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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
 FORM 10-K  (X)
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2004 OR  (  )
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  to . Commission File Number 333-21873 FIRST INDUSTRIAL, L.P.  Delaware
(State or other jurisdiction of
incorporation or organization)
    
    36-3924586
(I.R.S. Employer
Identification No.)311 S. Wacker Drive, Suite 4000, Chicago, Illinois
(Address of principal executive offices)
    
    60606
(Zip Code)
 (312) 344-4300
(Registrants telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act:None Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.     Yes X No . Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of
the Act).     Yes X No .




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FIRST INDUSTRIAL, L.P. TABLE OF CONTENTS PAGEPART I.Item 1.
    
    Business
    
    3Item 2.
    
    Properties
    
    9Item 3.
    
    Legal Proceedings
    
    29Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    29PART II.Item 5.
    
    Market for
Registrants Partners Capital, Related Partner Matters and Issuer Purchases of Equity Securities
    
    30Item 6.
    
    Selected Financial Data
    
    31Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    34Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    56Item 8.
    
    Financial Statements and Supplementary Data
    
    56Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    56Item 9A.
    
    Controls and Procedures
    
    56Item 9B.
    
    Other Information
    
    56PART III.Item 10.
    
    Directors and Executive Officers of the Registrant
    
    57Item 11.
    
    Executive Compensation
    
    57Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    57Item 13.
    
    Certain Relationships and Related Transactions
    
    57Item 14.
    
    Principal Accountant Fees and Services
    
    57PART IV.Item 15.
    
    Exhibits and Financial Statement Schedules
    
    58SIGNATURES
    
    
    
    61Computation of Ratio of Earnings to Fixed ChargesConsent of PricewaterhouseCoopers LLPCertification of Principal Executive OfficerCertification of Principal Financial OfficerCertification of the Principal Executive Officer and Principal Financial Officer
  1




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This report contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. First Industrial, L.P. (the Operating Partnership) intends such
forward-looking statements to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995, and is including this
statement for purposes of complying with those safe harbor provisions. Forward-looking statements,
which are based on certain assumptions and describe future plans, strategies and expectations of
the Operating Partnership, are generally identifiable by use of the words believe, expect,
intend, anticipate, estimate, project, or similar expressions. The Operating Partnerships
ability to predict results or the actual effect of future plans or strategies is inherently
uncertain. Factors which could have a material adverse affect on the operations and future
prospects of the Operating Partnership on a consolidated basis include, but are not limited to,
changes in: economic conditions generally and the real estate market specifically,
legislative/regulatory changes (including changes to laws governing the taxation of real estate
investment trusts), availability of capital, interest rates, competition, supply and demand for
industrial properties in the Operating Partnerships current and proposed market areas, potential
environmental liabilities, slippage in development or lease-up schedules, tenant credit risks,
higher-than-expected costs and general accounting principles, policies and guidelines applicable to
real estate investment trusts. These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed on such statements. Further
information concerning the Operating Partnership and its business, including additional factors
that could materially affect the Operating Partnerships financial results, is included herein and
in the Operating Partnerships other filings with the Securities and Exchange Commission. 2




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PART I 
 Item 1. Business THE COMPANY General First Industrial, L.P. (the Operating Partnership) was organized as a limited partnership in
the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty
Trust, Inc. (the Company) with an approximate 86.9% ownership interest at December 31, 2004. The
Company also owns a preferred general partnership interest in the Operating Partnership (Preferred
Units) with an aggregate liquidation priority of $125.0 million. The Company is a real estate
investment trust (REIT) as defined in the Internal Revenue Code. The Companys operations are
conducted primarily through the Operating Partnership. The limited partners of the Operating
Partnership owned, in the aggregate, approximately a 13.1% interest in the Operating Partnership at
December 31, 2004. The Operating Partnership is the sole member of several limited liability companies (the
L.L.C.s) and the sole stockholder of First Industrial
Development Services, Inc., (together with the Operating Partnership
and the L.L.C.s, the
Consolidated Operating Partnership), the operating data of which is consolidated with that of the
Operating Partnership as presented herein. The Operating Partnership also holds at least a 99% limited partnership
interest in First Industrial Financing Partnership, L.P. (the Financing Partnership), First
Industrial Securities, L.P. (the Securities Partnership), First Industrial Mortgage Partnership,
L.P (the Mortgage Partnership), First Industrial Pennsylvania, L.P. (the Pennsylvania
Partnership), First Industrial Harrisburg, L.P. (the Harrisburg Partnership), First Industrial
Indianapolis, L.P. (the Indianapolis Partnership), TK-SV, LTD., and FI Development Services L.P.
(together, the Other Real Estate Partnerships). The Other
Real Estate Partnerships operating data is presented herein on a combined basis,
separate from that of the Consolidated Operating Partnership. The general partners of the Other
Real Estate Partnerships are separate corporations, each with at least a .01% general partnership
interest in the Other Real Estate Partnerships for which it acts as a general partner. Each
general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company.
The Operating Partnership, through separate wholly-owned limited liability companies in which it is
the sole member, also owns minority equity interests in, and provides asset and property management
services to, two joint ventures which invest in industrial properties (the September 1998 Joint
Venture and the May 2003 Joint Venture). The Operating Partnership, through a separate,
wholly-owned limited liability company of which the Operating Partnership is also the sole member,
also owned a minority interest in, and provided property management services to, a third joint
venture which invested in industrial properties (the December 2001 Joint Venture; together with
the September 1998 Joint Venture and the May 2003 Joint Venture, the Joint Ventures). During the
year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the
Consolidated Operating Partnership as presented herein.
The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method
of accounting. As of December 31, 2004, the Consolidated Operating Partnership owned 726 in-service
industrial properties, containing an aggregate of approximately 52.3 million square feet of gross
leasable area (GLA). On a combined basis, as of December 31, 2004, the Other Real Estate
Partnerships owned 101 in-service industrial properties, containing an aggregate of approximately
9.4 million square feet of GLA. Of the 101 industrial properties owned by the Other Real Estate
Partnerships at December 31, 2004, 13 are held by the Mortgage Partnership, 38 are held by the
Pennsylvania Partnership, 16 are held by the Securities Partnership, 19 are held by the Financing
Partnership, 10 are held by the Harrisburg Partnership, four are held by the Indianapolis
Partnership and one is held by TK-SV, LTD. The Consolidated Operating Partnerships in-service portfolio includes all properties other than developed
and acquired properties that have not yet reached stabilized occupancy (generally defined as properties
that are 90% leased). The Consolidated Operating Partnership utilizes an operating approach which combines the
effectiveness of decentralized, locally based property management, acquisition, sales and
development functions with the cost efficiencies of centralized acquisition, sales and development
support, capital markets expertise, asset management and fiscal
control systems. At March 23, 2005,
the Consolidated Operating Partnership had 353 employees. The Consolidated Operating Partnership has grown and will seek to continue to grow through the
development and the acquisition of additional industrial properties and through its corporate
services program. 3




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The Company maintains a website at www.firstindustrial.com. Copies of the Companys annual
report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to
such reports are available without charge on the Companys website as soon as reasonably
practicable after such reports are filed with or furnished to the SEC. In addition, the Companys
Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter,
Compensation Committee Charter, Nominating/Corporate Governance Committee Charter, along with
supplemental financial and operating information prepared by the Company, are all available without
charge on the Companys website or upon request to the Company. Amendments to, or waivers from, the
Companys Code of Business Conduct and Ethics that apply to the Companys executive officers or
directors shall be posted to the Companys website at www.firstindustrial.com. Please direct
requests as follows: First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attention: Investor Relations 4




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Business Objectives and Growth Plans The Consolidated Operating Partnerships fundamental business objective is to maximize the
total return to its partners through increases in per unit distributions and increases in the value
of the Consolidated Operating Partnerships properties and operations. The Consolidated Operating
Partnerships growth plans include the following elements:  
    Internal Growth.The Consolidated Operating Partnership seeks to
grow internally by (i) increasing revenues by renewing or
re-leasing spaces subject to expiring leases at higher rental
levels; (ii) increasing occupancy levels at properties where
vacancy exists and maintaining occupancy elsewhere; (iii)
controlling and minimizing property operating and general and
administrative expenses; (iv) renovating existing properties; and
(v) increasing ancillary revenues from non-real estate sources.
    External Growth.The Consolidated Operating Partnership seeks to
grow externally through (i) the development of industrial
properties; (ii) the acquisition of portfolios of industrial
properties, industrial property businesses or individual
properties which meet the Consolidated Operating Partnerships
investment parameters and target markets; and (iii) the
expansion of its properties.
    Corporate Services.Through its corporate services program, the
Consolidated Operating Partnership builds for, purchases from, and
leases and sells industrial properties to companies that need industrial
facilities. The
Consolidated Operating Partnership seeks to grow this business by
targeting both large and middle-market public and private
companies. Business Strategies The Consolidated Operating Partnership utilizes the following six strategies in connection
with the operation of its business:  
    Organization Strategy.The Consolidated Operating Partnership
implements its decentralized property operations strategy through
the use of experienced regional management teams and local
property managers. Each operating region is headed by a managing
director, who is a senior executive officer of, and has an equity
interest in, the Company. The Consolidated Operating Partnership
provides acquisition, development and financing assistance, asset
management oversight and financial reporting functions from its
headquarters in Chicago, Illinois to support its regional
operations. The Consolidated Operating Partnership believes the
size of its portfolio enables it to realize operating efficiencies
by spreading overhead among many properties and by negotiating
purchasing discounts.
    Market Strategy.The Consolidated Operating Partnerships market
strategy is to concentrate on the top industrial real estate
markets in the United States. These top markets are based upon one or more of the following
characteristics: (i) the strength of the markets industrial real
estate fundamentals, including increased industrial demand
expectations; (ii) the history and outlook for continued economic growth and diversity; and
(iii) a minimum market size of 100 million square feet of
industrial space.
    Leasing and Marketing Strategy.The Consolidated
Operating Partnership has an operational management
strategy designed to enhance tenant satisfaction and
portfolio performance. The Consolidated Operating
Partnership pursues an active leasing strategy, which
includes marketing available space,
seeking to renew existing leases at higher rents per
square foot and seeking leases which provide for the
pass-through of property-related expenses to the
tenant. The Consolidated Operating Partnership also
has local and national marketing programs which focus
on the business and real estate brokerage communities
and national tenants.
    Acquisition/Development Strategy.The Consolidated Operating
Partnerships acquisition/development strategy is to invest in
properties and other assets with higher yield potential in the top industrial real
estate markets in the United States.
Of the 827 industrial properties in the Consolidated Operating Partnerships
and Other Real Estate Partnerships combined in-service portfolios at
December 31, 2004, 137 properties have been developed by
the Consolidated Operating Partnership, the Other Real Estate
Partnerships, or its former management. The Consolidated
Operating Partnership will continue to leverage the development
capabilities of its management, many of whom are leading
industrial property developers in their respective markets.
    Disposition Strategy.The Consolidated Operating Partnership
continuously evaluates local market conditions and
property-related factors in all of its markets for purposes of
identifying assets suitable for disposition.
    Financing Strategy.The Consolidated Operating Partnership plans
on utilizing a portion of net sales proceeds from property sales,
borrowings under its $300 million unsecured line of credit, and
proceeds from the issuance, when and as warranted, of additional
equity securities to finance future acquisitions and 5




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developments. As of March 23, 2005, the Consolidated Operating Partnership had
approximately $98.3 million available in additional borrowings under its $300
million unsecured line of credit. Recent Developments In
2004, the Consolidated Operating Partnership acquired or placed in-service developments totaling 93 industrial properties and acquired several parcels of land for a total investment of
approximately $508.4 million. The Consolidated Operating
Partnership also sold 90 industrial properties and several
parcels of land for a gross sales price of approximately $393.0 million. At December 31, 2004, the
Consolidated Operating Partnership owned 726 in-service industrial properties containing
approximately 52.3 million square feet of GLA. On May 17, 2004, the Consolidated Operating Partnership, through the Operating Partnership,
exchanged $125.0 million of senior unsecured debt which matures on June 1, 2014 and bears a coupon interest
rate of 6.42% (the 2014 Notes) for $100.0 million aggregate principal amount of its 7.375% Notes
due 2011 (the 2011 PATS) and net cash in the amount of
approximately $8.9 million. The issue price of the 2014
Notes was 99.123%. On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a
share of the Companys 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred
Stock (the Series F Preferred Stock), at an initial offering price of $1,000.00 per Depositary
Share for gross proceeds of $50.0 million. Net of offering costs, the Company received net
proceeds of $49.1 million from the issuance of the Series F Preferred Stock which were contributed
to the Operating Partnership in exchange for 6.236% Series F Cumulative Preferred Units (the
Series F Preferred Units) and are reflected in the Consolidated Operating Partnerships financial
statements as general partner preferred unit contribution. Dividends on the Series F Preferred
Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for
the period from the date of original issuance through March 31, 2009 (the Series F Initial Fixed
Rate Period), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation
preference (the Series F Initial Distribution Rate) (equivalent to $62.36 per Depositary Share).
On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the
Companys option, subject to certain conditions and parameters, at fixed or floating rates and
periods. Fixed rates and periods will be determined through a remarketing procedure. Floating
rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater
of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles
Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate)(as defined in the
Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable
semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate
Period and quarterly in arrears for floating rate periods. With respect to the payment of
dividends and amounts upon liquidation, dissolution or winding up, the Series F
Preferred Stock ranks senior to payments on the Companys Common Stock and pari passu with the
Companys 8.625%, $.01 par value, Series C Cumulative Preferred Stock (the Series C Preferred
Stock) and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject
to any conditions on redemption applicable in any fixed rate period subsequent to the Series F
Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the
Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share,
or $50.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The
Series F Preferred Stock has no stated maturity and is not convertible into any other securities of
the Company. On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a
share of the Companys 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred
Stock (the Series G Preferred Stock), at an initial offering price of $1,000.00 per Depositary
Share for gross proceeds of $25.0 million. Net of offering costs, the Company received net
proceeds of $24.5 million from the issuance of the Series G Preferred Stock which were contributed
to the Operating Partnership in exchange for 7.236% Series G Cumulative Preferred Units (the
Series G Preferred Units) and are reflected in the Consolidated Operating Partnerships financial
statements as general partner preferred unit contribution. Dividends on the Series G Preferred
Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for
the period from the date of original issuance of the Series G Preferred Stock through March 31,
2014 (the Series G Initial Fixed Rate Period), 6




