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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 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)PENNSYLVANIA(Liberty Property Limited Partnership)
    
    23-7768996
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
  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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##### 



INDEX
 PagePart IItem 1. Business
    
    
    4Item 1A. Risk Factors
    
    
    8Item 1B. Unresolved Staff Comments
    
    
    17Item 2. Properties
    
    
    17Item 3. Legal Proceedings
    
    
    20Item 4. Submission of Matters to a Vote of Security Holders
    
    
    22Part IIItem 5. Market for Registrants Common Equity, Related Shareholder Matters and
Issuer Purchases of Equity Securities
    
    
    23Item 6. Selected Financial Data
    
    
    24Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    26Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    40Item 8. Financial Statements and Supplementary Data
    
    
    40Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    121Item 9A. Controls and Procedures
    
    
    121Item 9B. Other Information
    
    
    121Part IIIItem 10. Trustees, Executive Officers and Corporate Governance
    
    
    122Item 11. Executive Compensation
    
    
    122Item 12. Security Ownership of Certain Beneficial Owners and Management and
Related Shareholder Matters
    
    
    122Item 13. Certain Relationships and Related Transactions, and Trustee Independence
    
    
    122Item 14. Principal Accountant Fees and Services
    
    
    122Part IVItem 15. Exhibits and Financial Statement Schedules
    
    
    123Signatures for Liberty Property Trust
    
    
    132Signatures for Liberty Property Limited Partnership
    
    
    133Exhibit Index
    
    
    134Amended and Restated Schedule ALiberty Property Trust  Amended Management Severance PlanStatement re: Computation of RatiosSubsidiariesConsent of Ernst & Young LLP relating to the TrustConsent of Ernst & Young LLP relating to the Operating PartnershipCertifications of the Chief Executive OfficerCertifications of the Chief Financial OfficerCertifications of the Chief Executive Officer, in its capacity as the general partnerCertifications of the Chief Financial Officer in its capacity as the general partnerCertifications of the Chief Executive Officer, required under Rule 13a-14(b)Certifications of the Chief Financial Officer, required under Rule 13a-14(b)Certifications of the Chief Executive Officer, in its capacity as the general partner, required by Rule 13-a-14(b)Certifications of the Chief Financial Officer, in its capacity as the general partner, required by Rule 13a-14(b)Portions of the Proxy Statement for the Liberty Property Trust 2008 Annual Meeting of ShareholdersEX-3.1.24EX-10.9EX-12EX-21EX-23.1EX-23.2EX-31.1EX-31.2EX-31.3EX-31.4EX-32.1EX-32.2EX-32.3EX-32.4EX-99.1
  2




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3




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PART I
 
 ITEM 1. BUSINESS
 The Company
       4




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Management and Employees
  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
 Business Objective and Strategies for Growth
  Products
  Markets
  Organizational Plan
  5




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Internal Growth Strategies
  Maintain High Occupancies
  Cost Controls
  Customer Service
  Energy Efficiency Initiatives
      External Growth Strategies
   6




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Wholly Owned Properties
 Development
    Square Feet
    
    
    Percent Leased
    
    
    TotalScheduled In-Service Date
    
    Ind-Dist.
    
    
    Ind-Flex
    
    
    Office
    
    
    Total
    
    
    December 31, 2008
    
    
    Investment1st Quarter 2009
    
    
    
    
    
    
    
    
    
    
    90
    
    
    
    90
    
    
    
    85.9
    %
    
    $
    16,3212nd Quarter 2009
    
    
    920
    
    
    
    126
    
    
    
    78
    
    
    
    1,124
    
    
    
    52.0
    %
    
    
    71,8933rd Quarter 2009
    
    
    100
    
    
    
    69
    
    
    
    333
    
    
    
    502
    
    
    
    13.6
    %
    
    
    88,7234th Quarter 2009
    
    
    961
    
    
    
    
    
    
    
    177
    
    
    
    1,138
    
    
    
    95.2
    %
    
    
    126,2122nd Quarter 2010
    
    
    
    
    
    
    
    
    
    
    95
    
    
    
    95
    
    
    
    72.3
    %
    
    
    24,2064th Quarter 2010
    
    
    
    
    
    
    
    
    
    
    211
    
    
    
    211
    
    
    
    50.8
    %
    
    
    46,245Total
    
    
    1,981
    
    
    
    195
    
    
    
    984
    
    
    
    3,160
    
    
    
    63.0
    %
    
    $
    373,600
   Acquisitions/Dispositions
    7




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Joint Venture Properties
   Development
    Acquisitions/Dispositions
   
 ITEM 1A. RISK FACTORS
  Risks Related to Our Business
 Recent turmoil in the global credit markets and current economic downturn could adversely affect
our business and financial condition.
   8




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Recent developments in the general economy have affected some of our existing tenants, and could
have an adverse impact on our ability to collect rent or renew leases with these tenants, resulting
in a negative effect on our cash flow from operations.
  Unfavorable events affecting our existing tenants, or negative market conditions that may affect
our existing tenants, could have an adverse impact on our ability to attract new tenants, relet
space, collect rent or renew leases, and thus could have a negative effect on our cash flow from
operations.
  §
    
    lack of demand for space in the areas where our Properties are located§
    
    inability to retain existing tenants and attract new tenants§
    
    oversupply of or reduced demand for space and changes in market rental rates§
    
    defaults by our tenants or their failure to pay rent on a timely basis§
    
    the need to periodically renovate and repair our space§
    
    physical damage to our Properties§
    
    economic or physical decline of the areas where our Properties are located§
    
    potential risk of functional obsolescence of our Properties over time
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We may not be able to compete successfully with other entities that operate in our industry.
   We may experience increased operating costs, which could adversely affect our operations.
  Our ability to achieve growth in operating income depends in part on our ability to develop
properties, which may suffer under certain circumstances.
   §
    
    construction and leasing of a property may not be completed on schedule, which could
result in increased expenses and construction costs, and would result in reduced
profitability§
    
    construction costs may exceed our original estimates due to increases in interest rates
and increased materials, labor or other costs, possibly making the property unprofitable
because we may not be able to increase rents to compensate for the increase in construction
costs§
    
    some developments may fail to achieve expectations, possibly making them unprofitable§
    
    we may be unable to obtain, or may face delays in obtaining, required zoning, land-use,
building, occupancy, and other governmental permits and authorizations, which could result
in increased costs and could require us to abandon our activities entirely with respect to
a project
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§
    
    we may abandon development opportunities after we begin to explore them and as a result,
we may fail to recover costs already incurred. If we alter or discontinue our development
efforts, past and future costs of the investment may need to be expensed rather than
capitalized and we may determine the investment is impaired, resulting in a loss§
    
    we may expend funds on and devote managements time to projects that we do not complete§
    
    occupancy rates and rents at newly completed properties may fluctuate depending on a
number of factors, including market and economic conditions, and may result in lower than
projected rental rates with the result that our investment is not profitable
 We face risks associated with property acquisitions.
   §
    
    when we are able to locate a desirable property, competition from other real estate
investors may significantly increase the purchase price§
    
    acquired properties may fail to perform as expected§
    
    the actual costs of repositioning or redeveloping acquired properties may be higher than
our estimates§
    
    acquired properties may be located in new markets where we face risks associated with an
incomplete knowledge or understanding of the local market, a limited number of established
business relationships in the area and a relative unfamiliarity with local governmental and
permitting procedures§
    
    we may be unable to quickly and efficiently integrate new acquisitions, particularly
acquisitions of portfolios of properties and operating entities, into our existing
operations, and as a result, our results of operations and financial condition could be
adversely affected
  Many of our Properties are concentrated in our primary markets, and we therefore may suffer
economic harm as a result of adverse conditions in those markets.
  We may not be able to access financial markets to obtain capital on a timely basis, or on
acceptable terms.
  §
    
    general economic conditions affecting these markets§
    
    our own financial structure and performance§
    
    the markets opinion of REITs in general§
    
    the markets opinion of REITs that own properties similar to ours
 We may suffer adverse effects as a result of the terms of and covenants relating to our
indebtedness.
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Our degree of leverage could limit our ability to obtain additional financing or affect the market
price of our Common Shares.
  Further issuances of equity securities may be dilutive to our existing shareholders.
  An increase in interest rates would increase our interest costs on variable rate debt and could
adversely impact our ability to refinance existing debt.
  Property ownership through joint ventures will limit our ability to act exclusively in our
interests and may require us to depend on the financial performance of our co-venturers.
   Risks Related to the Real Estate Industry
 Real estate investments are illiquid, and we may not be able to sell our Properties if and when we
determine it is appropriate to do so.
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We may experience economic harm if any damage to our Properties is not covered by insurance.
   Potential liability for environmental contamination could result in substantial costs.
  §
    
    as owner or operator, we may have to pay for property damage and for investigation and
clean-up costs incurred in connection with the contamination§
    
    the law typically imposes clean-up responsibility and liability regardless of whether
the owner or operator knew of or caused the contamination§
    
    even if more than one person may be responsible for the contamination, each person who shares legal liability under the environmental laws may be held responsible for all of the
clean-up costs§
    
    governmental entities and third parties may sue the owner or operator of a contaminated
site for damages and costs
   §
    
    the environmental assessments and updates will not identify all potential environmental
liabilities§
    
    a prior owner created a material environmental condition that is not known to us or the
independent consultants preparing the assessments§
    
    new environmental liabilities have developed since the environmental assessments were
conducted§
    
    future uses or conditions such as changes in applicable environmental laws and
regulations could result in environmental liability for us
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Our Properties may contain or develop harmful mold, which could lead to liability for adverse
health effects and costs of remediating the problem.
  Compliance with the Americans with Disabilities Act and fire, safety and other regulations may
require us to make expenditures that adversely impact our operating results.
  Terrorist attacks and other acts of violence or war may adversely impact our operating results and
may affect markets on which our securities are traded.
   Risks Related to Our Organization and Structure
 We have elected REIT status under the federal tax laws and could suffer adverse consequences if we
fail to qualify as a REIT.
  14




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Risks associated with potential borrowings necessary to make distributions to qualify as a REIT;
distributions can be made in Common Shares.
   Certain officers of the Trust may not have the same interests as shareholders as to certain tax
laws.
  §
    
    when certain of our Properties are sold§
    
    when debt on those Properties is refinanced§
    
    if we are involved in a tender offer or merger
  Certain aspects of our organization could have the effect of restricting or preventing a change of
control of our Company, which could have an adverse effect on the price of our shares.
 Our charter contains an ownership limit on shares.
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We have a staggered board and certain restrictive nominating procedures. Our Board of Trustees has
three classes of trustees
 We can issue preferred shares
 There are limitations on acquisition of and changes in control pursuant to, and fiduciary
protections of The Board under Maryland law
 Various factors out of our control could hurt the market value of our publicly traded securities.
    We no longer have a shareholder rights plan but are not precluded from adopting one.
  16




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Transactions by the Trust or the Operating Partnership could adversely affect debt holders.
  
