    
    26,771,348
    
    
    
    10,515,407
    
    
    1988
    
    40 yrs.4606 Richlynn Drive
    
    Belcamp, MD
    
    
    
    
    
    
    299,600
    
    
    
    1,818,861
    
    
    
    712,787
    
    
    
    299,600
    
    
    
    2,531,649
    
    
    
    2,831,249
    
    
    
    597,538
    
    
    1985
    
    40 yrs.1655 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    214,431
    
    
    
    
    
    
    
    2,077,289
    
    
    
    215,095
    
    
    
    2,076,625
    
    
    
    2,291,720
    
    
    
    1,040,257
    
    
    1993
    
    40 yrs.1455 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    670,290
    
    
    
    
    
    
    
    3,920,812
    
    
    
    545,172
    
    
    
    4,045,930
    
    
    
    4,591,102
    
    
    
    1,904,321
    
    
    1997
    
    40 yrs.1640 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    4,265,161
    
    
    
    190,728
    
    
    
    4,433,433
    
    
    
    4,624,161
    
    
    
    1,496,403
    
    
    1996
    
    40 yrs.1650 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,221,482
    
    
    
    188,896
    
    
    
    2,391,586
    
    
    
    2,580,482
    
    
    
    1,039,490
    
    
    1997
    
    40 yrs.1660 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    359,000
    
    
    
    
    
    
    
    2,296,178
    
    
    
    188,721
    
    
    
    2,466,457
    
    
    
    2,655,178
    
    
    
    880,964
    
    
    1998
    
    40 yrs.83 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    143,661
    
    
    
    888,128
    
    
    
    533,628
    
    
    
    212,744
    
    
    
    1,352,673
    
    
    
    1,565,417
    
    
    
    587,093
    
    
    1989
    
    40 yrs.85 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    236,708
    
    
    
    987,949
    
    
    
    208,501
    
    
    
    237,078
    
    
    
    1,196,080
    
    
    
    1,433,158
    
    
    
    374,817
    
    
    1989
    
    40 yrs.87 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    253,886
    
    
    
    1,062,881
    
    
    
    275,641
    
    
    
    253,886
    
    
    
    1,338,522
    
    
    
    1,592,408
    
    
    
    459,576
    
    
    1989
    
    40 yrs.89 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    320,000
    
    
    
    
    
    
    
    2,020,662
    
    
    
    367,706
    
    
    
    1,972,956
    
    
    
    2,340,662
    
    
    
    828,516
    
    
    1998
    
    40 yrs.1525 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    475,686
    
    
    
    
    
    
    
    7,754,839
    
    
    
    804,104
    
    
    
    7,426,421
    
    
    
    8,230,525
    
    
    
    2,341,241
    
    
    1999
    
    40 yrs.74 West Broad Street
    
    Bethlehem, PA
    
    
    
    
    
    
    1,096,127
    
    
    
    
    
    
    
    13,513,997
    
    
    
    1,099,079
    
    
    
    13,511,045
    
    
    
    14,610,124
    
    
    
    3,613,884
    
    
    2002
    
    40 yrs.1605 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    729,751
    
    
    
    
    
    
    
    11,118,924
    
    
    
    1,766,196
    
    
    
    10,082,479
    
    
    
    11,848,675
    
    
    
    2,546,868
    
    
    2000
    
    40 yrs.3400 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    298,227
    
    
    
    
    
    
    
    3,053,506
    
    
    
    662,809
    
    
    
    2,688,924
    
    
    
    3,351,733
    
    
    
    531,758
    
    
    2002
    
    40 yrs.3500 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    289,529
    
    
    
    
    
    
    
    4,451,571
    
    
    
    916,280
    
    
    
    3,824,820
    
    
    
    4,741,100
    
    
    
    280,248
    
    
    2006
    
    40 yrs.3450 High Point Boulevard
    
    Bethlehem, PA
    
    
    
    
    
    
    303,197
    
    
    
    
    
    
    
    4,244,190
    
    
    
    918,473
    
    
    
    3,628,915
    
    
    
    4,547,388
    
    
    
    87,174
    
    
    2006
    
    40 yrs.1495 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    434,640
    
    
    
    
    
    
    
    4,962,712
    
    
    
    435,303
    
    
    
    4,962,049
    
    
    
    5,397,352
    
    
    
    2,114,820
    
    
    1990
    
    40 yrs.1550 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    196,954
    
    
    
    
    
    
    
    4,189,791
    
    
    
    197,700
    
    
    
    4,189,045
    
    
    
    4,386,745
    
    
    
    1,757,816
    
    
    1988
    
    40 yrs.1560 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    240,069
    
    
    
    
    
    
    
    4,635,199
    
    
    
    240,732
    
    
    
    4,634,536
    
    
    
    4,875,268
    
    
    
    2,379,153
    
    
    1988
    
    40 yrs.1510 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    312,209
    
    
    
    
    
    
    
    3,808,228
    
    
    
    312,873
    
    
    
    3,807,563
    
    
    
    4,120,437
    
    
    
    1,953,445
    
    
    1988
    
    40 yrs.1530 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    211,747
    
    
    
    
    
    
    
    3,016,731
    
    
    
    212,492
    
    
    
    3,015,986
    
    
    
    3,228,478
    
    
    
    1,476,546
    
    
    1988
    
    40 yrs.57 South Commerce Way
    
    Bethlehem, PA
    
    
    
    
    
    
    390,839
    
    
    
    2,701,161
    
    
    
    789,433
    
    
    
    395,459
    
    
    
    3,485,974
    
    
    
    3,881,433
    
    
    
    1,473,420
    
    
    1986
    
    40 yrs.1685 Valley Center Parkway
    
    Bethlehem, PA
    
    
    
    
    
    
    244,029
    
    
    
    
    
    
    
    2,429,110
    
    
    
    198,482
    
    
    
    2,474,657
    
    
    
    2,673,139
    
    
    
    1,003,460
    
    
    1996
    
    40 yrs.6601-6625 W. 78th Street
    
    Bloomington, MN
    
    
    
    
    
    
    2,263,060
    
    
    
    
    
    
    
    38,819,236
    
    
    
    2,310,246
    
    
    
    38,772,050
    
    
    
    41,082,296
    
    
    
    9,886,677
    
    
    1998
    
    40 yrs.6161 Green Valley Drive
    
    Bloomington, MN
    
    
    
    
    
    
    740,378
    
    
    
    3,311,602
    
    
    
    701,685
    
    
    
    709,961
    
    
    
    4,043,704
    
    
    
    4,753,665
    
    
    
    951,437
    
    
    1992
    
    40 yrs.10801 Nesbitt Avenue South
    
    Bloomington, MN
    
    
    
    
    
    
    784,577
    
    
    
    
    
    
    
    4,105,182
    
    
    
    786,382
    
    
    
    4,103,377
    
    
    
    4,889,759
    
    
    
    1,238,848
    
    
    2001
    
    40 yrs.5775 West Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,052,018
    
    
    
    3,849,649
    
    
    
    3,313,825
    
    
    
    2,060,644
    
    
    
    7,154,848
    
    
    
    9,215,492
    
    
    
    3,055,337
    
    
    2002
    
    40 yrs.5715 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    2,476,073
    
    
    
    1,264,758
    
    
    
    4,835,323
    
    
    
    6,100,081
    
    
    
    1,255,310
    
    
    2002
    
    40 yrs.
 91




---



##### Table of Contents



CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES5735 Old Shakopee Road West
    
    Bloomington, MN
    
    
    
    
    
    
    1,263,226
    
    
    
    2,360,782
    
    
    
    1,086,930
    
    
    
    1,264,758
    
    
    
    3,446,180
    
    
    
    4,710,938
    
    
    
    667,284
    
    
    2002
    
    40 yrs.5705 Old Shakopee Road
    
    Bloomington, MN
    
    
    
    
    
    
    2,113,223
    
    
    
    
    
    
    
    5,521,336
    
    
    
    2,148,571
    
    
    
    5,485,989
    
    
    
    7,634,559
    
    
    
    275,121
    
    
    2001
    
    40 yrs.1701 Clint Moore Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    1,430,884
    
    
    
    3,043,553
    
    
    
    1,316,677
    
    
    
    1,430,937
    
    
    
    4,360,178
    
    
    
    5,791,114
    
    
    
    1,145,888
    
    
    1985
    
    40 yrs.951 Broken Sound Parkway
    
    Boca Raton, FL
    
    
    
    
    
    
    1,426,251
    
    
    
    6,098,952
    
    
    
    1,881,060
    
    
    
    1,426,251
    
    
    
    7,980,012
    
    
    
    9,406,262
    
    
    
    2,597,600
    
    
    1986
    
    40 yrs.777 Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    4,101,247
    
    
    
    16,077,347
    
    
    
    5,811,125
    
    
    
    4,501,247
    
    
    
    21,488,473
    
    
    
    25,989,719
    
    
    
    6,441,664
    
    
    1987
    
    40 yrs.1801 Clint Moore Road
    
    Boca Raton, FL
    
    
    
    
    
    
    1,065,068
    
    
    
    4,481,644
    
    
    
    686,050
    
    
    
    1,065,068
    
    
    
    5,167,695
    
    
    
    6,232,763
    
    
    
    1,615,765
    
    
    1986
    
    40 yrs.860 Nestle Way
    
    Breinigsville, PA
    
    
    
    
    
    
    8,118,881
    
    
    
    18,885,486
    
    
    
    2,377,934
    
    
    
    8,118,881
    
    
    
    21,263,420
    
    
    
    29,382,301
    
    
    
    1,882,266
    
    
    2004
    
    40 yrs.8201 Industrial Boulevard
    
    Breinigsville, PA
    
    
    
    
    
    
    2,089,719
    
    
    
    
    
    
    
    8,333,883
    
    
    
    2,226,432
    
    
    
    8,197,170
    
    
    
    10,423,602
    
    
    
    412,396
    
    
    2006
    
    40 yrs.400 Boulder Drive
    
    Breinigsville, PA
    
    
    *
    
    
    
    
    
    
    
    
    
    
    
    13,408,721
    
    
    
    2,865,575
    
    
    
    10,543,146
    
    
    
    13,408,721
    
    
    
    1,157,345
    
    
    2003
    
    40 yrs.602 Heron Drive
    
    Bridgeport, NJ
    
    
    
    
    
    
    524,728
    
    
    
    2,240,478
    
    
    
    7,650
    
    
    
    524,728
    
    
    
    2,248,128
    
    
    
    2,772,856
    
    
    
    603,754
    
    
    1996
    
    40 yrs.245 Executive Drive
    
    Brookfield, WI
    
    
    
    
    
    
    577,067
    
    
    
    5,197,903
    
    
    
    4,071,582
    
    
    
    577,067
    
    
    
    9,269,485
    
    
    
    9,846,552
    
    
    
    2,463,373
    
    
    1984
    
    40 yrs.15800 West Bluemound Road
    
    Brookfield, WI
    
    
    
    
    
    
    1,289,204
    
    
    
    8,128,035
    
    
    
    1,552,539
    
    
    
    1,306,811
    
    
    
    9,662,967
    
    
    
    10,969,778
    
    
    
    2,052,573
    
    
    1994
    
    40 yrs.20800 Swenson Drive
    
    Brookfield, WI
    
    
    4,797,400
    
    
    
    1,023,466
    
    
    
    10,729,219
    
    
    
    1,022,780
    
    
    
    1,025,082
    
    
    
    11,750,382
    
    
    
    12,775,464
    
    
    
    1,245,016
    
    
    2005
    
    40 yrs.20825 Swenson Drive
    
    Brookfield, WI
    
    
    
    
    
    
    644,563
    
    
    
    3,640,734
    
    
    
    226,102
    
    
    
    646,518
    
    
    
    3,864,882
    
    
    
    4,511,399
    
    
    
    404,282
    
    
    2006
    
    40 yrs.20935 Swenson Drive
    
    Brookfield, WI
    
    
    4,223,847
    
    
    
    571,389
    
    
    
    10,238,547
    
    
    
    796,592
    
    
    
    572,158
    
    
    
    11,034,369
    
    
    
    11,606,527
    
    
    
    1,109,335
    
    
    2005
    
    40 yrs.20700 Swenson Drive
    
    Brookfield, WI
    
    
    5,543,784
    
    
    
    830,008
    
    
    
    12,276,445
    
    
    
    641,464
    
    
    
    830,999
    
    
    
    12,916,918
    
    
    
    13,747,917
    
    
    
    1,231,488
    
    
    2005
    
    40 yrs.20975 Swenson Drive
    
    Brookfield, WI
    
    
    5,784,696
    
    
    
    675,422
    
    
    
    8,910,651
    
    
    
    1,052,523
    
    
    
    678,637
    
    
    
    9,959,959
    
    
    
    10,638,596
    
    
    
    1,188,103
    
    
    2005
    
    40 yrs.1485 W. Commerce Avenue
    
    Carlisle, PA
    
    
    
    
    
    
    4,249,868
    
    
    
    13,886,039
    
    
    
    840,856
    
    
    
    4,253,027
    
    
    
    14,723,737
    
    
    
    18,976,764
    
    
    
    1,422,465
    
    
    2004
    
    40 yrs.3773 Corporate Parkway
    
    Center Valley, PA
    
    
    
    
    
    
    738,108
    
    
    
    
    
    
    
    7,674,838
    
    
    
    794,874
    
    
    
    7,618,071
    
    
    
    8,412,945
    
    
    
    2,056,603
    
    
    2001
    
    40 yrs.95 Kriner Road
    
    Chambersburg, PA
    
    
    
    
    
    
    8,695,501
    
    
    
    
    
    
    
    28,510,384
    
    
    
    9,407,871
    
    
    
    27,798,014
    
    
    
    37,205,885
    
    
    
    146,890
    
    
    2006
    
    40 yrs.1309 Executive Boulevard
    
    Cheaspeake, VA
    
    
    
    
    
    
    926,125
    
    
    
    
    
    
    
    5,086,632
    
    
    
    955,374
    
    
    
    5,057,383
    
    
    
    6,012,757
    
    
    
    991,200
    
    
    2001
    
    40 yrs.7 Carnegie Plaza
    
    Cherry Hill, NJ
    
    
    
    
    
    
    2,000,000
    
    
    
    3,493,983
    
    
    
    3,229,339
    
    
    
    2,005,475
    
    
    
    6,717,847
    
    
    
    8,723,322
    
    
    
    1,214,808
    
    
    2004
    
    40 yrs.1305 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    861,020
    
    
    
    
    
    
    
    4,911,374
    
    
    
    1,129,850
    
    
    
    4,642,543
    
    
    
    5,772,393
    
    
    
    969,927
    
    
    2002
    
    40 yrs.1313 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    1,180,036
    
    
    
    
    
    
    
    4,629,615
    
    
    
    1,708,050
    
    
    
    4,101,602
    
    
    
    5,809,652
    
    
    
    776,635
    
    
    2002
    
    40 yrs.510 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    2,012,149
    
    
    
    7,546,882
    
    
    
    421,917
    
    
    
    2,014,689
    
    
    
    7,966,260
    
    
    
    9,980,949
    
    
    
    892,754
    
    
    2005
    
    40 yrs.1301 Executive Boulevard
    
    Chesapeake, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,176,380
    
    
    
    997,570
    
    
    
    5,178,810
    
    
    
    6,176,380
    
    
    
    415,319
    
    
    2005
    
    40 yrs.500 Independence Parkway
    
    Chesapeake, VA
    
    
    3,385,676
    
    
    
    864,150
    
    
    
    4,427,285
    
    
    
    100,511
    
    
    
    866,609
    
    
    
    4,525,338
    
    
    
    5,391,946
    
    
    
    608,742
    
    
    2004
    
    40 yrs.501 Independence Parkway
    
    Chesapeake, VA
    
    
    4,195,100
    
    
    
    1,202,556
    
    
    
    5,975,538
    
    
    
    1,165,766
    
    
    
    1,292,273
    
    
    
    7,051,586
    
    
    
    8,343,860
    
    
    
    713,499
    
    
    2005
    
    40 yrs.505 Independence Parkway
    
    Chesapeake, VA
    
    
    4,967,132
    
    
    
    1,292,062
    
    
    
    6,456,515
    
    
    
    1,287,046
    
    
    
    1,292,254
    
    
    
    7,743,368
    
    
    
    9,035,623
    
    
    
    874,855
    
    
    2005
    
    40 yrs.700 Independence Parkway
    
    Chesapeake, VA
    
    
    6,562,607
    
    
    
    1,950,375
    
    
    
    7,236,994
    
    
    
    627,345
    
    
    
    1,951,135
    
    
    
    7,863,579
    
    
    
    9,814,714
    
    
    
    1,206,288
    
    
    2004
    
    40 yrs.6230 Old Dobbin Lane
    
    Colombia, MD
    
    
    
    
    
    
    3,004,075
    
    
    
    
    
    
    
    7,636,053
    
    
    
    2,746,455
    
    
    
    7,893,673
    
    
    
    10,640,128
    
    
    
    879,885
    
    
    2004
    
    40 yrs.9101,9111,9115 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    758,951
    
    
    
    
    
    
    
    4,634,835
    
    
    
    765,952
    
    
    
    4,627,834
    
    
    
    5,393,786
    
    
    
    2,272,761
    
    
    1984
    
    40 yrs.9125,9135,9145 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    900,154
    
    
    
    
    
    
    
    6,180,706
    
    
    
    920,439
    
    
    
    6,160,422
    
    
    
    7,080,860
    
    
    
    3,873,038
    
    
    1983
    
    40 yrs.7178-80 Columbia Gateway
    
    Columbia, MD
    
    
    
    
    
    
    1,569,237
    
    
    
    4,786,887
    
    
    
    2,222,793
    
    
    
    1,571,105
    
    
    
    7,007,812
    
    
    
    8,578,917
    
    
    
    2,988,407
    
    
    1987
    
    40 yrs.9770 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    341,663
    
    
    
    3,033,309
    
    
    
    1,323,686
    
    
    
    341,663
    
    
    
    4,356,995
    
    
    
    4,698,658
    
    
    
    1,227,401
    
    
    1986
    
    40 yrs.9780 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    218,542
    
    
    
    1,940,636
    
    
    
    411,079
    
    
    
    218,542
    
    
    
    2,351,715
    
    
    
    2,570,256
    
    
    
    663,919
    
    
    1986
    
    40 yrs.9790 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    243,791
    
    
    
    2,164,094
    
    
    
    328,903
    
    
    
    243,791
    
    
    
    2,492,997
    
    
    
    2,736,787
    
    
    
    813,025
    
    
    1986
    
    40 yrs.9810 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    266,684
    
    
    
    2,366,901
    
    
    
    997,913
    
    
    
    266,684
    
    
    
    3,364,814
    
    
    
    3,631,497
    
    
    
    1,056,427
    
    
    1986
    
    40 yrs.9800 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    299,099
    
    
    
    2,654,069
    
    
    
    535,352
    
    
    
    299,099
    
    
    
    3,189,421
    
    
    
    3,488,521
    
    
    
    1,016,848
    
    
    1988
    
    40 yrs.9820 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    237,779
    
    
    
    2,110,835
    
    
    
    789,527
    
    
    
    237,779
    
    
    
    2,900,362
    
    
    
    3,138,141
    
    
    
    868,166
    
    
    1988
    
    40 yrs.9830 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    296,262
    
    
    
    2,628,933
    
    
    
    899,462
    
    
    
    296,262
    
    
    
    3,528,395
    
    
    
    3,824,658
    
    
    
    906,195
    
    
    1986
    
    40 yrs.9050 Red Branch Road
    
    Columbia, MD
    
    
    
    
    
    
    290,950
    
    
    
    2,577,153
    
    
    
    941,253
    
    
    
    290,950
    
    
    
    3,518,406
    
    
    
    3,809,356
    
    
    
    956,625
    
    
    1972
    
    40 yrs.8945-8975 Guilford Road
    
    Columbia, MD
    
    
    
    
    
    
    2,428,795
    
    
    
    7,493,740
    
    
    
    1,700,856
    
    
    
    2,427,065
    
    
    
    9,196,326
    
    
    
    11,623,391
    
    
    
    2,606,842
    
    
    1986
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,681,791
    
    
    
    1,295,000
    
    
    
    3,344,897
    
    
    
    4,639,897
    
    
    
    828,694
    
    
    2002
    
    40 yrs.6200 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,742,985
    
    
    
    1,295,000
    
    
    
    3,406,090
    
    
    
    4,701,090
    
    
    
    751,338
    
    
    2002
    
    40 yrs.6210 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,931,442
    
    
    
    1,307,300
    
    
    
    3,582,247
    
    
    
    4,889,547
    
    
    
    869,611
    
    
    2002
    
    40 yrs.6250 Old Dobbin Lane
    
    Columbia, MD
    
    
    
    
    
    
    958,105
    
    
    
    
    
    
    
    3,869,631
    
    
    
    1,599,259
    
    
    
    3,228,478
    
    
    
    4,827,737
    
    
    
    603,986
    
    
    2000
    
    40 yrs.9755 Patuxent Woods Drive
    
    Columbia, MD
    
    
    
    
    
    
    3,917,094
    
    
    
    16,219,721
    
    
    
    1,167,866
    
    
    
    3,922,382
    
    
    
    17,382,299
    
    
    
    21,304,681
    
    
    
    1,456,898
    
    
    2006
    
    40 yrs.6220 Old Dobbin Lane
    
    Columbis, MD
    
    
    
    
    
    
    3,865,848
    
    
    
    
    
    
    
    7,434,362
    
    
    
    3,166,951
    
    
    
    8,133,259
    
    
    
    11,300,210
    
    
    
    347,572
    
    
    2006
    
    40 yrs.5150 International Drive
    
    Cudahy, WI
    
    
    
    
    
    
    739,673
    
    
    
    5,108,025
    
    
    
    250,327
    
    
    
    741,858
    
    
    
    5,356,167
    
    
    
    6,098,024
    
    
    
    755,510
    
    
    2003
    
    40 yrs.1250 Hall Court
    
    Deer Park, TX
    
    
    2,983,023
    
    
    
    829,570
    
    
    
    4,778,327
    
    
    
    47,398
    
    
    
    831,611
    
    
    
    4,823,685
    
    
    
    5,655,296
    
    
    
    272,813
    
    
    2006
    
    40 yrs.170 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    598,348
    
    
    
    3,643,756
    
    
    
    126,879
    
    
    
    598,918
    
    
    
    3,770,065
    
    
    
    4,368,983
    
    
    
    315,732
    
    
    2006
    
    40 yrs.190 Parkway West
    
    Duncan, SC
    
    
    
    
    
    
    551,663
    
    
    
    3,463,858
    
    
    
    111,209
    
    
    
    552,211
    
    
    
    3,574,519
    
    
    
    4,126,730
    
    
    
    325,727
    
    
    2006
    
    40 yrs.265 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    901,444
    
    
    
    5,751,389
    
    
    
    18,391
    
    
    
    902,374
    
    
    
    5,768,850
    
    
    
    6,671,224
    
    
    
    592,047
    
    
    2006
    
    40 yrs.285 Parkway East
    
    Duncan, SC
    
    
    
    
    
    
    975,433
    
    
    
    6,149,465
    
    
    
    39,409
    
    
    
    976,393
    
    
    
    6,187,914
    
    
    
    7,164,307
    
    
    