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commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the
Series G Initial Distribution Rate) (equivalent to $72.36 per Depositary Share). On or after
March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Companys
option, subject to certain conditions and parameters, at fixed or floating rates and periods.
Fixed rates and periods will be determined through a remarketing procedure. Floating rates during
floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the
3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary),
and (iii) the 30-year Treasury CMT Rate (the adjustable rate)(as defined in the Articles
Supplementary), reset quarterly. Dividends on the Series G Preferred Stock are payable
semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate
Period and quarterly in arrears for floating rate periods. With respect to the payment of
dividends and amounts upon liquidation, dissolution or winding up, the Series G
Preferred Stock ranks senior to payments on the Companys Common Stock and pari passu with the
Companys Series C Preferred Stock and Series F Preferred Stock. On or after March 31, 2014,
subject to any conditions on redemption applicable in any fixed rate period subsequent to the
Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable for cash at the
option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per
Depositary Share, or $25.0 million in the aggregate, plus dividends accrued and unpaid to the
redemption date. The Series G Preferred Stock has no stated maturity and is not convertible into
any other securities of the Company. On June 2, 2004, the Company issued 500 shares of 2.965% $.01 par value, Series H Flexible
Cumulative Redeemable Preferred Stock (the Series H Preferred Stock), at an initial offering
price of $250,000.00 per share for gross proceeds of $125.0 million. Net of offering costs, the
Company received net proceeds of $120.8 million from the issuance of the Series H Preferred Stock
which were contributed to the Operating Partnership in exchange for Series H Cumulative Preferred
Units (the Series H Preferred Units) and are reflected in the Consolidated Operating
Partnerships financial statements as general partner preferred unit contribution. On or after
July 2, 2004, the Series H Preferred Stock became redeemable for cash at the option of the Company,
in whole but not in part, at a redemption price equivalent,
initially, to $242,875.00 per share plus
accrued and unpaid dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004
and paid a prorated second and third quarter dividend of $629.555 per share, totaling approximately
$.3 million. The Series H Preferred Units were redeemed on July 2, 2004 as well. On June 11, 2004, the Consolidated Operating Partnership, through the Operating Partnership,
amended and restated its $300.0 million Unsecured Line of Credit. The Unsecured Line of Credit
matures on September 28, 2007 and bears interest at a floating rate of LIBOR plus .70%, or the
Prime Rate, at the Consolidated Operating Partnerships election. On June 14, 2004, the Consolidated Operating Partnership, through the Operating Partnership,
issued $125.0 million of senior unsecured debt which matures on June 15, 2009 and bears a coupon
interest rate of 5.25% (the 2009 Notes). The issue price of the 2009 Notes was 99.826%. The
Consolidated Operating Partnership also entered into interest rate protection agreements which were
used to fix the interest rate on the 2009 Notes prior to issuance. The Consolidated Operating
Partnership settled the interest rate protection agreements for approximately $6.7 million of
proceeds, which is included in other comprehensive income. On September 16, 2004, the Company and the Operating Partnership entered into a sales
agreement to sell up to 3,900,000 shares of the Companys common stock from time to time with
Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year
ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled
equity offering program and received net proceeds of $48.8 million. The Company contributed the
net proceeds to the Consolidated Operating Partnership and the Consolidated Operating Partnership,
through the Operating Partnership, issued Units to the Company in the same amount. On September 30, 2004, the Consolidated Operating Partnership, through the Operating
Partnership, assumed a mortgage loan in the amount of approximately $12.1 million which
bears interest at a fixed rate of 5.6%, provides for monthly principal and interest payments based
on a 30-year amortization schedule and matures on November 10, 2012. In conjunction with the
assumption of the loan, the Consolidated Operating Partnership recorded a premium in the amount of
$.5 million which will be amortized over the remaining life of the loan as an adjustment to
interest expense. On December 3, 2004, the Consolidated Operating Partnership, through the Operating
Partnership, paid off and retired its $4.3 million mortgage loan which bore interest at 7.61%,
provided for monthly principal and interest payments based on a 30-year amortization schedule, and
was to mature on May 1, 2012. 7




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On December 21, 2004, the Consolidated Operating Partnership, through the Operating
Partnership, assumed a mortgage loan in the amount of $6.2 million (the Acquisition
Mortgage Loan XIV). The Acquisition Mortgage Loan XIV is collateralized by several properties in
Tampa, Florida, bears interest at a fixed rate of 6.94% and provides for monthly principal and
interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV
matures on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV,
the Consolidated Operating Partnership recorded a premium in the
amount of $.6 million which will be
amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest
expense. From
January 1, 2005 to March 23, 2005, the Consolidated
Operating Partnership acquired seven
industrial properties and several land parcels for a total estimated investment of approximately
$40.5 million (approximately $1.5 million of which was made
through the issuance of limited partnership interests in
the Operating Partnership (Units)). The Consolidated
Operating Partnership also sold 12
industrial properties for approximately $132.5 million of gross proceeds during this period. On March 1, 2005, the Consolidated Operating Partnership declared a first quarter
2005 distribution of $.6950 per Unit which is payable on April 18, 2005. The Consolidated
Operating Partnership also declared first quarter 2005 preferred unit distributions of
$53.906 per Unit on its 8 5/8% Series C Cumulative Preferred Units, totaling, in the aggregate,
approximately $1.1 million, which is payable on March 31, 2005; semi-annual distributions of
$3,118.00 per Unit on its Series F Preferred Units, totaling, in the aggregate, approximately $1.6
million, which is payable on March 31, 2005; and semi-annual distributions of $3,618.00 per Unit on
its Series G Preferred Units, totaling, in the aggregate, approximately $.9 million, which is
payable on March 31, 2005. Future Property Acquisitions, Developments and Property Sales The Consolidated Operating Partnership has an active acquisition and development program
through which it is continually engaged in identifying, negotiating and consummating portfolio and
individual industrial property acquisitions and developments. As a result, the Consolidated
Operating Partnership is currently engaged in negotiations relating to the possible acquisition and
development of certain industrial properties located in the United States. The Consolidated Operating Partnership also sells properties based on market conditions and
property related factors. As a result, the Consolidated Operating Partnership is currently engaged
in negotiations relating to the possible sales of certain industrial properties in the Consolidated
Operating Partnerships current portfolio. When evaluating potential industrial property acquisitions and developments, as well as
potential industrial property sales, the Consolidated Operating Partnership will consider such
factors as: (i) the geographic area and type of property; (ii) the location, construction quality,
condition and design of the property; (iii) the potential for capital appreciation of the property;
(iv) the ability of the Consolidated Operating Partnership to improve the propertys performance
through renovation; (v) the terms of tenant leases, including the potential for rent increases;
(vi) the potential for economic growth and the tax and regulatory environment of the area in which
the property is located; (vii) the potential for expansion of the physical layout of the property
and/or the number of sites; (viii) the occupancy and demand by tenants for properties of a similar
type in the vicinity; and (ix) competition from existing properties and the potential for the
construction of new properties in the area. 8




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INDUSTRY Industrial properties are typically used for the design, assembly, packaging, storage and
distribution of goods and/or the provision of services. As a result, the demand for industrial
space in the United States is related to the level of economic output. Historically, occupancy
rates for industrial property in the United States have been higher than those for other types of
commercial property. The Consolidated Operating Partnership believes that the higher occupancy
rate in the industrial property sector is a result of the construction-on-demand nature of, and the
comparatively short development time required for, industrial property. For the five years ended
December 31, 2004, the occupancy rates for industrial properties in the United States have ranged
from 88.4%* to 93.4%*, with an occupancy rate of 89.1%* at December 31, 2004. 
 Item 2. Properties General At December 31, 2004, the Consolidated Operating Partnership and the Other Real Estate
Partnerships owned 827 in-service properties (726 of which were owned by the Consolidated Operating
Partnership and 101 of which were owned by the Other Real Estate Partnerships) containing an
aggregate of approximately 61.7 million square feet of GLA (52.3 million square feet of which
comprised the properties owned by the Consolidated Operating Partnership and 9.4 million square
feet of which comprised the properties owned by the Other Real Estate Partnerships) in 22 states,
with a diverse base of more than 2,400 tenants engaged in a wide variety of businesses, including
manufacturing, retail, wholesale trade, distribution and professional services. The properties are
generally located in business parks that have convenient access to interstate highways and/or rail
and air transportation. The weighted average age of the Consolidated Operating Partnerships and
the Other Real Estate Partnerships properties on a combined basis as of December 31, 2004 was
approximately 19 years. The Consolidated Operating Partnership and Other Real Estate Partnerships
maintain insurance on their respective properties that the Consolidated Operating Partnership and
Other Real Estate Partnerships believe is adequate. The Consolidated Operating Partnership and the Other Real Estate Partnerships classify their
properties into five industrial categories: light industrial, bulk warehouse, R&D/flex, regional
warehouse and manufacturing. While some properties may have characteristics which fall under more
than one property type, the Consolidated Operating Partnership and the Other Real Estate
Partnerships have used what they believe is the most dominant characteristic to categorize the
property. The following describes the different industrial categories:  
    Light industrial properties generally are of less than 100,000 square feet, have a
ceiling height of 16 to 21 feet, are comprised of 5% - 50% of office space, contain less
than 50% of manufacturing space and have a land use ratio of 4:1. The land use ratio is
the ratio of the total property area to that which is occupied by the building.
    Bulk warehouse buildings generally are of more than 100,000 square feet, have a
ceiling height of at least 22 feet, are comprised of 5% - 15% of office space, contain
less than 25% of manufacturing space and have a land use ratio of 2:1.
    R&D/flex buildings generally are of less than 100,000 square feet, have a ceiling
height of less than 16 feet, are comprised of 50% or more of office space, contain less
than 25% of manufacturing space and have a land use ratio of 4:1.
    Regional warehouses generally are of less than 100,000 square feet, have a ceiling
height of at least 22 feet, are comprised of 5% - 15% of office space, contain less than
25% of manufacturing space and have a land use ratio of 2:1.
    Manufacturing properties are a diverse category of buildings that generally have a
ceiling height of 10 - 18 feet, are comprised of 5% - 15% of office space, contain at
least 50% of manufacturing space and have a land use ratio of 4:1.  Source: Torto Wheaton Research 9




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The following tables summarize certain information as of December 31, 2004 with respect
to the in-service properties owned by the Consolidated Operating Partnership, each of which is
wholly-owned. Consolidated Operating Partnership
Property Summary Light Industrial
    
    
    R&D/Flex
    
    
    Bulk Warehouse
    
    
    Regional Warehouse
    
    
    ManufacturingMetropolitan
    
    
    
    
    
    Number of
    
    
    
    
    
    
    Number of
    
    
    
    
    
    
    Number of
    
    
    
    
    
    
    Number of
    
    
    
    
    
    
    Number ofArea
    
    GLA
    
    
    Properties
    
    
    GLA
    
    
    Properties
    
    
    GLA
    
    
    Properties
    
    
    GLA
    
    
    Properties
    
    
    GLA
    
    
    PropertiesAtlanta, GA
    
    
    538,147
    
    
    
    10
    
    
    
    140,538
    
    
    
    3
    
    
    
    2,348,416
    
    
    
    8
    
    
    
    293,646
    
    
    
    4
    
    
    
    298,000
    
    
    
    2Baltimore, MD
    
    
    661,510
    
    
    
    11
    
    
    
    
    
    
    
    
    
    
    
    749,830
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    171,000
    
    
    
    1Central Pennsylvania
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    953,000
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Chicago, IL
    
    
    1,035,923
    
    
    
    18
    
    
    
    197,354
    
    
    
    3
    
    
    
    1,720,556
    
    
    
    8
    
    
    
    
    
    
    
    
    
    
    
    589,000
    
    
    
    3Cincinnati, OH
    
    
    384,220
    
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    1,693,880
    
    
    
    7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Columbus, OH
    
    
    217,612
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    1,654,437
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dallas, TX
    
    
    1,713,803
    
    
    
    45
    
    
    
    492,503
    
    
    
    20
    
    
    
    2,369,671
    
    
    
    18
    
    
    
    831,941
    
    
    
    13
    
    
    
    224,984
    
    
    
    2Denver, CO
    
    
    1,550,521
    
    
    
    30
    
    
    
    1,289,162
    
    
    
    34
    
    
    
    1,202,317
    
    
    
    7
    
    
    
    526,723
    
    
    
    8
    
    
    
    
    
    
    
    Detroit, MI
    
    
    1,894,196
    
    
    
    78
    
    
    
    402,720
    
    
    
    14
    
    
    
    498,608
    
    
    
    5
    
    
    
    684,978
    
    
    
    16
    
    
    
    
    
    
    
    Grand Rapids, MI
    
    
    61,250
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Houston, TX
    
    
    536,211
    
    
    
    7
    
    
    
    201,363
    
    
    
    3
    
    
    
    2,130,764
    
    
    
    13
    
    
    
    365,960
    
    
    
    5
    
    
    
    
    
    
    
    Indianapolis, IN
    
    
    775,980
    
    
    
    17
    
    
    
    48,200
    
    
    
    4
    
    
    
    1,638,701
    
    
    
    8
    
    
    
    217,710
    
    
    
    6
    
    
    
    71,600
    
    
    
    2Los Angeles, CA
    
    
    186,510
    
    
    
    8
    
    
    
    
    
    
    
    
    
    
    
    961,706
    
    
    
    5
    
    
    
    345,258
    
    
    
    7
    
    
    
    
    
    
    
    Louisville, KY
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    443,500
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Miami, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    268,539
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Milwaukee, WI
    
    
    146,061
    
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    524,894
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Minneapolis/St. Paul, MN
    
    
    1,118,955
    
    
    
    18
    
    
    
    695,165
    
    
    
    10
    
    
    
    1,433,082
    
    
    
    6
    
    
    
    201,813
    
    
    
    2
    
    
    
    524,960
    
    
    
    8Nashville, TN
    
    
    273,843
    
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    1,388,661
    
    
    
    6
    
    
    
    
    
    
    
    
    
    
    
    109,058
    
    
    
    1N. New Jersey
    
    
    1,023,039
    
    
    
    19
    
    
    
    425,996
    
    
    
    8
    
    
    
    1,380,965
    
    
    
    8
    
    
    
    238,485
    
    
    
    3
    
    
    
    
    
    
    
    Phoenix, AZ
    
    
    234,851
    
    
    
    8
    
    
    
    
    
    
    
    
    
    
    
    407,205
    
    
    
    3
    
    
    
    469,923
    
    
    
    6
    
    
    
    
    
    
    
    Salt Lake City, UT
    
    
    499,164
    
    
    
    33
    
    
    
    146,937
    
    
    
    6
    
    
    
    324,568
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    San Diego, CA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    397,760
    
    
    
    2
    
    
    
    179,541
    
    
    
    5
    
    
    
    
    
    
    
    S. New Jersey
    
    
    875,834
    
    
    
    19
    
    
    
    37,450
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    118,496
    
    
    
    2
    
    
    
    22,738
    
    
    
    1St. Louis, MO
    
    
    688,165
    
    
    
    9
    
    
    
    
    
    
    
    
    
    
    
    1,288,507
    
    
    
    8
    
    
    
    96,392
    
    
    
    1
    
    
    
    
    
    
    
    Tampa, FL
    
    
    517,252
    
    
    
    13
    
    
    
    689,095
    
    
    
    26
    
    
    
    
    
    
    
    
    
    
    
    41,377
    
    
    
    1
    
    
    
    
    
    
    
    Other(a)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    177,655
    
    
    
    3
    
    
    
    50,000
    
    
    
    1
    
    
    
    
    
    
    
    Total
    
    
    14,933,047
    
    
    
    357
    
    
    
    4,766,483
    
    
    
    133
    
    
    
    25,957,222
    
    
    
    136
    
    
    
    4,662,243
    
    
    
    80
    
    
    
    2,011,340
    
    
    