 ITEM 1B. UNRESOLVED STAFF COMMENTS
  
 ITEM 2. PROPERTIES
     17




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Type
    
    Net Rent (1)
    
    
    Square Feet
    
    
    % LeasedNortheast
    
    Industrial-Distribution
    
    $
    54,535
    
    
    
    14,705
    
    
    
    87.9
    %-Flex
    
    
    33,442
    
    
    
    3,890
    
    
    
    93.2
    %Office
    
    
    
    
    123,948
    
    
    
    9,059
    
    
    
    92.9
    %Total
    
    
    
    
    211,925
    
    
    
    27,654
    
    
    
    90.3
    %Midwest
    
    Industrial-Distribution
    
    5,320
    
    
    
    1,224
    
    
    
    100.0
    %-Flex
    
    
    18,072
    
    
    
    2,463
    
    
    
    83.5
    %Office
    
    
    
    
    28,320
    
    
    
    2,468
    
    
    
    96.7
    %Total
    
    
    
    
    51,712
    
    
    
    6,155
    
    
    
    92.1
    %Mid-Atlantic
    
    Industrial-Distribution
    
    33,656
    
    
    
    8,843
    
    
    
    90.5
    %-Flex
    
    
    9,619
    
    
    
    1,188
    
    
    
    89.8
    %Office
    
    
    
    
    59,732
    
    
    
    4,603
    
    
    
    93.0
    %Total
    
    
    
    
    103,007
    
    
    
    14,634
    
    
    
    91.2
    %South
    
    Industrial-Distribution
    
    27,046
    
    
    
    5,934
    
    
    
    93.1
    %-Flex
    
    
    30,317
    
    
    
    3,834
    
    
    
    90.2
    %Office
    
    
    
    
    59,658
    
    
    
    4,620
    
    
    
    90.5
    %Total
    
    
    
    
    117,021
    
    
    
    14,388
    
    
    
    91.5
    %Philadelphia
    
    Industrial-Distribution
    
    
    
    
    
    
    
    
    
    -Flex
    
    
    1,745
    
    
    
    101
    
    
    
    100.0
    %Office
    
    
    
    
    11,130
    
    
    
    733
    
    
    
    99.2
    %Total
    
    
    
    
    12,875
    
    
    
    834
    
    
    
    99.3
    %United Kingdom
    
    Industrial-Distribution
    
    
    
    
    
    
    
    
    
    -Flex
    
    
    1,148
    
    
    
    44
    
    
    
    100.0
    %Office
    
    
    
    
    2,168
    
    
    
    90
    
    
    
    92.0
    %Total
    
    
    
    
    3,316
    
    
    
    134
    
    
    
    94.6
    %TOTAL
    
    Industrial-Distribution
    
    120,557
    
    
    
    30,706
    
    
    
    90.1
    %-Flex
    
    
    94,343
    
    
    
    11,520
    
    
    
    89.9
    %Office
    
    
    
    
    284,956
    
    
    
    21,573
    
    
    
    93.1
    %Total
    
    
    
    $
    499,856
    
    
    
    63,799
    
    
    
    91.1
    %Joint Ventures (2)
    
    Industrial-Distribution
    
    32,632
    
    
    
    8,317
    
    
    
    93.7
    %-Flex
    
    
    3,718
    
    
    
    171
    
    
    
    86.7
    %Office
    
    
    
    
    98,591
    
    
    
    4,581
    
    
    
    89.6
    %$
    134,941
    
    
    
    13,069
    
    
    
    92.2
    %
 
 (1)
    
    Net rent represents the contractual rent per square foot times the tenants square feet
leased at December 31, 2008 for tenants in occupancy. Net rent does not include the
tenants obligation to pay property operating expenses and real estate taxes.(2)
    
    Joint Ventures represent the 95 properties owned by unconsolidated joint ventures in
which the Company has an interest. 18




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Total Properties in Operation
 Wholly Owned Properties in Operation:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent2009
    
    
    3,020
    
    
    $
    13,073
    
    
    
    1,499
    
    
    $
    12,955
    
    
    
    2,208
    
    
    $
    30,734
    
    
    
    6,727
    
    
    $
    56,7622010
    
    
    3,532
    
    
    
    16,804
    
    
    
    1,715
    
    
    
    16,148
    
    
    
    2,961
    
    
    
    42,275
    
    
    
    8,208
    
    
    
    75,2272011
    
    
    2,988
    
    
    
    13,667
    
    
    
    1,345
    
    
    
    13,868
    
    
    
    2,356
    
    
    
    36,304
    
    
    
    6,689
    
    
    
    63,8392012
    
    
    4,698
    
    
    
    23,275
    
    
    
    1,530
    
    
    
    15,124
    
    
    
    2,320
    
    
    
    40,360
    
    
    
    8,548
    
    
    
    78,7592013
    
    
    2,076
    
    
    
    10,421
    
    
    
    1,328
    
    
    
    13,950
    
    
    
    2,558
    
    
    
    42,709
    
    
    
    5,962
    
    
    
    67,0802014
    
    
    2,074
    
    
    
    11,169
    
    
    
    625
    
    
    
    7,263
    
    
    
    2,283
    
    
    
    35,506
    
    
    
    4,982
    
    
    
    53,938Thereafter
    
    
    9,289
    
    
    
    52,225
    
    
    
    2,311
    
    
    
    27,592
    
    
    
    5,392
    
    
    
    97,758
    
    
    
    16,992
    
    
    
    177,575Total
    
    
    27,677
    
    
    $
    140,634
    
    
    
    10,353
    
    
    $
    106,900
    
    
    
    20,078
    
    
    $
    325,646
    
    
    
    58,108
    
    
    $
    573,180
 Joint Venture Properties in Operation:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent2009
    
    
    981
    
    
    $
    3,817
    
    
    
    18
    
    
    $
    439
    
    
    
    358
    
    
    $
    7,297
    
    
    
    1,357
    
    
    $
    11,5532010
    
    
    1,367
    
    
    
    5,451
    
    
    
    5
    
    
    
    135
    
    
    
    435
    
    
    
    9,407
    
    
    
    1,807
    
    
    
    14,9932011
    
    
    938
    
    
    
    3,950
    
    
    
    11
    
    
    
    275
    
    
    
    452
    
    
    
    10,748
    
    
    
    1,401
    
    
    
    14,9732012
    
    
    329
    
    
    
    1,598
    
    
    
    90
    
    
    
    2,423
    
    
    
    150
    
    
    
    3,420
    
    
    
    569
    
    
    
    7,4412013
    
    
    534
    
    
    
    2,316
    
    
    
    
    
    
    
    
    
    
    
    248
    
    
    
    5,851
    
    
    
    782
    
    
    
    8,1672014
    
    
    1,078
    
    
    
    4,981
    
    
    
    2
    
    
    
    64
    
    
    
    330
    
    
    
    9,195
    
    
    
    1,410
    
    
    
    14,240Thereafter
    
    
    2,562
    
    
    
    13,665
    
    
    
    
    
    
    
    
    
    
    
    2,155
    
    
    
    72,098
    
    
    
    4,717
    
    
    
    85,763Total
    
    
    7,789
    
    
    $
    35,778
    
    
    
    126
    
    
    $
    3,336
    
    
    
    4,128
    
    
    $
    118,016
    
    
    
    12,043
    
    
    $
    157,130
 Properties in Operation:
 Industrial-Distribution
    
    
    Industrial-Flex
    
    
    Office
    
    
    TotalSquare
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    Annual
    
    
    Square
    
    
    AnnualYear
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent
    
    
    Feet
    
    
    Rent2009
    
    
    4,001
    
    
    $
    16,890
    
    
    
    1,517
    
    
    $
    13,394
    
    
    
    2,566
    
    
    $
    38,031
    
    
    
    8,084
    
    
    $
    68,3152010
    
    
    4,899
    
    
    
    22,255
    
    
    
    1,720
    
    
    
    16,283
    
    
    
    3,396
    
    
    
    51,682
    
    
    
    10,015
    
    
    
    90,2202011
    
    
    3,926
    
    
    
    17,617
    
    
    
    1,356
    
    
    
    14,143
    
    
    
    2,808
    
    
    
    47,052
    
    
    
    8,090
    
    
    
    78,8122012
    
    
    5,027
    
    
    
    24,873
    
    
    
    1,620
    
    
    
    17,547
    
    
    
    2,470
    
    
    
    43,780
    
    
    
    9,117
    
    
    
    86,2002013
    
    
    2,610
    
    
    
    12,737
    
    
    
    1,328
    
    
    
    13,950
    
    
    
    2,806
    
    
    
    48,560
    
    
    
    6,744
    
    
    
    75,2472014
    
    
    3,152
    
    
    
    16,150
    
    
    
    627
    
    
    
    7,327
    
    
    
    2,613
    
    
    
    44,701
    
    
    
    6,392
    
    
    
    68,178Thereafter
    
    
    11,851
    
    
    
    65,890
    
    
    
    2,311
    
    
    
    27,592
    
    
    
    7,547
    
    
    
    169,856
    
    
    
    21,709
    
    
    
    263,338Total
    
    
    35,466
    
    
    $
    176,412
    
    
    
    10,479
    
    
    $
    110,236
    
    
    
    24,206
    
    
    $
    443,662
    
    
    
    70,151
    
    
    $
    730,310
 19




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##### Table of Contents



Percentage
    
    
    
    PercentageTop 10 Office Tenants
    
    of Net Rent
    
    Top 10 Industrial Tenants
    
    of Net RentThe Vanguard Group, Inc.
    
    
    4.1
    %
    
    Home Depot U.S.A., Inc.
    
    
    1.2
    %GlaxoSmithKline
    
    
    2.1
    %
    
    Kellogg USA, Inc.
    
    
    1.1
    %General Motors Acceptance Corporation
    
    
    1.6
    %
    
    Wakefern Food Corp.
    
    
    1.0
    %PHH Corporation
    
    
    1.3
    %
    
    United Parcel Services, Inc.
    
    
    0.8
    %Comcast Corporation
    
    
    1.2
    %
    
    The Dial Corporation
    
    
    0.6
    %Sanofi-Aventis U.S., Inc.
    
    
    1.1
    %
    
    Uline, Inc.
    
    
    0.5
    %PNC Bank, National Association
    
    
    1.0
    %
    
    Broder Bros, Inc.
    
    
    0.5
    %WellCare Health Plans, Inc.
    
    
    1.0
    %
    
    Foxconn Corporation
    
    
    0.5
    %United States of America
    
    
    0.9
    %
    
    Moore Wallace North America, Inc.
    
    
    0.4
    %United Healthcare Services, Inc.
    