    723,255
    
    
    2006
    
    40 yrs.3255 Neil Armstrong Boulevard
    
    Eagan, MN
    
    
    
    
    
    
    1,131,017
    
    
    
    
    
    
    
    3,366,266
    
    
    
    1,103,860
    
    
    
    3,393,423
    
    
    
    4,497,283
    
    
    
    848,227
    
    
    1998
    
    40 yrs.6321-6325 Bury Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    462,876
    
    
    
    4,151,790
    
    
    
    581,781
    
    
    
    462,876
    
    
    
    4,733,572
    
    
    
    5,196,447
    
    
    
    1,471,416
    
    
    1988
    
    40 yrs.7660-7716 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    568,706
    
    
    
    5,115,177
    
    
    
    3,184,634
    
    
    
    1,289,215
    
    
    
    7,579,302
    
    
    
    8,868,517
    
    
    
    3,001,494
    
    
    1988
    
    40 yrs.7400 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    195,982
    
    
    
    1,762,027
    
    
    
    959,527
    
    
    
    754,062
    
    
    
    2,163,474
    
    
    
    2,917,536
    
    
    
    547,299
    
    
    1987
    
    40 yrs.10301-10305 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    120,622
    
    
    
    1,085,226
    
    
    
    321,867
    
    
    
    118,300
    
    
    
    1,409,415
    
    
    
    1,527,715
    
    
    
    363,556
    
    
    1984
    
    40 yrs.10321 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    145,198
    
    
    
    1,305,700
    
    
    
    377,179
    
    
    
    142,399
    
    
    
    1,685,678
    
    
    
    1,828,077
    
    
    
    638,560
    
    
    1984
    
    40 yrs.10333 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    110,746
    
    
    
    995,868
    
    
    
    93,888
    
    
    
    108,610
    
    
    
    1,091,892
    
    
    
    1,200,502
    
    
    
    364,395
    
    
    1984
    
    40 yrs.10349-10357 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    275,903
    
    
    
    2,481,666
    
    
    
    449,591
    
    
    
    270,584
    
    
    
    2,936,576
    
    
    
    3,207,160
    
    
    
    936,102
    
    
    1985
    
    40 yrs.10365-10375 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    291,077
    
    
    
    2,618,194
    
    
    
    364,782
    
    
    
    285,464
    
    
    
    2,988,589
    
    
    
    3,274,053
    
    
    
    959,256
    
    
    1985
    
    40 yrs.10393-10394 West 70th Street
    
    Eden Prairie, MN
    
    
    
    
    
    
    269,618
    
    
    
    2,423,318
    
    
    
    785,407
    
    
    
    264,419
    
    
    
    3,213,924
    
    
    
    3,478,343
    
    
    
    973,584
    
    
    1985
    
    40 yrs.7078 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    343,093
    
    
    
    3,085,795
    
    
    
    1,616,449
    
    
    
    336,481
    
    
    
    4,708,856
    
    
    
    5,045,337
    
    
    
    1,121,059
    
    
    1985
    
    40 yrs.10400 Viking Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,912,391
    
    
    
    
    
    
    
    23,353,685
    
    
    
    2,938,372
    
    
    
    23,327,703
    
    
    
    26,266,076
    
    
    
    7,312,972
    
    
    1999
    
    40 yrs.7625 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    4,500,641
    
    
    
    
    
    
    
    2,987,800
    
    
    
    1,916,609
    
    
    
    5,571,833
    
    
    
    7,488,442
    
    
    
    335,245
    
    
    2006
    
    40 yrs.7695-7699 Anagram Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    760,525
    
    
    
    3,254,758
    
    
    
    625,146
    
    
    
    760,525
    
    
    
    3,879,903
    
    
    
    4,640,429
    
    
    
    1,172,450
    
    
    1997
    
    40 yrs.7800 Equitable Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    2,188,525
    
    
    
    3,788,762
    
    
    
    240,695
    
    
    
    2,188,525
    
    
    
    4,029,456
    
    
    
    6,217,981
    
    
    
    1,152,337
    
    
    1993
    
    40 yrs.7905 Fuller Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,229,862
    
    
    
    4,075,167
    
    
    
    2,051,136
    
    
    
    1,230,965
    
    
    
    6,125,200
    
    
    
    7,356,165
    
    
    
    1,369,000
    
    
    1994
    
    40 yrs.9023 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,956,273
    
    
    
    
    
    
    
    4,873,578
    
    
    
    1,956,273
    
    
    
    4,873,578
    
    
    
    6,829,851
    
    
    
    1,350,783
    
    
    1999
    
    40 yrs.8967 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,450,000
    
    
    
    
    
    
    
    3,575,107
    
    
    
    1,450,000
    
    
    
    3,575,107
    
    
    
    5,025,107
    
    
    
    920,084
    
    
    2000
    
    40 yrs.7777 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    993,101
    
    
    
    2,136,862
    
    
    
    1,176,757
    
    
    
    993,101
    
    
    
    3,313,619
    
    
    
    4,306,720
    
    
    
    802,540
    
    
    2000
    
    40 yrs.8937 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,325,829
    
    
    
    
    
    
    
    4,287,274
    
    
    
    1,739,966
    
    
    
    3,873,137
    
    
    
    5,613,103
    
    
    
    873,485
    
    
    2001
    
    40 yrs.7615 Smetana Lane
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,011,517
    
    
    
    
    
    
    
    8,665,025
    
    
    
    3,000,555
    
    
    
    6,675,988
    
    
    
    9,676,542
    
    
    
    1,756,942
    
    
    2001
    
    40 yrs.
 92




---



##### Table of Contents



CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES8995 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,087,594
    
    
    
    
    
    
    
    3,664,053
    
    
    
    2,055,296
    
    
    
    2,696,352
    
    
    
    4,751,648
    
    
    
    595,546
    
    
    2001
    
    40 yrs.8911 Columbine Road (B2)
    
    Eden Prairie, MN
    
    
    
    
    
    
    916,687
    
    
    
    
    
    
    
    3,608,469
    
    
    
    1,718,407
    
    
    
    2,806,748
    
    
    
    4,525,156
    
    
    
    535,211
    
    
    2000
    
    40 yrs.8855 Columbine Road
    
    Eden Prairie, MN
    
    
    
    
    
    
    1,400,925
    
    
    
    
    
    
    
    5,226,016
    
    
    
    1,599,757
    
    
    
    5,027,185
    
    
    
    6,626,941
    
    
    
    581,470
    
    
    2000
    
    40 yrs.7075 Flying Cloud Drive
    
    Eden Prairie, MN
    
    
    
    
    
    
    10,232,831
    
    
    
    10,855,851
    
    
    
    53,337
    
    
    
    10,243,977
    
    
    
    10,898,042
    
    
    
    21,142,019
    
    
    
    500,941
    
    
    2007
    
    40 yrs.7351 Coca Cola Drive
    
    Elkridge, MD
    
    
    
    
    
    
    1,897,044
    
    
    
    
    
    
    
    7,048,446
    
    
    
    3,023,417
    
    
    
    5,922,074
    
    
    
    8,945,491
    
    
    
    224,957
    
    
    2006
    
    40 yrs.180 Sheree Boulevard
    
    Exton, PA
    
    
    5,157,523
    
    
    
    2,647,861
    
    
    
    11,334,403
    
    
    
    2,049,934
    
    
    
    2,649,426
    
    
    
    13,382,772
    
    
    
    16,032,198
    
    
    
    1,066,878
    
    
    2007
    
    40 yrs.7028 Snowdrift Road
    
    Fogelville, PA
    
    
    
    
    
    
    520,473
    
    
    
    959,279
    
    
    
    292,813
    
    
    
    524,390
    
    
    
    1,248,175
    
    
    
    1,772,565
    
    
    
    371,902
    
    
    1982
    
    40 yrs.420 Delaware Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    2,766,931
    
    
    
    
    
    
    
    8,290,888
    
    
    
    2,826,994
    
    
    
    8,230,825
    
    
    
    11,057,819
    
    
    
    571,917
    
    
    2005
    
    40 yrs.414 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,267,194
    
    
    
    2,217,460
    
    
    
    307,900
    
    
    
    1,267,937
    
    
    
    2,524,616
    
    
    
    3,792,553
    
    
    
    231,189
    
    
    2004
    
    40 yrs.275 Commerce Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,775,894
    
    
    
    2,160,855
    
    
    
    7,433,770
    
    
    
    1,790,041
    
    
    
    9,580,478
    
    
    
    11,370,519
    
    
    
    142,837
    
    
    2005
    
    40 yrs.1250 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    1,639,166
    
    
    
    1,928,574
    
    
    
    468,379
    
    
    
    1,650,703
    
    
    
    2,385,416
    
    
    
    4,036,119
    
    
    
    224,244
    
    
    2005
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    22,612,437
    
    
    
    
    
    
    
    55,809,125
    
    
    
    23,339,943
    
    
    
    55,081,619
    
    
    
    78,421,562
    
    
    
    2,007,575
    
    
    2006
    
    40 yrs.1100 Virginia Drive
    
    Fort Washington, PA
    
    
    
    
    
    
    13,007,509
    
    
    
    11,480,744
    
    
    
    53,906
    
    
    
    13,035,013
    
    
    
    11,507,146
    
    
    
    24,542,159
    
    
    
    915,103
    
    
    2006
    
    40 yrs.106 Southchase Boulevard
    
    Fountain Inn, SC
    
    
    
    
    
    
    201,944
    
    
    
    
    
    
    
    5,133,389
    
    
    
    684,003
    
    
    
    4,651,330
    
    
    
    5,335,333
    
    
    
    358,667
    
    
    2005
    
    40 yrs.9601 Cosner Drive
    
    Fredericksburg, VA
    
    
    
    
    
    
    475,262
    
    
    
    3,917,234
    
    
    
    214,221
    
    
    
    475,262
    
    
    
    4,131,454
    
    
    
    4,606,716
    
    
    
    1,391,089
    
    
    1995
    
    40 yrs.200 W Cypress Creek Road
    
    Ft Lauderdale, FL
    
    
    
    
    
    
    3,414,989
    
    
    
    2,399,738
    
    
    
    10,524,649
    
    
    
    3,414,989
    
    
    
    12,924,387
    
    
    
    16,339,376
    
    
    
    1,924,698
    
    
    2003
    
    40 yrs.5410 - 5430 Northwest 33rd Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    603,776
    
    
    
    4,176,238
    
    
    
    1,156,270
    
    
    
    625,111
    
    
    
    5,311,174
    
    
    
    5,936,284
    
    
    
    1,660,664
    
    
    1985
    
    40 yrs.6500 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,099
    
    
    
    3,046,309
    
    
    
    475,723
    
    
    
    
    
    
    
    3,529,130
    
    
    
    3,529,130
    
    
    
    1,143,136
    
    
    1989
    
    40 yrs.6600 NW 12th Avenue
    
    Ft. Lauderdale, FL
    
    
    
    
    
    
    7,102
    
    
    
    3,047,462
    
    
    
    772,549
    
    
    
    
    
    
    
    3,827,114
    
    
    
    3,827,114
    
    
    
    1,136,170
    
    
    1989
    
    40 yrs.4880 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    743,898
    
    
    
    4,499,807
    
    
    
    3,058,575
    
    
    
    743,898
    
    
    
    7,558,382
    
    
    
    8,302,280
    
    
    
    1,840,837
    
    
    1995
    
    40 yrs.5000 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    770,214
    
    
    
    3,685,248
    
    
    
    315,413
    
    
    
    771,029
    
    
    
    3,999,846
    
    
    
    4,770,875
    
    
    
    1,331,758
    
    
    1990
    
    40 yrs.5500 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    443,485
    
    
    
    
    
    
    
    3,546,671
    
    
    
    483,263
    
    
    
    3,506,893
    
    
    
    3,990,156
    
    
    
    1,152,858
    
    
    1999
    
    40 yrs.4801 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,072,896
    
    
    
    
    
    
    
    10,198,472
    
    
    
    1,075,620
    
    
    
    10,195,748
    
    
    
    11,271,368
    
    
    
    3,297,151
    
    
    1998
    
    40 yrs.4198 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    670,292
    
    
    
    3,839,245
    
    
    
    1,241,555
    
    
    
    670,292
    
    
    
    5,080,800
    
    
    
    5,751,092
    
    
    
    1,645,466
    
    
    1984
    
    40 yrs.4510 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,010,024
    
    
    
    7,151,729
    
    
    
    1,907,500
    
    
    
    1,010,044
    
    
    
    9,059,209
    
    
    
    10,069,253
    
    
    
    3,108,655
    
    
    1990
    
    40 yrs.4121 Cox Road
    
    Glen Allen, VA
    
    
    
    
    
    
    1,083,006
    
    
    
    6,035,653
    
    
    
    952,101
    
    
    
    1,083,006
    
    
    
    6,987,754
    
    
    
    8,070,760
    
    
    
    955,534
    
    
    2004
    
    40 yrs.200 Southchase Boulevard
    
    Greenville, SC
    
    
    
    
    
    
    512,911
    
    
    
    
    
    
    
    6,273,615
    
    
    
    515,542
    
    
    
    6,270,984
    
    
    
    6,786,525
    
    
    
    792,280
    
    
    2003
    
    40 yrs.45 Brookfield Oaks Drive
    
    Greenville, SC
    
    
    
    
    
    
    818,114
    
    
    
    
    
    
    
    3,549,097
    
    
    
    825,529
    
    
    
    3,541,682
    
    
    
    4,367,212
    
    
    
    118,418
    
    
    2006
    
    40 yrs.116 Pleasant Ridge Road
    
    Greenville, SC
    
    
    
    
    
    
    1,547,811
    
    
    
    
    
    
    
    13,298,582
    
    
    
    3,712,683
    
    
    
    11,133,710
    
    
    
    14,846,393
    
    
    
    131,493
    
    
    2006
    
    40 yrs.7 Research Drive
    
    Greenville, SC
    
    
    
    
    
    
    
    
    
    
    17,091,882
    
    
    
    4,405
    
    
    
    
    
    
    
    17,096,287
    
    
    
    17,096,287
    
    
    
    752,159
    
    
    2007
    
    40 yrs.1487 South Highway 101
    
    Greer, SC
    
    
    
    
    
    
    464,237
    
    
    
    
    
    
    
    5,136,776
    
    
    
    1,301,738
    
    
    
    4,299,275
    
    
    
    5,601,012
    
    
    
    13,817
    
    
    2007
    
    40 yrs.1 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    974,675
    
    
    
    5,579,869
    
    
    
    1,433,088
    
    
    
    974,675
    
    
    
    7,012,957
    
    
    
    7,987,632
    
    
    
    2,255,340
    
    
    1987
    
    40 yrs.22 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    1,097,368
    
    
    
    6,760,778
    
    
    
    1,257,471
    
    
    
    1,097,368
    
    
    
    8,018,248
    
    
    
    9,115,617
    
    
    
    2,462,312
    
    
    1990
    
    40 yrs.5 Manhattan Square
    
    Hampton, VA
    
    
    
    
    
    
    207,368
    
    
    
    
    
    
    
    1,663,695
    
    
    
    212,694
    
    
    
    1,658,368
    
    
    
    1,871,063
    
    
    
    543,765
    
    
    1999
    
    40 yrs.1317 Executive Boulevard
    
    Hampton, VA
    
    
    
    
    
    
    1,650,423
    
    
    
    
    
    
    
    7,668,631
    
    
    
    1,128,829
    
    
    
    8,190,225
    
    
    
    9,319,054
    
    
    
    348,381
    
    
    2006
    
    40 yrs.21 Enterprise Parkway
    
    Hampton, VA
    
    
    
    
    
    
    263,668
    
    
    
    8,167,118
    
    
    
    382,338
    
    
    
    265,719
    
    
    
    8,547,405
    
    
    
    8,813,124
    
    
    
    1,848,003
    
    
    1999
    
    40 yrs.521 Butler Farm Road
    
    Hampton, VA
    
    
    
    
    
    
    750,769
    
    
    
    2,911,149
    
    
    
    261,271
    
    
    
    710,486
    
    
    
    3,212,702
    
    
    
    3,923,188
    
    
    
    464,095
    
    
    2003
    
    40 yrs.7317 Parkway Drive
    
    Hanover, MD
    
    
    
    
    
    
    1,104,359
    
    
    
    1,959,671
    
    
    
    79,319
    
    
    
    1,104,359
    
    
    
    2,038,990
    
    
    
    3,143,349
    
    
    
    570,967
    
    
    1983
    
    40 yrs.600 Industrial Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    7,743,800
    
    
    
    
    
    
    
    28,472,202
    
    
    
    9,368,557
    
    
    
    26,847,444
    
    
    
    36,216,001
    
    
    
    1,554,062
    
    
    2005
    
    40 yrs.500 McCarthy Drive
    
    Harrisburg, PA
    
    
    
    
    
    
    5,194,872
    
    
    
    19,991,436
    
    
    
    4,234,765
    
    
    
    5,687,013
    
    
    
    23,734,060
    
    
    
    29,421,073
    
    
    
    3,011,485
    
    
    2005
    
    40 yrs.4170 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    143,699
    
    
    
    
    
    
    
    2,210,943
    
    
    
    373,502
    
    
    
    1,981,140
    
    
    
    2,354,642
    
    
    
    655,531
    
    
    1999
    
    40 yrs.4180 Mendenhall Oaks Parkway
    
    High Point , NC
    
    
    
    
    
    
    121,329
    
    
    
    
    
    
    
    1,835,505
    
    
    
    315,614
    
    
    
    1,641,220
    
    
    
    1,956,834
    
    
    
    584,926
    
    
    1999
    
    40 yrs.4050 Piedmont Parkway
    
    High Point , NC
    
    
    
    
    
    
    801,902
    
    
    
    
    
    
    
    20,721,590
    
    
    
    2,042,159
    
    
    
    19,481,334
    
    
    
    21,523,492
    
    
    
    5,353,041
    
    
    1998
    
    40 yrs.4523 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    234,564
    
    
    
    
    
    
    
    3,109,110
    
    
    
    235,698
    
    
    
    3,107,976
    
    
    
    3,343,674
    
    
    
    1,269,229
    
    
    1988
    
    40 yrs.4501 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    319,289
    
    
    
    
    
    
    
    2,606,925
    
    
    
    320,450
    
    
    
    2,605,765
    
    
    
    2,926,214
    
    
    
    1,303,596
    
    
    1989
    
    40 yrs.4500 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    230,622
    
    
    
    
    
    
    
    2,310,319
    
    
    
    231,692
    
    
    
    2,309,249
    
    
    
    2,540,941
    
    
    
    1,196,924
    
    
    1989
    
    40 yrs.2427 Penny Road
    
    High Point, NC
    
    
    
    
    
    
    1,165,664
    
    
    
    
    
    
    
    3,476,301
    
    
    
    655,240
    
    
    
    3,986,724
    
    
    
    4,641,965
    
    
    
    1,791,684
    
    
    1990
    
    40 yrs.4524 Green Point Drive
    
    High Point, NC
    
    
    
    
    
    
    182,810
    
    
    
    
    
    
    
    2,396,132
    
    
    
    183,888
    
    
    
    2,395,053
    
    
    
    2,578,942
    
    
    
    1,194,991
    
    
    1989
    
    40 yrs.4344 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    484,001
    
    
    
    
    
    
    
    2,780,986
    
    
    
    173,623
    
    
    
    3,091,365
    
    
    
    3,264,988
    
    
    
    1,223,712
    
    
    1996
    
    40 yrs.4000 Piedmont Parkway
    
    High Point, NC
    
    
    
    
    
    
    592,885
    
    
    
    4,825,615
    
    
    
    929,937
    
    
    
    597,368
    
    
    
    5,751,069
    
    
    
    6,348,438
    
    
    
    2,122,813
    
    
    1989
    
    40 yrs.4380 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    282,996
    
    
    
    
    
    
    
    2,204,882
    
    
    
    283,368
    
    
    
    2,204,510
    
    
    
    2,487,878
    
    
    
    859,427
    
    
    1997
    
    40 yrs.4388 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    143,661
    
    
    
    
    
    
    
    1,210,692
    
    
    
    132,655
    
    
    
    1,221,699
    
    
    
    1,354,353
    
    
    
    492,073
    
    
    1997
    
    40 yrs.4160 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    285,882
    
    
    
    
    
    
    
    3,361,383
    
    
    
    545,627
    
    
    
    3,101,638
    
    
    
    3,647,265
    
    
    
    1,010,657
    
    
    1998
    
    40 yrs.4194 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    102,372
    
    
    
    
    
    
    
    2,619,333
    
    
    
    265,991
    
    
    
    2,455,714
    
    
    
    2,721,705
    
    
    
    830,855
    
    
    1999
    
    40 yrs.4196 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    66,731
    
    
    
    
    
    
    
    2,510,094
    
    
    
    173,889
    
    
    
    2,402,936
    
    
    
    2,576,825
    
    
    
    857,473
    
    
    1999
    
    40 yrs.4300 Federal Drive
    
    High Point, NC
    
    
    
    
    
    
    264,038
    
    
    
    
    
    
    
    2,098,260
    
    
    
    276,038
    
    
    
    2,086,260
    
    
    
    2,362,298
    
    
    
    472,345
    
    
    1998
    
    40 yrs.4135 Mendenall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    499,500
    
    
    
    
    
    
    
    3,498,674
    
    
    
    500,980
    
    
    
    3,497,193
    
    
    
    3,998,174
    
    
    
    863,928
    
    
    2000
    
    40 yrs.1498 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    94,274
    
    
    
    
    
    
    
    5,933,606
    
    
    
    791,880
    
    
    
    5,235,999
    
    
    
    6,027,879
    
    
    
    220,175
    
    
    2005
    
    40 yrs.4183 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    122,203
    
    
    
    
    
    
    
    3,911,210
    
    
    
    526,266
    
    
    
    3,507,147
    
    
    
    4,033,413
    
    
    
    1,389,311
    
    
    2001
    
    40 yrs.4189 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    100,106
    
    
    
    
    
    
    
    3,430,006
    
    
    
    431,106
    
    
    
    3,099,006
    
    
    
    3,530,112
    
    
    
    888,462
    
    
    2001
    
    40 yrs.4020 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    94,232
    
    
    
    
    
    
    
    1,682,549
    
    
    
    378,101
    
    
    
    1,398,680
    
    
    
    1,776,781
    
    
    
    377,882
    
    
    2001
    
    40 yrs.1400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    172,320
    
    
    
    
    
    
    
    7,281,025
    
    
    
    984,672
    
    
    
    6,468,673
    
    
    
    7,453,345
    
    
    
    1,437,607
    
    
    2002
    
    40 yrs.4191 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    217,943
    
    
    
    
    
    
    
    3,114,814
    
    
    
    611,166
    
    
    
    2,721,590
    
    
    
    3,332,756
    
    
    
    587,303
    
    
    2002
    
    40 yrs.4015 Meeting Way
    
    High Point, NC
    
    
    
    
    
    
    510,000
    
    
    
    
    
    
    
    2,787,760
    
    
    
    511,869
    
    
    
    2,785,890
    
    
    
    3,297,759
    
    
    
    296,429
    
    
    2003
    
    40 yrs.4195 Eagle Hill Drive
    
    High Point, NC
    
    
    
    
    
    
    107,586
    
    
    
    
    
    
    
    3,425,118
    
    
    
    505,700
    
    
    
    3,027,005
    
    
    
    3,532,705
    
    
    