    20
 (a) Properties are located in Wichita, Kansas and McAllen, TX. 10




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##### Table of Contents



Consolidated Operating Partnership
Property Summary Totals TOTALSAverage
    
    GLA as a %Number of
    
    Occupancy at
    
    of TotalMetropolitan Area
    
    GLA
    
    
    Properties
    
    12/31/04
    
    PortfolioAtlanta, GA
    
    
    3,618,747
    
    
    27
    
    84%
    
    6.9%Baltimore, MD
    
    
    1,582,340
    
    
    16
    
    92%
    
    3.0%Central Pennsylvania
    
    
    953,000
    
    
    4
    
    100%
    
    1.8%Chicago, IL
    
    
    3,542,833
    
    
    32
    
    86%
    
    6.8%Cincinnati, OH
    
    
    2,078,100
    
    
    10
    
    88%
    
    4.0%Columbus, OH
    
    
    1,872,049
    
    
    6
    
    98%
    
    3.6%Dallas, TX
    
    
    5,632,902
    
    
    98
    
    92%
    
    10.8%Denver, CO
    
    
    4,568,723
    
    
    79
    
    91%
    
    8.7%Detroit, MI
    
    
    3,480,502
    
    
    113
    
    92%
    
    6.7%Grand Rapids, MI
    
    
    61,250
    
    
    1
    
    100%
    
    0.1%Houston, TX
    
    
    3,234,298
    
    
    28
    
    91%
    
    6.2%Indianapolis, IN
    
    
    2,752,191
    
    
    37
    
    84%
    
    5.3%Los Angeles, CA
    
    
    1,493,474
    
    
    20
    
    100%
    
    2.8%Louisville, KY
    
    
    443,500
    
    
    2
    
    100%
    
    0.8%Miami, FL
    
    
    268,539
    
    
    1
    
    100%
    
    0.5%Milwaukee, WI
    
    
    670,955
    
    
    7
    
    100%
    
    1.3%Minneapolis/St. Paul, MN
    
    
    3,973,975
    
    
    44
    
    94%
    
    7.6%Nashville, TN
    
    
    1,771,562
    
    
    12
    
    89%
    
    3.4%N. New Jersey
    
    
    3,068,485
    
    
    38
    
    88%
    
    5.9%Phoenix, AZ
    
    
    1,111,979
    
    
    17
    
    92%
    
    2.1%Salt Lake City, UT
    
    
    970,669
    
    
    41
    
    89%
    
    1.8%San Diego, CA
    
    
    577,301
    
    
    7
    
    93%
    
    1.1%S. New Jersey
    
    
    1,054,518
    
    
    24
    
    100%
    
    2.0%St. Louis, MO
    
    
    2,073,064
    
    
    18
    
    95%
    
    4.0%Tampa, FL
    
    
    1,247,724
    
    
    40
    
    86%
    
    2.4%Other (a)
    
    
    227,655
    
    
    4
    
    100%
    
    0.4%Total or Average
    
    
    52,330,335
    
    
    726
    
    91%
    
    100.0%
 (a) Properties are located in Wichita, Kansas and McAllen, TX. 11




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##### Table of Contents



Other Real Estate Partnerships
Property Summary The following tables summarize certain information as of December 31, 2004 with respect to the in-service properties owned by the Other Real Estate Partnerships, each of which is
wholly-owned. Light Industrial
    
    
    Bulk Warehouse
    
    
    R&D/Flex
    
    
    Regional Warehouse
    
    
    ManufacturingMetropolitan
    
    
    
    
    
    Number of
    
    
    
    
    
    
    Number of
    
    
    
    
    
    
    Number of
    
    
    
    
    
    
    Number of
    
    
    
    
    
    
    Number ofArea
    
    GLA
    
    
    Properties
    
    
    GLA
    
    
    Properties
    
    
    GLA
    
    
    Properties
    
    
    GLA
    
    
    Properties
    
    
    GLA
    
    
    PropertiesAtlanta, GA
    
    
    59,959
    
    
    
    1
    
    
    
    1,037,338
    
    
    
    3
    
    
    
    153,536
    
    
    
    4
    
    
    
    90,289
    
    
    
    1
    
    
    
    
    
    
    
    Baltimore, MD
    
    
    65,860
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Central Pennsylvania
    
    
    383,070
    
    
    
    4
    
    
    
    1,010,886
    
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    117,579
    
    
    
    3
    
    
    
    
    
    
    
    Chicago, IL
    
    
    108,692
    
    
    
    2
    
    
    
    390,432
    
    
    
    2
    
    
    
    49,730
    
    
    
    1
    
    
    
    50,009
    
    
    
    1
    
    
    
    
    
    
    
    Des Moines, IA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    88,000
    
    
    
    1
    
    
    
    
    
    
    
    Detroit, MI
    
    
    340,347
    
    
    
    6
    
    
    
    160,035
    
    
    
    1
    
    
    
    23,392
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Indianapolis, IN
    
    
    
    
    
    
    
    
    
    
    1,579,927
    
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    60,000
    
    
    
    1
    
    
    
    
    
    
    
    Los Angeles, CA
    
    
    86,084
    
    
    
    3
    
    
    
    
    
    
    
    
    
    
    
    18,921
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Milwaukee, WI
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    93,705
    
    
    
    2
    
    
    
    39,468
    
    
    
    1
    
    
    
    
    
    
    
    Minneapolis/St. Paul, MN
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    532,080
    
    
    
    3Nashville, TN
    
    
    
    
    
    
    
    
    
    
    160,661
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    N. New Jersey
    
    
    144,450
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Philadelphia, PA
    
    
    1,131,651
    
    
    
    23
    
    
    
    43,400
    
    
    
    1
    
    
    
    128,059
    
    
    
    5
    
    
    
    211,316
    
    
    
    3
    
    
    
    56,827
    
    
    
    2S. New Jersey
    
    
    45,770
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    St. Louis, MO
    
    
    
    
    
    
    
    
    
    
    245,000
    
    
    
    2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tampa, FL
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44,427
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other(a)
    
    
    99,000
    
    
    
    3
    
    
    
    490,500
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    2,464,883
    
    
    
    46
    
    
    
    5,118,179
    
    
    
    21
    
    
    
    511,770
    
    
    
    18
    
    
    
    656,661
    
    
    
    11
    
    
    
    588,907
    
    
    
    5
 (a) Properties are located in Austin, Texas and Sparks, Nevada. 12




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##### Table of Contents



Other Real Estate Partnerships
Property Summary Totals TOTALSAverage
    
    GLA as a %Number of
    
    Occupancy at
    
    of TotalMetropolitan Area
    
    GLA
    
    
    Properties
    
    12/31/04
    
    PortfolioAtlanta, GA
    
    
    1,341,122
    
    
    9
    
    99%
    
    14.4%Baltimore, MD
    
    
    65,860
    
    
    1
    
    93%
    
    0.7%Central Pennsylvania
    
    
    1,511,535
    
    
    12
    
    82%
    
    16.2%Chicago, IL
    
    
    598,863
    
    
    6
    
    75%
    
    6.4%Des Moines, IA
    
    
    88,000
    
    
    1
    
    46%
    
    0.9%Detroit, MI
    
    
    523,774
    
    
    8
    
    98%
    
    5.6%Indianapolis, IN
    
    
    1,639,927
    
    
    6
    
    78%
    
    17.6%Los Angeles, CA
    
    
    105,005
    
    
    7
    
    98%
    
    1.1%Milwaukee, WI
    
    
    133,173
    
    
    3
    
    100%
    
    1.4%Minneapolis/St. Paul, MN
    
    
    532,080
    
    
    3
    
    42%
    
    5.7%Nashville, TN
    
    
    160,661
    
    
    1
    
    100%
    
    1.7%N. New Jersey
    
    
    144,450
    
    
    2
    
    71%
    
    1.6%Philadelphia, PA
    
    
    1,571,253
    
    
    34
    
    91%
    
    16.8%S. New Jersey
    
    
    45,770
    
    
    1
    
    100%
    
    0.5%St. Louis, MO
    
    
    245,000
    
    
    2
    
    100%
    
    2.6%Tampa, FL
    
    
    44,427
    
    
    1
    
    100%
    
    0.5%Other (a)
    
    
    589,500
    
    
    4
    
    100%
    
    6.3%Total or Average
    
    
    9,340,400
    
    
    101
    
    85%
    
    100.0%
 (a) Properties are located in Austin, Texas and Sparks, Nevada. 13




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##### Table of Contents



Property Acquisition Activity During 2004, the Consolidated Operating Partnership acquired 77 industrial
properties totaling approximately 8.9 million square feet of GLA at a total purchase price of
approximately $356.6 million, or approximately $40.12 per square foot. The Consolidated Operating
Partnership also purchased several land parcels for an aggregate purchase price of approximately
$36.5 million. The 77 industrial properties acquired have the following characteristics: AverageNumber
    
    
    
    
    
    OccupancyMetropolitan Area
    
    
    
    of Properties
    
    GLA
    
    Property Type
    

at
12/31/04 (g)St. Louis, MO
    
    
    
    6
    
    812,685
    
    Light Industrial/Regional & Bulk Warehouse
    
    99%Nashville, TN
    
    (a)
    
    1
    
    98,150
    
    Manufacturing
    
    N/ANashville, TN
    
    
    
    1
    
    522,483
    
    Bulk Warehouse
    
    100%Cincinnati, OH
    
    (a)
    
    1
    
    482,772
    
    Bulk Warehouse
    
    N/AMinneapolis, MN
    
    (b)
    
    1
    
    81,927
    
    Light Industrial
    
    N/ASalt Lake City, UT
    
    (c)
    
    4
    
    93,600
    
    Light Industrial
    
    100%Denver, CO
    
    
    
    3
    
    663,411
    
    Bulk Warehouse
    
    100%Atlanta, GA
    
    (a)
    
    1
    
    151,743
    
    Bulk Warehouse
    
    N/APhoenix, AZ
    
    
    
    1
    
    22,978
    
    Light Industrial
    
    100%Chicago, IL
    
    
    
    1
    
    76,430
    
    Light Industrial
    
    100%Chicago, IL
    
    
    
    1
    
    169,000
    
    Manufacturing
    
    100%Minneapolis, MN
    
    
    
    1
    
    216,700
    
    Bulk Warehouse
    
    100%Milwaukee, WI
    
    
    
    1
    
    103,024
    
    Bulk Warehouse
    
    100%Los Angeles, CA
    
    
    
    2
    
    73,000
    
    Light Industrial
    
    100%Dallas, TX
    
    
    
    1
    
    85,200
    
    Regional Warehouse
    
    100%Milwaukee, WI
    
    (a)
    
    1
    
    60,000
    
    Light Industrial
    
    N/ANorthern New Jersey
    
    
    
    1
    
    92,400
    
    Regional Warehouse
    
    100%Northern New Jersey
    
    
    
    1
    
    194,258
    
    Bulk Warehouse
    
    100%Milwaukee, WI
    
    
    
    2
    
    321,870
    
    Bulk Warehouse
    
    100%Minneapolis, MN
    
    
    
    1
    
    71,905
    
    Light Industrial
    
    100%Dallas, TX
    
    (d)
    
    12
    
    853,857
    
    Light Industrial/Regional & Bulk Warehouse
    
    94%Northern New Jersey
    
    
    
    1
    
    208,000
    
    Bulk Warehouse
    
    100%Northern New Jersey
    
    
    
    1
    
    115,536
    
    Bulk Warehouse
    
    100%Phoenix, AZ
    
    
    
    3
    
    407,205
    
    Bulk Warehouse
    
    100%Baltimore, MD
    
    
    
    1
    
    138,920
    
    Bulk Warehouse
    
    100%Baltimore, MD
    
    
    
    1
    
    148,215
    
    Bulk Warehouse
    
    100%Baltimore, MD
    
    
    
    2
    
    125,000
    
    Light Industrial
    
    59%Los Angeles, CA
    
    
    
    1
    
    100,000
    
    Bulk Warehouse
    
    100%Minneapolis, MN
    
    (e)
    
    2
    
    162,408
    
    R&D/Flex
    
    100%Miami, FL
    
    
    
    1
    
    268,539
    
    Bulk Warehouse
    
    100%Baltimore, MD
    
    
    
    1
    
    376,295
    
    Bulk Warehouse
    
    100%Tampa, FL
    
    (f)
    
    7
    
    201,620
    
    R&D/Flex/Light Industrial
    
    100%Atlanta, GA
    
    (b)
    
    1
    
    239,435
    
    Manufacturing
    
    N/ADallas, TX
    
    
    
    1
    
    261,102
    
    Bulk Warehouse
    
    100%Houston, TX
    
    (f)
    
    5
    
    155,131
    
    Light Industrial
    
    N/AMinneapolis, MN
    
    
    
    1
    
    47,263
    
    Light Industrial
    
    100%Cincinnati, OH
    
    
    
    1
    
    345,000
    
    Bulk Warehouse
    
    100%Nashville, TN
    
    
    
    1
    
    194,113
    
    Bulk Warehouse
    
    100%Los Angeles, CA
    
    
    
    1
    
    68,446
    
    Regional Warehouse
    
    100%Phoenix, AZ
    
    
    
    1
    
    78,150
    
    Regional Warehouse
    
    100%77
    
    8,887,771
 (a) Property was sold in 2004.
(b) Property was placed out of service in 2004.
(c) Three properties were placed out of service in 2004.
(d) Two properties were placed out of service in 2004.
(e) One property was placed out of service in 2004.
(f) Five properties were placed out of service in 2004.
(g) Includes only in-service properties. 14




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##### Table of Contents



During 2004, the Other Real Estate Partnerships acquired two industrial properties
totaling approximately .3 million square feet of GLA at a total purchase price of approximately
$9.3 million, or $26.70 per square foot. The two industrial properties acquired have the following
characteristics: Number
    
    
    
    
    
    
    
    OccupancyMetropolitan Area
    
    of Properties
    
    GLA
    
    
    Property Type
    
    at 12/31/04Baltimore, MD
    
    1
    
    
    300,000
    
    
    Bulk Warehouse
    
    100%Philadelphia, PA
    
    1
    
    
    48,000
    
    
    Light Industrial
    
    100%2
    
    
    348,000
 Property Development Activity During
2004, the Consolidated Operating Partnership placed in-service 16 developments totaling approximately 2.0 million
square feet of GLA at a total cost of approximately $115.3 million, or approximately $57.43 per
square foot. The placed in-service developments have the following characteristics: AverageOccupancyMetropolitan Area
    
    
    GLA
    
    
    Property Type
    
    at 12/31/04Phoenix, AZ
    
    
    
    
    54,890
    
    
    Light Industrial
    
    100%Harrisburg, PA
    
    
    
    
    103,200
    
    
    Bulk Warehouse
    
    100%St. Louis, MO
    
    
    
    
    180,658
    
    
    Bulk Warehouse
    
    100%Harrisburg, PA
    
    
    
    
    87,500
    
    
    Regional Warehouse
    
    100%Atlanta, GA
    
    
    
    
    231,000
    
    
    Bulk Warehouse
    
    100%Chicago, IL
    
    (a)
    
    
    236,213
    
    
    Bulk Warehouse
    
    N/APhoenix, AZ
    
    (a)
    
    
    73,415
    
    
    Light Industrial
    
    N/AHarrisburg, PA
    
    
    
    
    252,000
    
    
    Bulk Warehouse
    
    100%Phoenix, AZ
    
    
    
    
    44,545
    
    
    Light Industrial
    
    100%Harrisburg, PA
    
    (a)
    