    
    0.8
    %
    
    Nexus Distribution Corporation
    
    
    0.4
    %15.1
    %
    
    
    
    
    7.0
    %
 
 ITEM 3. LEGAL PROCEEDINGS
     20




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21




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##### Table of Contents



ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  22




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##### Table of Contents



PART II
 
 ITEM 5. MARKET FOR THE REGISTRANTS COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND RELATED ISSUER
PURCHASES OF EQUITY SECURITIES
  DividendsDeclared PerHigh
    
    Low
    
    Common Share2008Fourth Quarter
    
    $
    37.27
    
    
    $
    12.93
    
    
    $
    0.475Third Quarter
    
    
    40.89
    
    
    
    31.43
    
    
    
    0.625Second Quarter
    
    
    37.11
    
    
    
    32.60
    
    
    
    0.625First Quarter
    
    
    33.24
    
    
    
    25.85
    
    
    
    0.6252007Fourth Quarter
    
    $
    43.78
    
    
    $
    28.16
    
    
    $
    0.625Third Quarter
    
    
    45.48
    
    
    
    34.27
    
    
    
    0.625Second Quarter
    
    
    50.24
    
    
    
    42.63
    
    
    
    0.62First Quarter
    
    
    53.91
    
    
    
    47.89
    
    
    
    0.62
    23




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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
    
    $
    748,520
    
    
    $
    686,831
    
    
    $
    607,562
    
    
    $
    577,569
    
    
    $
    529,606Income from continuing operations
    
    $
    126,963
    
    
    $
    123,774
    
    
    $
    139,890
    
    
    $
    193,998
    
    
    $
    123,491Net income
    
    $
    151,942
    
    
    $
    164,831
    
    
    $
    266,574
    
    
    $
    249,351
    
    
    $
    161,443Basic:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.36
    
    
    $
    1.56
    
    
    $
    2.23
    
    
    $
    1.46Income from discontinued operations
    
    $
    0.27
    
    
    $
    0.45
    
    
    $
    1.42
    
    
    $
    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
    
    
    $
    1.55
    
    
    $
    2.19
    
    
    $
    1.44Income from discontinued operations
    
    $
    0.27
    
    
    $
    0.45
    
    
    $
    1.40
    
    
    $
    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
 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
    
    
    1,956,735
    
    
    
    1,837,021
    
    
    
    1,871,604
    
    
    
    1,709,182
    
    
    
    1,596,259
 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
    %
 24




---



##### Table of Contents



Liberty Property Limited Partnership
 Operating Data
    
    Year Ended December 31,(In thousands, except per share data)
    
    2008
    
    2007
    
    2006
    
    2005
    
    2004Total operating revenue
    
    $
    748,520
    
    
    $
    686,831
    
    
    $
    607,562
    
    
    $
    577,569
    
    
    $
    529,606Income from continuing operations
    
    $
    153,542
    
    
    $
    147,271
    
    
    $
    159,698
    
    
    $
    214,381
    
    
    $
    140,647Income available to common unitholders
    
    $
    158,611
    
    
    $
    172,387
    
    
    $
    278,359
    
    
    $
    259,364
    
    
    $
    168,398Basic:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.36
    
    
    $
    1.56
    
    
    $
    2.23
    
    
    $
    1.46Income from discontinued operations
    
    $
    0.27
    
    
    $
    0.45
    
    
    $
    1.42
    
    
    $
    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
    
    
    $
    1.55
    
    
    $
    2.19
    
    
    $
    1.44Income from discontinued operations
    
    $
    0.27
    
    
    $
    0.45
    
    
    $
    1.40
    
    
    $
    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
 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
    
    
    2,325,376
    
    
    
    2,209,125
    
    
    
    2,168,912
    
    
    
    1,961,908
    
    
    
    1,800,145
 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 25




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##### Table of Contents



from operating, investing or financing activities as
defined by GAAP. A reconciliation of Funds from operations to net income may be found on page
39. 
 ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Overview
       26




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##### Table of Contents



WHOLLY OWNED CAPITAL ACTIVITY
 Acquisitions
  Dispositions
  Development
  JOINT VENTURE CAPITAL ACTIVITY
  Acquisitions
  Dispositions
  Development
  Liberty/Commerz 1701 JFK Boulevard, LP
 Accounting for the Sale of Real Estate
 27




---



##### Table of Contents



Forward-Looking Statements
  Critical Accounting Policies and Estimates
   Capitalized Costs
  Revenue Recognition
  28




---



##### Table of Contents



Allowance for Doubtful Accounts
  Impairment of Real Estate
  Intangibles
 Business Combinations
  Investments in Unconsolidated Joint Ventures
 Consolidation of Variable Interest Entities,
 29




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##### Table of Contents



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
  Results of Operations
   Comparison of Year Ended December 31, 2008 to Year Ended December 31, 2007
 Overview
   30




---



##### Table of Contents



Segments
   Year Ended December 31,
    
    
    Percentage2008
    
    
    2007
    
    
    Increase (Decrease)Northeast Southeastern PA
    
    $
    120,778
    
    
    $
    115,192
    
    
    
    4.8
    % Lehigh/Central PA
    
    
    72,440
    
    
    
    68,015
    
    
    
    6.5
    % (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)
    
    $
    509,414
    
    
    $
    470,622
    
    
    
    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. Same Store
    31




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##### Table of Contents



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:Property level operating income  Same Store
    
    $
    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
    )Termination fees
    
    
    3,855
    
    
    
    4,163General and administrative expense
    
    
    (54,378
    )
    
    
    (54,249
    )Depreciation and amortization expense
    
    
    (173,097
    )
    
    
    (155,616
    )Other income (expense)
    
    
    (139,646
    )
    
    
    (115,331
    )Gain on property dispositions
    
    
    10,572
    
    
    
    1,463Income taxes
    
    
    (1,645
    )
    
    
    709Minority interest
    
    
    (27,062
    )
    
    
    (23,598
    )Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,805
    
    
    
    (226
    )Discontinued operations, net of minority interest
    
    
    24,979
    
    
    
    41,057Net income
    
    $
    151,942
    
    
    $
    164,831
 General and Administrative
  Depreciation and Amortization
  Interest Expense
   32




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##### Table of Contents



Other
     Comparison of Year Ended December 31, 2007 to Year Ended December 31, 2006
 Overview
   Segments
  33




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##### Table of Contents



Year Ended December 31,
    
    
    Percentage2007
    
    
    2006
    
    
    Increase (Decrease)Northeast Southeastern PA
    
    $
    115,192
    
    
    $
    114,046
    
    
    
    1.0
    % Lehigh/Central PA
    
    
    68,015
    
    
    
    63,415
    
    
    
    7.3
    % (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)
    
    $
    470,622
    
    
    $
    420,146
    
    
    
    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
    34




---



##### 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:Property 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 discontinued operations
    
    
    (7,001
    )
    
    
    (6,561
    )Termination fees
    
    
    4,165
    
    
    
    6,062General and administrative expense
    
    
    (54,249
    )
    
    
    (46,332
    )Depreciation and amortization expense
    
    
    (155,616
    )
    
    
    (132,106
    )Other income (expense)
    
    
    (115,331
    )
    
    
    (100,789
    )Gain on property dispositions
    
    
    1,463
    
    
    
    17,628Income taxes
    
    
    709
    
    
    
    (288
    )Minority interest
    
    
    (23,598
    )
    
    
    (19,801
    )Equity in (loss) earnings of unconsolidated joint ventures
    
    
    (226
    )
    
    
    1,432Discontinued operations at December 31, 2007
    
    
    38,976
    
    
    
    124,3792008 discontinued operations
    
    
    2,081
    
    
    
    2,305Net income
    
    $
    164,831
    
    
    $
    266,574
 General and Administrative
  Depreciation and Amortization
  Interest Expense
   35




---



##### Table of Contents



Other
    Liquidity and Capital Resources
 Overview
  Activity
      36




---



##### 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
    37




---



##### Table of Contents



Off-Balance Sheet Arrangements
  Calculation of Funds from Operations
  38




---



##### 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
    )Minority 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
    )Minority 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
 Inflation
  39




---



##### Table of Contents



ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
        
 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  40




---



##### Table of Contents



Managements Annual Report on Internal Control Over Financial Reporting
 To the Shareholders of Liberty Property Trust:
  Internal Control  Integrated Framework
    41




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Trustees and Shareholders of Liberty Property Trust
        
 42




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Trustees and Shareholders of Liberty Property Trust
      
 43




---



##### 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
    
    
    
    3,434,295Minority interest
    
    
    369,771
    
    
    
    372,621SHAREHOLDERS EQUITYCommon 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
    
    
    2,199,684
    
    
    
    1,984,141Accumulated 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 shareholders equity
    
    
    1,956,735
    
    
    
    1,837,021Total liabilities and shareholders equity
    
    $
    5,217,035
    
    
    $
    5,643,937
  44




---



##### 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
    
    $
    520,301
    
    
    $
    480,107
    
    
    $
    426,874Operating expense reimbursement
    
    
    228,219
    
    
    
    206,724
    
    
    
    180,688Total operating revenue
    
    
    748,520
    
    
    
    686,831
    
    
    
    607,562OPERATING EXPENSERental property
    
    
    152,786
    
    
    
    143,646
    
    
    
    122,826Real estate taxes
    
    
    86,320
    
    
    
    72,563
    
    
    
    64,590General and administrative
    
    
    54,378
    
    
    
    54,249
    
    
    
    46,332Depreciation and amortization
    
    
    173,097
    
    
    
    155,616
    
    
    
    132,106Total operating expenses
    
    
    466,581
    
    
    
    426,074
    
    
    
    365,854Operating income
    
    
    281,939
    
    
    
    260,757
    
    
    
    241,708OTHER INCOME (EXPENSE)Interest and other income
    
    
    13,508
    
    
    
    11,727
    
    
    
    8,693Debt extinguishment gain
    
    
    2,521
    
    
    
    
    
    
    
    Interest expense
    
    
    (155,675
    )
    
    
    (127,058
    )
    
    
    (109,482
    )Total other income (expense)
    
    
    (139,646
    )
    
    
    (115,331
    )
    
    
    (100,789
    )Income before property dispositions, income taxes, minority interest and equity
in earnings (loss) of unconsolidated joint ventures
    
    
    142,293
    
    
    
    145,426
    
    
    
    140,919Gain on property dispositions
    
    
    10,572
    
    
    
    1,463
    
    
    
    17,628Income taxes
    
    
    (1,645
    )
    
    
    709
    
    
    
    (288
    )Minority interest
    
    
    (27,062
    )
    
    
    (23,598
    )
    
    
    (19,801
    )Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,805
    
    
    
    (226
    )
    
    
    1,432Income from continuing operations
    
    
    126,963
    
    
    
    123,774
    
    
    
    139,890Discontinued operations, net of minority interest (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)
    
    
    24,979
    
    
    
    41,057
    
    
    
    126,684Net income
    
    $
    151,942
    
    
    $
    164,831
    
    
    $
    266,574Earnings per shareBasic:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.36
    
    
    $
    1.56Income from discontinued operations
    
    
    0.27
    
    
    
    0.45
    
    
    
    1.42Income per common share  basic
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98Diluted:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.55Income from discontinued operations
    
    
    0.27
    
    
    
    0.45
    
    
    
    1.40Income 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
    
    
    
    90,492
  45




---



##### Table of Contents



CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY OF LIBERTY PROPERTY TRUST
(IN THOUSANDS)
 Common
    
    
    
    
    
    
    Accumulated
    
    
    
    
    
    
    CommonShares of
    
    
    Additional
    
    
    Other
    
    
    Distributions
    
    
    Shares
    
    
    TotalBeneficial
    
    
    Paid-In
    
    
    Comprehensive
    
    
    in Excess of
    
    
    Held
    
    
    ShareholdersInterest
    
    
    Capital
    
    
    Income
    
    
    Net Income
    
    
    in Treasury
    
    
    EquityBalance at January 1, 2006
    
    $
    88
    
    
    $
    1,799,068
    
    
    $
    9,906
    
    
    $
    (98,553
    )
    