    307,026
    
    
    2004
    
    40 yrs.400 Mendenhall Oaks Parkway
    
    High Point, NC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,859,604
    
    
    
    665,239
    
    
    
    1,194,365
    
    
    
    1,859,604
    
    
    
    80,912
    
    
    2004
    
    40 yrs.4475 Premier Drive
    
    High Point, NC
    
    
    
    
    
    
    748,693
    
    
    
    
    
    
    
    5,888,692
    
    
    
    1,525,421
    
    
    
    5,111,964
    
    
    
    6,637,385
    
    
    
    86,535
    
    
    2006
    
    40 yrs.4328, 4336 Federal Drive
    
    High Point, NC
    
    
    3,977,231
    
    
    
    521,122
    
    
    
    
    
    
    
    7,300,519
    
    
    
    825,092
    
    
    
    6,996,548
    
    
    
    7,821,641
    
    
    
    3,907,767
    
    
    1995
    
    40 yrs.100 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    3,102,784
    
    
    
    
    
    
    
    18,701,183
    
    
    
    3,764,784
    
    
    
    18,039,184
    
    
    
    21,803,967
    
    
    
    3,510,902
    
    
    1996
    
    40 yrs.132 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    1,333,642
    
    
    
    
    
    
    
    4,692,880
    
    
    
    1,408,041
    
    
    
    4,618,480
    
    
    
    6,026,521
    
    
    
    1,665,412
    
    
    1998
    
    40 yrs.300 Welsh Road  Building 3
    
    Horsham, PA
    
    
    
    
    
    
    180,459
    
    
    
    1,441,473
    
    
    
    375,923
    
    
    
    180,459
    
    
    
    1,817,396
    
    
    
    1,997,855
    
    
    
    664,949
    
    
    1983
    
    40 yrs.300 Welsh Road  Building 4
    
    Horsham, PA
    
    
    
    
    
    
    282,493
    
    
    
    2,256,508
    
    
    
    1,843,483
    
    
    
    282,493
    
    
    
    4,099,990
    
    
    
    4,382,483
    
    
    
    1,340,245
    
    
    1983
    
    40 yrs.2 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,281,870
    
    
    
    7,767,374
    
    
    
    1,961,590
    
    
    
    1,265,363
    
    
    
    9,745,470
    
    
    
    11,010,834
    
    
    
    3,415,954
    
    
    1989
    
    40 yrs.5 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,065,951
    
    
    
    
    
    
    
    10,117,753
    
    
    
    1,939,712
    
    
    
    9,243,992
    
    
    
    11,183,704
    
    
    
    2,280,276
    
    
    2000
    
    40 yrs.200 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    638,513
    
    
    
    5,811,323
    
    
    
    1,947,714
    
    
    
    638,513
    
    
    
    7,759,036
    
    
    
    8,397,550
    
    
    
    2,878,638
    
    
    1990
    
    40 yrs.220 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,228
    
    
    
    1,455,917
    
    
    
    629,944
    
    
    
    7,189,145
    
    
    
    7,819,089
    
    
    
    2,644,772
    
    
    1990
    
    40 yrs.
 93




---



##### Table of Contents



CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES240 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    629,944
    
    
    
    5,733,234
    
    
    
    1,915,620
    
    
    
    629,944
    
    
    
    7,648,854
    
    
    
    8,278,798
    
    
    
    2,937,215
    
    
    1990
    
    40 yrs.1 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,058,901
    
    
    
    5,343,606
    
    
    
    1,041,557
    
    
    
    1,058,901
    
    
    
    6,385,163
    
    
    
    7,444,064
    
    
    
    2,345,767
    
    
    1986
    
    40 yrs.181-187 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    360,549
    
    
    
    3,259,984
    
    
    
    787,154
    
    
    
    360,549
    
    
    
    4,047,138
    
    
    
    4,407,687
    
    
    
    1,336,533
    
    
    1982
    
    40 yrs.104 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    330,111
    
    
    
    2,981,669
    
    
    
    594,916
    
    
    
    330,111
    
    
    
    3,576,586
    
    
    
    3,906,696
    
    
    
    941,454
    
    
    1974
    
    40 yrs.123-135 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    292,360
    
    
    
    2,411,677
    
    
    
    2,409,782
    
    
    
    393,019
    
    
    
    4,720,800
    
    
    
    5,113,819
    
    
    
    1,162,452
    
    
    1975
    
    40 yrs.111-159 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    489,032
    
    
    
    4,126,151
    
    
    
    1,367,375
    
    
    
    489,032
    
    
    
    5,493,526
    
    
    
    5,982,558
    
    
    
    1,693,767
    
    
    1981
    
    40 yrs.161-175 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    294,673
    
    
    
    2,663,722
    
    
    
    987,299
    
    
    
    294,673
    
    
    
    3,651,020
    
    
    
    3,945,694
    
    
    
    1,105,985
    
    
    1976
    
    40 yrs.103-109 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    270,906
    
    
    
    2,448,500
    
    
    
    818,872
    
    
    
    270,906
    
    
    
    3,267,371
    
    
    
    3,538,278
    
    
    
    1,270,550
    
    
    1978
    
    40 yrs.210-223 Witmer Road
    
    Horsham, PA
    
    
    
    
    
    
    270,282
    
    
    
    2,441,276
    
    
    
    1,940,611
    
    
    
    270,282
    
    
    
    4,381,887
    
    
    
    4,652,169
    
    
    
    1,282,445
    
    
    1972
    
    40 yrs.100 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    38,729
    
    
    
    349,811
    
    
    
    9,589
    
    
    
    38,729
    
    
    
    359,400
    
    
    
    398,129
    
    
    
    99,409
    
    
    1975
    
    40 yrs.101 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    651,990
    
    
    
    5,888,989
    
    
    
    1,561,435
    
    
    
    732,552
    
    
    
    7,369,862
    
    
    
    8,102,414
    
    
    
    2,305,103
    
    
    1977
    
    40 yrs.506 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    208,140
    
    
    
    895,470
    
    
    
    723,059
    
    
    
    208,140
    
    
    
    1,618,529
    
    
    
    1,826,669
    
    
    
    440,823
    
    
    1973
    
    40 yrs.113-123 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    351,072
    
    
    
    3,171,001
    
    
    
    589,814
    
    
    
    451,731
    
    
    
    3,660,155
    
    
    
    4,111,887
    
    
    
    1,012,999
    
    
    1975
    
    40 yrs.101-111 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    350,561
    
    
    
    3,166,389
    
    
    
    864,263
    
    
    
    452,251
    
    
    
    3,928,962
    
    
    
    4,381,213
    
    
    
    1,231,119
    
    
    1975
    
    40 yrs.120 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    533,142
    
    
    
    4,830,515
    
    
    
    2,416,512
    
    
    
    558,142
    
    
    
    7,222,027
    
    
    
    7,780,169
    
    
    
    1,897,838
    
    
    1980
    
    40 yrs.110 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    673,041
    
    
    
    5,776,369
    
    
    
    2,584,619
    
    
    
    673,041
    
    
    
    8,360,988
    
    
    
    9,034,029
    
    
    
    2,534,483
    
    
    1979
    
    40 yrs.100-107 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    239,528
    
    
    
    2,163,498
    
    
    
    712,712
    
    
    
    255,528
    
    
    
    2,860,210
    
    
    
    3,115,738
    
    
    
    976,181
    
    
    1982
    
    40 yrs.200-264 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    502,705
    
    
    
    4,540,597
    
    
    
    1,536,610
    
    
    
    502,705
    
    
    
    6,077,207
    
    
    
    6,579,912
    
    
    
    1,814,424
    
    
    1982
    
    40 yrs.300-309 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    369,475
    
    
    
    3,338,761
    
    
    
    1,842,034
    
    
    
    376,475
    
    
    
    5,173,795
    
    
    
    5,550,270
    
    
    
    1,986,944
    
    
    1982
    
    40 yrs.400-445 Lakeside Drive
    
    Horsham, PA
    
    
    
    
    
    
    543,628
    
    
    
    4,910,226
    
    
    
    2,760,384
    
    
    
    583,628
    
    
    
    7,630,610
    
    
    
    8,214,238
    
    
    
    2,476,732
    
    
    1981
    
    40 yrs.201 Gibraltar Road
    
    Horsham, PA
    
    
    
    
    
    
    380,127
    
    
    
    3,433,433
    
    
    
    1,997,494
    
    
    
    380,802
    
    
    
    5,430,252
    
    
    
    5,811,054
    
    
    
    1,627,010
    
    
    1983
    
    40 yrs.300 Welsh Road
    
    Horsham, PA
    
    
    
    
    
    
    696,061
    
    
    
    3,339,991
    
    
    
    570,429
    
    
    
    696,061
    
    
    
    3,910,420
    
    
    
    4,606,480
    
    
    
    1,115,040
    
    
    1985
    
    40 yrs.700 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    2,551,777
    
    
    
    3,020,638
    
    
    
    4,696,950
    
    
    
    2,565,140
    
    
    
    7,704,225
    
    
    
    10,269,365
    
    
    
    3,764,912
    
    
    1987
    
    40 yrs.680 Blair Mill Road
    
    Horsham, PA
    
    
    
    
    
    
    3,527,151
    
    
    
    
    
    
    
    17,434,151
    
    
    
    4,138,577
    
    
    
    16,822,725
    
    
    
    20,961,302
    
    
    
    3,116,684
    
    
    2001
    
    40 yrs.102 Rock Road
    
    Horsham, PA
    
    
    
    
    
    
    1,110,209
    
    
    
    2,301,302
    
    
    
    1,133,191
    
    
    
    1,114,985
    
    
    
    3,429,717
    
    
    
    4,544,702
    
    
    
    662,819
    
    
    1985
    
    40 yrs.335 Commerce Drive
    
    Horsham, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,757,475
    
    
    
    182,400
    
    
    
    8,575,075
    
    
    
    8,757,475
    
    
    
    1,064,979
    
    
    2002
    
    40 yrs.255 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,154,289
    
    
    
    2,007,214
    
    
    
    573,608
    
    
    
    1,140,597
    
    
    
    2,594,513
    
    
    
    3,735,111
    
    
    
    391,690
    
    
    2003
    
    40 yrs.355 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    483,045
    
    
    
    898,798
    
    
    
    253,426
    
    
    
    471,171
    
    
    
    1,164,098
    
    
    
    1,635,270
    
    
    
    243,111
    
    
    2003
    
    40 yrs.455 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    1,351,011
    
    
    
    2,503,449
    
    
    
    1,927,940
    
    
    
    1,322,317
    
    
    
    4,460,083
    
    
    
    5,782,400
    
    
    
    1,031,964
    
    
    2003
    
    40 yrs.555 Business Center Drive
    
    Horsham, PA
    
    
    
    
    
    
    727,420
    
    
    
    1,353,650
    
    
    
    194,047
    
    
    
    709,967
    
    
    
    1,565,151
    
    
    
    2,275,118
    
    
    
    345,712
    
    
    2003
    
    40 yrs.7 Walnut Grove Drive
    
    Horsham, PA
    
    
    
    
    
    
    2,631,696
    
    
    
    
    
    
    
    18,587,588
    
    
    
    2,631,956
    
    
    
    18,587,328
    
    
    
    21,219,284
    
    
    
    621,811
    
    
    2006
    
    40 yrs.261-283 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    464,871
    
    
    
    3,951,972
    
    
    
    1,775,341
    
    
    
    464,871
    
    
    
    5,727,312
    
    
    
    6,192,183
    
    
    
    1,216,076
    
    
    1978
    
    40 yrs.231-237 Gibraltar Road
    
    Horsham, PA
    
    
    *
    
    
    
    436,952
    
    
    
    3,948,963
    
    
    
    727,352
    
    
    
    436,952
    
    
    
    4,676,314
    
    
    
    5,113,267
    
    
    
    1,504,124
    
    
    1981
    
    40 yrs.104 Witmer Road
    
    Horsham, PA
    
    
    *
    
    
    
    1,248,148
    
    
    
    
    
    
    
    1,133,749
    
    
    
    189,793
    
    
    
    2,192,104
    
    
    
    2,381,897
    
    
    
    931,792
    
    
    1975
    
    40 yrs.719 Dresher Road
    
    Horsham, PA
    
    
    *
    
    
    
    493,426
    
    
    
    2,812,067
    
    
    
    251,335
    
    
    
    495,112
    
    
    
    3,061,716
    
    
    
    3,556,828
    
    
    
    851,187
    
    
    1987
    
    40 yrs.4 Walnut Grove
    
    Horsham, PA
    
    
    *
    
    
    
    2,515,115
    
    
    
    
    
    
    
    10,792,470
    
    
    
    2,515,115
    
    
    
    10,792,470
    
    
    
    13,307,585
    
    
    
    1,870,755
    
    
    1999
    
    40 yrs.747 Dresher Road
    
    Horsham, PA
    
    
    
    
    
    
    1,607,238
    
    
    
    
    
    
    
    5,193,398
    
    
    
    1,607,977
    
    
    
    5,192,658
    
    
    
    6,800,636
    
    
    
    2,713,953
    
    
    1988
    
    40 yrs.507 Prudential Road
    
    Horsham, PA
    
    
    
    
    
    
    644,900
    
    
    
    5,804,100
    
    
    
    8,818,780
    
    
    
    1,131,380
    
    
    
    14,136,400
    
    
    
    15,267,780
    
    
    
    4,600,504
    
    
    1988
    
    40 yrs.767 Electronic Drive
    
    Horsham, PA
    
    
    *
    
    
    
    1,229,685
    
    
    
    
    
    
    
    3,430,171
    
    
    
    1,241,970
    
    
    
    3,417,886
    
    
    
    4,659,856
    
    
    
    1,742,609
    
    
    1996
    
    40 yrs.16445 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    363,339
    
    
    
    2,509,186
    
    
    
    641,300
    
    
    
    363,339
    
    
    
    3,150,486
    
    
    
    3,513,826
    
    
    
    1,208,934
    
    
    1997
    
    40 yrs.16405 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    438,853
    
    
    
    3,030,396
    
    
    
    438,371
    
    
    
    438,853
    
    
    
    3,468,766
    
    
    
    3,907,619
    
    
    
    1,057,848
    
    
    1997
    
    40 yrs.16580 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    289,000
    
    
    
    3,559,857
    
    
    
    269,417
    
    
    
    289,000
    
    
    
    3,829,274
    
    
    
    4,118,275
    
    
    
    1,055,346
    
    
    1997
    
    40 yrs.1755 Trans Central Drive
    
    Houston, TX
    
    
    
    
    
    
    293,534
    
    
    
    3,036,269
    
    
    
    190,651
    
    
    
    306,147
    
    
    
    3,214,306
    
    
    
    3,520,453
    
    
    
    752,950
    
    
    1999
    
    40 yrs.16680 Central Green Boulevard
    
    Houston, TX
    
    
    
    
    
    
    311,952
    
    
    
    
    
    
    
    3,956,813
    
    
    
    492,869
    
    
    
    3,775,895
    
    
    
    4,268,765
    
    
    
    83,075
    
    
    2001
    
    40 yrs.16605 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    298,999
    
    
    
    
    
    
    
    3,770,315
    
    
    
    496,186
    
    
    
    3,573,128
    
    
    
    4,069,314
    
    
    
    988,599
    
    
    2002
    
    40 yrs.10739 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    797,931
    
    
    
    5,950,894
    
    
    
    321,145
    
    
    
    799,560
    
    
    
    6,270,410
    
    
    
    7,069,970
    
    
    
    1,161,015
    
    
    1999
    
    40 yrs.10735 West Little York Road
    
    Houston, TX
    
    
    
    
    
    
    1,110,988
    
    
    
    6,351,946
    
    
    
    1,711,950
    
    
    
    1,135,483
    
    
    
    8,039,401
    
    
    
    9,174,884
    
    
    
    1,159,934
    
    
    2000
    
    40 yrs.8801-19 & 8821-49 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    2,290,001
    
    
    
    15,297,141
    
    
    
    1,590,836
    
    
    
    2,290,002
    
    
    
    16,887,976
    
    
    
    19,177,978
    
    
    
    2,452,452
    
    
    2000
    
    40 yrs.16685 Air Center Boulevard
    
    Houston, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,935,268
    
    
    
    414,691
    
    
    
    2,520,577
    
    
    
    2,935,268
    
    
    
    339,028
    
    
    2004
    
    40 yrs.8825-8839 N Sam Houston Pkwy
    
    Houston, TX
    
    
    
    
    
    
    638,453
    
    
    
    3,258,815
    
    
    
    565,588
    
    
    
    638,477
    
    
    
    3,824,378
    
    
    
    4,462,856
    
    
    
    531,488
    
    
    2004
    
    40 yrs.8850-8872 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    504,317
    
    
    
    2,878,351
    
    
    
    1,014,679
    
    
    
    504,341
    
    
    
    3,893,006
    
    
    
    4,397,347
    
    
    
    563,067
    
    
    2004
    
    40 yrs.8802-8824 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    1,114,406
    
    
    
    6,364,767
    
    
    
    2,636,014
    
    
    
    2,775,021
    
    
    
    7,340,166
    
    
    
    10,115,187
    
    
    
    1,029,169
    
    
    2004
    
    40 yrs.16602 Central Green Boulevard
    
    Houston, TX
    
    
    
    
    
    
    284,403
    
    
    
    
    
    
    
    4,495,522
    
    
    
    503,779
    
    
    
    4,276,146
    
    
    
    4,779,925
    
    
    
    356,764
    
    
    2005
    
    40 yrs.1646 Rankin Road
    
    Houston, TX
    
    
    
    
    
    
    329,961
    
    
    
    
    
    
    
    4,895,126
    
    
    
    592,234
    
    
    
    4,632,853
    
    
    
    5,225,087
    
    
    
    384,256
    
    
    2005
    
    40 yrs.8301 Fallbrook Drive
    
    Houston, TX
    
    
    
    
    
    
    4,515,862
    
    
    
    
    
    
    
    23,627,618
    
    
    
    5,877,884
    
    
    
    22,265,596
    
    
    
    28,143,480
    
    
    
    334,684
    
    
    2006
    
    40 yrs.5200 N. Sam Houston Parkway
    
    Houston, TX
    
    
    
    
    
    
    1,519,458
    
    
    
    7,135,548
    
    
    
    2,697,458
    
    
    
    1,520,074
    
    
    
    9,832,389
    
    
    
    11,352,464
    
    
    
    332,982
    
    
    2007
    
    40 yrs.5250 N. Sam Houston Parkway
    
    Houston, TX
    
    
    
    
    
    
    2,173,287
    
    
    
    8,868,256
    
    
    
    1,972,563
    
    
    
    2,173,942
    
    
    
    10,840,164
    
    
    
    13,014,106
    
    
    
    306,826
    
    
    2007
    
    40 yrs.11201 Greens Crossing Boulevard
    
    Houston, TX
    
    
    
    
    
    
    1,006,194
    
    
    
    5,412,584
    
    
    
    2,705,102
    
    
    
    1,008,542
    
    
    
    8,115,337
    
    
    
    9,123,879
    
    
    
    229,320
    
    
    2007
    
    40 yrs.850 Greens Parkway
    
    Houston, TX
    
    
    
    
    
    
    2,893,405
    
    
    
    11,593,197
    
    
    
    2,456,282
    
    
    
    2,899,861
    
    
    
    14,043,023
    
    
    
    16,942,883
    
    
    
    340,455
    
    
    2007
    
    40 yrs.860 Greens Parkway
    
    Houston, TX
    
    
    
    
    
    
    1,399,365
    
    
    
    6,344,650
    
    
    
    1,528,602
    
    
    
    1,374,012
    
    
    
    7,898,606
    
    
    
    9,272,618
    
    
    
    193,441
    
    
    2007
    
    40 yrs.20 Wright Avenue
    
    Hunt Valley, MD
    
    
    
    
    
    
    1,205,946
    
    
    
    
    
    
    
    9,645,838
    
    
    
    1,861,025
    
    
    
    8,990,759
    
    
    
    10,851,784
    
    
    
    2,048,033
    
    
    2001
    
    40 yrs.4 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,269,948
    
    
    
    13,551,370
    
    
    
    1,458,110
    
    
    
    3,269,948
    
    
    
    15,009,480
    
    
    
    18,279,428
    
    
    
    2,150,558
    
    
    2003
    
    40 yrs.6 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,077,949
    
    
    
    8,770,566
    
    
    
    984,562
    
    
    
    2,077,949
    
    
    
    9,755,128
    
    
    
    11,833,077
    
    
    
    1,644,000
    
    
    2003
    
    40 yrs.10 North Park Drive
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,211,969
    
    
    
    7,816,042
    
    
    
    238,720
    
    
    
    2,211,969
    
    
    
    8,054,762
    
    
    
    10,266,731
    
    
    
    1,069,482
    
    
    2003
    
    40 yrs.307 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    3,538,319
    
    
    
    14,190,832
    
    
    
    13,353,055
    
    
    
    3,542,881
    
    
    
    27,539,324
    
    
    
    31,082,206
    
    
    
    2,691,105
    
    
    2004
    
    40 yrs.309 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    613,667
    
    
    
    2,458,204
    
    
    
    700,193
    
    
    
    615,096
    
    
    
    3,156,968
    
    
    
    3,772,064
    
    
    
    302,865
    
    
    2004
    
    40 yrs.311 International Circle
    
    Hunt Valley, MD
    
    
    
    
    
    
    313,365
    
    
    
    1,281,093
    
    
    
    76,921
    
    
    
    314,572
    
    
    
    1,356,807
    
    
    
    1,671,380
    
    
    
    108,395
    
    
    2004
    
    40 yrs.8775 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    906,804
    
    
    
    
    
    
    
    10,034,442
    
    
    
    913,013
    
    
    
    10,028,233
    
    
    
    10,941,246
    
    
    
    2,358,535
    
    
    1989
    
    40 yrs.8665,8667,8669 Baypine Road
    
    Jacksonville, FL
    
    
    
    
    
    
    966,552
    
    
    
    
    
    
    
    5,987,169
    
    
    
    974,959
    
    
    
    5,978,762
    
    
    
    6,953,721
    
    
    
    3,075,507
    
    
    1987
    
    40 yrs.7970 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    127,520
    
    
    
    
    
    
    
    1,391,397
    
    
    
    129,979
    
    
    
    1,388,938
    
    
    
    1,518,917
    
    
    
    1,104,987
    
    
    1978
    
    40 yrs.7077 Bonneval Road
    
    Jacksonville, FL
    
    
    
    
    
    
    768,000
    
    
    
    5,789,000
    
    
    
    3,526,767
    
    
    
    774,020
    
    
    
    9,309,747
    
    
    
    10,083,767
    
    
    
    4,201,227
    
    
    1988
    
    40 yrs.4190 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    821,000
    
    
    
    5,866,000
    
    
    
    3,356,397
    
    
    
    827,420
    
    
    
    9,215,977
    
    
    
    10,043,397
    
    
    
    4,496,680
    
    
    1986
    
    40 yrs.7020 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    398,257
    
    
    
    
    
    
    
    2,717,001
    
    
    
    749,811
    
    
    
    2,365,448
    
    
    
    3,115,258
    
    
    
    1,158,479
    
    
    1996
    
    40 yrs.7022 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    706,934
    
    
    
    
    
    
    
    3,572,340
    
    
    
    853,981
    
    
    