    
    314,591
    
    
    Bulk Warehouse
    
    N/APhoenix, AZ
    
    (a)
    
    
    144,020
    
    
    Light Industrial
    
    N/AHarrisburg, PA
    
    
    
    
    110,000
    
    
    Bulk Warehouse
    
    100%Denver, CO
    
    
    
    
    67,280
    
    
    Light Industrial
    
    90%Phoenix, AZ
    
    (a)
    
    
    37,499
    
    
    Light Industrial
    
    N/APhoenix, AZ
    
    (a)
    
    
    36,746
    
    
    Light Industrial
    
    N/ADallas, TX
    
    (a)
    
    
    34,800
    
    
    Light Industrial
    
    N/A2,008,357
 (a) Property was sold in 2004. At
December 31, 2004, the Consolidated Operating Partnership had 19
development projects not placed in service, totaling an estimated
2.7 million square feet and with an estimated completion cost of
approximately $173.2 million. The Consolidated Operating Partnership estimates it will place in service 16 of the 19 projects
in fiscal year 2005. There can be no assurance that the Consolidated Operating Partnership will place these projects in
service in 2005 or that the actual completion cost will not exceed the estimated completion cost
stated above. 15




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##### Table of Contents



Property Sales During
2004, the Consolidated Operating Partnership sold 90 industrial properties
totaling approximately 6.8 million square feet of GLA and
several land parcels. Total gross sales proceeds approximated
$393.0 million. The 90 industrial properties sold have the following characteristics: Number ofMetropolitan Area
    
    Properties
    
    GLA
    
    
    Property TypeMinneapolis, MN
    
    3
    
    
    356,292
    
    
    Regional Warehouse/R&D/FlexNashville, TN
    
    1
    
    
    423,500
    
    
    Bulk WarehouseTampa, FL
    
    1
    
    
    11,600
    
    
    Light IndustrialSalt Lake City, UT
    
    1
    
    
    10,500
    
    
    Light IndustrialNashville, TN
    
    1
    
    
    28,022
    
    
    Light IndustrialDallas, TX
    
    2
    
    
    41,000
    
    
    Light IndustrialDetroit, MI
    
    2
    
    
    85,086
    
    
    Light IndustrialChicago, IL
    
    1
    
    
    68,728
    
    
    Regional WarehouseChicago, IL
    
    1
    
    
    407,012
    
    
    Bulk WarehouseDenver, CO
    
    1
    
    
    52,227
    
    
    Light IndustrialDenver, CO
    
    1
    
    
    69,430
    
    
    Light IndustrialMinneapolis, MN
    
    1
    
    
    30,476
    
    
    Regional WarehouseNashville, TN
    
    1
    
    
    98,150
    
    
    ManufacturingNorthern New Jersey
    
    1
    
    
    259,230
    
    
    Bulk WarehouseSouthern New Jersey
    
    1
    
    
    90,804
    
    
    Regional WarehouseTampa, FL
    
    1
    
    
    23,778
    
    
    R&D/FlexNorthern New Jersey
    
    1
    
    
    32,500
    
    
    Light IndustrialChicago, IL
    
    1
    
    
    41,531
    
    
    ManufacturingBaltimore, MD
    
    1
    
    
    86,234
    
    
    Light IndustrialBaltimore, MD
    
    3
    
    
    125,421
    
    
    Light IndustrialDayton, OH
    
    7
    
    
    342,746
    
    
    Light Industrial/R&D/FlexSouthern New Jersey
    
    1
    
    
    12,000
    
    
    R&D/FlexSouthern New Jersey
    
    1
    
    
    32,914
    
    
    Light IndustrialBaltimore, MD
    
    1
    
    
    57,600
    
    
    Light IndustrialNorthern New Jersey
    
    1
    
    
    20,000
    
    
    R&D/FlexNorthern New Jersey
    
    4
    
    
    118,750
    
    
    R&D/FlexHouston, TX
    
    3
    
    
    164,387
    
    
    R&D/Flex/Light Industrial/Bulk WarehouseLos Angeles, CA
    
    1
    
    
    230,000
    
    
    Bulk WarehouseCincinnati, OH
    
    1
    
    
    482,772
    
    
    Bulk WarehouseDenver, CO
    
    2
    
    
    41,619
    
    
    Light IndustrialPhoenix, AZ
    
    1
    
    
    26,680
    
    
    Light IndustrialDallas, TX
    
    1
    
    
    70,936
    
    
    Regional WarehouseDetroit, MI
    
    1
    
    
    55,535
    
    
    Regional WarehousePhoenix, AZ
    
    1
    
    
    144,020
    
    
    Light IndustrialBaltimore, MD
    
    1
    
    
    40,800
    
    
    Light IndustrialLouisville, KY
    
    1
    
    
    221,000
    
    
    Bulk WarehousePhoenix, AZ
    
    2
    
    
    73,246
    
    
    Light IndustrialSalt Lake City, UT
    
    6
    
    
    92,518
    
    
    Light IndustrialAtlanta, GA
    
    1
    
    
    151,743
    
    
    Bulk WarehouseTampa, FL
    
    1
    
    
    33,861
    
    
    R&D/FlexChicago, IL
    
    1
    
    
    147,400
    
    
    Bulk WarehousePhoenix, AZ
    
    1
    
    
    24,192
    
    
    Light Industrial
 16




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##### Table of Contents



Number ofMetropolitan Area
    
    Properties
    
    GLA
    
    
    Property TypeHarrisburg, PA
    
    1
    
    
    314,591
    
    
    Bulk WarehouseMilwaukee, WI
    
    1
    
    
    60,000
    
    
    Light IndustrialChicago, IL
    
    1
    
    
    100,074
    
    
    R&D/FlexDallas, TX
    
    5
    
    
    222,403
    
    
    ManufacturingDetroit, MI
    
    1
    
    
    14,600
    
    
    Light IndustrialDetroit, MI
    
    1
    
    
    23,320
    
    
    Light IndustrialChicago, IL
    
    1
    
    
    137,678
    
    
    Light IndustrialBaltimore, MD
    
    1
    
    
    142,189
    
    
    Bulk WarehousePhoenix, AZ
    
    3
    
    
    147,660
    
    
    Light IndustrialIndianapolis, IN
    
    1
    
    
    40,000
    
    
    Light IndustrialBaltimore, MD
    
    1
    
    
    49,259
    
    
    Light IndustrialLos Angeles, CA
    
    1
    
    
    7,300
    
    
    Light IndustrialS. New Jersey
    
    1
    
    
    10,300
    
    
    R&D/FlexDallas, TX
    
    2
    
    
    137,200
    
    
    Regional Warehouse & Light IndustrialChicago, IL
    
    1
    
    
    236,213
    
    
    Bulk WarehouseDallas, TX
    
    1
    
    
    101,839
    
    
    Bulk WarehousePhiladelphia, PA
    
    1
    
    
    97,448
    
    
    Regional Warehouse90
    
    
    6,768,314
 During 2004, the Other Real Estate Partnerships sold seven industrial properties
totaling approximately .6 million square feet of GLA. Total gross sales proceeds approximated
$31.9 million. The seven properties sold have the following characteristics: Number ofMetropolitan Area
    
    Properties
    
    GLA
    
    
    Property TypeMinneapolis, MN
    
    1
    
    
    78,740
    
    
    Light IndustrialPhiladelphia, PA
    
    1
    
    
    46,750
    
    
    Regional WarehouseBaltimore, MD
    
    1
    
    
    78,418
    
    
    R&D/FlexCentral Pennsylvania
    
    1
    
    
    178,600
    
    
    Bulk WarehouseDetroit, MI
    
    1
    
    
    13,507
    
    
    Light IndustrialPhiladelphia, PA
    
    1
    
    
    25,361
    
    
    Light IndustrialPhiladelphia, PA
    
    1
    
    
    214,320
    
    
    Bulk Warehouse7
    
    
    635,696
 Property Acquisitions, Developments and Sales Subsequent to Year End From
January 1, 2005 to March 23, 2005, the Consolidated
Operating Partnership acquired seven
industrial properties and several land parcels for a total estimated investment of approximately
$40.5 million (approximately $1.5 million of which was made
through the issuance of limited partnership interests in
the Operating Partnership (Units)). The Consolidated
Operating Partnership also sold 12
industrial properties and several land parcels for approximately $132.5 million of gross proceeds during this period. During the period January 1, 2005 through March 23, 2005, the Other Real Estate Partnerships
acquired one industrial property for a total estimated investment of
approximately $7.1 million. The Other Real Estate Partnerships
also sold one property for approximately $3.6 million of gross
proceeds during the period. 17




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##### Table of Contents



Detail Property Listing The following table lists all of the Consolidated Operating Partnerships in-service
properties as of December 31, 2004, by geographic market area. Property Listing LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Atlanta1650 GA Highway 155
    
    McDonough, GA
    
    
    
    1991
    
    Bulk Warehouse
    
    
    12.80
    
    
    
    228,400
    
    
    100%14101 Industrial Park Blvd.
    
    Covington, GA
    
    
    
    1984
    
    Light Industrial
    
    
    9.25
    
    
    
    92,160
    
    
    100%801-804 Blacklawn Road
    
    Conyers, GA
    
    
    
    1982
    
    Bulk Warehouse
    
    
    6.67
    
    
    
    111,540
    
    
    70%1665 Dogwood Drive
    
    Conyers, GA
    
    
    
    1973
    
    Manufacturing
    
    
    9.46
    
    
    
    198,000
    
    
    100%1715 Dogwood Drive
    
    Conyers, GA
    
    
    
    1973
    
    Manufacturing
    
    
    4.61
    
    
    
    100,000
    
    
    100%11235 Harland Drive
    
    Covington, GA
    
    
    
    1988
    
    Light Industrial
    
    
    5.39
    
    
    
    32,361
    
    
    100%4050 Southmeadow Parkway
    
    Atlanta, GA
    
    
    
    1991
    
    Reg. Warehouse
    
    
    6.60
    
    
    
    87,328
    
    
    29%4051 Southmeadow Parkway
    
    Atlanta, GA
    
    
    
    1989
    
    Bulk Warehouse
    
    
    11.20
    
    
    
    151,935
    
    
    100%4071 Southmeadow Parkway
    
    Atlanta, GA
    
    
    
    1991
    
    Bulk Warehouse
    
    
    17.80
    
    
    
    209,918
    
    
    100%4081 Southmeadow Parkway
    
    Atlanta, GA
    
    
    
    1989
    
    Bulk Warehouse
    
    
    12.83
    
    
    
    254,172
    
    
    0%370 Great Southwest Pkway (h)
    
    Atlanta, GA
    
    
    
    1986
    
    Light Industrial
    
    
    8.06
    
    
    
    150,536
    
    
    95%955 Cobb Place
    
    Kennesaw, GA
    
    
    
    1991
    
    Reg. Warehouse
    
    
    8.73
    
    
    
    97,518
    
    
    100%220 Greenwood
    
    McDonough, GA
    
    
    
    2000
    
    Bulk Warehouse
    
    
    26.69
    
    
    
    504,000
    
    
    100%1255 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1984
    
    Light Industrial
    
    
    2.50
    
    
    
    36,000
    
    
    33%1256 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1984
    
    Light Industrial
    
    
    3.48
    
    
    
    40,392
    
    
    75%1265 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1984
    
    Light Industrial
    
    
    3.52
    
    
    
    51,200
    
    
    0%1266 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1984
    
    Light Industrial
    
    
    3.62
    
    
    
    30,378
    
    
    74%1275 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1986
    
    Reg. Warehouse
    
    
    4.36
    
    
    
    62,400
    
    
    78%1280 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1986
    
    Reg. Warehouse
    
    
    4.34
    
    
    
    46,400
    
    
    56%1300 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1986
    
    Light Industrial
    
    
    5.41
    
    
    
    52,000
    
    
    100%1325 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1986
    
    Light Industrial
    
    
    3.53
    
    
    
    53,120
    
    
    69%1351 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1984
    
    R&D/Flex
    
    
    3.93
    
    
    
    36,600
    
    
    54%1346 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1985
    
    R&D/Flex
    
    
    5.52
    
    
    
    74,538
    
    
    28%1412 Oakbrook Drive
    
    Norcross, GA
    
    
    
    1985
    
    R&D/Flex
    
    
    2.89
    
    
    
    29,400
    
    
    56%Greenwood Industrial Park
    
    McDonough, GA
    
    
    
    2003
    
    Bulk Warehouse
    
    
    31.70
    
    
    
    231,000
    
    
    100%3060 South Park Blvd
    
    Ellenwood, GA
    
    
    
    1992
    
    Bulk Warehouse
    
    
    30.56
    
    
    
    657,451
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    3,618,747
    
    
    84%Baltimore3431 Benson
    
    Baltimore, MD
    
    
    
    1988
    
    Light Industrial
    
    
    3.48
    
    
    
    60,227
    
    
    100%1811 Portal
    
    Baltimore, MD
    
    
    
    1987
    
    Light Industrial
    
    
    3.32
    
    
    
    60,000
    
    
    90%1831 Portal
    
    Baltimore, MD
    
    
    
    1990
    
    Light Industrial
    
    
    3.18
    
    
    
    46,522
    
    
    100%1820 Portal
    
    Baltimore, MD
    
    (d)
    
    1982
    
    Bulk Warehouse
    
    
    6.55
    
    
    
    171,000
    
    
    100%4845 Governers Way
    
    Frederick, MD
    
    
    
    1988
    
    Light Industrial
    
    
    5.47
    
    
    
    83,934
    
    
    34%8900 Yellow Brick Road
    
    Baltimore, MD
    
    
    
    1982
    
    Light Industrial
    
    
    5.80
    
    
    
    60,000
    
    
    100%7476 New Ridge
    
    Hanover, MD
    
    
    
    1987
    
    Light Industrial
    
    
    18.00
    
    
    
    71,866
    
    
    100%9700 Martin Luther King Hwy.
    