    $
    (1,327
    )
    
    $
    1,709,182Net proceeds from the issuance of
Common Shares
    
    
    3
    
    
    
    87,040
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    87,043Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    266,574
    
    
    
    
    
    
    
    266,574Distributions on Common Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (221,907
    )
    
    
    
    
    
    
    (221,907
    )Noncash compensation
    
    
    
    
    
    
    6,212
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,212Minority interest reclassification
    
    
    
    
    
    
    14,083
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,083Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    10,417
    
    
    
    
    
    
    
    
    
    
    
    10,417Balance at December 31, 2006
    
    
    91
    
    
    
    1,906,403
    
    
    
    20,323
    
    
    
    (53,886
    )
    
    
    (1,327
    )
    
    
    1,871,604Net proceeds from the issuance of
Common Shares
    
    
    2
    
    
    
    70,353
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    70,355Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    164,831
    
    
    
    
    
    
    
    164,831Distributions on Common Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (227,585
    )
    
    
    
    
    
    
    (227,585
    )Purchase of treasury shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,624
    )
    
    
    (50,624
    )Noncash compensation
    
    
    
    
    
    
    8,128
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,128Minority interest reclassification
    
    
    
    
    
    
    (743
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (743
    )Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    1,055
    
    
    
    
    
    
    
    
    
    
    
    1,055Balance at December 31, 2007
    
    
    93
    
    
    
    1,984,141
    
    
    
    21,378
    
    
    
    (116,640
    )
    
    
    (51,951
    )
    
    
    1,837,021Net proceeds from the issuance of
Common Shares
    
    
    8
    
    
    
    206,341
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206,349Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    151,942
    
    
    
    
    
    
    
    151,942Distributions on Common Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (221,023
    )
    
    
    
    
    
    
    (221,023
    )Purchase of treasury shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Noncash compensation
    
    
    
    
    
    
    9,152
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,152Minority interest reclassification
    
    
    
    
    
    
    50
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    (26,756
    )
    
    
    
    
    
    
    
    
    
    
    (26,756
    )Balance at December 31, 2008
    
    $
    101
    
    
    $
    2,199,684
    
    
    $
    (5,378
    )
    
    $
    (185,721
    )
    
    $
    (51,951
    )
    
    $
    1,956,735
  46




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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
    
    $
    151,942
    
    
    $
    164,831
    
    
    $
    266,574Adjustments 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
    
    
    
    5,692Minority interest in net income
    
    
    28,164
    
    
    
    25,479
    
    
    
    25,469Gain 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
  47




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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
  48




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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
 49




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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
    
    $
    126,963
    
    
    
    93,624
    
    
    $
    1.35
    
    
    $
    123,774
    
    
    
    91,185
    
    
    $
    1.36Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income from continuing operationsIncome from continuing operations
and assumed conversions
    
    
    126,963
    
    
    
    93,804
    
    
    $
    1.35
    
    
    
    123,774
    
    
    
    91,803
    
    
    $
    1.35Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    24,979
    
    
    
    93,624
    
    
    $
    0.27
    
    
    
    41,057
    
    
    
    91,185
    
    
    $
    0.45Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    24,979
    
    
    
    93,804
    
    
    $
    0.27
    
    
    
    41,057
    
    
    
    91,803
    
    
    $
    0.45Basic income per common shareNet income
    
    
    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 and assumed conversions
    
    $
    151,942
    
    
    
    93,804
    
    
    $
    1.62
    
    
    $
    164,831
    
    
    
    91,803
    
    
    $
    1.80
 50




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##### Table of Contents



2006WeightedAverageIncome
    
    
    Shares
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    ShareBasic income from continuing operationsIncome from continuing operations
    
    $
    139,890
    
    
    
    89,313
    
    
    $
    1.56Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income from continuing operationsIncome from continuing operations
and assumed conversions
    
    
    139,890
    
    
    
    90,492
    
    
    $
    1.55Basic income from discontinued operationsDiscontinued operations net of minority interest
    
    
    126,684
    
    
    
    89,313
    
    
    $
    1.42Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income from discontinued operationsDiscontinued operations net of minority interest
    
    
    126,684
    
    
    
    90,492
    
    
    $
    1.40Basic income per common shareNet income
    
    
    266,574
    
    
    
    89,313
    
    
    $
    2.98Dilutive shares for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income per common shareNet income 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.
 51




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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
     52




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##### Table of Contents



SFAS No. 159
 The Fair Value Option for Financial Assets and
Financial Liabilities
 SFAS No. 141(R)
 Applying the Acquisition Method
 SFAS No. 160
 Accounting for Noncontrolling Interests
 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
   53




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##### 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
   54




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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
   55




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##### Table of Contents



Liberty Washington, LP
     Other Joint Ventures
    56




---



##### 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. 57




---



##### 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
    )
 58




---



##### Table of Contents



Year Ended December 31, 2006Liberty
    
    
    
    
    
    
    
    
    
    
    Blythe
    
    
    Liberty
    
    
    LibertyCommerz 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
    59




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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
    %
 60




---



##### Table of Contents



7. LEASING ACTIVITY
  2008
    
    $
    491,9332009
    
    
    441,8332010
    
    
    375,4672011
    
    
    312,9822012
    
    
    248,657Thereafter
    
    
    680,230TOTAL
    
    $
    2,551,102
  8. SHAREHOLDERS 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
   Minority Interest
  61




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##### Table of Contents



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
    
    
    1/1/14 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
    
    
    6/30/15 into Series F
Cumulative Redeemable
Preferred 
Shares of the
Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    
    6/30/10
    
    
    6/30/15 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
    
    
    
    
 Shareholder Rights Plan
  62




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##### Table of Contents



Dividend Reinvestment and Share Purchase Plan
  9. EMPLOYEE BENEFIT PLANS
  10. SHARE BASED COMPENSATION
 2008 Plan
  Options
    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
 63




---



##### Table of Contents



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
  64




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##### Table of Contents



Bonus Shares
  Profit Sharing Plan
   Employee Share Purchase Plan
  11. COMMITMENTS AND CONTINGENCIES
     Litigation
  65




---



##### 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
    
    $
    189,202
    
    
    $
    186,616
    
    
    $
    182,756
    
    
    $
    189,946
    
    
    $
    185,136
    
    
    $
    173,818
    
    
    $
    165,757
    
    
    $
    162,120Income from continuing operations
    
    
    41,861
    
    
    
    28,111
    
    
    
    28,335
    
    
    
    28,656
    
    
    
    24,758
    
    
    
    31,337
    
    
    
    33,402
    
    
    
    34,277Discontinued operations
    
    
    9,937
    
    
    
    10,443
    
    
    
    3,294
    
    
    
    1,305
    
    
    
    10,774
    
    
    
    5,837
    
    
    
    19,025
    
    
    
    5,421Income available to common
Shareholders
    
    
    51,798
    
    
    
    38,554
    
    
    
    31,629
    
    
    
    29,961
    
    
    
    35,532
    
    
    
    37,174
    
    
    
    52,427
    
    
    
    39,698Income 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,
 66




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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
    
    
    
    $99,418
    
    
    
    $38,004
    
    
    
    $82,964
    
    
    
    $142,543
    
    
    
    $173,319
    
    
    
    $29,426
    
    
    
    $4,339
    
    
    
    $748,520Rental property
expenses and real
estate taxes
    
    
    57,729
    
    
    
    26,978
    
    
    
    14,848
    
    
    
    31,074
    
    
    
    41,652
    
    
    
    57,990
    
    
    
    7,791
    
    
    
    1,044
    
    
    
    239,106Property level
operating income
    
    
    $120,778
    
    
    
    $72,440
    
    
    
    $23,156
    
    
    
    $51,890
    
    
    
    $100,891
    
    
    
    $115,329
    
    
    
    $21,635
    
    
    
    $3,295
    
    
    
    509,414Interest and other income
    
    
    
    
    
    
    13,508Debt extinguishment gain
    
    
    
    
    
    
    2,521Interest expense
    
    
    
    
    
    
    (155,675)General and administrative
    
    
    
    
    
    
    (54,378)Depreciation and amortization
    
    
    
    
    
    
    (173,097)Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    142,293Gain on property dispositions
    
    
    
    
    
    
    10,572Income taxes
    
    
    
    
    
    
    (1,645)Minority interest
    
    
    
    
    
    
    (27,062)Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    2,805Discontinued operations, net of minority interest
    
    
    
    
    
    
    24,979Net income
    
    
    
    
    
    
    $151,942
 67




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##### 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
    
    
    
    $91,631
    
    
    
    $36,162
    
    
    
    $80,926
    
    
    
    $128,599
    
    
    
    $150,693
    
    
    
    $23,963
    
    
    
    $2,715
    
    
    
    $686,831Rental property
expenses and real
estate taxes
    
    
    56,950
    
    
    
    23,616
    
    
    
    9,228
    
    
    
    28,061
    
    
    
    38,524
    
    
    
    50,419
    
    
    
    9,378
    
    
    
    33
    
    
    
    216,209Property level
operating income
    
    
    $115,192
    
    
    
    $68,015
    
    
    
    $26,934
    
    
    
    $52,865
    
    
    
    $90,075
    
    
    
    $100,274
    
    
    
    $14,585
    
    
    
    $2,682
    
    
    
    470,622Interest and other income
    
    
    
    
    
    
    11,727Interest expense
    
    
    
    
    
    
    (127,058)General and administrative
    
    
    
    
    
    
    (54,249)Depreciation and amortization
    
    
    
    
    
    
    (155,616)Income before property dispositions, income taxes, minority interest
and equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    145,426Gain on property dispositions
    
    
    
    
    
    
    1,463Income taxes
    
    
    
    
    
    
    709Minority interest
    
    
    
    
    
    
    (23,598)Equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    (226)Discontinued operations, net of minority interest
    
    
    
    
    
    
    41,057Net income
    
    
    
    
    
    
    $164,831
 YEAR ENDED DECEMBER 31, 2006
 NortheastSoutheastern
    
    
    Lehigh/
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    Central PA
    
    
    Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    
    $168,227
    
    
    
    $83,849
    
    
    
    $34,584
    
    
    
    $75,966
    
    
    
    $114,593
    
    
    
    $113,347
    
    
    
    $15,829
    
    
    
    $1,167
    
    
    
    $607,562Rental property
expenses and real
estate taxes
    
    
    54,181
    
    
    
    20,434
    
    
    
    8,128
    
    
    
    26,752
    
    
    
    33,925
    
    
    
    36,822
    
    
    
    6,913
    
    
    
    261
    
    
    
    187,416Property level
operating income
    
    
    $114,046
    
    
    
    $63,415
    
    
    
    $26,456
    
    
    
    $49,214
    
    
    
    $80,668
    
    
    
    $76,525
    
    
    
    $8,916
    
    
    
    $906
    
    
    
    420,146Interest and other income
    
    
    
    
    
    
    8,693Interest expense
    
    
    
    
    
    
    (109,482)General and administrative
    
    
    
    
    
    
    (46,332)Depreciation and amortization
    
    
    
    
    