    3,425,294
    
    
    
    4,279,274
    
    
    
    1,510,930
    
    
    1996
    
    40 yrs.11777 Central Highway
    
    Jacksonville, FL
    
    
    
    
    
    
    92,207
    
    
    
    429,997
    
    
    
    1,275,050
    
    
    
    140,426
    
    
    
    1,656,828
    
    
    
    1,797,254
    
    
    
    1,127,183
    
    
    1985
    
    40 yrs.4345 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,791,159
    
    
    
    418,093
    
    
    
    8,373,065
    
    
    
    8,791,159
    
    
    
    2,765,051
    
    
    1998
    
    40 yrs.
 94




---



##### Table of Contents



CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES7016 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    597,181
    
    
    
    
    
    
    
    2,373,250
    
    
    
    602,633
    
    
    
    2,367,799
    
    
    
    2,970,431
    
    
    
    1,140,862
    
    
    1996
    
    40 yrs.7018 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    840,996
    
    
    
    
    
    
    
    4,694,026
    
    
    
    846,461
    
    
    
    4,688,561
    
    
    
    5,535,022
    
    
    
    2,186,102
    
    
    1997
    
    40 yrs.7014 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    574,198
    
    
    
    
    
    
    
    3,580,008
    
    
    
    780,486
    
    
    
    3,373,720
    
    
    
    4,154,206
    
    
    
    1,385,190
    
    
    1999
    
    40 yrs.6620 Southpoint Drive
    
    Jacksonville, FL
    
    
    
    
    
    
    614,602
    
    
    
    4,267,477
    
    
    
    1,017,166
    
    
    
    614,602
    
    
    
    5,284,642
    
    
    
    5,899,245
    
    
    
    1,858,105
    
    
    1984
    
    40 yrs.7980 Bayberry Road
    
    Jacksonville, FL
    
    
    
    
    
    
    330,726
    
    
    
    1,338,101
    
    
    
    17,776
    
    
    
    330,726
    
    
    
    1,355,877
    
    
    
    1,686,603
    
    
    
    394,141
    
    
    1978
    
    40 yrs.6600 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    998,432
    
    
    
    4,055,727
    
    
    
    828,152
    
    
    
    1,002,704
    
    
    
    4,879,607
    
    
    
    5,882,311
    
    
    
    1,750,059
    
    
    1986
    
    40 yrs.6700 Southpoint Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    620,719
    
    
    
    2,989,746
    
    
    
    789,809
    
    
    
    624,215
    
    
    
    3,776,060
    
    
    
    4,400,274
    
    
    
    1,563,846
    
    
    1987
    
    40 yrs.4801 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    554,993
    
    
    
    2,993,277
    
    
    
    1,358,664
    
    
    
    554,542
    
    
    
    4,352,392
    
    
    
    4,906,935
    
    
    
    1,671,990
    
    
    1990
    
    40 yrs.4801 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    370,017
    
    
    
    1,995,518
    
    
    
    367,780
    
    
    
    370,039
    
    
    
    2,363,276
    
    
    
    2,733,315
    
    
    
    759,393
    
    
    1990
    
    40 yrs.4810 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    369,694
    
    
    
    3,045,639
    
    
    
    1,007,513
    
    
    
    370,039
    
    
    
    4,052,807
    
    
    
    4,422,846
    
    
    
    1,281,897
    
    
    1990
    
    40 yrs.6602 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    388,519
    
    
    
    2,095,293
    
    
    
    299,475
    
    
    
    388,541
    
    
    
    2,394,745
    
    
    
    2,783,287
    
    
    
    790,611
    
    
    1993
    
    40 yrs.6602 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    296,014
    
    
    
    1,596,347
    
    
    
    453,476
    
    
    
    296,032
    
    
    
    2,049,805
    
    
    
    2,345,837
    
    
    
    645,669
    
    
    1993
    
    40 yrs.6631 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    251,613
    
    
    
    1,356,849
    
    
    
    525,120
    
    
    
    251,627
    
    
    
    1,881,955
    
    
    
    2,133,582
    
    
    
    791,232
    
    
    1994
    
    40 yrs.6631 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    406,561
    
    
    
    2,195,070
    
    
    
    274,915
    
    
    
    407,043
    
    
    
    2,469,503
    
    
    
    2,876,546
    
    
    
    817,142
    
    
    1994
    
    40 yrs.4815 Executive Park Court - 100
    
    Jacksonville, FL
    
    
    
    
    
    
    366,317
    
    
    
    1,975,393
    
    
    
    409,677
    
    
    
    366,339
    
    
    
    2,385,048
    
    
    
    2,751,387
    
    
    
    876,448
    
    
    1995
    
    40 yrs.4815 Executive Park Court - 200
    
    Jacksonville, FL
    
    
    
    
    
    
    462,522
    
    
    
    2,494,397
    
    
    
    512,344
    
    
    
    462,549
    
    
    
    3,006,713
    
    
    
    3,469,263
    
    
    
    1,049,949
    
    
    1995
    
    40 yrs.4825 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    601,278
    
    
    
    3,242,491
    
    
    
    287,899
    
    
    
    601,401
    
    
    
    3,530,267
    
    
    
    4,131,668
    
    
    
    1,166,422
    
    
    1996
    
    40 yrs.4820 Executive Park Court
    
    Jacksonville, FL
    
    
    
    
    
    
    555,173
    
    
    
    2,693,130
    
    
    
    777,785
    
    
    
    555,213
    
    
    
    3,470,875
    
    
    
    4,026,088
    
    
    
    1,111,648
    
    
    1997
    
    40 yrs.6601 Executive Park Circle North
    
    Jacksonville, FL
    
    
    
    
    
    
    551,250
    
    
    
    3,128,361
    
    
    
    110,993
    
    
    
    551,250
    
    
    
    3,239,353
    
    
    
    3,790,603
    
    
    
    876,571
    
    
    1992
    
    40 yrs.4901 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    877,964
    
    
    
    2,360,742
    
    
    
    2,857,775
    
    
    
    877,964
    
    
    
    5,218,517
    
    
    
    6,096,481
    
    
    
    2,096,702
    
    
    1986
    
    40 yrs.4875 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    2,089,347
    
    
    
    
    
    
    
    12,746,697
    
    
    
    2,287,152
    
    
    
    12,548,892
    
    
    
    14,836,044
    
    
    
    19,127
    
    
    1998
    
    40 yrs.4899 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,201
    
    
    
    
    
    
    
    8,299,049
    
    
    
    1,168,062
    
    
    
    8,430,188
    
    
    
    9,598,250
    
    
    
    2,332,310
    
    
    2000
    
    40 yrs.4905 Belfort Street
    
    Jacksonville, FL
    
    
    
    
    
    
    638,154
    
    
    
    
    
    
    
    3,467,521
    
    
    
    641,272
    
    
    
    3,464,403
    
    
    
    4,105,675
    
    
    
    1,067,726
    
    
    2000
    
    40 yrs.7251 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,567,820
    
    
    
    662,559
    
    
    
    2,905,261
    
    
    
    3,567,820
    
    
    
    883,202
    
    
    2000
    
    40 yrs.10245 Centurion Parkway North
    
    Jacksonville, FL
    
    
    
    
    
    
    852,644
    
    
    
    3,510,889
    
    
    
    1,038,509
    
    
    
    853,704
    
    
    
    4,548,337
    
    
    
    5,402,042
    
    
    
    1,287,220
    
    
    1996
    
    40 yrs.4887 Belfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    1,299,202
    
    
    
    
    
    
    
    8,013,821
    
    
    
    1,665,915
    
    
    
    7,647,107
    
    
    
    9,313,022
    
    
    
    2,008,217
    
    
    2002
    
    40 yrs.7255 Salisbury Road
    
    Jacksonville, FL
    
    
    
    
    
    
    392,060
    
    
    
    
    
    
    
    2,975,677
    
    
    
    680,766
    
    
    
    2,686,971
    
    
    
    3,367,737
    
    
    
    700,627
    
    
    2002
    
    40 yrs.5201 Gate Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    3,836,532
    
    
    
    
    
    
    
    21,433,694
    
    
    
    4,269,346
    
    
    
    21,000,880
    
    
    
    25,270,226
    
    
    
    2,025,647
    
    
    2005
    
    40 yrs.3200 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    928,637
    
    
    
    
    
    
    
    7,121,324
    
    
    
    1,210,137
    
    
    
    6,839,824
    
    
    
    8,049,961
    
    
    
    2,905,022
    
    
    1996
    
    40 yrs.440 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    717,001
    
    
    
    4,816,121
    
    
    
    3,338,962
    
    
    
    717,001
    
    
    
    8,155,083
    
    
    
    8,872,084
    
    
    
    3,226,346
    
    
    1988
    
    40 yrs.460 East Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    705,317
    
    
    
    4,737,487
    
    
    
    4,321,549
    
    
    
    705,317
    
    
    
    9,059,036
    
    
    
    9,764,353
    
    
    
    2,487,896
    
    
    1988
    
    40 yrs.151 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    1,218,086
    
    
    
    6,937,866
    
    
    
    6,630,138
    
    
    
    1,186,972
    
    
    
    13,599,118
    
    
    
    14,786,090
    
    
    
    283,014
    
    
    1980
    
    40 yrs.3604 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    397,178
    
    
    
    
    
    
    
    1,628,625
    
    
    
    350,874
    
    
    
    1,674,929
    
    
    
    2,025,803
    
    
    
    750,858
    
    
    1998
    
    40 yrs.3606 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    789,409
    
    
    
    
    
    
    
    2,125,279
    
    
    
    815,855
    
    
    
    2,098,833
    
    
    
    2,914,688
    
    
    
    876,136
    
    
    1997
    
    40 yrs.650 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,911
    
    
    
    6,722,830
    
    
    
    9,556,741
    
    
    
    952,911
    
    
    
    16,279,570
    
    
    
    17,232,481
    
    
    
    7,018,413
    
    
    1971
    
    40 yrs.680 Swedesford Road
    
    King of Prussia, PA
    
    
    
    
    
    
    952,361
    
    
    
    6,722,830
    
    
    
    8,367,206
    
    
    
    952,361
    
    
    
    15,090,036
    
    
    
    16,042,397
    
    
    
    6,558,527
    
    
    1971
    
    40 yrs.3600 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    236,432
    
    
    
    1,856,252
    
    
    
    784,645
    
    
    
    236,432
    
    
    
    2,640,897
    
    
    
    2,877,328
    
    
    
    758,733
    
    
    1989
    
    40 yrs.3602 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    217,734
    
    
    
    1,759,489
    
    
    
    338,288
    
    
    
    217,809
    
    
    
    2,097,701
    
    
    
    2,315,510
    
    
    
    677,108
    
    
    1989
    
    40 yrs.2700 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    764,370
    
    
    
    
    
    
    
    4,242,628
    
    
    
    867,815
    
    
    
    4,139,183
    
    
    
    5,006,998
    
    
    
    1,403,069
    
    
    1998
    
    40 yrs.2900 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    679,440
    
    
    
    
    
    
    
    3,503,074
    
    
    
    774,096
    
    
    
    3,408,418
    
    
    
    4,182,514
    
    
    
    1,096,966
    
    
    1998
    
    40 yrs.2500 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    2,866,474
    
    
    
    592,886
    
    
    
    2,783,167
    
    
    
    3,376,054
    
    
    
    1,104,642
    
    
    1999
    
    40 yrs.2300 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    509,580
    
    
    
    
    
    
    
    3,042,297
    
    
    
    574,152
    
    
    
    2,977,725
    
    
    
    3,551,877
    
    
    
    958,737
    
    
    1999
    
    40 yrs.2100 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,110,111
    
    
    
    
    
    
    
    9,339,057
    
    
    
    1,132,519
    
    
    
    9,316,649
    
    
    
    10,449,169
    
    
    
    3,018,221
    
    
    1999
    
    40 yrs.3400 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    776,496
    
    
    
    3,139,068
    
    
    
    1,276,655
    
    
    
    776,496
    
    
    
    4,415,723
    
    
    
    5,192,219
    
    
    
    1,336,234
    
    
    1995
    
    40 yrs.2301 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,645,246
    
    
    
    
    
    
    
    30,063,879
    
    
    
    4,581,649
    
    
    
    27,127,475
    
    
    
    31,709,124
    
    
    
    6,028,262
    
    
    2002
    
    40 yrs.2520 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    1,020,000
    
    
    
    
    
    
    
    5,015,045
    
    
    
    978,402
    
    
    
    5,056,643
    
    
    
    6,035,045
    
    
    
    2,170,675
    
    
    1999
    
    40 yrs.2201 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,888,377
    
    
    
    2,413,514
    
    
    
    16,474,863
    
    
    
    18,888,377
    
    
    
    3,917,910
    
    
    2000
    
    40 yrs.2540 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,625,497
    
    
    
    274,341
    
    
    
    1,351,156
    
    
    
    1,625,497
    
    
    
    439,087
    
    
    2000
    
    40 yrs.2560 Renaissance Boulevard
    
    King of Prussia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,729,254
    
    
    
    649,792
    
    
    
    3,079,462
    
    
    
    3,729,254
    
    
    
    983,905
    
    
    2000
    
    40 yrs.170 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    547,800
    
    
    
    3,137,400
    
    
    
    3,987,694
    
    
    
    458,232
    
    
    
    7,214,662
    
    
    
    7,672,894
    
    
    
    3,544,518
    
    
    1980
    
    40 yrs.190 South Warner Road
    
    King of Prussia, PA
    
    
    
    
    
    
    552,200
    
    
    
    3,162,600
    
    
    
    1,647,906
    
    
    
    461,909
    
    
    
    4,900,797
    
    
    
    5,362,706
    
    
    
    2,466,986
    
    
    1980
    
    40 yrs.3500 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,204,839
    
    
    
    
    
    
    
    2,630,229
    
    
    
    1,223,875
    
    
    
    2,611,193
    
    
    
    3,835,068
    
    
    
    827,303
    
    
    1996
    
    40 yrs.3000 Horizon Drive
    
    King of Prussia, PA
    
    
    
    
    
    
    1,191,449
    
    
    
    
    
    
    
    2,309,358
    
    
    
    946,703
    
    
    
    2,554,103
    
    
    
    3,500,806
    
    
    
    688,183
    
    
    1997
    
    40 yrs.3100 Horizon Drive
    
    King of Prussia, PA
    
    
    *
    
    
    
    601,956
    
    
    
    
    
    
    
    2,068,047
    
    
    
    611,436
    
    
    
    2,058,568
    
    
    
    2,670,003
    
    
    
    842,426
    
    
    1995
    
    40 yrs.11425 State Highway 225
    
    LaPorte, TX
    
    
    
    
    
    
    975,974
    
    
    
    3,409,036
    
    
    
    8,956
    
    
    
    977,542
    
    
    
    3,416,424
    
    
    
    4,393,966
    
    
    
    274,812
    
    
    2006
    
    40 yrs.11503 State Highway 225
    
    LaPorte, TX
    
    
    
    
    
    
    2,561,931
    
    
    
    9,779,023
    
    
    
    22,961
    
    
    
    2,566,047
    
    
    
    9,797,868
    
    
    
    12,363,915
    
    
    
    627,449
    
    
    2006
    
    40 yrs.7528 Walker Way
    
    Lehigh Valley, PA
    
    
    
    
    
    
    893,441
    
    
    
    
    
    
    
    5,510,455
    
    
    
    779,330
    
    
    
    5,624,567
    
    
    
    6,403,897
    
    
    
    581,674
    
    
    2004
    
    40 yrs.8500 Willard Drive
    
    Lehigh, PA
    
    
    
    
    
    
    6,398,815
    
    
    
    
    
    
    
    21,593,357
    
    
    
    7,640,417
    
    
    
    20,351,755
    
    
    
    27,992,172
    
    
    
    238,144
    
    
    2004
    
    40 yrs.8301 Industrial Boulevard
    
    Lehigh, PA
    
    
    
    
    
    
    11,249,550
    
    
    
    
    
    
    
    44,324,333
    
    
    
    11,254,716
    
    
    
    44,319,167
    
    
    
    55,573,883
    
    
    
    3,543,014
    
    
    2005
    
    40 yrs.31700 Research Park Drive
    
    Madison Heights, MI
    
    
    
    
    
    
    373,202
    
    
    
    1,824,721
    
    
    
    (158,513
    )
    
    
    373,203
    
    
    
    1,666,207
    
    
    
    2,039,410
    
    
    
    474,553
    
    
    1988
    
    40 yrs.31811 Sherman Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    207,599
    
    
    
    1,179,010
    
    
    
    (152,186
    )
    
    
    207,599
    
    
    
    1,026,824
    
    
    
    1,234,423
    
    
    
    315,809
    
    
    1983
    
    40 yrs.1201 East Whitcomb Avenue
    
    Madison Heights, MI
    
    
    
    
    
    
    302,567
    
    
    
    1,213,232
    
    
    
    (167,324
    )
    
    
    302,567
    
    
    
    1,045,908
    
    
    
    1,348,475
    
    
    
    338,473
    
    
    1980
    
    40 yrs.1901 Summit Tower Boulevard
    
    Maitland, FL
    
    
    
    
    
    
    6,078,791
    
    
    
    12,348,567
    
    
    
    2,270,262
    
    
    
    6,083,206
    
    
    
    14,614,415
    
    
    
    20,697,621
    
    
    
    3,698,818
    
    
    1998
    
    40 yrs.45-67 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    795,143
    
    
    
    
    
    
    
    4,196,561
    
    
    
    795,831
    
    
    
    4,195,873
    
    
    
    4,991,704
    
    
    
    2,393,329
    
    
    1974
    
    40 yrs.11,15 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,837,050
    
    
    
    
    
    
    
    15,005,064
    
    
    
    1,837,878
    
    
    
    15,004,237
    
    
    
    16,842,114
    
    
    
    10,408,833
    
    
    1986
    
    40 yrs.27-43 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    448,775
    
    
    
    
    
    
    
    2,545,542
    
    
    
    449,447
    
    
    
    2,544,870
    
    
    
    2,994,317
    
    
    
    1,684,414
    
    
    1977
    
    40 yrs.1 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    400,000
    
    
    
    3,600,000
    
    
    
    1,004,647
    
    
    
    406,421
    
    
    
    4,598,226
    
    
    
    5,004,647
    
    
    
    1,810,575
    
    
    1982
    
    40 yrs.200 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    495,893
    
    
    
    2,739,093
    
    
    
    649,407
    
    
    
    588,384
    
    
    
    3,296,009
    
    
    
    3,884,393
    
    
    
    2,113,705
    
    
    1989
    
    40 yrs.50 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    849,576
    
    
    
    
    
    
    
    13,051,932
    
    
    
    1,337,076
    
    
    
    12,564,432
    
    
    
    13,901,508
    
    
    
    5,256,060
    
    
    1997
    
    40 yrs.1 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    419,460
    
    
    
    3,792,570
    
    
    
    330,704
    
    
    
    419,460
    
    
    
    4,123,273
    
    
    
    4,542,734
    
    
    
    1,272,070
    
    
    1982
    
    40 yrs.5 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    684,200
    
    
    
    6,181,661
    
    
    
    1,594,348
    
    
    
    684,200
    
    
    
    7,776,009
    
    
    
    8,460,209
    
    
    
    2,367,337
    
    
    1983
    
    40 yrs.1001 Cedar Hollow Road
    
    Malvern, PA
    
    
    
    
    
    
    1,436,814
    
    
    
    
    
    
    
    16,097,184
    
    
    
    1,676,470
    
    
    
    15,857,528
    
    
    
    17,533,998
    
    
    
    6,046,629
    
    
    1998
    
    40 yrs.3 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    814,278
    
    
    
    
    
    
    
    4,946,433
    
    
    
    1,128,881
    
    
    
    4,631,830
    
    
    
    5,760,711
    
    
    
    1,237,565
    
    
    1998
    
    40 yrs.425 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,112,927
    
    
    
    321,473
    
    
    
    1,982,568
    
    
    
    2,304,041
    
    
    
    846,015
    
    
    1998
    
    40 yrs.375 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    191,114
    
    
    
    
    
    
    
    2,018,620
    
    
    
    234,922
    
    
    
    1,974,811
    
    
    
    2,209,734
    
    
    
    812,215
    
    
    1998
    
    40 yrs.45 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,380,221
    
    
    
    
    
    
    
    15,314,868
    
    
    
    4,749,748
    
    
    
    14,945,341
    
    
    
    19,695,089
    
    
    
    5,592,198
    
    
    1999
    
    40 yrs.
 95




---



##### Table of Contents



CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES100 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,320,625
    
    
    
    
    
    
    
    6,714,624
    
    
    
    1,451,139
    
    
    
    6,584,110
    
    
    
    8,035,249
    
    
    
    2,703,488
    
    
    1998
    
    40 yrs.600 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,255,848
    
    
    
    2,171,080
    
    
    
    8,098,519
    
    
    
    10,269,598
    
    
    
    2,977,313
    
    
    1999
    
    40 yrs.700 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    2,013,750
    
    
    
    
    
    
    
    8,216,674
    
    
    
    2,158,337
    
    
    
    8,072,087
    
    
    
    10,230,424
    
    
    
    2,945,440
    
    
    1999
    
    40 yrs.18 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    394,036
    
    
    
    3,976,221
    
    
    
    99,539
    
    
    
    397,293
    
    
    
    4,072,504
    
    
    
    4,469,796
    
    
    
    1,029,148
    
    
    1980
    
    40 yrs.11 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    496,297
    
    
    
    
    
    
    
    3,226,924
    
    
    
    708,331
    
    
    
    3,014,890
    
    
    
    3,723,221
    
    
    
    810,169
    
    
    2001
    
    40 yrs.40 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    4,241,137
    
    
    
    17,737,090
    
    
    
    2,182,842
    
    
    
    4,241,167
    
    
    
    19,919,901
    
    
    
    24,161,068
    
    
    
    6,188,393
    
    
    1989
    
    40 yrs.2 West Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    5,405,041
    
    
    
    
    
    
    
    11,635,939
    
    
    
    5,405,042
    
    
    
    11,635,938
    
    
    
    17,040,980
    
    
    
    1,218,933
    
    
    2003
    
    40 yrs.10 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    823,540
    
    
    
    1,341,376
    
    
    
    315,887
    
    
    
    832,244
    
    
    
    1,648,558
    
    
    
    2,480,802
    
    
    
    250,709
    
    
    2003
    
    40 yrs.10, 20 Liberty Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    724,058
    
    
    
    
    
    
    
    5,760,414
    
    
    
    724,846
    
    
    
    5,759,626
    
    
    
    6,484,472
    
    
    
    2,818,957
    
    
    1985
    
    40 yrs.420 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    1,054,418
    
    
    
    
    
    
    
    7,140,197
    
    
    
    1,055,243
    
    
    
    7,139,372
    
    
    
    8,194,615
    
    
    
    3,580,383
    
    
    1989
    
    40 yrs.14 Lee Boulevard
    
    Malvern, PA
    
    
    
    
    
    
    664,282
    
    
    
    
    
    
    
    6,022,257
    
    
    
    643,892
    
    
    
    6,042,647
    
    
    
    6,686,539
    
    
    
    3,107,281
    
    
    1988
    
    40 yrs.500 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    472,364
    
    
    
    
    
    
    
    3,323,124
    
    
    
    519,742
    
    
    
    3,275,746
    
    
    