    Lanhan, MD
    
    
    
    1980
    
    Light Industrial
    
    
    16.00
    
    
    
    43,353
    
    
    70%9730 Martin Luther King Hwy
    
    Lanhan, MD
    
    
    
    1980
    
    Light Industrial
    
    
    5.56
    
    
    
    30,608
    
    
    100%4600 Boston Way
    
    Lanhan, MD
    
    
    
    1980
    
    Bulk Warehouse
    
    
    5.89
    
    
    
    86,400
    
    
    100%22520 Randolph Drive
    
    Dulles, VA
    
    
    
    1999
    
    Bulk Warehouse
    
    
    14.00
    
    
    
    138,920
    
    
    100%22630 Dulles Summit Court
    
    Dulles, VA
    
    
    
    1998
    
    Bulk Warehouse
    
    
    10.31
    
    
    
    148,215
    
    
    100%9800 Martin Luther King Hwy
    
    Lanhan, MD
    
    
    
    1978
    
    Light Industrial
    
    
    4.85
    
    
    
    80,000
    
    
    100%21550 Beaumeade Circle
    
    Ashburn, VA
    
    
    
    1990
    
    Light Industrial
    
    
    0.00
    
    
    
    49,200
    
    
    100%21580 Beaumeade Circle
    
    Ashburn, VA
    
    
    
    1990
    
    Light Industrial
    
    
    0.00
    
    
    
    75,800
    
    
    32%4501 Hollins Ferry Road
    
    Baltimore, MD
    
    
    
    1982/92
    
    Bulk Warehouse
    
    
    27.99
    
    
    
    376,295
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    1,582,340
    
    
    92%Central Pennsylvania16522 Hunters Green Parkway
    
    Hagerstown, MD
    
    (e)
    
    2000
    
    Bulk Warehouse
    
    
    35.00
    
    
    
    487,000
    
    
    100%270 Old Silver Spring Road
    
    Mechanicsburg, PA
    
    
    
    2001
    
    Bulk Warehouse
    
    
    7.93
    
    
    
    104,000
    
    
    100%Covington (CAT)
    
    Gouldsboro, PA
    
    
    
    2003
    
    Bulk Warehouse
    
    
    25.60
    
    
    
    252,000
    
    
    100%37 Valleyview Business Park
    
    Jessup, PA
    
    
    
    2004
    
    Bulk Warehouse
    
    
    9.60
    
    
    
    110,000
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    953,000
    
    
    100%Chicago3600 West Pratt Avenue
    
    Lincolnwood, IL
    
    
    
    1953/88
    
    Bulk Warehouse
    
    
    6.35
    
    
    
    204,679
    
    
    80%6750 South Sayre Avenue
    
    Bedford Park, IL
    
    
    
    1975
    
    Light Industrial
    
    
    2.51
    
    
    
    63,383
    
    
    59%585 Slawin Court
    
    Mount Prospect, IL
    
    
    
    1992
    
    R&D/Flex
    
    
    3.71
    
    
    
    38,150
    
    
    0%2300 Windsor Court
    
    Addison, IL
    
    
    
    1986
    
    Bulk Warehouse
    
    
    6.80
    
    
    
    105,100
    
    
    100%3505 Thayer Court
    
    Aurora, IL
    
    
    
    1989
    
    Light Industrial
    
    
    4.60
    
    
    
    64,220
    
    
    100%305-311 Era Drive
    
    Northbrook, IL
    
    
    
    1978
    
    Light Industrial
    
    
    1.82
    
    
    
    27,549
    
    
    100%4330 South Racine Avenue
    
    Chicago, IL
    
    
    
    1978
    
    Manufacturing
    
    
    5.57
    
    
    
    168,000
    
    
    0%12241 Melrose Street
    
    Franklin Park, IL
    
    
    
    1969
    
    Light Industrial
    
    
    2.47
    
    
    
    77,301
    
    
    100%11939 South Central Avenue
    
    Alsip, IL
    
    
    
    1972
    
    Bulk Warehouse
    
    
    12.60
    
    
    
    320,171
    
    
    100%405 East Shawmut
    
    LaGrange, IL
    
    
    
    1965
    
    Light Industrial
    
    
    3.39
    
    
    
    59,075
    
    
    69%1010-50 Sesame Street
    
    Bensenville, IL
    
    
    
    1976
    
    Manufacturing
    
    
    8.00
    
    
    
    252,000
    
    
    100%7401 South Pulaski
    
    Chicago, IL
    
    
    
    1975/86
    
    Bulk Warehouse
    
    
    5.36
    
    
    
    213,670
    
    
    96%7501 South Pulaski
    
    Chicago, IL
    
    
    
    1975/86
    
    Bulk Warehouse
    
    
    3.88
    
    
    
    159,728
    
    
    100%385 Fenton Lane
    
    West Chicago, IL
    
    
    
    1990
    
    Bulk Warehouse
    
    
    6.79
    
    
    
    180,417
    
    
    100%335 Crossroad Parkway
    
    Bolingbrook, IL
    
    
    
    1996
    
    Bulk Warehouse
    
    
    12.86
    
    
    
    288,000
    
    
    100%905 Paramount
    
    Batavia, IL
    
    
    
    1977
    
    Light Industrial
    
    
    2.60
    
    
    
    60,000
    
    
    100%1005 Paramount
    
    Batavia, IL
    
    
    
    1978
    
    Light Industrial
    
    
    2.50
    
    
    
    64,574
    
    
    50%2120-24 Roberts
    
    Broadview, IL
    
    
    
    1960
    
    Light Industrial
    
    
    2.30
    
    
    
    60,009
    
    
    100%700 Business Center Drive
    
    Mount Prospect, IL
    
    
    
    1980
    
    Light Industrial
    
    
    3.12
    
    
    
    34,800
    
    
    100%
 18




---



##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Chicago (cont.)555 Business Center Drive
    
    Mount Prospect, IL
    
    
    
    1981
    
    Light Industrial
    
    
    2.96
    
    
    
    31,175
    
    
    0%800 Business Center Drive
    
    Mount Prospect, IL
    
    
    
    1988/99
    
    Light Industrial
    
    
    5.40
    
    
    
    81,610
    
    
    100%580 Slawin Court
    
    Mount Prospect, IL
    
    
    
    1985
    
    Light Industrial
    
    
    2.08
    
    
    
    30,225
    
    
    100%1150 Feehanville
    
    Mount Prospect, IL
    
    
    
    1983
    
    Light Industrial
    
    
    2.74
    
    
    
    33,600
    
    
    100%1200 Business Center Drive
    
    Mount Prospect, IL
    
    
    
    1988/2000
    
    Light Industrial
    
    
    6.68
    
    
    
    106,000
    
    
    76%1331 Business Center Drive
    
    Mount Prospect, IL
    
    
    
    1985
    
    Light Industrial
    
    
    3.12
    
    
    
    30,380
    
    
    100%19W661 101st Street
    
    Lemont, IL
    
    
    
    1988
    
    Bulk Warehouse
    
    
    10.94
    
    
    
    248,791
    
    
    61%175 Wall Street
    
    Glendale Heights, IL
    
    
    
    1990
    
    Light Industrial
    
    
    4.10
    
    
    
    50,050
    
    
    100%800-820 Thorndale Avenue
    
    Bensenville, IL
    
    
    
    1985
    
    R&D/Flex
    
    
    5.56
    
    
    
    73,249
    
    
    100%830-890 Supreme Drive
    
    Bensenville, IL
    
    
    
    1981
    
    Light Industrial
    
    
    4.77
    
    
    
    85,542
    
    
    100%1661 Feehanville Drive
    
    Mount Prospect, IL
    
    
    
    1986
    
    R&D/Flex
    
    
    6.89
    
    
    
    85,955
    
    
    81%2250 Arthur Avenue
    
    Elk Grove Village, IL
    
    
    
    1973
    
    Light Industrial
    
    
    3.20
    
    
    
    76,430
    
    
    100%1850 Touhy & 1158-60 McCage
    
    Elk Grove Village, IL
    
    
    
    1978
    
    Manufacturing
    
    
    6.88
    
    
    
    169,000
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    3,542,833
    
    
    86%Cincinnati9900-9970 Princeton
    
    Cincinnati, OH
    
    
    
    1970
    
    Bulk Warehouse
    
    
    10.64
    
    
    
    185,580
    
    
    93%2940 Highland Avenue
    
    Cincinnati, OH
    
    
    
    1969/74
    
    Bulk Warehouse
    
    
    17.08
    
    
    
    502,000
    
    
    83%4700-4750 Creek Road
    
    Blue Ash, OH
    
    
    
    1960
    
    Light Industrial
    
    
    15.32
    
    
    
    265,000
    
    
    94%12072 Best Place
    
    Springboro, OH
    
    
    
    1984
    
    Bulk Warehouse
    
    
    7.80
    
    
    
    112,500
    
    
    100%901 Pleasant Valley Drive
    
    Springboro, OH
    
    
    
    1984/94
    
    Light Industrial
    
    
    7.70
    
    
    
    69,220
    
    
    100%4440 Mulhauser Road
    
    Cincinnati, OH
    
    
    
    1999
    
    Bulk Warehouse
    
    
    15.26
    
    
    
    240,000
    
    
    100%4434 Mulhauser Road
    
    Cincinnati, OH
    
    
    
    1999
    
    Bulk Warehouse
    
    
    25.00
    
    
    
    140,800
    
    
    77%9449 Glades Road
    
    Hamilton, OH
    
    
    
    1999
    
    Bulk Warehouse
    
    
    7.40
    
    
    
    168,000
    
    
    40%422 Wards Corner Road
    
    Loveland, OH
    
    
    
    1985
    
    Light Industrial
    
    
    3.74
    
    
    
    50,000
    
    
    91%7625 Empire Drive
    
    Florence, KY
    
    
    
    1966/75
    
    Bulk Warehouse
    
    
    21.88
    
    
    
    345,000
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    2,078,100
    
    
    88%Columbus3800 Lockbourne Industrial Pky
    
    Columbus, OH
    
    
    
    1986
    
    Bulk Warehouse
    
    
    22.12
    
    
    
    404,734
    
    
    100%3880 Groveport Road
    
    Columbus, OH
    
    
    
    1986
    
    Bulk Warehouse
    
    
    43.41
    
    
    
    705,600
    
    
    100%1819 North Walcutt Road
    
    Columbus, OH
    
    
    
    1973
    
    Bulk Warehouse
    
    
    11.33
    
    
    
    243,000
    
    
    83%4115 Leap Road (h)
    
    Hilliard, OH
    
    
    
    1977
    
    Light Industrial
    
    
    18.66
    
    
    
    217,612
    
    
    100%3300 Lockbourne
    
    Columbus, OH
    
    
    
    1964
    
    Bulk Warehouse
    
    
    17.00
    
    
    
    301,103
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    1,872,049
    
    
    98%Dallas/Fort Worth1275-1281 Roundtable Drive
    
    Dallas, TX
    
    
    
    1966
    
    Light Industrial
    
    
    1.75
    
    
    
    30,642
    
    
    100%2406-2416 Walnut Ridge
    
    Dallas, TX
    
    
    
    1978
    
    Light Industrial
    
    
    1.76
    
    
    
    44,000
    
    
    100%12750 Perimeter Drive
    
    Dallas, TX
    
    
    
    1979
    
    Bulk Warehouse
    
    
    6.72
    
    
    
    178,200
    
    
    100%1324-1343 Roundtable Drive
    
    Dallas, TX
    
    
    
    1972
    
    Light Industrial
    
    
    2.09
    
    
    
    47,000
    
    
    100%2401-2419 Walnut Ridge
    
    Dallas, TX
    
    
    
    1978
    
    Light Industrial
    
    
    1.20
    
    
    
    30,000
    
    
    100%4248-4252 Simonton
    
    Farmers Ranch, TX
    
    
    
    1973
    
    Bulk Warehouse
    
    
    8.18
    
    
    
    205,693
    
    
    100%900-906 Great Southwest Pkwy
    
    Arlington, TX
    
    
    
    1972
    
    Light Industrial
    
    
    3.20
    
    
    
    69,761
    
    
    55%2179 Shiloh Road
    
    Garland, TX
    
    
    
    1982
    
    Reg. Warehouse
    
    
    3.63
    
    
    
    65,700
    
    
    100%2159 Shiloh Road
    
    Garland, TX
    
    
    
    1982
    
    R&D/Flex
    
    
    1.15
    
    
    
    20,800
    
    
    100%2701 Shiloh Road
    
    Garland, TX
    
    
    
    1981
    
    Bulk Warehouse
    
    
    8.20
    
    
    
    214,650
    
    
    100%12784 Perimeter Drive (i)
    
    Dallas, TX
    
    
    
    1981
    
    Light Industrial
    
    
    4.57
    
    
    
    95,671
    
    
    100%3000 West Commerce
    
    Dallas, TX
    
    
    
    1980
    
    Manufacturing
    
    
    11.23
    
    
    
    128,478
    
    
    100%3030 Hansboro
    
    Dallas, TX
    
    
    
    1971
    
    Bulk Warehouse
    
    
    3.71
    
    
    
    100,000
    
    
    100%5222 Cockrell Hill
    
    Dallas, TX
    
    
    
    1973
    
    Manufacturing
    
    
    4.79
    
    
    
    96,506
    
    
    0%405-407 113th
    
    Arlington, TX
    
    
    
    1969
    
    Light Industrial
    
    
    2.75
    
    
    
    60,000
    
    
    100%816 111th Street
    
    Arlington, TX
    
    
    
    1972
    
    Light Industrial
    
    
    2.89
    
    
    
    65,000
    
    
    100%7341 Dogwood Park
    
    Richland Hills, TX
    
    
    
    1973
    
    Light Industrial
    
    
    1.09
    
    
    
    20,045
    
    
    100%7427 Dogwood Park
    
    Richland Hills, TX
    
    
    
    1973
    
    Light Industrial
    
    
    1.60
    
    
    
    27,500
    
    
    0%7348-54 Tower Street
    
    Richland Hills, TX
    
    
    
    1978
    
    Light Industrial
    
    
    1.09
    
    
    
    20,107
    
    
    100%7370 Dogwood Park
    
    Richland Hills, TX
    
    
    
    1987
    
    Light Industrial
    
    
    1.18
    
    
    
    18,511
    
    
    100%7339-41 Tower Street
    
    Richland Hills, TX
    
    
    
    1980
    
    Light Industrial
    
    
    0.95
    
    
    
    17,600
    
    
    100%7437-45 Tower Street
    
    Richland Hills, TX
    
    
    
    1977
    
    Light Industrial
    
    
    1.16
    
    
    
    20,018
    
    
    100%7331-59 Airport Freeway
    
    Richland Hills, TX
    
    
    
    1987
    
    R&D/Flex
    
    
    2.63
    
    
    
    37,487
    
    
    74%7338-60 Dogwood Park
    
    Richland Hills, TX
    
    
    
    1978
    
    R&D/Flex
    
    
    1.51
    
    
    
    26,407
    
    
    100%7450-70 Dogwood Park
    
    Richland Hills, TX
    
    
    
    1985
    
    Light Industrial
    
    
    0.88
    
    
    
    18,004
    
    
    95%7423-49 Airport Freeway
    
    Richland Hills, TX
    
    
    
    1985
    
    R&D/Flex
    
    
    2.39
    
    
    
    33,388
    
    
    90%7400 Whitehall Street
    
    Richland Hills, TX
    
    
    
    1994
    
    Light Industrial
    
    
    1.07
    
    
    
    22,867
    
    
    100%1602-1654 Terre Colony
    
    Dallas, TX
    
    
    
    1981
    
    Bulk Warehouse
    
    
    5.72
    
    
    
    130,949
    
    
    61%3330 Duncanville Road
    
    Dallas, TX
    
    
    
    1987
    
    Reg. Warehouse
    
    
    2.20
    
    
    
    50,560
    
    
    100%6851-6909 Snowden Road
    
    Fort Worth, TX
    
    
    
    1985/86
    
    Bulk Warehouse
    
    
    13.00
    
    
    
    281,200
    
    
    73%2351-2355 Merritt Drive
    
    Garland, TX
    
    
    
    1986
    
    R&D/Flex
    
    
    5.00
    
    
    
    16,740
    
    
    100%10575 Vista Park
    
    Dallas, TX
    
    
    
    1988
    
    Reg. Warehouse
    
    
    2.10
    
    
    
    37,252
    
    
    100%701-735 North Plano Road
    
    Richardson, TX
    
    
    
    1972/94
    
    Bulk Warehouse
    
    
    5.78
    
    
    
    100,065
    
    
    100%2259 Merritt Drive
    
    Garland, TX
    
    
    