    
    (132,106)Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    140,919Gain on property dispositions
    
    
    
    
    
    
    17,628Income taxes
    
    
    
    
    
    
    (288)Minority interest
    
    
    
    
    
    
    (19,801)Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    1,432Discontinued operations, net of minority interest
    
    
    
    
    
    
    126,684Net income
    
    
    
    
    
    
    $266,574
 68




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##### Table of Contents



Real Estate Related RevenuesYear Ended December 31,Product Type Information
    
    2008
    
    
    2007
    
    
    2006Industrial
    
    $
    300,763
    
    
    $
    274,865
    
    
    $
    253,222Office
    
    
    447,757
    
    
    
    411,966
    
    
    
    354,340Total operating revenue
    
    $
    748,520
    
    
    $
    686,831
    
    
    $
    607,562
 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, 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. 69




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##### Table of Contents



14. SFAS NO. 144, ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED
ASSETS
 Discontinued Operations
   Year Ended December 31,2008
    
    
    2007
    
    
    2006Revenues
    
    $
    13,295
    
    
    $
    43,330
    
    
    $
    85,536Operating expenses
    
    
    (5,377
    )
    
    
    (17,375
    )
    
    
    (31,202
    )Interest expense
    
    
    (2,203
    )
    
    
    (6,957
    )
    
    
    (14,764
    )Depreciation and amortization
    
    
    (3,153
    )
    
    
    (9,671
    )
    
    
    (19,838
    )Income before property dispositions and minority interest
    
    $
    2,562
    
    
    $
    9,327
    
    
    $
    19,732
  Allocation of Interest to Discontinued Operations
 Asset Impairment
  15. SUBSEQUENT EVENTS
   70




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##### 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.
 71




---



##### 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.
 72




---



##### 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.
 73




---



##### 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.
 74




---



##### 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.
 75




---



##### 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.
 76




---



##### 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.
 77




---



##### 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.
 78




---



##### 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
 79




---



##### 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
    
    
    $
    
 80




---



##### 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. 81




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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
 82




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##### Table of Contents



Managements Annual Report on Internal Control Over Financial Reporting
 To the Partners of Liberty Property Limited Partnership:
  Internal Control  Integrated Framework
    83




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of Liberty Property Limited Partnership
     .
   
 84




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Partners of Liberty Property Limited Partnership
      
 85




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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
    
    
    
    3,434,295Minority interest
    
    
    1,130
    
    
    
    517OWNERS EQUITYGeneral partners equity  common units
    
    
    1,956,735
    
    
    
    1,837,021Limited partners equity  preferred units
    
    
    287,959
    
    
    
    287,960 common units
    
    
    80,682
    
    
    
    84,144Total owners equity
    
    
    2,325,376
    
    
    
    2,209,125Total liabilities and owners equity
    
    $
    5,217,035
    
    
    $
    5,643,937
  86




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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
    
    $
    520,301
    
    
    $
    480,107
    
    
    $
    426,874Operating expense reimbursement
    
    
    228,219
    
    
    
    206,724
    
    
    
    180,688Total operating revenue
    
    
    748,520
    
    
    
    686,831
    
    
    
    607,562OPERATING EXPENSESRental property
    
    
    152,786
    
    
    
    143,646
    
    
    
    122,826Real estate taxes
    
    
    86,320
    
    
    
    72,563
    
    
    
    64,590General and administrative
    
    
    54,378
    
    
    
    54,249
    
    
    
    46,332Depreciation and amortization
    
    
    173,097
    
    
    
    155,616
    
    
    
    132,106Total operating expenses
    
    
    466,581
    
    
    
    426,074
    
    
    
    365,854Operating income
    
    
    281,939
    
    
    
    260,757
    
    
    
    241,708OTHER INCOME (EXPENSE)Interest and other income
    
    
    13,508
    
    
    
    11,727
    
    
    
    8,693Debt extinguishment gain
    
    
    2,521
    
    
    
    
    
    
    
    Interest expense
    
    
    (155,675
    )
    
    
    (127,058
    )
    
    
    (109,482
    )Total other income(expense)
    
    
    (139,646
    )
    
    
    (115,331
    )
    
    
    (100,789
    )Income before property dispositions, income taxes, minority interest and equity
in (loss) earnings of unconsolidated joint ventures
    
    
    142,293
    
    
    
    145,426
    
    
    
    140,919Gain on property dispositions
    
    
    10,572
    
    
    
    1,463
    
    
    
    17,628Income taxes
    
    
    (1,645
    )
    
    
    709
    
    
    
    (288
    )Minority interest
    
    
    (483
    )
    
    
    (101
    )
    
    
    7Equity in earnings (loss) of unconsolidated joint ventures
    
    
    2,805
    
    
    
    (226
    )
    
    
    1,432Income from continuing operations
    
    
    153,542
    
    
    
    147,271
    
    
    
    159,698Discontinued 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)
    
    
    26,081
    
    
    
    42,938
    
    
    
    132,352Net income
    
    
    179,623
    
    
    
    190,209
    
    
    
    292,050Preferred 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
    
    
    $
    1.36
    
    
    $
    1.56Income from discontinued operations
    
    
    0.27
    
    
    
    0.45
    
    
    
    1.42Income per common unit  basic
    
    $
    1.62
    
    
    $
    1.81
    
    
    $
    2.98Diluted:Income from continuing operations
    
    $
    1.35
    
    
    $
    1.35
    
    
    $
    1.55Income from discontinued operations
    
    
    0.27
    
    
    
    0.45
    
    
    
    1.40Income 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
  87




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##### Table of Contents



CONSOLIDATED STATEMENTS OF OWNERS EQUITY OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 General
    
    
    Limited
    
    
    TotalPartners
    
    
    Partners
    
    
    OwnersEquity
    
    
    Equity
    
    
    EquityBalance at January 1, 2006
    
    $
    1,709,182
    
    
    $
    252,726
    
    
    $
    1,961,908Contributions from partners
    
    
    107,338
    
    
    
    (14,067
    )
    
    
    93,271Distributions to partners
    
    
    (221,907
    )
    
    
    (23,129
    )
    
    
    (245,036
    )Issuance of operating partnership units
    
    
    
    
    
    
    56,302
    
    
    
    56,302Foreign currency translation adjustment
    
    
    10,417
    
    
    
    
    
    
    
    10,417Net income
    
    
    266,574
    
    
    
    25,476
    
    
    
    292,050Balance at December 31, 2006
    
    
    1,871,604
    
    
    
    297,308
    
    
    
    2,168,912Contributions from partners
    
    
    77,740
    
    
    
    753
    
    
    
    78,493Distributions to partners
    
    
    (278,209
    )
    
    
    (27,640
    )
    
    
    (305,849
    )Issuance of operating partnership units
    
    
    
    
    
    
    99,958
    
    
    
    99,958Redemption of operating partnership units
    
    
    
    
    
    
    (23,653
    )
    
    
    (23,653
    )Foreign currency translation adjustment
    
    
    1,055
    
    
    
    
    
    
    
    1,055Net income
    
    
    164,831
    
    
    
    25,378
    
    
    
    190,209Balance at December 31, 2007
    
    
    1,837,021
    
    
    
    372,104
    
    
    
    2,209,125Contributions from partners
    
    
    215,551
    
    
    
    
    
    
    
    215,551Distributions to partners
    
    
    (221,023
    )
    
    
    (31,144
    )
    
    
    (252,167
    )Foreign currency translation adjustment
    
    
    (26,756
    )
    
    
    
    
    
    
    (26,756
    )Net income
    
    
    151,942
    
    
    
    27,681
    
    
    
    179,623Balance at December 31, 2008
    
    $
    1,956,735
    
    
    $
    368,641
    
    
    $
    2,325,376
  88




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CONSOLIDATED STATEMENTS OF CASH FLOWS OF
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
 Year Ended December 31,2008
    
    
    2007
    
    
    2006OPERATING ACTIVITIESNet income
    
    $
    179,623
    
    
    $
    190,209
    
    
    $
    292,050Adjustments 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
    
    
    
    5,692Minority interest in net income
    
    
    483
    
    
    
    101
    
    
    
    (7
    )Gain 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
  89




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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,
  90




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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
 Revenues
  91




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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
    
    $
    153,542
    
    
    
    
    
    
    
    
    
    
    $
    147,271Less: 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
    
    
    132,530
    
    
    
    97,814
    
    
    $
    1.35
    
    
    
    129,449
    
    
    
    95,375
    
    
    $
    1.36Dilutive units for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income from continuing operationsIncome from continuing operations available
to common unitholders and assumed conversions
    
    
    132,530
    
    
    
    97,994
    
    
    $
    1.35
    
    
    
    129,449
    
    
    
    95,993
    
    
    $
    1.35Basic income from discontinued operationsDiscontinued operations
    
    
    26,081
    
    
    
    97,814
    
    
    $
    0.27
    
    
    
    42,938
    
    
    
    95,375
    
    
    $
    0.45Dilutive units for long-term compensation plans
    
    
    
    
    
    
    180
    
    
    
    
    
    
    
    
    
    
    
    618Diluted income from discontinued operationsDiscontinued operations
    
    
    26,081
    
    
    
    97,994
    
    
    $
    0.27
    
    
    
    42,938
    
    
    
    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
 92




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##### Table of Contents



2006WeightedAverageIncome
    
    
    Units
    
    
    Per(Numerator)
    
    
    (Denominator)
    
    
    UnitIncome from continuing operations
    
    $
    159,698Less: Preferred unit distributions
    
    
    (13,691
    )Basic income from continuing operationsIncome from continuing operations available to
common unitholders
    
    
    146,007
    
    
    
    93,208
    
    
    $
    1.56Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income from continuing operationsIncome from continuing operations available to
common unitholders and assumed conversions
    
    
    146,007
    
    
    
    94,387
    
    
    $
    1.55Basic income from discontinued operationsDiscontinued operations
    
    
    132,352
    
    
    
    93,208
    
    
    $
    1.42Dilutive units for long-term compensation plans
    
    
    
    
    
    
    1,179Diluted income from discontinued operationsDiscontinued operations
    
    
    132,352
    
    
    
    94,387
    
    
    $
    1.40Basic 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.
   93




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##### Table of Contents



Foreign Currency Translation
  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
 SFAS No. 160
 Accounting for Noncontrolling Interests
 FSP EITF 03-6-1
 Determining Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities
 94




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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
 95




---



##### 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
 96




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##### Table of Contents



Liberty Illinois, LP
    Blythe Valley JV Sarl
   Liberty Washington, LP
     97




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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
 98




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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
 99




---



##### 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
 100




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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
  101




---



##### 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
  8. OWNERS EQUITY
 Common Units
  102




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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
    
    
    1/1/14 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
    
    
    6/30/15 into Series F
Cumulative Redeemable
Preferred 
Shares of the
Trust8/23/05
    
    Series F
    
    $
    6,000
    
    
    
    120
    
    
    $
    50
    
    
    
    6.65
    %
    
    
    6/30/10
    
    
    6/30/15 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
    
    
    
    
 Minority Interest
  9. COMMITMENTS AND CONTINGENCIES
   103




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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
    