    3,795,488
    
    
    
    1,804,871
    
    
    1988
    
    40 yrs.300-400 Chesterfield Parkway
    
    Malvern, PA
    
    
    
    
    
    
    937,212
    
    
    
    
    
    
    
    5,742,100
    
    
    
    1,012,843
    
    
    
    5,666,469
    
    
    
    6,679,312
    
    
    
    2,967,422
    
    
    1988
    
    40 yrs.40 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    322,918
    
    
    
    
    
    
    
    3,282,210
    
    
    
    325,775
    
    
    
    3,279,352
    
    
    
    3,605,128
    
    
    
    1,678,712
    
    
    1987
    
    40 yrs.50 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    323,971
    
    
    
    
    
    
    
    3,204,468
    
    
    
    323,792
    
    
    
    3,204,647
    
    
    
    3,528,439
    
    
    
    1,436,712
    
    
    1987
    
    40 yrs.20 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    465,539
    
    
    
    
    
    
    
    5,835,528
    
    
    
    466,413
    
    
    
    5,834,654
    
    
    
    6,301,067
    
    
    
    3,318,987
    
    
    1987
    
    40 yrs.257-275 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    504,611
    
    
    
    
    
    
    
    5,192,928
    
    
    
    505,458
    
    
    
    5,192,081
    
    
    
    5,697,539
    
    
    
    3,345,868
    
    
    1983
    
    40 yrs.300 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    368,626
    
    
    
    
    
    
    
    1,344,816
    
    
    
    374,497
    
    
    
    1,338,945
    
    
    
    1,713,442
    
    
    
    769,673
    
    
    1985
    
    40 yrs.277-293 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    530,729
    
    
    
    
    
    
    
    2,452,813
    
    
    
    531,534
    
    
    
    2,452,008
    
    
    
    2,983,542
    
    
    
    1,480,904
    
    
    1984
    
    40 yrs.311 Technology Drive
    
    Malvern, PA
    
    
    
    
    
    
    397,131
    
    
    
    
    
    
    
    2,911,205
    
    
    
    397,948
    
    
    
    2,910,388
    
    
    
    3,308,336
    
    
    
    1,616,977
    
    
    1984
    
    40 yrs.7 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    176,435
    
    
    
    
    
    
    
    5,105,230
    
    
    
    177,317
    
    
    
    5,104,349
    
    
    
    5,281,665
    
    
    
    3,183,485
    
    
    1985
    
    40 yrs.55 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    215,005
    
    
    
    
    
    
    
    4,393,160
    
    
    
    215,818
    
    
    
    4,392,348
    
    
    
    4,608,165
    
    
    
    2,300,673
    
    
    1983
    
    40 yrs.65 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    381,544
    
    
    
    
    
    
    
    7,203,727
    
    
    
    382,361
    
    
    
    7,202,910
    
    
    
    7,585,271
    
    
    
    4,415,881
    
    
    1983
    
    40 yrs.508 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    331,392
    
    
    
    
    
    
    
    2,021,104
    
    
    
    332,216
    
    
    
    2,020,280
    
    
    
    2,352,496
    
    
    
    1,333,384
    
    
    1984
    
    40 yrs.10 Valley Stream Parkway
    
    Malvern, PA
    
    
    
    
    
    
    509,075
    
    
    
    
    
    
    
    3,142,498
    
    
    
    509,899
    
    
    
    3,141,674
    
    
    
    3,651,573
    
    
    
    1,876,084
    
    
    1984
    
    40 yrs.333 Phoenixville Pike
    
    Malvern, PA
    
    
    
    
    
    
    523,530
    
    
    
    
    
    
    
    3,109,124
    
    
    
    524,230
    
    
    
    3,108,424
    
    
    
    3,632,654
    
    
    
    1,735,696
    
    
    1985
    
    40 yrs.30 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    128,126
    
    
    
    
    
    
    
    385,634
    
    
    
    128,783
    
    
    
    384,977
    
    
    
    513,760
    
    
    
    330,693
    
    
    1975
    
    40 yrs.77-123 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    887,664
    
    
    
    
    
    
    
    5,989,734
    
    
    
    888,359
    
    
    
    5,989,039
    
    
    
    6,877,398
    
    
    
    3,817,572
    
    
    1978
    
    40 yrs.205 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    1,368,259
    
    
    
    
    
    
    
    10,951,703
    
    
    
    1,369,003
    
    
    
    10,950,959
    
    
    
    12,319,962
    
    
    
    7,311,132
    
    
    1981
    
    40 yrs.12,14,16 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    130,689
    
    
    
    
    
    
    
    1,560,924
    
    
    
    128,767
    
    
    
    1,562,846
    
    
    
    1,691,613
    
    
    
    1,010,537
    
    
    1982
    
    40 yrs.155 Great Valley Parkway
    
    Malvern, PA
    
    
    
    
    
    
    625,147
    
    
    
    
    
    
    
    2,627,280
    
    
    
    626,068
    
    
    
    2,626,359
    
    
    
    3,252,427
    
    
    
    1,682,215
    
    
    1981
    
    40 yrs.510 Lapp Road
    
    Malvern, PA
    
    
    
    
    
    
    356,950
    
    
    
    
    
    
    
    926,587
    
    
    
    357,751
    
    
    
    925,786
    
    
    
    1,283,537
    
    
    
    615,963
    
    
    1983
    
    40 yrs.60 Morehall Road
    
    Malvern, PA
    
    
    
    
    
    
    865,424
    
    
    
    9,285,000
    
    
    
    5,003,181
    
    
    
    884,974
    
    
    
    14,268,631
    
    
    
    15,153,605
    
    
    
    7,616,738
    
    
    1989
    
    40 yrs.5 Country View Road
    
    Malvern, PA
    
    
    
    
    
    
    785,168
    
    
    
    4,678,632
    
    
    
    1,056,753
    
    
    
    786,235
    
    
    
    5,734,318
    
    
    
    6,520,553
    
    
    
    2,238,508
    
    
    1985
    
    40 yrs.75 Great Valley Parkway
    
    Malvern, PA
    
    
    233,819
    
    
    
    143,074
    
    
    
    
    
    
    
    888,076
    
    
    
    143,811
    
    
    
    887,338
    
    
    
    1,031,150
    
    
    
    639,417
    
    
    1977
    
    40 yrs.7550 Meridian Circle
    
    Maple Grove, MN
    
    
    
    
    
    
    513,250
    
    
    
    2,901,906
    
    
    
    480,768
    
    
    
    513,250
    
    
    
    3,382,673
    
    
    
    3,895,923
    
    
    
    924,902
    
    
    1989
    
    40 yrs.701A Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    264,387
    
    
    
    3,772,000
    
    
    
    4,136,671
    
    
    
    271,743
    
    
    
    7,901,315
    
    
    
    8,173,058
    
    
    
    3,869,216
    
    
    1987
    
    40 yrs.701C Route 73 South
    
    Marlton, NJ
    
    
    
    
    
    
    84,949
    
    
    
    1,328,000
    
    
    
    630,335
    
    
    
    96,161
    
    
    
    1,947,123
    
    
    
    2,043,284
    
    
    
    787,244
    
    
    1987
    
    40 yrs.400 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    69,402
    
    
    
    
    
    
    
    3,794,883
    
    
    
    317,799
    
    
    
    3,546,486
    
    
    
    3,864,285
    
    
    
    1,160,762
    
    
    1999
    
    40 yrs.406 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    321,455
    
    
    
    1,539,871
    
    
    
    1,152,052
    
    
    
    327,554
    
    
    
    2,685,824
    
    
    
    3,013,378
    
    
    
    1,208,728
    
    
    1990
    
    40 yrs.301 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    1,627,277
    
    
    
    1,069,838
    
    
    
    6,407,440
    
    
    
    7,477,277
    
    
    
    2,579,480
    
    
    1988
    
    40 yrs.303 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    1,069,837
    
    
    
    4,780,163
    
    
    
    3,061,402
    
    
    
    1,069,838
    
    
    
    7,841,565
    
    
    
    8,911,402
    
    
    
    3,095,840
    
    
    1988
    
    40 yrs.901 Route 73
    
    Marlton, NJ
    
    
    
    
    
    
    334,411
    
    
    
    2,733,314
    
    
    
    822,958
    
    
    
    334,411
    
    
    
    3,556,271
    
    
    
    3,890,683
    
    
    
    1,303,790
    
    
    1985
    
    40 yrs.404 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    1,809,487
    
    
    
    131,896
    
    
    
    1,809,487
    
    
    
    1,941,383
    
    
    
    732,345
    
    
    1997
    
    40 yrs.402 Lippincott Drive
    
    Marlton, NJ
    
    
    
    
    
    
    131,896
    
    
    
    
    
    
    
    2,096,558
    
    
    
    131,896
    
    
    
    2,096,558
    
    
    
    2,228,454
    
    
    
    785,592
    
    
    1997
    
    40 yrs.75 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    419,731
    
    
    
    
    
    
    
    2,476,356
    
    
    
    430,909
    
    
    
    2,465,178
    
    
    
    2,896,087
    
    
    
    276,134
    
    
    2003
    
    40 yrs.65 Brookfield Oaks Drive
    
    Mauldin, SC
    
    
    
    
    
    
    557,174
    
    
    
    
    
    
    
    2,745,259
    
    
    
    506,318
    
    
    
    2,796,116
    
    
    
    3,302,434
    
    
    
    273,241
    
    
    2004
    
    40 yrs.7800 N. 113th Street
    
    Milwaukee, WI
    
    
    
    
    
    
    1,711,964
    
    
    
    6,847,857
    
    
    
    417,823
    
    
    
    1,711,964
    
    
    
    7,265,680
    
    
    
    8,977,644
    
    
    
    2,144,918
    
    
    1991
    
    40 yrs.11950 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    391,813
    
    
    
    2,340,118
    
    
    
    597,682
    
    
    
    394,938
    
    
    
    2,934,675
    
    
    
    3,329,613
    
    
    
    962,505
    
    
    1986
    
    40 yrs.11400 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    439,595
    
    
    
    2,357,904
    
    
    
    352,646
    
    
    
    443,101
    
    
    
    2,707,044
    
    
    
    3,150,145
    
    
    
    678,300
    
    
    1986
    
    40 yrs.11425 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    382,256
    
    
    
    2,350,619
    
    
    
    978,198
    
    
    
    385,305
    
    
    
    3,325,768
    
    
    
    3,711,073
    
    
    
    1,301,393
    
    
    1987
    
    40 yrs.11301 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    614,477
    
    
    
    2,626,456
    
    
    
    123,888
    
    
    
    619,465
    
    
    
    2,745,357
    
    
    
    3,364,821
    
    
    
    679,473
    
    
    1987
    
    40 yrs.11900 W. Lake Park Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    347,853
    
    
    
    2,396,887
    
    
    
    1,077,279
    
    
    
    350,628
    
    
    
    3,471,392
    
    
    
    3,822,020
    
    
    
    1,219,789
    
    
    1987
    
    40 yrs.11414 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    234,443
    
    
    
    
    
    
    
    10,745,623
    
    
    
    491,531
    
    
    
    10,488,536
    
    
    
    10,980,067
    
    
    
    3,129,496
    
    
    2001
    
    40 yrs.11520 West Calumet Road
    
    Milwaukee, WI
    
    
    
    
    
    
    341,698
    
    
    
    1,527,548
    
    
    
    78,494
    
    
    
    341,698
    
    
    
    1,606,042
    
    
    
    1,947,740
    
    
    
    372,203
    
    
    1995
    
    40 yrs.12100 West Park Place
    
    Milwaukee, WI
    
    
    
    
    
    
    534,470
    
    
    
    3,239,389
    
    
    
    572,084
    
    
    
    532,370
    
    
    
    3,813,573
    
    
    
    4,345,943
    
    
    
    1,107,320
    
    
    1984
    
    40 yrs.11100 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    1,800,000
    
    
    
    
    
    
    
    7,537,760
    
    
    
    1,801,024
    
    
    
    7,536,736
    
    
    
    9,337,760
    
    
    
    1,330,833
    
    
    2003
    
    40 yrs.11050 West Liberty Drive
    
    Milwaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,816,745
    
    
    
    914,760
    
    
    
    2,901,985
    
    
    
    3,816,745
    
    
    
    175,374
    
    
    2005
    
    40 yrs.4700 Nathan Lane North
    
    Minneapolis, MN
    
    
    
    
    
    
    1,501,308
    
    
    
    8,446,083
    
    
    
    225,056
    
    
    
    1,501,308
    
    
    
    8,671,139
    
    
    
    10,172,447
    
    
    
    2,049,711
    
    
    1996
    
    40 yrs.4600 Nathan Lane
    
    Minneapolis, MN
    
    
    
    
    
    
    1,063,558
    
    
    
    
    
    
    
    6,683,083
    
    
    
    1,038,197
    
    
    
    6,708,444
    
    
    
    7,746,641
    
    
    
    2,184,719
    
    
    2002
    
    40 yrs.12501 & 12701 Whitewater Drive
    
    Minnegonka, MN
    
    
    
    
    
    
    2,175,209
    
    
    
    3,948,085
    
    
    
    7,480,997
    
    
    
    2,177,953
    
    
    
    11,426,338
    
    
    
    13,604,291
    
    
    
    1,523,808
    
    
    1986
    
    40 yrs.5600 & 5610 Rowland Road
    
    Minnetonka, MN
    
    
    
    
    
    
    828,650
    
    
    
    7,399,409
    
    
    
    2,154,498
    
    
    
    829,263
    
    
    
    9,553,293
    
    
    
    10,382,557
    
    
    
    3,528,882
    
    
    1988
    
    40 yrs.5400-5500 Feltl Road
    
    Minnetonka, MN
    
    
    
    
    
    
    883,895
    
    
    
    7,983,345
    
    
    
    2,288,449
    
    
    
    883,895
    
    
    
    10,271,794
    
    
    
    11,155,689
    
    
    
    3,272,429
    
    
    1985
    
    40 yrs.3400 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,153
    
    
    
    11,345,881
    
    
    
    1,661,289
    
    
    
    2,022,153
    
    
    
    13,007,169
    
    
    
    15,029,323
    
    
    
    3,866,622
    
    
    1990
    
    40 yrs.3450 Lakeside Drive
    
    Miramar, FL
    
    
    
    
    
    
    2,022,152
    
    
    
    11,357,143
    
    
    
    2,623,700
    
    
    
    2,022,152
    
    
    
    13,980,843
    
    
    
    16,002,994
    
    
    
    4,453,379
    
    
    1990
    
    40 yrs.3350 SW 148th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    2,960,511
    
    
    
    
    
    
    
    19,988,526
    
    
    
    2,980,689
    
    
    
    19,968,347
    
    
    
    22,949,037
    
    
    
    5,995,017
    
    
    2000
    
    40 yrs.324 Park Knoll Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,449,092
    
    
    
    4,424,932
    
    
    
    239,301
    
    
    
    1,449,450
    
    
    
    4,663,875
    
    
    
    6,113,325
    
    
    
    221,707
    
    
    2007
    
    40 yrs.619 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,031,430
    
    
    
    5,655,167
    
    
    
    406,756
    
    
    
    1,031,685
    
    
    
    6,061,668
    
    
    
    7,093,353
    
    
    
    273,517
    
    
    2007
    
    40 yrs.627 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,061,370
    
    
    
    5,152,110
    
    
    
    231,852
    
    
    
    1,061,632
    
    
    
    5,383,700
    
    
    
    6,445,332
    
    
    
    226,746
    
    
    2007
    
    40 yrs.701 Distribution Drive
    
    Morrisville, NC
    
    
    *
    
    
    
    1,300,889
    
    
    
    5,313,226
    
    
    
    206,727
    
    
    
    1,301,211
    
    
    
    5,519,632
    
    
    
    6,820,842
    
    
    
    230,736
    
    
    2007
    
    40 yrs.330 Fellowship Road
    
    Mount Laurel, NJ
    
    
    
    
    
    
    3,730,570
    
    
    
    
    
    
    
    15,782,675
    
    
    
    3,758,270
    
    
    
    15,754,975
    
    
    
    19,513,245
    
    
    
    118,386
    
    
    2006
    
    40 yrs.300 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,350,519
    
    
    
    1,098,904
    
    
    
    6,251,616
    
    
    
    7,350,519
    
    
    
    838,722
    
    
    2004
    
    40 yrs.302 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,512,120
    
    
    
    
    
    
    
    2,931,388
    
    
    
    539,060
    
    
    
    3,904,448
    
    
    
    4,443,507
    
    
    
    356,761
    
    
    2001
    
    40 yrs.3001 Leadenhall Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    1,925,719
    
    
    
    191,390
    
    
    
    10,965,396
    
    
    
    1,936,489
    
    
    
    11,146,016
    
    
    
    13,082,505
    
    
    
    1,731,986
    
    
    2003
    
    40 yrs.350 Fellowship Road
    
    Mt Laurel, NJ
    
    
    
    
    
    
    2,960,159
    
    
    
    1,449,611
    
    
    
    4,555,353
    
    
    
    2,970,687
    
    
    
    5,994,436
    
    
    
    8,965,123
    
    
    
    397,053
    
    
    2006
    
    40 yrs.4001 Leadenhall Road
    
    Mt. Laurel,  NJ
    
    
    
    
    
    
    3,207,885
    
    
    
    391,167
    
    
    
    18,894,592
    
    
    
    2,784,694
    
    
    
    19,708,950
    
    
    
    22,493,644
    
    
    
    4,148,410
    
    
    2002
    
    40 yrs.
 96




---



##### Table of Contents



CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES3000 Atrium Way
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    500,000
    
    
    
    4,500,000
    
    
    
    5,049,174
    
    
    
    512,018
    
    
    
    9,537,156
    
    
    
    10,049,174
    
    
    
    4,500,007
    
    
    1987
    
    40 yrs.11000, 15000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,585
    
    
    
    4,394,900
    
    
    
    622,498
    
    
    
    311,950
    
    
    
    5,016,033
    
    
    
    5,327,983
    
    
    
    2,405,135
    
    
    1985
    
    40 yrs.12000, 14000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    361,800
    
    
    
    3,285,817
    
    
    
    968,639
    
    
    
    362,855
    
    
    
    4,253,401
    
    
    
    4,616,256
    
    
    
    1,746,377
    
    
    1985
    
    40 yrs.16000, 18000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    289,700
    
    
    
    2,512,683
    
    
    
    1,335,052
    
    
    
    290,545
    
    
    
    3,846,890
    
    
    
    4,137,435
    
    
    
    1,379,385
    
    
    1985
    
    40 yrs.1300 Route 73 North
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    449,400
    
    
    
    3,074,850
    
    
    
    2,152,136
    
    
    
    450,558
    
    
    
    5,225,828
    
    
    
    5,676,386
    
    
    
    1,991,748
    
    
    1988
    
    40 yrs.6000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,151
    
    
    
    2,022,683
    
    
    
    902,135
    
    
    
    234,151
    
    
    
    2,924,818
    
    
    
    3,158,969
    
    
    
    1,102,498
    
    
    1985
    
    40 yrs.7000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    260,014
    
    
    
    2,236,684
    
    
    
    428,261
    
    
    
    260,014
    
    
    
    2,664,945
    
    
    
    2,924,959
    
    
    
    947,137
    
    
    1984
    
    40 yrs.8000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    234,814
    
    
    
    1,995,098
    
    
    
    468,864
    
    
    
    234,814
    
    
    
    2,463,962
    
    
    
    2,698,776
    
    
    
    726,982
    
    
    1983
    
    40 yrs.9000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    286,587
    
    
    
    2,474,820
    
    
    
    999,069
    
    
    
    286,587
    
    
    
    3,473,888
    
    
    
    3,760,476
    
    
    
    1,235,450
    
    
    1983
    
    40 yrs.1000 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    288,577
    
    
    
    2,546,537
    
    
    
    1,481,895
    
    
    
    288,577
    
    
    
    4,028,432
    
    
    
    4,317,009
    
    
    
    1,762,710
    
    
    1986
    
    40 yrs.1020 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    494,334
    
    
    
    
    
    
    
    3,166,630
    
    
    
    569,184
    
    
    
    3,091,781
    
    
    
    3,660,964
    
    
    
    1,022,257
    
    
    1999
    
    40 yrs.2000 Crawford Place
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    310,831
    
    
    
    2,797,744
    
    
    
    2,918,905
    
    
    
    310,831
    
    
    
    5,716,649
    
    
    
    6,027,480
    
    
    
    2,538,858
    
    
    1986
    
    40 yrs.5000 Dearborn Court
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    1,057,763
    
    
    
    4,191,827
    
    
    
    1,651,610
    
    
    
    1,057,763
    
    
    
    5,843,437
    
    
    
    6,901,200
    
    
    
    1,628,440
    
    
    1988
    
    40 yrs.1001 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    701,705
    
    
    
    3,505,652
    
    
    
    2,139,294
    
    
    
    701,705
    
    
    
    5,644,946
    
    
    
    6,346,652
    
    
    
    2,407,293
    
    
    1986
    
    40 yrs.1015 Briggs Road
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    356,987
    
    
    
    
    
    
    
    3,673,175
    
    
    
    470,659
    
    
    
    3,559,503
    
    
    
    4,030,162
    
    
    
    1,075,140
    
    
    2000
    
    40 yrs.17000 Commerce Parkway
    
    Mt. Laurel, NJ
    
    
    
    
    
    
    144,515
    
    
    
    
    
    
    
    3,457,069
    
    
    
    144,515
    
    
    
    3,457,069
    
    
    
    3,601,584
    
    
    
    962,620
    
    
    2001
    
    40 yrs.1025 Briggs Road
    
    Mt. Laurel, NJ
    
    
    278,931
    
    
    
    430,990
    
    
    
    3,714,828
    
    
    
    1,234,492
    
    
    
    430,990
    
    
    
    4,949,320
    
    
    
    5,380,310
    
    
    
    1,830,207
    
    
    1987
    
    40 yrs.6 Terry Drive
    
    Newtown, PA
    
    
    
    
    
    
    622,029
    
    
    
    2,228,851
    
    
    
    1,023,137
    
    
    
    622,205
    
    
    
    3,251,811
    
    
    
    3,874,016
    
    
    
    1,175,053
    
    
    1981
    
    40 yrs.550-590 Hale Avenue
    
    Oakdale, MN
    
    
    
    
    
    
    765,535
    
    
    
    3,488,754
    
    
    
    666,032
    
    
    
    766,390
    
    
    
    4,153,931
    
    
    
    4,920,320
    
    
    
    1,174,506
    
    
    1996
    
    40 yrs.1879 Lamont Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,976,000
    
    
    
    8,099,579
    
    
    
    2,469,160
    
    
    
    2,011,030
    
    
    
    10,533,709
    
    
    
    12,544,739
    
    
    
    1,157,212
    
    
    2004
    
    40 yrs.350 Winmeyer Avenue
    
    Odenton, MD
    
    
    
    
    
    
    1,778,400
    
    
    
    7,289,165
    
    
    
    1,867,935
    
    
    
    1,809,927
    
    
    
    9,125,573
    
    
    
    10,935,500
    
    
    
    958,092
    
    
    2004
    
    40 yrs.9600 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    252,850
    
    
    
    1,297,923
    
    
    
    62,116
    
    
    
    252,850
    
    
    
    1,360,039
    
    
    
    1,612,889
    
    
    