    1986
    
    R&D/Flex
    
    
    1.90
    
    
    
    16,740
    
    
    0%2260 Merritt Drive
    
    Garland, TX
    
    
    
    1986/99
    
    Reg. Warehouse
    
    
    3.70
    
    
    
    62,847
    
    
    100%2220 Merritt Drive
    
    Garland, TX
    
    
    
    1986/2000
    
    Reg. Warehouse
    
    
    3.90
    
    
    
    70,390
    
    
    100%2010 Merritt Drive
    
    Garland, TX
    
    
    
    1986
    
    Reg. Warehouse
    
    
    2.80
    
    
    
    57,392
    
    
    100%2363 Merritt Drive
    
    Garland, TX
    
    
    
    1986
    
    R&D/Flex
    
    
    0.40
    
    
    
    12,300
    
    
    100%2447 Merritt Drive
    
    Garland, TX
    
    
    
    1986
    
    R&D/Flex
    
    
    0.40
    
    
    
    12,300
    
    
    100%2465-2475 Merritt Drive
    
    Garland, TX
    
    
    
    1986
    
    R&D/Flex
    
    
    0.50
    
    
    
    16,740
    
    
    100%2485-2505 Merritt Drive
    
    Garland, TX
    
    
    
    1986
    
    Bulk Warehouse
    
    
    5.70
    
    
    
    108,550
    
    
    100%2081 Hutton Drive-Bldg 1 (i)
    
    Carrollton, TX
    
    
    
    1981
    
    R&D/Flex
    
    
    3.73
    
    
    
    42,170
    
    
    97%2150 Hutton Drive
    
    Carrollton, TX
    
    
    
    1980
    
    Light Industrial
    
    
    2.50
    
    
    
    48,325
    
    
    100%2110 Hutton Drive
    
    Carrollton, TX
    
    
    
    1985
    
    R&D/Flex
    
    
    5.83
    
    
    
    59,528
    
    
    100%2025 McKenzie Drive
    
    Carrollton, TX
    
    
    
    1985
    
    Reg. Warehouse
    
    
    3.81
    
    
    
    73,556
    
    
    100%
 19




---



##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Dallas/Fort Worth (cont.)2019 McKenzie Drive
    
    Carrollton, TX
    
    
    
    1985
    
    Reg. Warehouse
    
    
    3.93
    
    
    
    80,780
    
    
    55%1420 Valwood-Bldg 1 (h)
    
    Carrollton, TX
    
    
    
    1986
    
    R&D/Flex
    
    
    3.30
    
    
    
    40,884
    
    
    95%1620 Valwood-Bldg 1 (i)
    
    Carrollton, TX
    
    
    
    1986
    
    Light Industrial
    
    
    6.59
    
    
    
    103,475
    
    
    100%1505 Luna Road  Bldg II
    
    Carrollton, TX
    
    
    
    1988
    
    Light Industrial
    
    
    1.00
    
    
    
    16,800
    
    
    29%1625 West Crosby Road
    
    Carrollton, TX
    
    
    
    1988
    
    Light Industrial
    
    
    4.72
    
    
    
    87,687
    
    
    100%2029-2035 McKenzie Drive
    
    Carrollton, TX
    
    
    
    1985
    
    Reg. Warehouse
    
    
    3.30
    
    
    
    81,924
    
    
    96%1840 Hutton Drive (h)
    
    Carrollton, TX
    
    
    
    1986
    
    R&D/Flex
    
    
    5.83
    
    
    
    93,132
    
    
    100%1420 Valwood-Bldg II
    
    Carrollton, TX
    
    
    
    1986
    
    Light Industrial
    
    
    3.32
    
    
    
    55,625
    
    
    100%2015 McKenzie Drive
    
    Carrollton, TX
    
    
    
    1986
    
    Light Industrial
    
    
    3.38
    
    
    
    73,187
    
    
    87%2105 McDaniel Drive
    
    Carrollton, TX
    
    
    
    1986
    
    Bulk Warehouse
    
    
    4.59
    
    
    
    107,915
    
    
    100%2009 McKenzie Drive
    
    Carrollton, TX
    
    
    
    1987
    
    Light Industrial
    
    
    3.03
    
    
    
    66,112
    
    
    100%1505 Luna Road  Bldg I
    
    Carrollton, TX
    
    
    
    1988
    
    Light Industrial
    
    
    2.97
    
    
    
    50,930
    
    
    68%900-1100 Avenue S
    
    Grand Prairie, TX
    
    
    
    1985
    
    Bulk Warehouse
    
    
    5.50
    
    
    
    122,881
    
    
    100%15001 Trinity Blvd
    
    Fort Worth, TX
    
    
    
    1984
    
    Light Industrial
    
    
    4.70
    
    
    
    83,473
    
    
    100%Plano Crossing (j)
    
    Plano, TX
    
    
    
    1998
    
    Light Industrial
    
    
    13.66
    
    
    
    215,672
    
    
    100%7413A-C Dogwood Park
    
    Richland Hills, TX
    
    
    
    1990
    
    Light Industrial
    
    
    1.23
    
    
    
    22,500
    
    
    100%7450 Tower Street
    
    Richland Hills, TX
    
    
    
    1977
    
    R&D/Flex
    
    
    0.68
    
    
    
    10,000
    
    
    100%7436 Tower Street
    
    Richland Hills, TX
    
    
    
    1979
    
    Light Industrial
    
    
    0.89
    
    
    
    15,000
    
    
    100%7501 Airport Freeway
    
    Richland Hills, TX
    
    
    
    1983
    
    Light Industrial
    
    
    2.04
    
    
    
    15,000
    
    
    100%7426 Tower Street
    
    Richland Hills, TX
    
    
    
    1978
    
    Light Industrial
    
    
    1.06
    
    
    
    19,780
    
    
    100%7427-7429 Tower Street
    
    Richland Hills, TX
    
    
    
    1981
    
    Light Industrial
    
    
    1.02
    
    
    
    20,000
    
    
    100%2840-2842 Handley Ederville Rd
    
    Richland Hills, TX
    
    
    
    1977
    
    R&D/Flex
    
    
    1.25
    
    
    
    20,260
    
    
    80%7451-7477 Airport Freeway
    
    Richland Hills, TX
    
    
    
    1984
    
    R&D/Flex
    
    
    2.30
    
    
    
    33,627
    
    
    82%7415 Whitehall Street
    
    Richland Hills, TX
    
    
    
    1986
    
    Light Industrial
    
    
    3.95
    
    
    
    61,260
    
    
    83%7450 Whitehall Street
    
    Richland Hills, TX
    
    
    
    1978
    
    Light Industrial
    
    
    1.17
    
    
    
    25,000
    
    
    100%7430 Whitehall Street
    
    Richland Hills, TX
    
    
    
    1985
    
    Light Industrial
    
    
    1.06
    
    
    
    24,600
    
    
    100%7420 Whitehall Street
    
    Richland Hills, TX
    
    
    
    1985
    
    Light Industrial
    
    
    1.06
    
    
    
    20,300
    
    
    100%300 Wesley Way
    
    Richland Hills, TX
    
    
    
    1995
    
    Reg. Warehouse
    
    
    2.59
    
    
    
    41,340
    
    
    100%1172-84 113th Street (h)
    
    Grand Prairie, TX
    
    
    
    1980
    
    Bulk Warehouse
    
    
    6.47
    
    
    
    136,259
    
    
    100%1200-16 Avenue H (h)
    
    Arlington, TX
    
    
    
    1981/1982
    
    Reg. Warehouse
    
    
    5.65
    
    
    
    125,000
    
    
    100%1322-66 N. Carrier Parkway (i)
    
    Grand Prairie, TX
    
    
    
    1979
    
    Bulk Warehouse
    
    
    9.56
    
    
    
    206,237
    
    
    80%2401-2407 Centennial Dr
    
    Arlington, TX
    
    
    
    1977
    
    Bulk Warehouse
    
    
    4.40
    
    
    
    112,470
    
    
    100%3111 West Commerce St.
    
    Dallas, TX
    
    
    
    1979
    
    Bulk Warehouse
    
    
    10.99
    
    
    
    261,102
    
    
    100%2104 Hutton Drive
    
    Carrollton, TX
    
    
    
    1990
    
    Light Industrial
    
    
    1.70
    
    
    
    24,800
    
    
    100%7451 Dogwood Park
    
    Richland Hills, TX
    
    
    
    1977
    
    Light Industrial
    
    
    1.85
    
    
    
    39,674
    
    
    100%2821 Cullen Street
    
    Fort Worth, TX
    
    
    
    1961
    
    Light Industrial
    
    
    0.84
    
    
    
    17,877
    
    
    100%1500 Broad Street
    
    Mansfield, TX
    
    
    
    1969/1992
    
    Reg. Warehouse
    
    
    4.61
    
    
    
    85,200
    
    
    100%2301 Centennial Drive
    
    Arlington, TX
    
    
    
    1970
    
    Bulk Warehouse
    
    
    4.42
    
    
    
    103,500
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    5,632,902
    
    
    92%Denver7100 North Broadway  Bldg. 1
    
    Denver, CO
    
    
    
    1978
    
    Light Industrial
    
    
    16.80
    
    
    
    32,298
    
    
    72%7100 North Broadway  Bldg. 2
    
    Denver, CO
    
    
    
    1978
    
    Light Industrial
    
    
    16.90
    
    
    
    32,500
    
    
    85%7100 North Broadway  Bldg. 3
    
    Denver, CO
    
    
    
    1978
    
    Light Industrial
    
    
    11.60
    
    
    
    22,259
    
    
    96%7100 North Broadway  Bldg. 5
    
    Denver, CO
    
    
    
    1978
    
    Light Industrial
    
    
    15.00
    
    
    
    28,789
    
    
    92%7100 North Broadway  Bldg. 6
    
    Denver, CO
    
    
    
    1978
    
    Light Industrial
    
    
    22.50
    
    
    
    38,255
    
    
    76%20100 East 32nd Avenue Parkway
    
    Aurora, CO
    
    
    
    1997
    
    R&D/Flex
    
    
    4.10
    
    
    
    51,522
    
    
    100%5454 Washington
    
    Denver, CO
    
    
    
    1985
    
    Light Industrial
    
    
    4.00
    
    
    
    34,740
    
    
    91%700 West 48th Street
    
    Denver, CO
    
    
    
    1984
    
    Light Industrial
    
    
    5.40
    
    
    
    53,431
    
    
    62%702 West 48th Street
    
    Denver, CO
    
    
    
    1984
    
    Light Industrial
    
    
    5.40
    
    
    
    23,820
    
    
    87%6425 North Washington
    
    Denver, CO
    
    
    
    1983
    
    R&D/Flex
    
    
    4.05
    
    
    
    81,120
    
    
    87%3370 North Peoria Street
    
    Aurora, CO
    
    
    
    1978
    
    R&D/Flex
    
    
    1.64
    
    
    
    25,538
    
    
    100%3390 North Peoria Street
    
    Aurora, CO
    
    
    
    1978
    
    R&D/Flex
    
    
    1.46
    
    
    
    22,699
    
    
    72%3508-3538 North Peoria Street
    
    Aurora, CO
    
    
    
    1978
    
    R&D/Flex
    
    
    2.61
    
    
    
    40,653
    
    
    100%3568 North Peoria Street
    
    Aurora, CO
    
    
    
    1978
    
    R&D/Flex
    
    
    2.24
    
    
    
    34,937
    
    
    64%4785 Elati
    
    Denver, CO
    
    
    
    1972
    
    Light Industrial
    
    
    3.34
    
    
    
    34,777
    
    
    85%4770 Fox Street
    
    Denver, CO
    
    
    
    1972
    
    Light Industrial
    
    
    3.38
    
    
    
    26,565
    
    
    77%1550 West Evans
    
    Denver, CO
    
    
    
    1975
    
    Light Industrial
    
    
    3.92
    
    
    
    78,787
    
    
    91%3751 - 71 Revere Street
    
    Denver, CO
    
    
    
    1980
    
    Reg. Warehouse
    
    
    2.41
    
    
    
    55,027
    
    
    51%3871 Revere Street
    
    Denver, CO
    
    
    
    1980
    
    Reg. Warehouse
    
    
    3.19
    
    
    
    75,265
    
    
    61%4570 Ivy Street
    
    Denver, CO
    
    
    
    1985
    
    Light Industrial
    
    
    1.77
    
    
    
    31,355
    
    
    100%5855 Stapleton Drive North
    
    Denver, CO
    
    
    
    1985
    
    Light Industrial
    
    
    2.33
    
    
    
    41,268
    
    
    90%5885 Stapleton Drive North
    
    Denver, CO
    
    
    
    1985
    
    Light Industrial
    
    
    3.05
    
    
    
    53,893
    
    
    92%5977-5995 North Broadway
    
    Denver, CO
    
    
    
    1978
    
    Light Industrial
    
    
    4.96
    
    
    
    50,280
    
    
    100%2952-5978 North Broadway
    
    Denver, CO
    
    
    
    1978
    
    Light Industrial
    
    
    7.91
    
    
    
    88,977
    
    
    100%4721 Ironton Street
    
    Denver, CO
    
    
    
    1969
    
    R&D/Flex
    
    
    2.84
    
    
    
    51,260
    
    
    100%7100 North Broadway - 7
    
    Denver, CO
    
    
    
    1985
    
    R&D/Flex
    
    
    2.30
    
    
    
    24,822
    
    
    89%7100 North Broadway - 8
    
    Denver, CO
    
    
    
    1985
    
    R&D/Flex
    
    
    2.30
    
    
    
    9,107
    
    
    100%6804 East 48th Avenue
    
    Denver, CO
    
    
    
    1973
    
    R&D/Flex
    
    
    2.23
    
    
    
    46,464
    
    
    75%445 Bryant Street
    
    Denver, CO
    
    
    
    1960
    
    Light Industrial
    
    
    6.31
    
    
    
    292,471
    
    
    100%East 47th Drive -A
    
    Denver, CO
    
    
    
    1997
    
    R&D/Flex
    
    
    3.00
    
    
    
    51,210
    
    
    100%9500 W. 49th Street  A
    
    Wheatridge, CO
    
    
    
    1997
    
    Light Industrial
    
    
    1.74
    
    
    
    19,136
    
    
    69%9500 W. 49th Street  B
    
    Wheatridge, CO
    
    
    
    1997
    
    Light Industrial
    
    
    1.74
    
    
    
    16,441
    
    
    100%9500 W. 49th Street  C
    
    Wheatridge, CO
    
    
    
    1997
    
    R&D/Flex
    
    
    1.74
    
    
    
    29,174
    
    
    59%9500 W. 49th Street  D
    
    Wheatridge, CO
    
    
    
    1997
    
    Light Industrial
    
    
    1.74
    
    
    
    41,631
    
    
    100%8100 South Park Way  A
    
    Littleton, CO
    
    
    
    1997
    
    R&D/Flex
    
    
    3.33
    
    
    
    52,581
    
    
    79%8100 South Park Way  B
    
    Littleton, CO
    
    
    
    1984
    
    R&D/Flex
    
    
    0.78
    
    
    
    12,204
    
    
    100%8100 South Park Way  C
    
    Littleton, CO
    
    
    
    1984
    
    Light Industrial
    
    
    4.28
    
    
    