    $
    189,202
    
    
    $
    186,616
    
    
    $
    182,756
    
    
    $
    189,946
    
    
    $
    185,136
    
    
    $
    173,818
    
    
    $
    165,757
    
    
    $
    162,120Income from continuing operations
    
    
    48,847
    
    
    
    34,637
    
    
    
    34,863
    
    
    
    35,195
    
    
    
    31,147
    
    
    
    37,019
    
    
    
    39,408
    
    
    
    39,697Discontinued operations
    
    
    10,347
    
    
    
    10,916
    
    
    
    3,447
    
    
    
    1,371
    
    
    
    11,267
    
    
    
    6,106
    
    
    
    19,896
    
    
    
    5,669Income available to common
unitholders
    
    
    53,941
    
    
    
    40,300
    
    
    
    33,057
    
    
    
    31,313
    
    
    
    37,161
    
    
    
    38,879
    
    
    
    54,834
    
    
    
    41,513Income 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. 11. SEGMENT INFORMATION
  104




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##### Table of Contents



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
    
    
    
    $99,418
    
    
    
    $38,004
    
    
    
    $82,964
    
    
    
    $142,543
    
    
    
    $173,319
    
    
    
    $29,426
    
    
    
    $4,339
    
    
    
    $748,520Rental property
expenses and real
estate taxes
    
    
    57,729
    
    
    
    26,978
    
    
    
    14,848
    
    
    
    31,074
    
    
    
    41,652
    
    
    
    57,990
    
    
    
    7,791
    
    
    
    1,044
    
    
    
    239,106Property level
operating income
    
    
    $120,778
    
    
    
    $72,440
    
    
    
    $23,156
    
    
    
    $51,890
    
    
    
    $100,891
    
    
    
    $115,329
    
    
    
    $21,635
    
    
    
    $3,295
    
    
    
    509,414Interest and other income
    
    
    
    
    
    
    13,508Debt extinguishment gain
    
    
    
    
    
    
    2,521Interest expense
    
    
    
    
    
    
    (155,675)General and administrative
    
    
    
    
    
    
    (54,378)Depreciation and amortization
    
    
    
    
    
    
    (173,097)Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    142,293Gain on property dispositions
    
    
    
    
    
    
    10,572Income taxes
    
    
    
    
    
    
    (1,645)Minority interest
    
    
    
    
    
    
    (483)Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    2,805Discontinued operations
    
    
    
    
    
    
    26,081Net income
    
    
    
    
    
    
    $179,623
 105




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##### 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
    
    
    
    $91,631
    
    
    
    $36,162
    
    
    
    $80,926
    
    
    
    $128,599
    
    
    
    $150,693
    
    
    
    $23,963
    
    
    
    $2,715
    
    
    
    $686,831Rental property
expenses and real
estate taxes
    
    
    56,950
    
    
    
    23,616
    
    
    
    9,228
    
    
    
    28,061
    
    
    
    38,524
    
    
    
    50,419
    
    
    
    9,378
    
    
    
    33
    
    
    
    216,209Property level
operating income
    
    
    $115,192
    
    
    
    $68,015
    
    
    
    $26,934
    
    
    
    $52,865
    
    
    
    $90,075
    
    
    
    $100,274
    
    
    
    $14,585
    
    
    
    $2,682
    
    
    
    470,622Interest and other income
    
    
    
    
    
    
    11,727Interest expense
    
    
    
    
    
    
    (127,058)General and administrative
    
    
    
    
    
    
    (54,249)Depreciation and amortization
    
    
    
    
    
    
    (155,616)Income before property dispositions, income taxes, minority interest
and equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    145,426Gain on property dispositions
    
    
    
    
    
    
    1,463Income taxes
    
    
    
    
    
    
    709Minority interest
    
    
    
    
    
    
    (101)Equity in loss of unconsolidated joint ventures
    
    
    
    
    
    
    (226)Discontinued operations
    
    
    
    
    
    
    42,938Net income
    
    
    
    
    
    
    $190,209
 YEAR ENDED DECEMBER 31, 2006
 NortheastSoutheastern
    
    
    Lehigh/
    
    
    New
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    phila-
    
    
    unitedPA
    
    
    Central PA
    
    
    Jersey
    
    
    Midwest
    
    
    mid-atlantic
    
    
    South
    
    
    delphia
    
    
    kingdom
    
    
    totalOperating revenue
    
    
    $168,227
    
    
    
    $83,849
    
    
    
    $34,584
    
    
    
    $75,966
    
    
    
    $114,593
    
    
    
    $113,347
    
    
    
    $15,829
    
    
    
    $1,167
    
    
    
    $607,562Rental property
expenses and real
estate taxes
    
    
    54,181
    
    
    
    20,434
    
    
    
    8,128
    
    
    
    26,752
    
    
    
    33,925
    
    
    
    36,822
    
    
    
    6,913
    
    
    
    261
    
    
    
    187,416Property level
operating income
    
    
    $114,046
    
    
    
    $63,415
    
    
    
    $26,456
    
    
    
    $49,214
    
    
    
    $80,668
    
    
    
    $76,525
    
    
    
    $8,916
    
    
    
    $906
    
    
    
    420,146Interest and other income
    
    
    
    
    
    
    8,693Interest expense
    
    
    
    
    
    
    (109,482)General and administrative
    
    
    
    
    
    
    (46,332)Depreciation and amortization
    
    
    
    
    
    
    (132,106)Income before property dispositions, income taxes, minority interest
and equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    140,919Gain on property dispositions
    
    
    
    
    
    
    17,628Income taxes
    
    
    
    
    
    
    (288)Minority interest
    
    
    
    
    
    
    7Equity in earnings of unconsolidated joint ventures
    
    
    
    
    
    
    1,432Discontinued operations
    
    
    
    
    
    
    132,352Net income
    
    
    
    
    
    
    $292,050
 106




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##### Table of Contents



Product Type Information
 Real Estate Related RevenuesYear Ended December 31,2008
    
    
    2007
    
    
    2006Industrial
    
    $
    300,763
    
    
    $
    274,865
    
    
    $
    253,222Office
    
    
    447,757
    
    
    
    411,966
    
    
    
    354,340Total operating revenue
    
    $
    748,520
    
    
    $
    686,831
    
    
    $
    607,562
 ROLLFORWARD OF OPERATING REAL ESTATE ASSETS BY REPORTABLE SEGMENT
 NortheastSoutheastern
    
    
    Lehigh/
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Phila-
    
    
    UnitedPA
    
    
    Central PA
    
    
    New 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
 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. 107




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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
    
    $
    13,295
    
    
    $
    43,330
    
    
    $
    85,536Operating expenses
    
    
    (5,377
    )
    
    
    (17,375
    )
    
    
    (31,202
    )Interest expense
    
    
    (2,203
    )
    
    
    (6,957
    )
    
    
    (14,764
    )Depreciation and amortization
    
    
    (3,153
    )
    
    
    (9,671
    )
    
    
    (19,838
    )Income before property dispositions and minority interest
    
    $
    2,562
    
    
    $
    9,327
    
    
    $
    19,732
  Allocation of Interest to Discontinued Operations
 Asset Impairment
  13. SUBSEQUENT EVENTS
   108




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##### 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)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.
 109




---



##### 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.
 110




---



##### 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.
 111




---



##### 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.
 112




---



##### 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.
 113




---



##### 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.
 114




---



##### 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.
 115




---



##### 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.
 116




---



##### 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
 117




---



##### 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
    
    
    $
    
 118




---



##### 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
    
    
    $
    1,806,581,435
    
    
    $
    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. 119




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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
 120




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##### Table of Contents



ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
 ITEM 9A. CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
  Managements Annual Reports on Internal Control Over Financial Reporting
  Attestation Reports of the Registered Public Accounting Firm
  Changes in Internal Control Over Financial Reporting
  
 ITEM 9B. OTHER INFORMATION
  121




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##### Table of Contents



PART III
 
 ITEM 10. TRUSTEES, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
  
 ITEM 11. EXECUTIVE COMPENSATION
  
 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTAND RELATED SHAREHOLDER
MATTERS
  Securities Authorized for Issuance Under Equity Compensation Plans
  
 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND TRUSTEE INDEPENDENCE
  
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
  122




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##### Table of Contents



PART IV
 
 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:
    123




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124




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3. EXHIBITS
  EXHIBIT NO.
    
    DESCRIPTION2.1
    
    Agreement and Plan Merger, dated as of July 23, 2007, by and among Liberty Property Trust,
Liberty Property Limited Partnership, Liberty Acquisition LLC, Republic Property Trust and
Republic Property Limited Partnership. (Incorporated by reference to Exhibit 2.1 to the
Current Report on Form 8-K of the Registrants, filed with the Securities and Exchange
Commission on July 24, 2007).3.1.1
    
    Amended and Restated Declaration of Trust of the Trust (Incorporated by reference to
Exhibit 3.1.1 filed with the Registrants Current Report on Form 8-K filed with the
Commission on June 25, 1997 (the June 1997 Form 8-K)).3.1.2
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
Relating to Designation, Preferences, and Rights of Series A Junior Participating Preferred
Shares of the Trust (Incorporated by reference to Exhibit 3.1.3 filed with the Registrants
Annual Report on Form 10-K for the fiscal year ended December 3l, 1997).3.1.3
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 9.25% Series B Cumulative Redeemable Preferred Shares of Beneficial
Interest (Incorporated by reference to Exhibit 3.1.2 filed with the Registrants Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 1999 (the Second Quarter 1999
Form 10-Q)).3.1.4
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 7.625% Series D Cumulative Redeemable Preferred Shares of Beneficial
Interest (Incorporated by reference to Exhibit 3.1.1 filed with the Registrants Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2002 (the Second Quarter 2002
Form 10-Q)).3.1.5
    
    Articles of Amendment to the Amended and Restated Declaration of Trust of the Trust, filed
with the State Department of Assessments and Taxation of Maryland on June 21, 2004
(Incorporated by reference to Exhibit 3.1 with Registrants Quarterly Report on Form 10-Q
for the fiscal quarter ended June 30, 2004 (the Second Quarter 2004 Form 10-Q)).3.1.6
    
    Restatement of the Amended Restated Declaration of Trust of the Trust, filed with the State
Department of Assessments and Taxation of Maryland on June 21, 2004 (Incorporated by
reference to Exhibit 3.2 to the Second Quarter 2004 Form 10-Q).3.1.7
    
    Articles Supplementary, as filed with the State Department of Assessments and Taxation of
Maryland on September 1, 2004 (Incorporated by reference to Exhibit 3(i) to the Current
Report on Form 8-K of the Registrants, filed with the Commission on September 2, 2004 (the
September 2, 2004 Form 8-K))3.1.8
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 7.00% Series E Cumulative Redeemable Preferred Shares of Beneficial
Interest (Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of
the Registrants, filed with the Commission on June 17, 2005 (the June 17, 2005 Form
8-K)).3.1.9
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 6.65% Series F Cumulative Redeemable Preferred Shares of Beneficial
Interest (Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of
the Registrants, filed with the Commission on June 30, 2005 (the June 30, 2005 Form
8-K)).3.1.10
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 6.65% Series F Cumulative Redeemable Preferred Shares of Beneficial
Interest (Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of
the Registrants, filed with the Commission on August 24, 2005.)
 125




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EXHIBIT NO.
    