    410,096
    
    
    1989
    
    40 yrs.9700 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    405,362
    
    
    
    1,146,546
    
    
    
    350,999
    
    
    
    405,362
    
    
    
    1,497,545
    
    
    
    1,902,907
    
    
    
    472,552
    
    
    1989
    
    40 yrs.1902 Cypress Lake Drive
    
    Orlando, FL
    
    
    
    
    
    
    523,512
    
    
    
    3,191,790
    
    
    
    1,027,641
    
    
    
    538,512
    
    
    
    4,204,431
    
    
    
    4,742,943
    
    
    
    1,349,433
    
    
    1989
    
    40 yrs.9550 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    574,831
    
    
    
    
    
    
    
    2,330,526
    
    
    
    587,319
    
    
    
    2,318,038
    
    
    
    2,905,357
    
    
    
    716,478
    
    
    1999
    
    40 yrs.10511 & 10611 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    517,554
    
    
    
    2,568,186
    
    
    
    487,613
    
    
    
    522,991
    
    
    
    3,050,362
    
    
    
    3,573,353
    
    
    
    1,013,101
    
    
    1985
    
    40 yrs.1400-1440 Central Florida Parkway
    
    Orlando, FL
    
    
    
    
    
    
    518,043
    
    
    
    2,561,938
    
    
    
    862,155
    
    
    
    518,043
    
    
    
    3,424,093
    
    
    
    3,942,136
    
    
    
    918,802
    
    
    1962
    
    40 yrs.2216 Directors Row
    
    Orlando, FL
    
    
    
    
    
    
    453,918
    
    
    
    2,572,202
    
    
    
    30,979
    
    
    
    453,918
    
    
    
    2,603,181
    
    
    
    3,057,099
    
    
    
    686,270
    
    
    1998
    
    40 yrs.2400 South Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    385,964
    
    
    
    
    
    
    
    2,409,102
    
    
    
    642,427
    
    
    
    2,152,639
    
    
    
    2,795,066
    
    
    
    498,346
    
    
    2001
    
    40 yrs.6923 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    3,790,657
    
    
    
    830,953
    
    
    
    3,863,405
    
    
    
    4,694,358
    
    
    
    218,655
    
    
    2006
    
    40 yrs.6501 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    903,701
    
    
    
    
    
    
    
    5,560,142
    
    
    
    925,671
    
    
    
    5,538,172
    
    
    
    6,463,843
    
    
    
    1,024,755
    
    
    2001
    
    40 yrs.2416 Lake Orange Drive
    
    Orlando, FL
    
    
    
    
    
    
    535,964
    
    
    
    
    
    
    
    3,175,219
    
    
    
    704,800
    
    
    
    3,006,382
    
    
    
    3,711,182
    
    
    
    951,877
    
    
    2002
    
    40 yrs.10771 Palm Bay Drive
    
    Orlando, FL
    
    
    
    
    
    
    664,605
    
    
    
    
    
    
    
    2,362,814
    
    
    
    685,383
    
    
    
    2,342,035
    
    
    
    3,027,419
    
    
    
    416,722
    
    
    2001
    
    40 yrs.10003 Satellite Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    680,312
    
    
    
    2,120,754
    
    
    
    1,241,828
    
    
    
    680,312
    
    
    
    3,362,582
    
    
    
    4,042,894
    
    
    
    662,327
    
    
    2003
    
    40 yrs.1090 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    878,320
    
    
    
    2,558,833
    
    
    
    1,371,034
    
    
    
    878,320
    
    
    
    3,929,867
    
    
    
    4,808,187
    
    
    
    529,509
    
    
    2003
    
    40 yrs.2202 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,631,110
    
    
    
    1,283,713
    
    
    
    5,347,397
    
    
    
    6,631,110
    
    
    
    1,072,811
    
    
    2004
    
    40 yrs.South Center Land-Phase II
    
    Orlando, FL
    
    
    
    
    
    
    838,853
    
    
    
    
    
    
    
    4,084,539
    
    
    
    767,953
    
    
    
    4,155,440
    
    
    
    4,923,392
    
    
    
    298,526
    
    
    2006
    
    40 yrs.7315 Kingspointe Parkway
    
    Orlando, FL
    
    
    
    
    
    
    1,931,697
    
    
    
    6,388,203
    
    
    
    2,135,046
    
    
    
    1,932,004
    
    
    
    8,522,943
    
    
    
    10,454,946
    
    
    
    1,287,196
    
    
    2004
    
    40 yrs.2351 Investors Row
    
    Orlando, FL
    
    
    
    
    
    
    2,261,924
    
    
    
    7,496,249
    
    
    
    411,516
    
    
    
    2,263,211
    
    
    
    7,906,478
    
    
    
    10,169,689
    
    
    
    790,763
    
    
    2004
    
    40 yrs.1950 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,700
    
    
    
    17,478,646
    
    
    
    587,603
    
    
    
    2,583,667
    
    
    
    18,056,282
    
    
    
    20,639,949
    
    
    
    1,772,310
    
    
    2005
    
    40 yrs.1958 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    2,573,961
    
    
    
    11,206,937
    
    
    
    8,841,420
    
    
    
    2,583,216
    
    
    
    20,039,102
    
    
    
    22,622,318
    
    
    
    2,031,969
    
    
    2005
    
    40 yrs.6200 Lee Vista Boulevard
    
    Orlando, FL
    
    
    
    
    
    
    1,423,584
    
    
    
    6,399,510
    
    
    
    65,322
    
    
    
    1,435,301
    
    
    
    6,453,115
    
    
    
    7,888,416
    
    
    
    543,837
    
    
    2006
    
    40 yrs.7022 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,443,510
    
    
    
    6,845,559
    
    
    
    572,022
    
    
    
    1,457,286
    
    
    
    7,403,806
    
    
    
    8,861,092
    
    
    
    625,097
    
    
    2006
    
    40 yrs.7100 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,431,489
    
    
    
    7,948,341
    
    
    
    576,378
    
    
    
    1,445,807
    
    
    
    8,510,400
    
    
    
    9,956,207
    
    
    
    576,967
    
    
    2006
    
    40 yrs.7101 TPC Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,553,537
    
    
    
    5,301,499
    
    
    
    777,653
    
    
    
    1,570,863
    
    
    
    6,061,826
    
    
    
    7,632,689
    
    
    
    436,743
    
    
    2006
    
    40 yrs.851 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    332,992
    
    
    
    
    
    
    
    2,559,105
    
    
    
    373,500
    
    
    
    2,518,597
    
    
    
    2,892,097
    
    
    
    28,215
    
    
    2006
    
    40 yrs.950 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    443,989
    
    
    
    
    
    
    
    2,496,959
    
    
    
    464,800
    
    
    
    2,476,148
    
    
    
    2,940,948
    
    
    
    28,432
    
    
    2006
    
    40 yrs.1000 Gills Drive
    
    Orlando, FL
    
    
    
    
    
    
    415,906
    
    
    
    
    
    
    
    2,700,326
    
    
    
    435,400
    
    
    
    2,680,832
    
    
    
    3,116,232
    
    
    
    36,577
    
    
    2006
    
    40 yrs.8751 Skinner Court
    
    Orlando, FL
    
    
    
    
    
    
    1,009,532
    
    
    
    
    
    
    
    5,452,988
    
    
    
    1,075,437
    
    
    
    5,387,083
    
    
    
    6,462,520
    
    
    
    50,479
    
    
    2008
    
    40 yrs.2256 Taft-Vineland Road
    
    Orlando, FL
    
    
    
    
    
    
    467,296
    
    
    
    
    
    
    
    2,494,666
    
    
    
    825,673
    
    
    
    2,136,290
    
    
    
    2,961,963
    
    
    
    237,098
    
    
    2005
    
    40 yrs.8801 Tinicum Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    2,474,031
    
    
    
    
    
    
    
    43,598,952
    
    
    
    125,087
    
    
    
    45,947,896
    
    
    
    46,072,983
    
    
    
    15,252,548
    
    
    1997
    
    40 yrs.3 Franklin Plaza
    
    Philadelphia, PA
    
    
    
    
    
    
    2,483,144
    
    
    
    
    
    
    
    32,150,134
    
    
    
    2,514,519
    
    
    
    32,118,759
    
    
    
    34,633,278
    
    
    
    7,807,092
    
    
    1999
    
    40 yrs.4751 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    992,965
    
    
    
    331,924
    
    
    
    6,753,197
    
    
    
    1,022,081
    
    
    
    7,056,006
    
    
    
    8,078,087
    
    
    
    989,840
    
    
    2003
    
    40 yrs.1 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    567,280
    
    
    
    
    
    
    
    14,379,278
    
    
    
    347,892
    
    
    
    14,598,666
    
    
    
    14,946,558
    
    
    
    917,104
    
    
    2004
    
    40 yrs.4775 League Island Boulevard
    
    Philadelphia, PA
    
    
    
    
    
    
    891,892
    
    
    
    
    
    
    
    5,757,514
    
    
    
    366,982
    
    
    
    6,282,425
    
    
    
    6,649,406
    
    
    
    176,510
    
    
    2006
    
    40 yrs.4410 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    4,758,484
    
    
    
    10,559,563
    
    
    
    4,222,270
    
    
    
    4,765,172
    
    
    
    14,775,144
    
    
    
    19,540,317
    
    
    
    224,278
    
    
    2007
    
    40 yrs.4750 S. 44th Place
    
    Phoenix, AZ
    
    
    
    
    
    
    3,756,307
    
    
    
    8,336,400
    
    
    
    3,624,432
    
    
    
    3,761,587
    
    
    
    11,955,552
    
    
    
    15,717,139
    
    
    
    175,068
    
    
    2007
    
    40 yrs.4435 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    1,910,584
    
    
    
    1,954,020
    
    
    
    2,167,338
    
    
    
    1,911,045
    
    
    
    4,120,898
    
    
    
    6,031,943
    
    
    
    127,251
    
    
    2007
    
    40 yrs.4207 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    1,409,908
    
    
    
    4,680,808
    
    
    
    1,096,836
    
    
    
    1,410,248
    
    
    
    5,777,305
    
    
    
    7,187,552
    
    
    
    415,229
    
    
    2007
    
    40 yrs.4217 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    
    
    
    
    4,831,925
    
    
    
    10,045,599
    
    
    
    2,015,623
    
    
    
    4,833,088
    
    
    
    12,060,059
    
    
    
    16,893,147
    
    
    
    598,710
    
    
    2007
    
    40 yrs.4425 E. Cotton Center Boulvard
    
    Phoenix, AZ
    
    
    *
    
    
    
    7,318,457
    
    
    
    24,549,401
    
    
    
    28,556
    
    
    
    7,318,457
    
    
    
    24,577,957
    
    
    
    31,896,413
    
    
    
    1,212,322
    
    
    2007
    
    40 yrs.4415 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    1,749,957
    
    
    
    3,767,213
    
    
    
    6,137
    
    
    
    1,749,957
    
    
    
    3,773,350
    
    
    
    5,523,308
    
    
    
    260,492
    
    
    2007
    
    40 yrs.4405 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    2,646,318
    
    
    
    9,697,439
    
    
    
    9,441
    
    
    
    2,646,318
    
    
    
    9,706,880
    
    
    
    12,353,198
    
    
    
    442,023
    
    
    2007
    
    40 yrs.4313 E. Cotton Center Boulevard
    
    Phoenix, AZ
    
    
    *
    
    
    
    3,895,539
    
    
    
    16,724,283
    
    
    
    1,399,749
    
    
    
    3,895,539
    
    
    
    18,124,032
    
    
    
    22,019,571
    
    
    
    913,104
    
    
    2007
    
    40 yrs.4303 E. Cotton Center Boulvard
    
    Phoenix, AZ
    
    
    *
    
    
    
    2,619,964
    
    
    
    9,675,711
    
    
    
    11,076
    
    
    
    2,619,964
    
    
    
    9,686,787
    
    
    
    12,306,751
    
    
    
    485,652
    
    
    2007
    
    40 yrs.9801 80th Avenue
    
    Pleasant Prairie, WI
    
    
    
    
    
    
    1,692,077
    
    
    
    7,934,794
    
    
    
    337,495
    
    
    
    1,689,726
    
    
    
    8,274,640
    
    
    
    9,964,366
    
    
    
    2,019,026
    
    
    1994
    
    40 yrs.2250 Hickory Road
    
    Plymouth Meeting, PA
    
    
    
    
    
    
    1,015,851
    
    
    
    9,175,555
    
    
    
    2,985,528
    
    
    
    1,032,507
    
    
    
    12,144,428
    
    
    
    13,176,935
    
    
    
    3,779,952
    
    
    1985
    
    40 yrs.2905 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    516,920
    
    
    
    4,646,342
    
    
    
    1,932,535
    
    
    
    516,920
    
    
    
    6,578,877
    
    
    
    7,095,797
    
    
    
    2,540,236
    
    
    1983
    
    40 yrs.2800 Campus Drive
    
    Plymouth, MN
    
    
    
    
    
    
    395,366
    
    
    
    3,554,512
    
    
    
    1,165,443
    
    
    
    395,366
    
    
    
    4,719,955
    
    
    
    5,115,321
    
    
    
    1,724,869
    
    
    1985
    
    40 yrs.2955 Xenium Lane
    
    Plymouth, MN
    
    
    
    
    
    
    151,238
    
    
    
    1,370,140
    
    
    
    508,272
    
    
    
    151,238
    
    
    
    1,878,412
    
    
    
    2,029,650
    
    
    
    739,900
    
    
    1985
    
    40 yrs.2920 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    392,026
    
    
    
    3,433,678
    
    
    
    661,796
    
    
    
    384,235
    
    
    
    4,103,265
    
    
    
    4,487,500
    
    
    
    1,329,439
    
    
    1997
    
    40 yrs.14630-14650 28th Avenue North
    
    Plymouth, MN
    
    
    
    
    
    
    198,205
    
    
    
    1,793,422
    
    
    
    782,928
    
    
    
    198,205
    
    
    
    2,576,350
    
    
    
    2,774,555
    
    
    
    890,678
    
    
    1978
    
    40 yrs.2800 Northwest Boulevard
    
    Plymouth, MN
    
    
    
    
    
    
    1,934,438
    
    
    
    10,952,503
    
    
    
    536,220
    
    
    
    1,934,438
    
    
    
    11,488,723
    
    
    
    13,423,161
    
    
    
    3,263,618
    
    
    1995
    
    40 yrs.9600 54th Avenue
    
    Plymouth, MN
    
    
    
    
    
    
    332,317
    
    
    
    3,077,820
    
    
    
    1,020,792
    
    
    
    332,317
    
    
    
    4,098,612
    
    
    
    4,430,929
    
    
    
    1,432,032
    
    
    1998
    
    40 yrs.1500 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    972,232
    
    
    
    3,892,085
    
    
    
    404,585
    
    
    
    972,232
    
    
    
    4,296,671
    
    
    
    5,268,902
    
    
    
    1,230,523
    
    
    1957
    
    40 yrs.1651 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    129,136
    
    
    
    203,247
    
    
    
    940,230
    
    
    
    1,143,477
    
    
    
    336,929
    
    
    1990
    
    40 yrs.
 97




---



##### Table of Contents



CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES1601 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    402,780
    
    
    
    203,247
    
    
    
    1,213,873
    
    
    
    1,417,120
    
    
    
    427,797
    
    
    1990
    
    40 yrs.1501 SW 5th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    203,247
    
    
    
    811,093
    
    
    
    34,991
    
    
    
    203,247
    
    
    
    846,085
    
    
    
    1,049,332
    
    
    
    246,654
    
    
    1990
    
    40 yrs.1400 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    1,157,049
    
    
    
    4,620,956
    
    
    
    422,912
    
    
    
    1,157,049
    
    
    
    5,043,868
    
    
    
    6,200,917
    
    
    
    1,436,541
    
    
    1986
    
    40 yrs.1405 SW 6th Court
    
    Pompano Beach, FL
    
    
    
    
    
    
    392,138
    
    
    
    1,565,787
    
    
    
    206,898
    
    
    
    392,138
    
    
    
    1,772,685
    
    
    
    2,164,823
    
    
    
    519,497
    
    
    1985
    
    40 yrs.595 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    359,933
    
    
    
    1,437,116
    
    
    
    195,253
    
    
    
    359,933
    
    
    
    1,632,369
    
    
    
    1,992,302
    
    
    
    453,566
    
    
    1984
    
    40 yrs.601 SW 13th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    164,413
    
    
    
    655,933
    
    
    
    119,530
    
    
    
    164,413
    
    
    
    775,463
    
    
    
    939,875
    
    
    
    280,108
    
    
    1984
    
    40 yrs.605 SW 16th Terrace
    
    Pompano Beach, FL
    
    
    
    
    
    
    310,778
    
    
    
    1,238,324
    
    
    
    275,029
    
    
    
    310,178
    
    
    
    1,513,953
    
    
    
    1,824,131
    
    
    
    442,398
    
    
    1965
    
    40 yrs.4300 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    2,007,717
    
    
    
    14,927,608
    
    
    
    496,232
    
    
    
    2,009,136
    
    
    
    15,422,421
    
    
    
    17,431,557
    
    
    
    5,304,579
    
    
    1985
    
    40 yrs.301 Hill Carter Parkway
    
    Richmond, VA
    
    
    
    
    
    
    659,456
    
    
    
    4,836,010
    
    
    
    93,935
    
    
    
    659,456
    
    
    
    4,929,945
    
    
    
    5,589,401
    
    
    
    1,673,276
    
    
    1989
    
    40 yrs.5600-5626 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    489,941
    
    
    
    3,592,900
    
    
    
    335,023
    
    
    
    489,941
    
    
    
    3,927,923
    
    
    
    4,417,864
    
    
    
    1,439,202
    
    
    1989
    
    40 yrs.5650-5674 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    644,384
    
    
    
    4,025,480
    
    
    
    244,746
    
    
    
    644,384
    
    
    
    4,270,226
    
    
    
    4,914,610
    
    
    
    1,618,808
    
    
    1990
    
    40 yrs.5700 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    408,729
    
    
    
    2,697,348
    
    
    
    818,887
    
    
    
    408,729
    
    
    
    3,516,235
    
    
    
    3,924,964
    
    
    
    1,291,932
    
    
    1990
    
    40 yrs.4101-4127 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    310,854
    
    
    
    2,279,597
    
    
    
    578,738
    
    
    
    310,854
    
    
    
    2,858,335
    
    
    
    3,169,189
    
    
    
    965,450
    
    
    1973
    
    40 yrs.4201-4261 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    693,203
    
    
    
    5,083,493
    
    
    
    1,669,869
    
    
    
    693,203
    
    
    
    6,753,362
    
    
    
    7,446,565
    
    
    
    2,303,775
    
    
    1975
    
    40 yrs.4263-4299 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    256,203
    
    
    
    2,549,649
    
    
    
    1,968,381
    
    
    
    256,203
    
    
    
    4,518,030
    
    
    
    4,774,233
    
    
    
    1,452,966
    
    
    1976
    
    40 yrs.4301-4335 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    223,696
    
    
    
    1,640,435
    
    
    
    2,672,043
    
    
    
    223,696
    
    
    
    4,312,478
    
    
    
    4,536,174
    
    
    
    905,854
    
    
    1978
    
    40 yrs.4337-4379 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    325,303
    
    
    
    2,385,557
    
    
    
    1,627,330
    
    
    
    325,303
    
    
    
    4,012,887
    
    
    
    4,338,190
    
    
    
    1,560,157
    
    
    1979
    
    40 yrs.4501-4549 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    486,166
    
    
    
    3,565,211
    
    
    
    410,129
    
    
    
    486,166
    
    
    
    3,975,340
    
    
    
    4,461,506
    
    
    
    1,405,245
    
    
    1981
    
    40 yrs.4551-4593 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    474,360
    
    
    
    3,478,646
    
    
    
    759,624
    
    
    
    474,360
    
    
    
    4,238,270
    
    
    
    4,712,630
    
    
    
    1,362,082
    
    
    1982
    
    40 yrs.4601-4643 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    652,455
    
    
    
    4,784,675
    
    
    
    622,565
    
    
    
    652,455
    
    
    
    5,407,240
    
    
    
    6,059,695
    
    
    
    2,062,630
    
    
    1985
    
    40 yrs.4645-4683 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    404,616
    
    
    
    2,967,187
    
    
    
    1,247,671
    
    
    
    404,616
    
    
    
    4,214,858
    
    
    
    4,619,474
    
    
    
    1,942,146
    
    
    1985
    
    40 yrs.4447-4491 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    454,056
    
    
    
    2,729,742
    
    
    
    293,897
    
    
    
    454,056
    
    
    
    3,023,639
    
    
    
    3,477,695
    
    
    
    1,133,376
    
    
    1987
    
    40 yrs.4401-4445 Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    615,038
    
    
    
    4,510,272
    
    
    
    397,983
    
    
    
    615,038
    
    
    
    4,908,255
    
    
    
    5,523,293
    
    
    
    1,728,465
    
    
    1988
    
    40 yrs.2300 East Parham Road
    
    Richmond, VA
    
    
    
    
    
    
    221,947
    
    
    
    1,011,088
    
    
    
    2,443
    
    
    
    221,947
    
    
    
    1,013,531
    
    
    
    1,235,478
    
    
    
    393,834
    
    
    1988
    
    40 yrs.5601-5659 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    705,660
    
    
    
    
    
    
    
    4,880,177
    
    
    
    720,100
    
    
    
    4,865,737
    
    
    
    5,585,837
    
    
    
    1,927,568
    
    
    1996
    
    40 yrs.5900 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    676,661
    
    
    
    
    
    
    
    4,822,772
    
    
    
    687,898
    
    
    
    4,811,535
    
    
    
    5,499,433
    
    
    
    1,547,220
    
    
    1997
    
    40 yrs.4717-4729 Eubank Road
    
    Richmond, VA
    
    
    
    
    
    
    449,447
    
    
    
    3,294,697
    
    
    
    746,131
    
    
    
    452,263
    
    
    
    4,038,011
    
    
    
    4,490,274
    
    
    
    1,555,342
    
    
    1978
    
    40 yrs.4263F-N. Carolina Avenue
    
    Richmond, VA
    
    
    
    
    
    
    91,476
    
    
    
    
    
    
    
    1,652,274
    
    
    
    91,599
    
    
    
    1,652,151
    
    
    
    1,743,750
    
    
    
    532,286
    
    
    1975
    
    40 yrs.510 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    261,961
    
    
    
    2,110,874
    
    
    
    485,076
    
    
    
    262,210
    
    
    
    2,595,701
    
    
    
    2,857,911
    
    
    
    929,172
    
    
    1989
    
    40 yrs.520 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    486,118
    
    
    
    4,083,582
    
    
    
    397,629
    
    
    
    486,598
    
    
    
    4,480,731
    
    
    
    4,967,329
    
    
    
    1,472,083
    
    
    1989
    
    40 yrs.5701-5799 Eastport Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    694,644
    
    
    
    
    
    
    
    5,851,949
    
    
    
    700,503
    
    
    
    5,846,090
    
    
    
    6,546,593
    
    
    
    1,958,624
    
    
    1998
    
    40 yrs.530 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    266,883
    
    
    
    
    
    
    
    3,132,390
    
    
    
    334,772
    
    
    
    3,064,501
    
    
    
    3,399,273
    
    
    