    67,520
    
    
    100%451-591 East 124th Avenue
    
    Littleton, CO
    
    
    
    1979
    
    Light Industrial
    
    
    4.96
    
    
    
    59,711
    
    
    67%
 20




---



##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Denver (cont.)608 Garrison Street
    
    Lakewood, CO
    
    
    
    1984
    
    R&D/Flex
    
    
    2.17
    
    
    
    25,075
    
    
    100%610 Garrison Street
    
    Lakewood, CO
    
    
    
    1984
    
    R&D/Flex
    
    
    2.17
    
    
    
    24,965
    
    
    100%15000 West 6th Avenue
    
    Golden, CO
    
    
    
    1985
    
    R&D/Flex
    
    
    5.25
    
    
    
    69,279
    
    
    62%14998 West 6th Avenue Building E
    
    Golden, CO
    
    
    
    1995
    
    R&D/Flex
    
    
    2.29
    
    
    
    42,832
    
    
    100%14998 West 6th Avenue Building F
    
    Englewood, CO
    
    
    
    1995
    
    R&D/Flex
    
    
    2.29
    
    
    
    20,424
    
    
    100%12503 East Euclid Drive
    
    Denver, CO
    
    
    
    1986
    
    R&D/Flex
    
    
    10.90
    
    
    
    97,871
    
    
    37%6547 South Racine Circle
    
    Englewood, CO
    
    
    
    1996
    
    Light Industrial
    
    
    3.92
    
    
    
    59,918
    
    
    89%7800 East Iliff Avenue
    
    Denver, CO
    
    
    
    1983
    
    R&D/Flex
    
    
    3.06
    
    
    
    22,296
    
    
    100%2369 South Trenton Way
    
    Denver, CO
    
    
    
    1983
    
    R&D/Flex
    
    
    4.80
    
    
    
    33,108
    
    
    86%2422 South Trenton Way
    
    Denver, CO
    
    
    
    1983
    
    R&D/Flex
    
    
    3.94
    
    
    
    27,413
    
    
    49%2452 South Trenton Way
    
    Denver, CO
    
    
    
    1983
    
    R&D/Flex
    
    
    6.78
    
    
    
    47,931
    
    
    73%1600 South Abilene
    
    Aurora, CO
    
    
    
    1986
    
    R&D/Flex
    
    
    3.53
    
    
    
    47,930
    
    
    100%1620 South Abilene
    
    Aurora, CO
    
    
    
    1986
    
    Light Industrial
    
    
    2.04
    
    
    
    27,666
    
    
    100%1640 South Abilene
    
    Aurora, CO
    
    
    
    1986
    
    Light Industrial
    
    
    2.80
    
    
    
    37,948
    
    
    100%13900 East Florida Avenue
    
    Aurora, CO
    
    
    
    1986
    
    R&D/Flex
    
    
    1.44
    
    
    
    19,493
    
    
    86%14401-14492 East 33rd Place
    
    Aurora, CO
    
    
    
    1979
    
    Bulk Warehouse
    
    
    4.75
    
    
    
    100,100
    
    
    100%11701 East 53rd Avenue
    
    Denver, CO
    
    
    
    1985
    
    Reg. Warehouse
    
    
    4.19
    
    
    
    81,981
    
    
    100%5401 Oswego Street
    
    Denver, CO
    
    
    
    1985
    
    Reg. Warehouse
    
    
    2.80
    
    
    
    54,738
    
    
    100%2630 West 2nd Avenue
    
    Denver, CO
    
    
    
    1970
    
    Light Industrial
    
    
    0.50
    
    
    
    8,260
    
    
    0%2650 West 2nd Avenue
    
    Denver, CO
    
    
    
    1970
    
    Light Industrial
    
    
    2.80
    
    
    
    36,081
    
    
    87%14818 West 6th Avenue Bldg. A
    
    Golden, CO
    
    
    
    1985
    
    R&D/Flex
    
    
    2.54
    
    
    
    39,776
    
    
    70%14828 West 6th Avenue Bldg. B
    
    Golden, CO
    
    
    
    1985
    
    R&D/Flex
    
    
    2.54
    
    
    
    41,805
    
    
    87%12055 E. 49th Ave/4955 Peoria
    
    Denver, CO
    
    
    
    1984
    
    R&D/Flex
    
    
    3.09
    
    
    
    49,575
    
    
    94%4940-4950 Paris
    
    Denver, CO
    
    
    
    1984
    
    R&D/Flex
    
    
    1.58
    
    
    
    25,290
    
    
    100%4970 Paris
    
    Denver, CO
    
    
    
    1984
    
    R&D/Flex
    
    
    0.98
    
    
    
    15,767
    
    
    100%5010 Paris
    
    Denver, CO
    
    
    
    1984
    
    R&D/Flex
    
    
    0.92
    
    
    
    14,822
    
    
    100%7367 South Revere Parkway
    
    Englewood, CO
    
    
    
    1997
    
    Bulk Warehouse
    
    
    8.50
    
    
    
    102,839
    
    
    86%8200 E. Park Meadows Drive (h)
    
    Lone Tree, CO
    
    
    
    1984
    
    R&D Flex
    
    
    6.60
    
    
    
    90,219
    
    
    84%3250 Quentin (h)
    
    Aurora, CO
    
    
    
    1984/2000
    
    Light Industrial
    
    
    8.90
    
    
    
    144,464
    
    
    100%11585 E. 53rd Ave. (h)
    
    Denver, CO
    
    
    
    1984
    
    Bulk Warehouse
    
    
    15.10
    
    
    
    335,967
    
    
    100%10500 East 54th Ave. (i)
    
    Denver, CO
    
    
    
    1986
    
    Reg. Warehouse
    
    
    9.12
    
    
    
    178,148
    
    
    91%8835 W. 116th Street
    
    Broomfield, CO
    
    
    
    2002
    
    Light Industrial
    
    
    6.47
    
    
    
    67,280
    
    
    90%3101-3151 S. Platte River Drive
    
    Englewood, CO
    
    
    
    1974
    
    Bulk Warehouse
    
    
    12.12
    
    
    
    229,830
    
    
    99%3155-3199 S. Platte River Drive
    
    Englewood, CO
    
    
    
    1974
    
    Bulk Warehouse
    
    
    12.12
    
    
    
    229,830
    
    
    100%3201-3273 S. Platte River Drive
    
    Englewood, CO
    
    
    
    1974
    
    Bulk Warehouse
    
    
    10.74
    
    
    
    203,751
    
    
    100%18150 E. 32nd Street
    
    Aurora, CO
    
    
    
    2000
    
    Reg. Warehouse
    
    
    5.71
    
    
    
    81,564
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    4,568,723
    
    
    91%Detroit238 Executive Drive
    
    Troy, MI
    
    
    
    1973
    
    Light Industrial
    
    
    1.32
    
    
    
    13,740
    
    
    100%256 Executive Drive
    
    Troy, MI
    
    
    
    1974
    
    Light Industrial
    
    
    1.12
    
    
    
    11,273
    
    
    100%301 Executive Drive
    
    Troy, MI
    
    
    
    1974
    
    Light Industrial
    
    
    1.27
    
    
    
    20,411
    
    
    100%449 Executive Drive
    
    Troy, MI
    
    
    
    1975
    
    Reg. Warehouse
    
    
    2.12
    
    
    
    33,001
    
    
    100%501 Executive Drive
    
    Troy, MI
    
    
    
    1984
    
    Light Industrial
    
    
    1.57
    
    
    
    18,061
    
    
    100%451 Robbins Drive
    
    Troy, MI
    
    
    
    1975
    
    Light Industrial
    
    
    1.88
    
    
    
    28,401
    
    
    100%1095 Crooks Road
    
    Troy, MI
    
    
    
    1986
    
    R&D/Flex
    
    
    2.83
    
    
    
    35,042
    
    
    100%1416 Meijer Drive
    
    Troy, MI
    
    
    
    1980
    
    Light Industrial
    
    
    1.20
    
    
    
    17,944
    
    
    100%1624 Meijer Drive
    
    Troy, MI
    
    
    
    1984
    
    Light Industrial
    
    
    3.42
    
    
    
    44,040
    
    
    100%1972 Meijer Drive
    
    Troy, MI
    
    
    
    1985
    
    Reg. Warehouse
    
    
    2.36
    
    
    
    37,075
    
    
    100%1621 Northwood Drive
    
    Troy, MI
    
    
    
    1977
    
    Bulk Warehouse
    
    
    1.54
    
    
    
    24,900
    
    
    100%1707 Northwood Drive
    
    Troy, MI
    
    
    
    1983
    
    Light Industrial
    
    
    1.69
    
    
    
    28,750
    
    
    0%1788 Northwood Drive
    
    Troy, MI
    
    
    
    1977
    
    Light Industrial
    
    
    1.55
    
    
    
    12,480
    
    
    100%1821 Northwood Drive
    
    Troy, MI
    
    
    
    1977
    
    Reg. Warehouse
    
    
    2.07
    
    
    
    35,050
    
    
    100%1826 Northwood Drive
    
    Troy, MI
    
    
    
    1977
    
    Light Industrial
    
    
    1.22
    
    
    
    12,480
    
    
    100%1864 Northwood Drive
    
    Troy, MI
    
    
    
    1977
    
    Light Industrial
    
    
    1.55
    
    
    
    12,480
    
    
    100%2277 Elliott Avenue
    
    Troy, MI
    
    
    
    1975
    
    Light Industrial
    
    
    0.96
    
    
    
    12,612
    
    
    100%2451 Elliott Avenue
    
    Troy, MI
    
    
    
    1974
    
    Light Industrial
    
    
    1.68
    
    
    
    24,331
    
    
    100%2730 Research Drive
    
    Rochester Hills, MI
    
    
    
    1988
    
    Reg. Warehouse
    
    
    3.52
    
    
    
    57,850
    
    
    100%2791 Research Drive
    
    Rochester Hills, MI
    
    
    
    1991
    
    Reg. Warehouse
    
    
    4.48
    
    
    
    64,199
    
    
    100%2871 Research Drive
    
    Rochester Hills, MI
    
    
    
    1991
    
    Reg. Warehouse
    
    
    3.55
    
    
    
    49,543
    
    
    100%2911 Research Drive
    
    Rochester Hills, MI
    
    
    
    1992
    
    Reg. Warehouse
    
    
    5.72
    
    
    
    80,078
    
    
    100%3011 Research Drive
    
    Rochester Hills, MI
    
    
    
    1988
    
    Reg. Warehouse
    
    
    2.55
    
    
    
    32,637
    
    
    100%2870 Technology Drive
    
    Rochester Hills, MI
    
    
    
    1988
    
    Light Industrial
    
    
    2.41
    
    
    
    24,445
    
    
    100%2900 Technology Drive
    
    Rochester Hills, MI
    
    
    
    1992
    
    Reg. Warehouse
    
    
    2.15
    
    
    
    31,047
    
    
    0%2920 Technology Drive
    
    Rochester Hills, MI
    
    
    
    1992
    
    Light Industrial
    
    
    1.48
    
    
    
    19,011
    
    
    100%2930 Technology Drive
    
    Rochester Hills, MI
    
    
    
    1991
    
    Light Industrial
    
    
    1.41
    
    
    
    17,994
    
    
    100%2950 Technology Drive
    
    Rochester Hills, MI
    
    
    
    1991
    
    Light Industrial
    
    
    1.48
    
    
    
    19,996
    
    
    100%23014 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1983
    
    R&D/Flex
    
    
    0.65
    
    
    
    7,200
    
    
    100%23028 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1983
    
    Light Industrial
    
    
    1.26
    
    
    
    20,265
    
    
    100%23035 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1983
    
    Light Industrial
    
    
    1.23
    
    
    
    15,200
    
    
    100%23042 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1983
    
    R&D/Flex
    
    
    0.75
    
    
    
    8,790
    
    
    100%23065 Commerce Drive
    
    Farmington Hill, MI
    
    
    
    1983
    
    Light Industrial
    
    
    0.91
    
    
    
    12,705
    
    
    100%23070 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1983
    
    R&D/Flex
    
    
    1.43
    
    
    
    16,765
    
    
    100%23079 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1983
    
    Light Industrial
    
    
    0.85
    
    
    
    10,830
    
    
    100%23093 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1983
    
    Reg. Warehouse
    
    
    3.87
    
    
    
    49,040
    
    
    100%23135 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1986
    
    Light Industrial
    
    
    2.02
    
    
    
    23,969
    
    
    100%23163 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1986
    
    Light Industrial
    
    
    1.51
    
    
    
    19,020
    
    
    100%23177 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1986
    
    Light Industrial
    
    
    2.29
    
    
    
    32,127
    
    
    100%23206 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1985
    
    Light Industrial
    
    
    1.30
    
    
    
    19,822
    
    
    100%23370 Commerce Drive
    
    Farmington Hills, MI
    
    
    
    1980
    
    Light Industrial
    
    
    0.67
    
    
    
    8,741
    
    
    100%
 21




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##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Detroit (cont.)32450 N. Avis Drive
    
    Madison Heights, MI
    
    
    
    1974
    
    Light Industrial
    
    
    3.23
    
    
    
    55,820
    
    
    100%38300 Plymouth
    
    Livonia, MI
    
    
    
    1997
    
    Bulk Warehouse
    
    
    6.95
    
    
    
    127,800
    
    
    100%12707 Eckles Road
    
    Plymouth, MI
    
    
    
    1990
    
    Light Industrial
    
    
    2.62
    
    
    
    42,300
    
    
    100%9300-9328 Harrison Rd.
    
    Romulus, MI
    
    
    
    1978
    
    Light Industrial
    
    
    2.53
    
    
    
    29,286
    
    
    100%9330-9358 Harrison Rd.
    