    DESCRIPTION3.1.11
    
    Articles Supplementary to the amended and Restated Declaration of Trust of the Trust
relating to the 6.70% Series G Cumulative Redeemable Shares of Beneficial Interest
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on December 18, 2006 (the December 18, 2006 Form
8-K)).3.1.12
    
    Articles Supplementary to the Amended and Restated Declaration of Trust of the Trust
relating to the 7.40% Series H Cumulative Redeemable Preferred Partnership Interests
(Incorporated by reference to Exhibit 3(i) to the Current Report on Form 8-K of the
Registrants, filed with the Commission on August 23, 2007 (the August 23, 2007 Form
8-K)).3.1.13
    
    Second Restated and Amended Agreement of Limited Partnership of the Operating Partnership,
dated as of October 22, 1997 (Incorporated by reference to Exhibit 3.1.1 filed with the
Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 1997
(the Third Quarter 1997 Form 10-Q)).3.1.14
    
    First Amendment to Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 3.1.1 to the Second Quarter
1999 Form 10-Q).3.1.15
    
    Second Amendment to Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 3.1.2 to the First Quarter 2000
Form 10-Q).3.1.16
    
    Third Amendment to Second Restated and Amended Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 3.1.2 to the Second Quarter
Form 2002 10-Q).3.1.17
    
    Fourth Amendment to the Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership (Incorporated by reference to Exhibit 10 to the September 2, 2004
Form 8-K).3.1.18
    
    Fifth Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the June
17, 2005 8-K).3.1.19
    
    Sixth Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the June
30, 2005 8-K).3.1.20
    
    Amendment No. 1 to the Sixth Amendment to the Second Amended and Restated Agreement of
Limited Partnership of Liberty Property Limited Partnership (Incorporated by reference to
Exhibit 10 to the Current Report on Form 8-K of the Registrants, filed with the Commission
on August 24, 2005.)3.1.21
    
    Amendment No. 2 to the Sixth Amendment to the Second Amended and Restated Agreement of
Limited Partnership of Liberty Property Limited Partnership (Incorporated by reference to
Exhibit 10 to the Current Report on Form 8-K of the Registrants, filed with the Commission
on December 23, 2005.)3.1.22
    
    Seventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the
December 18, 2006 Form 8-K).3.1.23
    
    Eighth Amendment to the Second Amendment and Restated Agreement of Limited Partnership of
Liberty Property Limited Partnership (Incorporated by reference to Exhibit 10 to the August
23, 2007 Form 8-K).3.1.24*
    
    Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.
 126




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION3.1.25
    
    Liberty Property Trust First Amended and Restated By-Laws of the Trust, as Amended on
December 6, 2007 (Incorporated by reference to Exhibit 3.1 filed with the Current Report on
Form 8-K filed with the Commission on December 12, 2007)4.1
    
    Indenture (the First Indenture), dated as of August 14, 1997, between the Operating
Partnership, as Obligor, and The First National Bank of Chicago (First Chicago), as
Trustee (Incorporated by reference to Exhibit 10.1 filed with the Third Quarter 1997 Form
10-Q).4.2
    
    First Supplemental Indenture, dated as of August 14, 1997, between the Operating
Partnership, as Issuer, and First Chicago, as Trustee, supplementing the First Indenture
and relating to $100,000,000 principal amount of the 7.10% Senior Notes due 2004 and
$100,000,000 principal amount of the 7.25% Senior Notes due 2007 of the Operating
Partnership (Incorporated by reference to Exhibit 10.2 filed with the Third Quarter 1997
Form 10-Q).4.3
    
    Senior Indenture (the Second Indenture), dated as of October 24, 1997, between the
Operating Partnership, as Obligor, and First Chicago, as Trustee (Incorporated by reference
to Exhibit 10.3 filed with the Third Quarter 1997 Form 10-Q).4.4
    
    First Supplemental Indenture, dated as of October 24, 1997, between the Operating
Partnership, as Issuer, and First Chicago, as Trustee, supplementing the Second Indenture
and relating to the Fixed Rate and Floating Rate Medium-Term Notes due Nine Months or More
from Date of Issue of the Operating Partnership (Incorporated by reference to Exhibit 10.4
filed with the Third Quarter 1997 Form 10-Q).4.5
    
    Second Supplemental Indenture, dated as of January 12, 1998, between the Operating
Partnership, as Issuer, and First Chicago, as Trustee, supplementing the Second Indenture,
and relating to the Fixed Rate and Floating Rate Medium-Term Notes due Nine Months or more
from Date of Issue of the Operating Partnership (Incorporated by reference to Exhibit 4.1
filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 1998 (the First Quarter 1998 Form 10-Q)).4.6
    
    Third Supplemental Indenture, dated as of April 20, 1999, between the Operating
Partnership, as Issuer, and the First National Bank of Chicago, as Trustee, supplementing
the Second Indenture and relating to the $250,000,000 principal amount of 7.75% Senior
Notes, due 2009 of the Operating Partnership (Incorporated by reference to Exhibit 4 filed
with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended March 31,
1999 (the First Quarter 1999 Form 10-Q)).4.7
    
    Fourth Supplemental Indenture, dated as of July 26, 2000, between the Operating
Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the
Senior Indenture, dated as of October 24, 1997, between the Operating Partnership, as
Obligor, and Bank One Trust Company, N.A. (as successor to the First National Bank of
Chicago), as Trustee, and relating to $200,000,000 principal amount of 8.5% Senior Notes
due 2010 of the Operating Partnership (Incorporated by reference to Exhibit 4 to the Second
Quarter 2000 Form 10-Q).4.8
    
    Fifth Supplemental Indenture, dated as of March 14, 2001, between the Operating
Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the
Senior Indenture, dated as of October 24, 1997, between the Operating Partnership, as
Obligor, and Bank One Trust Company, N.A. (as successor to the First National Bank of
Chicago), as Trustee, and relating to $250,000,000 principal amount of 7.25% Senior Notes
due 2011 of the Operating Partnership (Incorporated by reference to Exhibit 4.10 filed with
the Registrants Annual Report on Form 10-K for the fiscal year ended December 31, 2000).
 127




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##### Table of Contents



EXHIBIT NO.
    
    DESCRIPTION4.9
    
    Sixth Supplemental Indenture, dated as of August 22, 2002, between Liberty Property Limited
Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing the
Senior Indenture, dated as of October 24, 1997, between Liberty Property Limited
Partnership, as Obligor, and Bank One Trust Company, N.A. (as successor to the First
National Bank of Chicago), as Trustee, and relating to $150,000,000 principal amount of
6.375% Senior Notes due 2012 of Liberty Property Limited Partnership (Incorporated by
reference to Exhibit 3.1.1 filed with the Registrants Quarterly Report on Form 10-Q for
the fiscal quarter ended September 30, 2002 (the Third Quarter 2002 Form 10-Q)).4.10
    
    Seventh Supplemental Indenture, dated as of August 10, 2004, between Liberty Property
Limited Partnership, as Issuer, and Bank One Trust Company, N.A., as Trustee, supplementing
the Senior Indenture, dated as of October 24, 1997, between Liberty Property Limited
Partnership, as Obligor, and Bank One Trust Company, National Association. (as successor to
the First National Bank of Chicago), as Trustee, and relating to $200,000,000 principal
amount of 5.65% Senior Notes due 2012 of Liberty Property Limited Partnership (Incorporated
by reference to Exhibit 4.1.2 filed with the Registrants Quarterly Report on Form 10-Q for
the fiscal quarter ended September 30, 2004 (the Third Quarter 2004 Form 10-Q)).4.11
    
    Eighth Supplemental Indenture, dated as of March 1, 2005, between Liberty Property Limited
Partnership, as Issuer, and Bank One Trust Company, as Trustee, supplementing the Senior
Indenture, dated as of October 24, 1997, between Liberty Property Limited Partnership, as
Obligor, and Bank One Trust Company, National Association (as successor to the First
National Bank of Chicago), as Trustee, and relating to $300,000,000 principal amount of
5.125% Senior Notes due 2015 of Liberty Property Limited Partnership (Incorporated by
reference to Exhibit 4.2 filed with the Registrants Current Report on Form 8-K/A filed
with the Commission on March 1, 2005 (the March 2005 Form 8-K)).4.12
    
    Ninth Supplemental Indenture, dated as of December 18, 2006, between Liberty Property
Limited Partnership, as Issuer, and The Bank of New York Trust Company, N.A., as Trustee,
supplementing the Senior Indenture, dated as of October 24, 1997, between Liberty Property
Limited Partnership, as Obligor, and The Bank of New York Trust Company, N.A., (as
successor to J.P. Morgan Trust Company, National Association and the First National Bank of
Chicago), as Trustee, and relating to $300,000,000 principal amount of 5.50% Senior Notes
due 2016 of Liberty Property Limited Partnership (Incorporated by reference to Exhibit 4.13
to the Registrants Annual Report on Form 10-K for the fiscal year ended December 31,
2006).4.13
    
    Tenth Supplemental Indenture, dated as of September 25, 2007, between Liberty Property
Limited Partnership, as Issuer, and The Bank of New York Trust Company, N.A., as Trustee,
supplementing the Senior Indenture, dated as of October 24, 1997, between Liberty Property
Limited Partnership, as Obligor, and The Bank of New York Trust Company, N.A., (as
successor to J.P. Morgan Trust Company, National Association and the First National Bank of
Chicago), as Trustee, and relating to $300,000,000 principal amount of 6.625% Senior Notes
due 2017 of Liberty Property Limited Partnership (Incorporated by reference to Exhibit 4.1
to the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended September
30, 2007).4.14
    
    Note, Relating to the Issuance by the Operating Partnership, on January 22, 1998, of $75
Million Principal Amount of its 6.375% Medium-Term Notes due 2013, Putable/Callable 2003
(Incorporated by reference to Exhibit 4.2 filed with the First Quarter 1998 Form 10-Q).4.15
    
    Note, Relating to the Issuance by the Operating Partnership, on January 23, 1998, of $100
Million Principal Amount of its 7.50% Medium-Term Notes due 2018 (Incorporated by reference
to Exhibit 4.3 filed with the First Quarter 1998 Form 10-Q).4.16
    
    Note, Relating to the Issuance by the Operating Partnership, on June 5, 1998, of $100
Million Principal Amount of its 6.60% Medium-Term Notes due 2002 (Incorporated by reference
to Exhibit 4 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 1998 (the Second Quarter 1998 Form 10-Q)).
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EXHIBIT NO.
    