    1,276,640
    
    
    1999
    
    40 yrs.6000 Eastport Blvd
    
    Richmond, VA
    
    
    
    
    
    
    872,901
    
    
    
    
    
    
    
    7,486,746
    
    
    
    901,666
    
    
    
    7,457,981
    
    
    
    8,359,647
    
    
    
    132,485
    
    
    1997
    
    40 yrs.3829-3855 Gaskins Road
    
    Richmond, VA
    
    
    
    
    
    
    364,165
    
    
    
    3,264,114
    
    
    
    39,764
    
    
    
    364,165
    
    
    
    3,303,879
    
    
    
    3,668,044
    
    
    
    896,060
    
    
    1988
    
    40 yrs.10800 Nuckols Boulevard
    
    Richmond, VA
    
    
    
    
    
    
    1,432,462
    
    
    
    
    
    
    
    14,420,839
    
    
    
    1,794,162
    
    
    
    14,059,139
    
    
    
    15,853,301
    
    
    
    3,132,138
    
    
    2000
    
    40 yrs.100 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,140,648
    
    
    
    101,824
    
    
    
    8,411,249
    
    
    
    1,456,084
    
    
    
    8,197,637
    
    
    
    9,653,721
    
    
    
    1,688,941
    
    
    2001
    
    40 yrs.200 Westgate Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,623,612
    
    
    
    
    
    
    
    6,030,738
    
    
    
    1,072,797
    
    
    
    6,581,554
    
    
    
    7,654,350
    
    
    
    1,369,827
    
    
    2002
    
    40 yrs.3900 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    392,184
    
    
    
    
    
    
    
    11,788,193
    
    
    
    1,100,000
    
    
    
    11,080,377
    
    
    
    12,180,377
    
    
    
    733,032
    
    
    2005
    
    40 yrs.1001 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    2,073,739
    
    
    
    5,634,796
    
    
    
    1,606,286
    
    
    
    2,079,643
    
    
    
    7,235,178
    
    
    
    9,314,821
    
    
    
    772,257
    
    
    2005
    
    40 yrs.7400 Beaufont Springs Drive
    
    Richmond, VA
    
    
    
    
    
    
    808,581
    
    
    
    7,273,850
    
    
    
    1,076,495
    
    
    
    810,743
    
    
    
    8,348,182
    
    
    
    9,158,925
    
    
    
    849,550
    
    
    2005
    
    40 yrs.1100 Boulders Parkway
    
    Richmond, VA
    
    
    
    
    
    
    1,276,936
    
    
    
    12,052,192
    
    
    
    1,391,680
    
    
    
    1,280,662
    
    
    
    13,440,146
    
    
    
    14,720,808
    
    
    
    1,107,762
    
    
    2005
    
    40 yrs.2020 US Highway 301 South
    
    Riverview, FL
    
    
    
    
    
    
    1,233,639
    
    
    
    13,608,485
    
    
    
    109,898
    
    
    
    1,233,800
    
    
    
    13,718,223
    
    
    
    14,952,022
    
    
    
    929,938
    
    
    2006
    
    40 yrs.6532 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    354,903
    
    
    
    
    
    
    
    3,694,306
    
    
    
    399,988
    
    
    
    3,649,221
    
    
    
    4,049,209
    
    
    
    1,182,063
    
    
    1997
    
    40 yrs.6530 Judge Adams Road
    
    Rock Creek, NC
    
    
    
    
    
    
    305,821
    
    
    
    
    
    
    
    4,808,367
    
    
    
    335,061
    
    
    
    4,779,126
    
    
    
    5,114,187
    
    
    
    1,133,828
    
    
    1999
    
    40 yrs.6509 Franz Warner Parkway
    
    Rock Creek, NC
    
    
    
    
    
    
    360,494
    
    
    
    
    
    
    
    2,829,679
    
    
    
    372,494
    
    
    
    2,817,679
    
    
    
    3,190,173
    
    
    
    703,751
    
    
    2001
    
    40 yrs.8501 East Raintree Drive
    
    Scottsdale, AZ
    
    
    
    
    
    
    4,076,412
    
    
    
    
    
    
    
    27,621,159
    
    
    
    4,115,137
    
    
    
    27,582,434
    
    
    
    31,697,571
    
    
    
    2,337,940
    
    
    2005
    
    40 yrs.Renaissance Blvd & Hwy 20
    
    Sturtevant, WI
    
    
    
    
    
    
    2,484,450
    
    
    
    
    
    
    
    21,261,491
    
    
    
    2,487,293
    
    
    
    21,258,647
    
    
    
    23,745,940
    
    
    
    896,554
    
    
    2006
    
    40 yrs.6950 Harbor View Blvd
    
    Suffolk, VA
    
    
    
    
    
    
    929,844
    
    
    
    
    
    
    
    6,209,197
    
    
    
    794,848
    
    
    
    6,344,194
    
    
    
    7,139,041
    
    
    
    531,978
    
    
    2004
    
    40 yrs.6900 Harbor View Boulevard
    
    Suffolk, VA
    
    
    
    
    
    
    904,052
    
    
    
    
    
    
    
    8,372,235
    
    
    
    807,006
    
    
    
    8,469,281
    
    
    
    9,276,287
    
    
    
    293,059
    
    
    2006
    
    40 yrs.13650 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    558,223
    
    
    
    2,171,930
    
    
    
    106,552
    
    
    
    558,251
    
    
    
    2,278,454
    
    
    
    2,836,705
    
    
    
    703,684
    
    
    1991
    
    40 yrs.13630 NW 8th Street
    
    Sunrise, FL
    
    
    
    
    
    
    659,797
    
    
    
    2,596,275
    
    
    
    772,671
    
    
    
    659,825
    
    
    
    3,368,917
    
    
    
    4,028,742
    
    
    
    1,244,345
    
    
    1991
    
    40 yrs.1301 International Parkway
    
    Sunrise, FL
    
    
    
    
    
    
    5,100,162
    
    
    
    24,219,956
    
    
    
    7,393,483
    
    
    
    5,100,791
    
    
    
    31,612,809
    
    
    
    36,713,600
    
    
    
    1,335,884
    
    
    2006
    
    40 yrs.13621 NW 12th Street
    
    Sunrise, FL
    
    
    
    
    
    
    5,570,820
    
    
    
    16,794,539
    
    
    
    (6,363,816
    )
    
    
    5,570,820
    
    
    
    10,430,723
    
    
    
    16,001,543
    
    
    
    519,716
    
    
    2008
    
    40 yrs.5501-5519 Pioneer Park Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    162,000
    
    
    
    1,613,000
    
    
    
    979,607
    
    
    
    262,416
    
    
    
    2,492,191
    
    
    
    2,754,607
    
    
    
    774,174
    
    
    1981
    
    40 yrs.5690-5694 Crenshaw Street
    
    Tampa, FL
    
    
    
    
    
    
    181,923
    
    
    
    1,812,496
    
    
    
    217,470
    
    
    
    181,923
    
    
    
    2,029,967
    
    
    
    2,211,890
    
    
    
    697,188
    
    
    1979
    
    40 yrs.3102,3104,3110 Cherry Palm Drive
    
    Tampa, FL
    
    
    
    
    
    
    503,767
    
    
    
    2,787,585
    
    
    
    1,665,018
    
    
    
    503,767
    
    
    
    4,452,603
    
    
    
    4,956,370
    
    
    
    1,853,673
    
    
    1986
    
    40 yrs.8401-8408 Benjamin Road
    
    Tampa, FL
    
    
    
    
    
    
    789,651
    
    
    
    4,454,648
    
    
    
    2,424,302
    
    
    
    769,789
    
    
    
    6,898,812
    
    
    
    7,668,601
    
    
    
    2,731,317
    
    
    1986
    
    40 yrs.111 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    359,540
    
    
    
    1,461,850
    
    
    
    660,118
    
    
    
    359,540
    
    
    
    2,121,968
    
    
    
    2,481,508
    
    
    
    865,380
    
    
    1990
    
    40 yrs.131 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    511,463
    
    
    
    
    
    
    
    5,348,191
    
    
    
    559,527
    
    
    
    5,300,127
    
    
    
    5,859,654
    
    
    
    2,096,018
    
    
    1985
    
    40 yrs.7724 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    235,893
    
    
    
    
    
    
    
    2,344,137
    
    
    
    235,894
    
    
    
    2,344,136
    
    
    
    2,580,030
    
    
    
    808,901
    
    
    1998
    
    40 yrs.7802-50 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,820,324
    
    
    
    506,949
    
    
    
    2,670,740
    
    
    
    3,177,688
    
    
    
    1,185,581
    
    
    1999
    
    40 yrs.7852-98 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    357,364
    
    
    
    
    
    
    
    2,831,556
    
    
    
    506,949
    
    
    
    2,681,971
    
    
    
    3,188,920
    
    
    
    1,157,792
    
    
    1999
    
    40 yrs.8921 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    224,369
    
    
    
    1,063,882
    
    
    
    972,276
    
    
    
    254,493
    
    
    
    2,006,034
    
    
    
    2,260,527
    
    
    
    564,527
    
    
    1998
    
    40 yrs.5250 Eagle Trail Drive
    
    Tampa, FL
    
    
    
    
    
    
    952,860
    
    
    
    
    
    
    
    3,671,277
    
    
    
    952,860
    
    
    
    3,671,277
    
    
    
    4,624,137
    
    
    
    1,016,975
    
    
    1998
    
    40 yrs.7725 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    553,335
    
    
    
    
    
    
    
    3,247,449
    
    
    
    771,501
    
    
    
    3,029,283
    
    
    
    3,800,784
    
    
    
    753,608
    
    
    1999
    
    40 yrs.8001 Woodland Center Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    350,406
    
    
    
    
    
    
    
    2,454,389
    
    
    
    438,061
    
    
    
    2,366,735
    
    
    
    2,804,796
    
    
    
    711,284
    
    
    1999
    
    40 yrs.4630 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    943,169
    
    
    
    
    
    
    
    12,427,823
    
    
    
    1,560,099
    
    
    
    11,810,893
    
    
    
    13,370,992
    
    
    
    2,833,709
    
    
    2000
    
    40 yrs.701-725 South US Hwy 301
    
    Tampa, FL
    
    
    
    
    
    
    419,683
    
    
    
    
    
    
    
    3,840,421
    
    
    
    661,680
    
    
    
    3,598,424
    
    
    
    4,260,104
    
    
    
    1,365,997
    
    
    2000
    
    40 yrs.4502 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,018,360
    
    
    
    1,071,535
    
    
    
    2,946,825
    
    
    
    4,018,360
    
    
    
    675,199
    
    
    1999
    
    40 yrs.9001-9015 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    209,841
    
    
    
    
    
    
    
    1,877,914
    
    
    
    364,514
    
    
    
    1,723,242
    
    
    
    2,087,756
    
    
    
    444,426
    
    
    2000
    
    40 yrs.4508 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    498,598
    
    
    
    
    
    
    
    3,258,452
    
    
    
    556,887
    
    
    
    3,200,163
    
    
    
    3,757,050
    
    
    
    762,367
    
    
    2000
    
    40 yrs.7622 Bald Cypress Place
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,305,584
    
    
    
    300,000
    
    
    
    1,005,584
    
    
    
    1,305,584
    
    
    
    225,053
    
    
    2000
    
    40 yrs.901-933 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    500,391
    
    
    
    
    
    
    
    4,041,019
    
    
    
    840,314
    
    
    
    3,701,097
    
    
    
    4,541,411
    
    
    
    1,209,118
    
    
    2001
    
    40 yrs.4503 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,454,328
    
    
    
    619,913
    
    
    
    2,834,415
    
    
    
    3,454,328
    
    
    
    580,188
    
    
    2002
    
    40 yrs.4505 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,361,805
    
    
    
    716,594
    
    
    
    2,645,211
    
    
    
    3,361,805
    
    
    
    790,285
    
    
    2002
    
    40 yrs.4511 Woodland Corporate Boulevard
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,840,466
    
    
    
    686,594
    
    
    
    2,153,872
    
    
    
    2,840,466
    
    
    
    516,379
    
    
    2002
    
    40 yrs.
 98




---



##### Table of Contents



CostCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)OPERATING PROPERTIES7621 Bald Cypress Place (Bldg N)
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,482,613
    
    
    
    447,498
    
    
    
    1,035,115
    
    
    
    1,482,613
    
    
    
    184,387
    
    
    2001
    
    40 yrs.4520 Seedling Circle
    
    Tampa, FL
    
    
    
    
    
    
    854,797
    
    
    
    42,131
    
    
    
    2,721,233
    
    
    
    854,797
    
    
    
    2,763,364
    
    
    
    3,618,161
    
    
    
    324,144
    
    
    2003
    
    40 yrs.501 US Highway 301 South
    
    Tampa, FL
    
    
    
    
    
    
    898,884
    
    
    
    
    
    
    
    3,498,107
    
    
    
    900,508
    
    
    
    3,496,483
    
    
    
    4,396,991
    
    
    
    601,264
    
    
    2004
    
    40 yrs.9002-9036 Brittany Way
    
    Tampa, FL
    
    
    
    
    
    
    492,320
    
    
    
    
    
    
    
    3,964,055
    
    
    
    899,284
    
    
    
    3,557,092
    
    
    
    4,456,375
    
    
    
    898,192
    
    
    2004
    
    40 yrs.8900-34 Brittany Was
    
    Tampa, FL
    
    
    
    
    
    
    537,194
    
    
    
    
    
    
    
    4,267,109
    
    
    
    978,019
    
    
    
    3,826,284
    
    
    
    4,804,303
    
    
    
    641,478
    
    
    2005
    
    40 yrs.200-34 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    330,097
    
    
    
    
    
    
    
    3,670,597
    
    
    
    933,362
    
    
    
    3,067,332
    
    
    
    4,000,694
    
    
    
    545,939
    
    
    2005
    
    40 yrs.910-926 Chad Lane
    
    Tampa, FL
    
    
    
    
    
    
    201,771
    
    
    
    
    
    
    
    3,214,736
    
    
    
    628,237
    
    
    
    2,788,270
    
    
    
    3,416,507
    
    
    
    268,040
    
    
    2006
    
    40 yrs.150-182 Kelsey Lane
    
    Tampa, FL
    
    
    
    
    
    
    403,541
    
    
    
    
    
    
    
    5,545,972
    
    
    
    1,181,609
    
    
    
    4,767,905
    
    
    
    5,949,513
    
    
    
    547,200
    
    
    2006
    
    40 yrs.8725 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,167,787
    
    
    
    19,126,318
    
    
    
    77,765
    
    
    
    3,167,958
    
    
    
    19,203,913
    
    
    
    22,371,871
    
    
    
    1,748,139
    
    
    2006
    
    40 yrs.8735 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,166,130
    
    
    
    18,735,573
    
    
    
    901,647
    
    
    
    3,166,300
    
    
    
    19,637,050
    
    
    
    22,803,350
    
    
    
    1,772,264
    
    
    2006
    
    40 yrs.8705 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    4,303,870
    
    
    
    23,688,409
    
    
    
    540,212
    
    
    
    4,304,102
    
    
    
    24,228,389
    
    
    
    28,532,491
    
    
    
    2,826,951
    
    
    2006
    
    40 yrs.8715 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    3,343,910
    
    
    
    18,325,599
    
    
    
    165,447
    
    
    
    3,344,090
    
    
    
    18,490,866
    
    
    
    21,834,956
    
    
    
    1,449,600
    
    
    2006
    
    40 yrs.8745 Henderson Road
    
    Tampa, FL
    
    
    
    
    
    
    2,050,439
    
    
    
    11,173,008
    
    
    
    369,184
    
    
    
    2,050,548
    
    
    
    11,542,083
    
    
    
    13,592,631
    
    
    
    1,060,574
    
    
    2006
    
    40 yrs.7851-7861 Woodland Center Blvd
    
    Tampa, FL
    
    
    
    
    
    
    548,905
    
    
    
    2,241,627
    
    
    
    115,828
    
    
    
    548,905
    
    
    
    2,357,455
    
    
    
    2,906,360
    
    
    
    183,337
    
    
    2006
    
    40 yrs.9306-24 East Broadway Avenue
    
    Tampa, FL
    
    
    
    
    
    
    450,440
    
    
    
    
    
    
    
    3,305,840
    
    
    
    486,004
    
    
    
    3,270,276
    
    
    
    3,756,280
    
    
    
    50,077
    
    
    2007
    
    40 yrs.7930, 8010-20 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,408,478
    
    
    
    5,247,246
    
    
    
    1,008,256
    
    
    
    1,408,478
    
    
    
    6,255,502
    
    
    
    7,663,980
    
    
    
    2,120,396
    
    
    1990
    
    40 yrs.7920 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    1,082,648
    
    
    
    2,445,444
    
    
    
    23,564
    
    
    
    1,082,648
    
    
    
    2,469,008
    
    
    
    3,551,656
    
    
    
    721,718
    
    
    1997
    
    40 yrs.8154-8198 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    399,088
    
    
    
    2,868,834
    
    
    
    474,519
    
    
    
    399,088
    
    
    
    3,343,353
    
    
    
    3,742,441
    
    
    
    1,186,541
    
    
    1988
    
    40 yrs.8112-42 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    513,263
    
    
    
    3,230,239
    
    
    
    658,168
    
    
    
    513,263
    
    
    
    3,888,408
    
    
    
    4,401,670
    
    
    
    1,147,345
    
    
    1995
    
    40 yrs.8212 Woodland Center Boulevard
    
    Tampa, FL
    
    
    *
    
    
    
    820,882
    
    
    
    2,322,720
    
    
    
    14,210
    
    
    
    820,882
    
    
    
    2,336,931
    
    
    
    3,157,813
    
    
    
    680,703
    
    
    1996
    
    40 yrs.8313 West Pierce Street
    
    Tolleson, AZ
    
    
    
    
    
    
    2,295,090
    
    
    
    9,079,811
    
    
    
    3,014,938
    
    
    
    2,295,090
    
    
    
    12,094,749
    
    
    
    14,389,840
    
    
    
    343,685
    
    
    2007
    
    40 yrs.3701 Corporate Parkway
    
    Upper Saucon, PA
    
    
    
    
    
    
    1,078,674
    
    
    
    
    
    
    
    9,823,105
    
    
    
    901,968
    
    
    
    9,999,811
    
    
    
    10,901,779
    
    
    
    629,464
    
    
    2005
    
    40 yrs.2809 South Lynnhaven Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    953,590
    
    
    
    6,142,742
    
    
    
    1,382,128
    
    
    
    953,590
    
    
    
    7,524,870
    
    
    
    8,478,460
    
    
    
    2,279,614
    
    
    1987
    
    40 yrs.200 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    1,116,693
    
    
    
    6,770,480
    
    
    
    1,420,159
    
    
    
    1,116,693
    
    
    
    8,190,639
    
    
    
    9,307,332
    
    
    
    2,528,604
    
    
    1988
    
    40 yrs.208 Golden Oak Court
    
    Virginia Beach, VA
    
    
    
    
    
    
    965,177
    
    
    
    6,728,717
    
    
    
    1,504,070
    
    
    
    965,177
    
    
    
    8,232,787
    
    
    
    9,197,965
    
    
    
    2,598,564
    
    
    1989
    
    40 yrs.484 Viking Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    891,753
    
    
    
    3,607,890
    
    
    
    529,968
    
    
    
    891,753
    
    
    
    4,137,858
    
    
    
    5,029,610
    
    
    
    1,296,159
    
    
    1987
    
    40 yrs.629 Phoenix Drive
    
    Virginia Beach, VA
    
    
    
    
    
    
    371,694
    
    
    
    2,108,097
    
    
    
    238,683
    
    
    
    371,694
    
    
    
    2,346,780
    
    
    
    2,718,474
    
    
    
    745,517
    
    
    1996
    
    40 yrs.5700 Cleveland Street
    
    Virginia Beach, VA
    
    
    
    
    
    
    700,112
    
    
    
    9,592,721
    
    
    
    2,158,112
    
    
    
    700,564
    
    
    
    11,750,381
    
    
    
    12,450,945
    
    
    
    3,807,303
    
    
    1989
    
    40 yrs.1457 Miller Store Road
    
    Virginia Beach, VA
    
    
    
    
    
    
    473,689
    
    
    
    2,663,045
    
    
    
    824,754
    
    
    
    474,746
    
    
    
    3,486,743
    
    
    
    3,961,488
    
    
    
    609,881
    
    
    2003
    
    40 yrs.11020 West Plank Court
    
    Wauwatosa, WI
    
    
    
    
    
    
    464,246
    
    
    
    2,681,255
    
    
    
    49,877
    
    
    
    464,246
    
    
    
    2,731,132
    
    
    
    3,195,378
    
    
    
    683,120
    
    
    1985
    
    40 yrs.825 Duportail Road
    
    Wayne, PA
    
    
    
    
    
    
    5,536,619
    
    
    
    16,179,213
    
    
    
    3,593,981
    
    
    
    5,539,281
    
    
    
    19,770,532
    
    
    
    25,309,813
    
    
    
    3,971,913
    
    
    1979
    
    40 yrs.1500 Liberty Ridge
    
    Wayne, PA
    
    
    
    
    
    
    8,287,555
    
    
    
    
    
    
    
    31,571,199
    
    
    
    11,636,499
    
    
    
    28,222,255
    
    
    
    39,858,754
    
    
    
    6,286,378
    
    
    2002
    
    40 yrs.1200 Liberty Ridge Drive
    
    Wayne, PA
    
    
    
    
    
    
    6,215,667
    
    
    
    
    
    
    
    8,762,512
    
    
    
    5,223,660
    
    
    
    9,754,519
    
    
    
    14,978,179
    
    
    
    3,122,508
    
    
    2001
    
    40 yrs.11300-90 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    500,565
    
    
    
    1,591,678
    
    
    
    648,026
    
    
    
    505,972
    
    
    
    2,234,297
    
    
    
    2,740,269
    
    
    
    269,360
    
    
    2005
    
    40 yrs.11548 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    660,068
    
    
    
    4,640,578
    
    
    
    87,815
    
    
    
    663,766
    
    
    
    4,724,696
    
    
    
    5,388,462
    
    
    
    418,716
    
    
    2005
    
    40 yrs.11420 West Theodore Trecker Way
    
    West Allis, WI
    
    
    
    
    
    
    348,146
    
    
    
    2,057,483
    
    
    
    104,569
    
    
    
    350,008
    
    
    
    2,160,190
    
    
    
    2,510,198
    
    
    
    187,134
    
    
    2005
    
    40 yrs.400-500 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    845,846
    
    
    
    6,809,025
    
    
    
    438,609
    
    
    
    845,846
    
    
    
    7,247,634
    
    
    
    8,093,480
    
    
    
    2,098,749
    
    
    1988
    
    40 yrs.600 Brandywine Parkway
    
    West Chester, PA
    
    
    
    
    
    
    664,899
    
    
    
    5,352,410
    
    
    
    869,826
    
    
    
    664,899
    
    
    
    6,222,236
    
    
    
    6,887,135
    
    
    
    1,935,854
    
    
    1988
    
    40 yrs.905 Airport Road
    
    West Chester, PA
    
    
    
    
    
    
    1,715,000
    
    
    
    5,185,000
    
    
    
    1,606,158
    
    
    
    1,735,012
    
    
    
    6,771,146
    
    
    
    8,506,158
    
    
    