    DESCRIPTION4.17
    
    Note, Relating to the Issuance by the Operating Partnership on November 24, 1998, of $20
Million Principal Amount of its 8.125% Medium-Term Notes due January 15, 2009 (Incorporated
by reference to Exhibit 4.11 filed with the Registrants Annual Report on Form 10-K for the
fiscal year ended December 31, 1998).10.1
    
    Liberty Property Trust Amended and Restated Share Incentive Plan as amended effective May
17, 2007 (Incorporated by reference to Appendix A to the Registrants Definitive Proxy
Statement for the Annual Meeting of Shareholders held on May 17, 2007, filed with the
Commission on April 17, 2007.)10.2
    
    Contribution Agreement (Incorporated by reference to Exhibit 10.5 filed with the Form S-11).10.3
    
    Amended and Restated Limited Partnership Agreements of Pre-existing Pennsylvania
Partnerships (Incorporated by reference to Exhibit 10.6 filed with the Form S-11).10.4
    
    Agreement of Sale for the Acquisition Properties (Incorporated by reference to Exhibit 10.7
filed with the Form S-11).10.5
    
    Option Agreement and Right of First Offer (Incorporated by reference to Exhibit 10.8 filed
with the Form S-11).10.6
    
    Form of Indemnity Agreement (Incorporated by reference to Exhibit 10.9 filed with the Form
S-11).10.7
    
    Contribution Agreement among the Trust, the Operating Partnership and the Contributing
Owners described therein, related to the Lingerfelt Properties (Incorporated by reference
to Exhibit 10.1 filed with the Registrants Current Report on Form 8-K filed with the
Commission on March 3, 1995).10.8
    
    Amended and Restated Credit Agreement, dated as of December 22, 2005, by and among the
Operating Partnership, the Trust, certain affiliated co-borrowers, with Bank of America,
N.A. as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, Wachovia
Bank, National Association, SunTrust Bank and Citizens Bank of Pennsylvania, as
Documentation Agents, PNC Bank, National Association and Wells Fargo Bank, National
Association, as Managing Agents, Banc of America Securities LLC and J.P. Morgan Securities
Inc., as Joint Lead Arrangers and Joint Bookrunners, and the lenders a party thereto
(Incorporated by reference to Exhibit 10.8 filed with Registrants Annual Report on Form
10-K for the year ended December 31, 2006.10.9*
    
    Liberty Property Trust  Amended Management Severance Plan.10.10
    
    Liberty Property Trust  Employee Stock Purchase Plan (Incorporated by reference to
Exhibit 10.14 filed with the Registrants Annual Report on Form 10-K for the year ended
December 31, 2000).10.11
    
    Description of Compensation of Non-Employee Trustees (Incorporated by reference to Exhibit
10.1 to the Current Report on Form 8-K of the Registrants filed with the Commission on
February 23, 2005.)10.12
    
    Liberty Property Trust 2008 Long-Term Incentive Plan (Incorporated by reference to Exhibit
10.1 filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended
March 31, 2008 (the First Quarter 2008 Form 10-Q)).10.13
    
    Form of Restricted Share Grant under the Liberty Property Trust Amended and Restated Share
Incentive Plan. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form
8-K of the Registrants filed with the Commission on February 24, 2005 (the February 24,
2005 8-K)).10.14
    
    Form of Option Grant Agreement under the Liberty Property Trust Amended and Restated Share
Incentive Plan (Incorporated by reference to Exhibit 10.2 filed with the First Quarter 2008
Form 10-Q).
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EXHIBIT NO.
    
    DESCRIPTION10.15
    
    Amended and Restated Limited Partnership of Liberty/Commerz 1701 JFK Boulevard Limited
Partnership, dated as of April 11, 2006, by and among Liberty Property Philadelphia
Corporation IV East, as general partner, and the Operating Partnership and 1701 JFK
Boulevard Philadelphia, L.P. as limited partners (Incorporated by reference to Exhibit 10.3
filed with the Registrants Quarterly Report on Form 10-Q for the fiscal quarter ended June
30, 2006 (the Second Quarter 2006 Form 10-Q)).10.16
    
    NOI Support Agreement, dated as of April 11, 2006, by Liberty Property Limited Partnership
in favor of Liberty/Commerz 1701 JFK Boulevard, L.P. and 1701 JFK Boulevard Philadelphia,
L.P. (Incorporated by reference to Exhibit 10.4 filed with the Registrants Second Quarter
2006 Form 10-Q).10.17
    
    Completion and Payment Agreement and Guaranty, dated as of April 11, 2006, by the Operating
Partnership for the benefit of 1701 JFK Boulevard Philadelphia, L.P. and Liberty/Commerz
1701 JFK Boulevard L.P. (Incorporated by reference to Exhibit 10.5 filed with the
Registrants Second Quarter 2006 Form 10-Q).10.18+
    
    Agreement of Limited Partnership of Liberty Washington, L.P. by and between Liberty
Washington Venture, LLC and New York State Common Retirement Fund dated as of October 4,
2007 (Incorporated by reference to Exhibit 10.18 filed with the Registrants Annual Report
on Form 10-K for the fiscal year ended December 31, 2007).10.19+
    
    Contribution Agreement among New York State Common Retirement Fund and Liberty Property
Limited Partnership and Liberty Washington, L.P. dated October 4, 2007 (Incorporated by
reference to Exhibit 10.19 filed with the Registrants Annual Report on Form 10-K for the
fiscal year ended December 31, 2007).10.20
    
    Equity Distribution Agreement, dated December 18, 2008, by and among Liberty Property
Trust, Liberty Property Limited Partnership and Citigroup Global Markets Inc. (Incorporated
by reference to Exhibit 1.1 filed with the Registrants Current Report on Form 8-K filed
with the Commission on December 18, 2008).12*
    
    Statement re: Computation of Ratios.21*
    
    Subsidiaries.23.1*
    
    Consent of Ernst & Young LLP relating to the Trust.23.2*
    
    Consent of Ernst & Young LLP relating to the Operating Partnership.31.1*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.2*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.3*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a)
under the Securities Exchange Act of 1934.31.4*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a)
under the Securities Exchange Act of 1934.
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EXHIBIT NO.
    
    DESCRIPTION32.1*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required under Rule
13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section. Further, this exhibit shall
not be deemed to be incorporated by reference into any filing under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended.)32.2*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section. Further, this exhibit shall
not be deemed to be incorporated by reference into any filing under the Securities Act of
1933, as amended, or the Securities Exchange Act of 1934, as amended.)32.3*
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b)
under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.4*
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b)
under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)
Sd99.1*
    
    Portions of the Proxy Statement for the Liberty Property Trust 2008 Annual Meeting of
Shareholders.
 
 *
    
    Filed herewith+
    
    Confidential treatment has been requested with respect to portions of
this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act
of 1934, as amended. 131




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SIGNATURES
  LIBERTY PROPERTY TRUSTDate: February 27, 2009
    By:
    /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER  /s/ WILLIAM P. HANKOWSKY

William P. Hankowsky
    
    Chairman of the Board of Trustees, President and
Chief Executive Officer (Principal Executive
Officer)
    
    February 27, 2009/s/ GEORGE J. ALBURGER, JR.

George J. Alburger, Jr.
    
    Executive Vice President and Chief 
Financial Officer
(Principal Financial and Accounting Officer)
    
    February 27, 2009/s/ M. LEANNE LACHMAN

M. Leanne Lachman
    
    Trustee
    
    February 27, 2009/s/ FREDERICK F. BUCHHOLZ

Frederick F. Buchholz
    
    Trustee
    
    February 27, 2009/s/ J. ANTHONY HAYDEN

J. Anthony Hayden
    
    Trustee
    
    February 27, 2009/s/ DAVID L. LINGERFELT

David L. Lingerfelt
    
    Trustee
    
    February 27, 2009/s/ JOHN A. MILLER, CLU

John A. Miller, CLU
    
    Trustee
    
    February 27, 2009/s/ STEPHEN B. SIEGEL

Stephen B. Siegel
    
    Trustee
    
    February 27, 2009/s/ THOMAS C. DELOACH, JR.

Thomas C. DeLoach, Jr.
    
    Trustee
    
    February 27, 2009/s/ DANIEL P. GARTON

Daniel P. Garton
    
    Trustee
    
    February 27, 2009/s/ JOSE A. MEJIA

Jose A. Mejia
    
    Trustee
    
    February 27, 2009
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##### Table of Contents



SIGNATURES
  
 LIBERTY PROPERTY LIMITED PARTNERSHIPBY:
    
    Liberty Property TrustDate: February 27, 2009
    By:
    /s/ WILLIAM P. HANKOWSKYWILLIAM P. HANKOWSKYCHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER  /s/ WILLIAM P. HANKOWSKY

William P. Hankowsky
    
    Chairman of the Board of Trustees, President and
Chief Executive Officer (Trustee of the General
Partner)
    
    February 27, 2009/s/ GEORGE J. ALBURGER, JR.

George J. Alburger, Jr.
    
    Executive Vice President and Chief Financial Officer
(Trustee of the General Partner)
    
    February 27, 2009/s/ M. LEANNE LACHMAN

M. Leanne Lachman
    
    Trustee of the General Partner
    
    February 27, 2009/s/ FREDERICK F. BUCHHOLZ

Frederick F. Buchholz
    
    Trustee of the General Partner
    
    February 27, 2009/s/ J. ANTHONY HAYDEN

J. Anthony Hayden
    
    Trustee of the General Partner
    
    February 27, 2009/s/ DAVID L. LINGERFELT

David L. Lingerfelt
    
    Trustee of the General Partner
    
    February 27, 2009/s/ JOHN A. MILLER, CLU

John A. Miller, CLU
    
    Trustee of the General Partner
    
    February 27, 2009/s/ STEPHEN B. SIEGEL

Stephen B. Siegel
    
    Trustee of the General Partner
    
    February 27, 2009/s/ THOMAS C. DELOACH, JR.

Thomas C. DeLoach, Jr.
    
    Trustee of the General Partner
    
    February 27, 2009/s/ DANIEL P. GARTON

Daniel P. Garton
    
    Trustee of the General Partner
    
    February 27, 2009/s/ JOSE A. MEJIA

Jose A. Mejia
    
    Trustee of the General Partner
    
    February 27, 2009
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EXHIBIT INDEX
 Exhibit No.
    
    Description3.1.24
    
    Amended and Restated Schedule A to the Second Restated and Amended Agreement of Limited
Partnership of the Operating Partnership.10.9
    
    Liberty Property Trust  Amended Management Severance Plan12
    
    Statement re: Computation of Ratios.21
    
    Subsidiaries.23.1
    
    Consent of Ernst & Young LLP relating to the Trust.23.2
    
    Consent of Ernst & Young LLP relating to the Operating Partnership.31.1
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.2
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(a) under the Securities Exchange Act of 1934.31.3
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934.31.4
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(a) under
the Securities Exchange Act of 1934.32.1
    
    Certifications of the Chief Executive Officer of Liberty Property Trust required under Rule
13a-14(b) of the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.2
    
    Certifications of the Chief Financial Officer of Liberty Property Trust required by Rule
13a-14(b) under the Securities Exchange Act of 1934, as amended. (This exhibit shall not be
deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liability of that section. Further, this exhibit shall not be
deemed to be incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended.)32.3
    
    Certifications of the Chief Executive Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.)
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Exhibit No.
    
    Description32.4
    
    Certifications of the Chief Financial Officer of Liberty Property Trust, in its capacity as
the general partner of Liberty Property Limited Partnership, required by Rule 13a-14(b) under
the Securities Exchange Act of 1934, as amended. (This exhibit shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section. Further, this exhibit shall not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.99.1
    
    Portions of the Proxy Statement for the Liberty Property Trust 2008 Annual Meeting of
Shareholders.
 135