    2,625,718
    
    
    1988
    
    40 yrs.42 Kings Hill Avenue
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,686,576
    
    
    
    3,964,227
    
    
    
    12,722,349
    
    
    
    16,686,576
    
    
    
    538,112
    
    
    2005
    
    40 yrs.Liberty Square Retail Blocks
    
    West Malling, UK
    
    
    
    
    
    
    559,590
    
    
    
    5,113,902
    
    
    
    2,899,426
    
    
    
    1,050,098
    
    
    
    7,522,820
    
    
    
    8,572,918
    
    
    
    693,039
    
    
    2006
    
    40 yrs.1 Kings Hill Aveune
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,108,043
    
    
    
    3,651,552
    
    
    
    9,456,491
    
    
    
    13,108,043
    
    
    
    458,779
    
    
    2006
    
    40 yrs.Liberty Square
    
    West Malling, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    330,317
    
    
    
    
    
    
    
    330,317
    
    
    
    330,317
    
    
    
    (157
    )
    
    2006
    
    40 yrs.3612 La Grange Parkway
    
    Williamsburg, VA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,722,994
    
    
    
    887,234
    
    
    
    4,835,761
    
    
    
    5,722,994
    
    
    
    530,944
    
    
    2003
    
    40 yrs.7805 Hudson Road
    
    Woodbury, MN
    
    
    
    
    
    
    1,279,834
    
    
    
    
    
    
    
    10,283,324
    
    
    
    1,385,739
    
    
    
    10,177,420
    
    
    
    11,563,158
    
    
    
    2,818,147
    
    
    2002
    
    40 yrs.Subtotal Operating Real Estate
    
    
    
    $
    73,031,582
    
    
    $
    739,850,862
    
    
    $
    1,806,581,935
    
    
    $
    2,527,084,867
    
    
    $
    813,396,833
    
    
    $
    4,260,120,830
    
    
    $
    5,073,517,664
    
    
    $
    982,114,170
 99




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2008
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)DEVELOPMENT PROPERTIES750 Park of Commerce Boulevard
    
    Boca Raton, FL
    
    
    
    
    
    
    2,430,000
    
    
    
    
    
    
    
    18,111,076
    
    
    
    
    
    
    
    20,541,076
    
    
    
    20,541,076
    
    
    
    
    
    
    2007
    
    N/A8500 Industrial Bouldvard
    
    Breinigsville, PA
    
    
    
    
    
    
    8,752,708
    
    
    
    
    
    
    
    33,267,256
    
    
    
    
    
    
    
    42,019,964
    
    
    
    42,019,964
    
    
    
    
    
    
    2007
    
    N/A676 Independence Parkway
    
    Chesapeake, VA
    
    
    
    
    
    
    1,527,303
    
    
    
    
    
    
    
    8,699,711
    
    
    
    
    
    
    
    10,227,014
    
    
    
    10,227,014
    
    
    
    
    
    
    2006
    
    N/A11841 Newgate Boulevard
    
    Hagerstown, MD
    
    
    
    
    
    
    3,356,207
    
    
    
    
    
    
    
    24,227,728
    
    
    
    
    
    
    
    27,583,935
    
    
    
    27,583,935
    
    
    
    
    
    
    2008
    
    N/A7361 Coca Cola Drive
    
    Hanover, MD
    
    
    
    
    
    
    2,245,187
    
    
    
    
    
    
    
    7,629,724
    
    
    
    
    
    
    
    9,874,911
    
    
    
    9,874,911
    
    
    
    
    
    
    2004
    
    N/A4700 Nathan Lane N  Expansion
    
    Minneapolis, MN
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    437,333
    
    
    
    
    
    
    
    437,333
    
    
    
    437,333
    
    
    
    
    
    
    2008
    
    N/A3100 SW 145th Avenue
    
    Miramar, FL
    
    
    
    
    
    
    6,204,407
    
    
    
    
    
    
    
    14,345,267
    
    
    
    
    
    
    
    20,549,674
    
    
    
    20,549,674
    
    
    
    
    
    
    2007
    
    N/A27th Street
    
    Oak Creek, WI
    
    
    
    
    
    
    348,280
    
    
    
    
    
    
    
    3,696,508
    
    
    
    
    
    
    
    4,044,788
    
    
    
    4,044,788
    
    
    
    
    
    
    2007
    
    N/ACorporate Preserve Drive
    
    Oak Creek, WI
    
    
    
    
    
    
    516,016
    
    
    
    
    
    
    
    3,873,031
    
    
    
    
    
    
    
    4,389,047
    
    
    
    4,389,047
    
    
    
    
    
    
    2007
    
    N/A201 Summit Park Drive
    
    Orlando, FL
    
    
    
    
    
    
    1,009,532
    
    
    
    
    
    
    
    10,583,667
    
    
    
    
    
    
    
    11,593,199
    
    
    
    11,593,199
    
    
    
    
    
    
    2008
    
    N/A4300 South 26th Street
    
    Philadelphia, PA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,848,311
    
    
    
    
    
    
    
    27,848,311
    
    
    
    27,848,311
    
    
    
    
    
    
    2008
    
    N/A3 Crescent Drive
    
    Philadelphia, PA
    
    
    
    
    
    
    214,726
    
    
    
    
    
    
    
    14,404,565
    
    
    
    
    
    
    
    14,619,291
    
    
    
    14,619,291
    
    
    
    
    
    
    2008
    
    N/A4610 South 44th Street
    
    Phoenix, AZ
    
    
    
    
    
    
    6,539,310
    
    
    
    
    
    
    
    4,650,492
    
    
    
    
    
    
    
    11,189,801
    
    
    
    11,189,801
    
    
    
    
    
    
    2007
    
    N/A4550 South 44th Street
    
    Phoenix, AZ
    
    
    
    
    
    
    5,380,972
    
    
    
    
    
    
    
    3,791,364
    
    
    
    
    
    
    
    9,172,336
    
    
    
    9,172,336
    
    
    
    
    
    
    2007
    
    N/A3901 Westerre Parkway
    
    Richmond, VA
    
    
    
    
    
    
    634,231
    
    
    
    
    
    
    
    11,511,294
    
    
    
    
    
    
    
    12,145,525
    
    
    
    12,145,525
    
    
    
    
    
    
    2003
    
    N/A540 Eastpark Court
    
    Richmond, VA
    
    
    
    
    
    
    742,300
    
    
    
    
    
    
    
    4,677,279
    
    
    
    
    
    
    
    5,419,579
    
    
    
    5,419,579
    
    
    
    
    
    
    2007
    
    N/A4631 Woodland Corporate Blvd
    
    Tampa, FL
    
    
    
    
    
    
    1,453,367
    
    
    
    
    
    
    
    12,353,851
    
    
    
    
    
    
    
    13,807,218
    
    
    
    13,807,218
    
    
    
    
    
    
    2006
    
    N/ASubtotal Development in Progress
    
    
    
    $
    
    
    
    $
    41,354,546
    
    
    $
    
    
    
    $
    204,108,454
    
    
    $
    
    
    
    $
    245,463,000
    
    
    $
    245,463,000
    
    
    $
    
 100




---



##### Table of Contents



LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2008
 CostsCapitalized
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Date ofSubsequent
    
    
    Gross Amount Carried at End of Period
    
    
    Accumulated
    
    
    Construction
    
    DepreciableInitial Cost
    
    
    to
    
    
    Land and
    
    
    Building and
    
    
    Total
    
    
    Depreciation
    
    
    or
    
    lifeProject
    
    Location
    
    Encumbrances
    
    
    Land
    
    
    Building
    
    
    Acquisition
    
    
    Improvements
    
    
    Improvements
    
    
    12/31/2008
    
    
    12/31/08
    
    
    Acquisition
    
    (years)LAND HELD FOR DEVELOPMENTPerryman Road Land
    
    Aberdeen, MD
    
    
    
    
    
    
    12,052,635
    
    
    
    
    
    
    
    274,379
    
    
    
    12,327,014
    
    
    
    
    
    
    
    12,327,014
    
    
    
    
    
    
    2000
    
    N/A2 Womack Drive Land
    
    Annapolis, MD
    
    
    
    
    
    
    5,796,667
    
    
    
    
    
    
    
    6,444
    
    
    
    5,803,111
    
    
    
    
    
    
    
    5,803,111
    
    
    
    
    
    
    2005
    
    N/ABoca Colannade Yamato Road
    
    Boca Raton, FL
    
    
    
    
    
    
    2,039,735
    
    
    
    
    
    
    
    566,124
    
    
    
    2,605,859
    
    
    
    
    
    
    
    2,605,859
    
    
    
    
    
    
    2001
    
    N/AFlying Cloud Drive Land
    
    Eden Pairie, MN
    
    
    
    
    
    
    2,051,631
    
    
    
    
    
    
    
    3,701
    
    
    
    2,055,331
    
    
    
    
    
    
    
    2,055,331
    
    
    
    
    
    
    1997
    
    N/ACamelback 303 Business Center Land
    
    Goodyear, AZ
    
    
    
    
    
    
    16,857,556
    
    
    
    
    
    
    
    3,216,158
    
    
    
    20,073,714
    
    
    
    
    
    
    
    20,073,714
    
    
    
    
    
    
    2005
    
    N/APleasant Ridge Road Land
    
    Greensboro, NC
    
    
    
    
    
    
    564,535
    
    
    
    
    
    
    
    2,895,957
    
    
    
    3,460,492
    
    
    
    
    
    
    
    3,460,492
    
    
    
    
    
    
    2008
    
    N/ASouthchase Business Park Land
    
    Greenville, SC
    
    
    
    
    
    
    1,308,325
    
    
    
    
    
    
    
    705,094
    
    
    
    2,013,419
    
    
    
    
    
    
    
    2,013,419
    
    
    
    
    
    
    2007
    
    N/ACaliber Ridge Ind. Park Land
    
    Greer, SC
    
    
    
    
    
    
    2,297,492
    
    
    
    
    
    
    
    3,562,592
    
    
    
    5,860,084
    
    
    
    
    
    
    
    5,860,084
    
    
    
    
    
    
    2007
    
    N/AHunters Green Land
    
    Hagerstown, MD
    
    
    
    
    
    
    5,489,586
    
    
    
    
    
    
    
    8,334,639
    
    
    
    13,824,225
    
    
    
    
    
    
    
    13,824,225
    
    
    
    
    
    
    1999
    
    N/ALakefront Plaza II Land
    
    Hampton, VA
    
    
    229,953
    
    
    
    138,101
    
    
    
    
    
    
    
    101,061
    
    
    
    239,162
    
    
    
    
    
    
    
    239,162
    
    
    
    
    
    
    2007
    
    N/ARidge Road Land
    
    Hanover, MD
    
    
    
    
    
    
    3,371,183
    
    
    
    
    
    
    
    439,543
    
    
    
    3,810,727
    
    
    
    
    
    
    
    3,810,727
    
    
    
    
    
    
    2007
    
    N/AMendenhall Land
    
    High Point, NC
    
    
    
    
    
    
    1,757,675
    
    
    
    
    
    
    
    1,645,453
    
    
    
    3,403,128
    
    
    
    
    
    
    
    3,403,128
    
    
    
    
    
    
    1998
    
    N/APiedmond Centre Land
    
    High Point, NC
    
    
    
    
    
    
    913,276
    
    
    
    
    
    
    
    757,687
    
    
    
    1,670,963
    
    
    
    
    
    
    
    1,670,963
    
    
    
    
    
    
    1995
    
    N/ACommonwealth Corporate Center Land
    
    Horsham, PA
    
    
    
    
    
    
    3,043,938
    
    
    
    
    
    
    
    25,160
    
    
    
    3,069,098
    
    
    
    
    
    
    
    3,069,098
    
    
    
    
    
    
    1998
    
    N/ABeltway 8 @Bammel Bus Park Land
    
    Houston, TX
    
    
    
    
    
    
    1,072,634
    
    
    
    
    
    
    
    13,656
    
    
    
    1,086,290
    
    
    
    
    
    
    
    1,086,290
    
    
    
    
    
    
    2006
    
    N/ACentral Green Land  Tract 5
    
    Houston, TX
    
    
    
    
    
    
    4,169,183
    
    
    
    
    
    
    
    580,110
    
    
    
    4,749,293
    
    
    
    
    
    
    
    4,749,293
    
    
    
    
    
    
    2000
    
    N/AGreens Crossing Land
    
    Houston, TX
    
    
    
    
    
    
    2,476,892
    
    
    
    
    
    
    
    14,369
    
    
    
    2,491,261
    
    
    
    
    
    
    
    2,491,261
    
    
    
    
    
    
    1995
    
    N/ARankin Road Land
    
    Houston, TX
    
    
    
    
    
    
    5,756,865
    
    
    
    
    
    
    
    94,054
    
    
    
    5,850,919
    
    
    
    
    
    
    
    5,850,919
    
    
    
    
    
    
    1996
    
    N/AHollister Beltway 8 Land
    
    Houston, TX
    
    
    
    
    
    
    6,282,232
    
    
    
    
    
    
    
    88,510
    
    
    
    6,370,741
    
    
    
    
    
    
    
    6,370,741
    
    
    
    
    
    
    2006
    
    N/ANoxell Land
    
    Hunt Valley, MD
    
    
    
    
    
    
    2,040,690
    
    
    
    
    
    
    
    1,173
    
    
    
    2,041,863
    
    
    
    
    
    
    
    2,041,863
    
    
    
    
    
    
    2007
    
    N/ALiberty Business Park Land
    
    Jacksonville, FL
    
    
    
    
    
    
    456,269
    
    
    
    
    
    
    
    82,345
    
    
    
    538,614
    
    
    
    
    
    
    
    538,614
    
    
    
    
    
    
    1987
    
    N/A7024 AC Skinner Parkway
    
    Jacksonville, FL
    
    
    
    
    
    
    751,448
    
    
    
    
    
    
    
    73,504
    
    
    
    824,952
    
    
    
    
    
    
    
    824,952
    
    
    
    
    
    
    2007
    
    N/ABelfort Road
    
    Jacksonville, FL
    
    
    
    
    
    
    492,908
    
    
    
    
    
    
    
    87,304
    
    
    
    580,212
    
    
    
    
    
    
    
    580,212
    
    
    
    
    
    
    2006
    
    N/ASalisbury Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    1,402,337
    
    
    
    
    
    
    
    198,904
    
    
    
    1,601,241
    
    
    
    
    
    
    
    1,601,241
    
    
    
    
    
    
    2005
    
    N/ASkinner Land Parcel B
    
    Jacksonville, FL
    
    
    
    
    
    
    2,295,790
    
    
    
    
    
    
    
    1,230,516
    
    
    
    3,526,306
    
    
    
    
    
    
    
    3,526,306
    
    
    
    
    
    
    2008
    
    N/AImeson Road Land
    
    Jacksonville, FL
    
    
    
    
    
    
    4,153,948
    
    
    
    
    
    
    
    158,922
    
    
    
    4,312,870
    
    
    
    
    
    
    
    4,312,870
    
    
    
    
    
    
    2000
    
    N/AKent County, UK
    
    Kent County, UK
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,577,381
    
    
    
    14,577,381
    
    
    
    
    
    
    
    14,577,381
    
    
    
    
    
    
    1999
    
    N/ACommodore Business Park
    
    Logan, NJ
    
    
    
    
    
    
    792,118
    
    
    
    
    
    
    
    671,146
    
    
    
    1,463,264
    
    
    
    
    
    
    
    1,463,264
    
    
    
    
    
    
    1998
    
    N/AQuarry Ridge Land
    
    Malvern, PA
    
    
    
    
    
    
    4,774,994
    
    
    
    
    
    
    
    5,850,801
    
    
    
    10,625,795
    
    
    
    
    
    
    
    10,625,795
    
    
    
    
    
    
    2007
    
    N/APark Place South Land
    
    Milwaukee, WI
    
    
    
    
    
    
    1,290,032
    
    
    
    
    
    
    
    2,230,261
    
    
    
    3,520,293
    
    
    
    
    
    
    
    3,520,293
    
    
    
    
    
    
    2006
    
    N/AMonarch Towne Center Land
    
    Mirarar, FL
    
    
    
    
    
    
    6,085,337
    
    
    
    
    
    
    
    413,926
    
    
    
    6,499,264
    
    
    
    
    
    
    
    6,499,264
    
    
    
    
    
    
    2006
    
    N/ASouth 27th Street Land
    
    Oak Creek, WI
    
    
    
    
    
    
    2,169,232
    
    
    
    
    
    
    
    2,685,212
    
    
    
    4,854,444
    
    
    
    
    
    
    
    4,854,444
    
    
    
    
    
    
    2001
    
    N/ABeachline Industrial Park Land
    
    Orlando, FL
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    
    365,230
    
    
    
    
    
    
    2006
    
    N/AJFK & Arch Parking Lots/Land (West)
    
    Philadelphia, PA
    
    
    
    
    
    
    4,792,286
    
    
    
    
    
    
    
    4,147,633
    
    
    
    8,939,919
    
    
    
    
    
    
    
    8,939,919
    
    
    
    
    
    
    2007
    
    N/ACotton Center Land
    
    Phoenix, AZ
    
    
    
    
    
    
    4,449,689
    
    
    
    
    
    
    
    40
    
    
    
    4,449,729
    
    
    
    
    
    
    
    4,449,729
    
    
    
    
    
    
    1997
    
    N/AEastport VIII
    
    Richmond, VA
    
    
    
    
    
    
    382,698
    
    
    
    
    
    
    
    3,325
    
    
    
    386,023
    
    
    
    
    
    
    
    386,023
    
    
    
    
    
    
    2006
    
    N/AEastport IX
    
    Richmond, VA
    
    
    
    
    
    
    211,627
    
    
    
    
    
    
    
    3,325
    
    
    
    214,952
    
    
    
    
    
    
    
    214,952
    
    
    
    
    
    
    1998
    
    N/AIRS Distribution Ctr Land
    
    Richmond, VA
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    
    12,981
    
    
    
    
    
    
    2007
    
    N/AWoodlands Center Land
    
    Sandston, VA
    
    
    
    
    
    
    148,314
    
    
    
    
    
    
    
    19,354
    
    
    
    167,668
    
    
    
    
    
    
    
    167,668
    
    
    
    
    
    
    2007
    
    N/ANorthsight Land (LPLP)
    
    Scottsdale, AZ
    
    
    
    
    
    
    6,176,464
    
    
    
    
    
    
    
    2,204,597
    
    
    
    8,381,061
    
    
    
    
    
    
    
    8,381,061
    
    
    
    
    
    
    2001
    
    N/AOld Scotland Road Land
    
    Shippensburg, PA
    
    
    
    
    
    
    8,322,686
    
    
    
    
    
    
    
    2,562,070
    
    
    
    10,884,757
    
    
    
    
    
    
    
    10,884,757
    
    
    
    
    
    
    2005
    
    N/ABridgeway II Land
    
    Suffolk, VA
    
    
    
    
    
    
    603,391
    
    
    
    
    
    
    
    2,022,814
    
    
    
    2,626,205
    
    
    
    
    
    
    
    2,626,205
    
    
    
    
    
    
    1995
    
    N/ASuffolk Land
    
    Suffolk, VA
    
    
    
    
    
    
    2,715,714
    
    
    
    
    
    
    
    675,966
    
    
    
    3,391,680
    
    
    
    
    
    
    
    3,391,680
    
    
    
    
    
    
    2005
    
    N/A6119 W. Linebaugh Avenue
    
    Tampa, FL
    
    
    
    
    
    
    180,136
    
    
    
    
    
    
    
    30,500
    
    
    
    210,635
    
    
    
    
    
    
    
    210,635
    
    
    
    
    
    
    2005
    
    N/ATampa Triangle Land
    
    Tampa, FL
    
    
    
    
    
    
    10,358,826
    
    
    
    
    
    
    
    1,125,564
    
    
    
    11,484,390
    
    
    
    
    
    
    
    11,484,390
    
    
    
    
    
    
    2006
    
    N/ARenaissance Park Land
    
    Tampa, FL
    
    
    
    
    
    
    1,995,375
    
    
    
    
    
    
    
    308,575
    
    
    
    2,303,950
    
    
    
    
    
    
    
    2,303,950
    
    
    
    
    
    
    2007
    
    N/ASubtotal Land Held for Development
    
    
    
    $
    229,953
    
    
    $
    150,902,343
    
    
    $
    
    
    
    $
    58,648,168
    
    
    $
    209,550,512
    
    
    $
    
    
    
    $
    209,550,512
    
    
    $
    Total All Properties
    
    
    
    $
    73,261,535
    
    
    $
    932,107,751
    
    
    $
    1,806,581,935
    
    
    $
    2,789,841,489
    
    
    $
    1,022,947,345
    
    
    $
    4,505,583,831
    
    
    $
    5,528,531,176
    
    
    $
    982,114,170
 
 *
    
    Denotes property is collateralized under mortgages with American General, USG Annuity and Life,
Metropolitan Life and LaSalle Bank totaling $122.4 million. 101




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##### Table of Contents



SCHEDULE III
 LIBERTY PROPERTY LIMITED PARTNERSHIP
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
  Year Ended December 31,2008
    
    
    2007
    
    
    2006REAL ESTATE:Balance at beginning of year
    
    $
    5,765,409
    
    
    $
    5,101,280
    
    
    $
    4,649,302Additions
    
    
    330,371
    
    
    
    939,322
    
    
    
    820,012Disposition of property
    
    
    (567,248
    )
    
    
    (275,193
    )
    
    
    (368,034
    )Balance at end of year
    
    $
    5,528,532
    
    
    $
    5,765,409
    
    
    $
    5,101,280ACCUMULATED DEPRECIATION:Balance at beginning of year
    
    $
    858,671
    
    
    $
    782,750
    
    
    $
    712,786Depreciation expense
    
    
    140,925
    
    
    
    126,852
    
    
    
    120,947Disposition of property
    
    
    (17,482
    )
    
    
    (50,931
    )
    
    
    (50,983
    )Balance at end of year
    
    $
    982,114
    
    
    $
    858,671
    
    
    $
    782,750
 102




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##### Table of Contents



ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
  1. REPORTS OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND CONSOLIDATED
FINANCIAL STATEMENTS
 Managements Annual Report on Internal Control Over Financial Reporting  Liberty Property
Trust
 Reports of Independent Registered Public Accounting Firm  Liberty Property Trust
 Financial Statements  Liberty Property Trust
          Managements Annual Report on Internal Control Over Financial Reporting  Liberty Property
Limited Partnership
 Reports of Independent Registered Public Accounting Firm  Liberty Property Limited
Partnership
 Financial Statements  Liberty Property Limited Partnership
          2. FINANCIAL STATEMENT SCHEDULES:
    103




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##### Table of Contents



3. EXHIBITS:
  EXHIBIT NO.
    
    DESCRIPTION12
    
    Statement re: Computation of Ratios23.1
    
    Consent of Independent Registered Public Accounting Firm23.2
    
    Consent of Independent Registered Public Accounting Firm
 104




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##### Table of Contents



SIGNATURES
  LIBERTY PROPERTY TRUSTBy:

/s/ George J. Alburger, Jr.George J. Alburger, Jr.Chief Financial OfficerLIBERTY PROPERTY LIMITED PARTNERSHIPBy:
    Liberty Property Trust, its soleGeneral PartnerBy:

/s/ George J. Alburger, Jr.George J. Alburger, Jr.Chief Financial Officer  105