    Romulus, MI
    
    
    
    1978
    
    Light Industrial
    
    
    2.53
    
    
    
    29,280
    
    
    88%28420-28448 Highland Rd
    
    Romulus, MI
    
    
    
    1979
    
    Light Industrial
    
    
    2.53
    
    
    
    29,280
    
    
    100%28450-28478 Highland Rd
    
    Romulus, MI
    
    
    
    1979
    
    Light Industrial
    
    
    2.53
    
    
    
    29,340
    
    
    100%28421-28449 Highland Rd
    
    Romulus, MI
    
    
    
    1980
    
    Light Industrial
    
    
    2.53
    
    
    
    29,285
    
    
    100%28451-28479 Highland Rd
    
    Romulus, MI
    
    
    
    1980
    
    Light Industrial
    
    
    2.53
    
    
    
    29,280
    
    
    100%28825-28909 Highland Rd
    
    Romulus, MI
    
    
    
    1981
    
    Light Industrial
    
    
    2.53
    
    
    
    29,284
    
    
    100%28933-29017 Highland Rd
    
    Romulus, MI
    
    
    
    1982
    
    Light Industrial
    
    
    2.53
    
    
    
    29,280
    
    
    88%28824-28908 Highland Rd
    
    Romulus, MI
    
    
    
    1982
    
    Light Industrial
    
    
    2.53
    
    
    
    29,280
    
    
    100%28932-29016 Highland Rd
    
    Romulus, MI
    
    
    
    1982
    
    Light Industrial
    
    
    2.53
    
    
    
    29,280
    
    
    100%9710-9734 Harrison Road
    
    Romulus, MI
    
    
    
    1987
    
    Light Industrial
    
    
    2.22
    
    
    
    25,925
    
    
    100%9740-9772 Harrison Road
    
    Romulus, MI
    
    
    
    1987
    
    Light Industrial
    
    
    2.53
    
    
    
    29,548
    
    
    100%9840-9868 Harrison Road
    
    Romulus, MI
    
    
    
    1987
    
    Light Industrial
    
    
    2.53
    
    
    
    29,280
    
    
    100%9800-9824 Harrison Road
    
    Romulus, MI
    
    
    
    1987
    
    Light Industrial
    
    
    2.22
    
    
    
    25,620
    
    
    100%29265-29285 Airport Drive
    
    Romulus, MI
    
    
    
    1983
    
    Light Industrial
    
    
    2.05
    
    
    
    23,707
    
    
    100%29185-29225 Airport Drive
    
    Romulus, MI
    
    
    
    1983
    
    Light Industrial
    
    
    3.17
    
    
    
    36,658
    
    
    100%29149-29165 Airport Drive
    
    Romulus, MI
    
    
    
    1984
    
    Light Industrial
    
    
    2.89
    
    
    
    33,440
    
    
    100%29101-29115 Airport Drive
    
    Romulus, MI
    
    
    
    1985
    
    R&D/Flex
    
    
    2.53
    
    
    
    29,287
    
    
    100%29031-29045 Airport Drive
    
    Romulus, MI
    
    
    
    1985
    
    Light Industrial
    
    
    2.53
    
    
    
    29,280
    
    
    100%29050-29062 Airport Drive
    
    Romulus, MI
    
    
    
    1986
    
    Light Industrial
    
    
    2.22
    
    
    
    25,837
    
    
    100%29120-29134 Airport Drive
    
    Romulus, MI
    
    
    
    1986
    
    Light Industrial
    
    
    2.53
    
    
    
    29,282
    
    
    100%29200-29214 Airport Drive
    
    Romulus, MI
    
    
    
    1985
    
    Light Industrial
    
    
    2.53
    
    
    
    29,282
    
    
    100%9301-9339 Middlebelt Road
    
    Romulus, MI
    
    
    
    1983
    
    R&D/Flex
    
    
    1.29
    
    
    
    15,173
    
    
    76%26980 Trolley Industrial Drive
    
    Taylor, MI
    
    
    
    1997
    
    Bulk Warehouse
    
    
    5.43
    
    
    
    102,400
    
    
    100%32975 Capitol Avenue
    
    Livonia, MI
    
    
    
    1978
    
    R&D/Flex
    
    
    0.99
    
    
    
    18,465
    
    
    100%2725 S. Industrial Highway
    
    Ann Arbor, MI
    
    
    
    1997
    
    Light Industrial
    
    
    2.63
    
    
    
    37,875
    
    
    23%32920 Capitol Avenue
    
    Livonia, MI
    
    
    
    1973
    
    Reg. Warehouse
    
    
    0.47
    
    
    
    8,000
    
    
    100%11923 Brookfield Avenue
    
    Livonia, MI
    
    
    
    1973
    
    Light Industrial
    
    
    0.76
    
    
    
    14,600
    
    
    100%11965 Brookfield Avenue
    
    Livonia, MI
    
    
    
    1973
    
    Light Industrial
    
    
    0.88
    
    
    
    14,600
    
    
    100%13405 Stark Road
    
    Livonia, MI
    
    
    
    1980
    
    Light Industrial
    
    
    0.65
    
    
    
    9,750
    
    
    100%1170 Chicago Road
    
    Troy, MI
    
    
    
    1983
    
    Light Industrial
    
    
    1.73
    
    
    
    21,500
    
    
    100%1200 Chicago Road
    
    Troy, MI
    
    
    
    1984
    
    Light Industrial
    
    
    1.73
    
    
    
    26,210
    
    
    100%450 Robbins Drive
    
    Troy, MI
    
    
    
    1976
    
    Light Industrial
    
    
    1.38
    
    
    
    19,050
    
    
    100%1230 Chicago Road
    
    Troy, MI
    
    
    
    1996
    
    Reg. Warehouse
    
    
    2.10
    
    
    
    30,120
    
    
    100%12886 Westmore Avenue
    
    Livonia, MI
    
    
    
    1981
    
    Light Industrial
    
    
    1.01
    
    
    
    18,000
    
    
    100%12898 Westmore Avenue
    
    Livonia, MI
    
    
    
    1981
    
    Light Industrial
    
    
    1.01
    
    
    
    18,000
    
    
    0%33025 Industrial Road
    
    Livonia, MI
    
    
    
    1980
    
    Light Industrial
    
    
    1.02
    
    
    
    6,250
    
    
    0%47711 Clipper Street
    
    Plymouth Twsp, MI
    
    
    
    1996
    
    Reg. Warehouse
    
    
    2.27
    
    
    
    36,926
    
    
    100%32975 Industrial Road
    
    Livonia, MI
    
    
    
    1984
    
    Light Industrial
    
    
    1.19
    
    
    
    21,000
    
    
    100%32985 Industrial Road
    
    Livonia, MI
    
    
    
    1985
    
    Light Industrial
    
    
    0.85
    
    
    
    12,040
    
    
    100%32995 Industrial Road
    
    Livonia, MI
    
    
    
    1983
    
    Light Industrial
    
    
    1.11
    
    
    
    14,280
    
    
    100%12874 Westmore Avenue
    
    Livonia, MI
    
    
    
    1984
    
    Light Industrial
    
    
    1.01
    
    
    
    16,000
    
    
    0%33067 Industrial Road
    
    Livonia, MI
    
    
    
    1984
    
    Light Industrial
    
    
    1.11
    
    
    
    18,640
    
    
    100%1775 Bellingham
    
    Troy, MI
    
    
    
    1987
    
    R&D/Flex
    
    
    1.88
    
    
    
    28,900
    
    
    100%1785 East Maple
    
    Troy, MI
    
    
    
    1985
    
    Light Industrial
    
    
    0.80
    
    
    
    10,200
    
    
    100%1807 East Maple
    
    Troy, MI
    
    
    
    1984
    
    R&D/Flex
    
    
    2.15
    
    
    
    28,100
    
    
    100%980 Chicago Road
    
    Troy, MI
    
    
    
    1985
    
    Light Industrial
    
    
    1.09
    
    
    
    14,280
    
    
    100%1840 Enterprise Drive
    
    Rochester Hills, MI
    
    
    
    1990
    
    R&D/Flex
    
    
    2.42
    
    
    
    33,240
    
    
    42%1885 Enterprise Drive
    
    Rochester Hills, MI
    
    
    
    1990
    
    Light Industrial
    
    
    1.47
    
    
    
    19,604
    
    
    100%1935-55 Enterprise Drive
    
    Rochester Hills, MI
    
    
    
    1990
    
    R&D/Flex
    
    
    4.54
    
    
    
    53,400
    
    
    100%5500 Enterprise Court
    
    Warren, MI
    
    
    
    1989
    
    R&D/Flex
    
    
    3.93
    
    
    
    53,900
    
    
    100%750 Chicago Road
    
    Troy, MI
    
    
    
    1986
    
    Light Industrial
    
    
    1.54
    
    
    
    26,709
    
    
    0%800 Chicago Road
    
    Troy, MI
    
    
    
    1985
    
    Light Industrial
    
    
    1.48
    
    
    
    24,340
    
    
    100%850 Chicago Road
    
    Troy, MI
    
    
    
    1984
    
    Light Industrial
    
    
    0.97
    
    
    
    16,049
    
    
    0%2805 S. Industrial Highway
    
    Ann Arbor, MI
    
    
    
    1990
    
    R&D/Flex
    
    
    1.70
    
    
    
    24,458
    
    
    90%6833 Center Drive
    
    Sterling Heights, MI
    
    
    
    1998
    
    Reg. Warehouse
    
    
    4.42
    
    
    
    66,132
    
    
    100%32201 North Avis Drive
    
    Madison Heights, MI
    
    
    
    1974
    
    R&D/Flex
    
    
    4.19
    
    
    
    50,000
    
    
    100%1100 East Mandoline Road
    
    Madison Heights, MI
    
    
    
    1967
    
    Bulk Warehouse
    
    
    8.19
    
    
    
    117,903
    
    
    100%30081 Stephenson Highway
    
    Madison Heights, MI
    
    
    
    1967
    
    Light Industrial
    
    
    2.50
    
    
    
    50,750
    
    
    100%1120 John A. Papalas Drive (i)
    
    Lincoln Park, MI
    
    
    
    1985
    
    Light Industrial
    
    
    10.30
    
    
    
    120,410
    
    
    75%4872 S. Lapeer Road
    
    Lake Orion Twsp, MI
    
    
    
    1999
    
    Bulk Warehouse
    
    
    9.58
    
    
    
    125,605
    
    
    72%1400 Allen Drive
    
    Troy, MI
    
    
    
    1979
    
    Reg. Warehouse
    
    
    1.98
    
    
    
    27,280
    
    
    100%1408 Allen Drive
    
    Troy, MI
    
    
    
    1979
    
    Light Industrial
    
    
    1.44
    
    
    
    19,704
    
    
    100%1305 Stephenson Hwy
    
    Troy, MI
    
    
    
    1979
    
    Reg. Warehouse
    
    
    3.42
    
    
    
    47,000
    
    
    100%32505 Industrial Drive
    
    Madison Heights, MI
    
    
    
    1979
    
    Light Industrial
    
    
    3.07
    
    
    
    47,013
    
    
    100%1799-1813 Northfield Drive (h)
    
    Rochester Hills, MI
    
    
    
    1980
    
    Light Industrial
    
    
    4.22
    
    
    
    67,360
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    3,480,502
    
    
    92%Grand Rapids5015 52nd Street SE
    
    Grand Rapids, MI
    
    
    
    1987
    
    Light Industrial
    
    
    4.50
    
    
    
    61,250
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    61,250
    
    
    100%Houston2102-2314 Edwards Street
    
    Houston, TX
    
    
    
    1961
    
    Bulk Warehouse
    
    
    5.02
    
    
    
    115,248
    
    
    84%4545 Eastpark Drive
    
    Houston, TX
    
    
    
    1972
    
    Reg. Warehouse
    
    
    3.80
    
    
    
    81,295
    
    
    100%3351 Rauch Street
    
    Houston, TX
    
    
    
    1970
    
    Reg. Warehouse
    
    
    4.04
    
    
    
    82,500
    
    
    100%3851 Yale Street
    
    Houston, TX
    
    
    
    1971
    
    Bulk Warehouse
    
    
    5.77
    
    
    
    132,554
    
    
    100%3337-3347 Rauch Street
    
    Houston, TX
    
    
    
    1970
    
    Reg. Warehouse
    
    
    2.29
    
    
    
    53,425
    
    
    100%8505 North Loop East
    
    Houston, TX
    
    
    
    1981
    
    Bulk Warehouse
    
    
    5.00
    
    
    
    107,769
    
    
    100%
 22




---



##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Houston (cont.)4749-4799 Eastpark Dr.
    
    Houston, TX
    
    
    
    1979
    
    Bulk Warehouse
    
    
    7.75
    
    
    
    182,563
    
    
    100%4851 Homestead Road
    
    Houston, TX
    
    
    
    1973
    
    Bulk Warehouse
    
    
    3.63
    
    
    
    142,250
    
    
    85%3365-3385 Rauch Street
    
    Houston, TX
    
    
    
    1970
    
    Reg. Warehouse
    
    
    3.31
    
    
    
    82,140
    
    
    100%5050 Campbell Road
    
    Houston, TX
    
    
    
    1970
    
    Bulk Warehouse
    
    
    6.10
    
    
    
    121,875
    
    
    100%4300 Pine Timbers
    
    Houston, TX
    
    
    
    1980
    
    Bulk Warehouse
    
    
    4.76
    
    
    
    113,400
    
    
    73%7901 Blankenship
    
    Houston, TX
    
    
    
    1972
    
    Light Industrial
    
    
    2.17
    
    
    
    48,000
    
    
    0%2500-2530 Fairway Park
    
    Houston, TX
    
    
    
    1974
    
    Bulk Warehouse
    
    
    8.72
    
    
    
    213,638
    
    
    85%6550 Longpointe
    
    Houston, TX
    
    
    
    1980
    
    Bulk Warehouse
    
    
    4.13
    
    
    
    97,700
    
    
    100%1815 Turning Basin Drive
    
    Houston, TX
    
    
    
    1980
    
    Bulk Warehouse
    
    
    6.34
    
    
    
    139,630
    
    
    100%1819 Turning Basin Drive
    
    Houston, TX
    
    
    
    1980
    
    Light Industrial
    
    
    2.85
    
    
    
    65,494
    
    
    0%1805 Turning Basin Drive
    
    Houston, TX
    
    
    
    1980
    
    Bulk Warehouse
    
    
    7.60
    
    
    
    155,250
    
    
    100%7000 Empire Drive
    
    Houston, TX
    
    
    
    1980
    
    R&D/Flex
    
    
    6.25
    
    
    
    95,073
    
    
    78%9777 West Gulfbank Drive
    
    Houston, TX
    
    
    
    1980
    
    Light Industrial
    
    
    15.45
    
    
    
    252,242
    
    
    89%9835 A Genard Road
    
    Houston, TX
    
    
    
    1980
    
    Bulk Warehouse
    
    
    39.20
    
    
    
    417,350
    
    
    99%9835 B Genard Road
    
    Houston, TX
    
    
    
    1980
    
    Reg. Warehouse
    
    
    6.40
    
    
    
    66,600
    
    
    100%10161 Harwin Drive
    
    Houston, TX
    
    
    
    1979/1981
    
    R & D/Flex
    
    
    5.27
    
    
    
    73,052
    
    
    90%10165 Harwin Drive
    
    Houston, TX
    
    
    
    1979/1981
    
    R & D/Flex
    
    
    2.31
    
    
    
    33,238
    
    
    73%10175 Harwin Drive
    
    Houston, TX
    
    
    
    1979/1981
    
    Light Industrial
    
    
    2.85
    
    
    
    39,475
    
    
    83%10325-10415 Landsbury Dr (i)
    
    Houston, TX
    
    
    
    1982
    
    Light Industrial
    
    
    265.00
    
    
    
    131,000
    
    
    90%8705 City Park Loop
    
    Houston, TX
    
    
    
    1982
    
    Bulk Warehouse
    
    
    7.06
    
    
    
    191,537
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    3,234,298
    
    
    91%Indianapolis2400 North Shadeland
    
    Indianapolis, IN
    
    
    
    1970
    
    Reg. Warehouse
    
    
    2.45
    
    
    
    40,000
    
    
    50%2402 North Shadeland
    
    Indianapolis, IN
    
    
    
    1970
    
    Bulk Warehouse
    
    
    7.55
    
    
    
    121,539
    
    
    82%7901 West 21st Street
    
    Indianapolis, IN
    
    
    
    1985
    
    Bulk Warehouse
    
    
    12.00
    
    
    
    353,000
    
    
    100%1445 Brookville Way
    
    Indianapolis, IN
    
    
    
    1989
    
    Bulk Warehouse
    
    
    8.79
    
    
    
    115,200
    
    
    100%1440 Brookville Way
    
    Indianapolis, IN
    
    
    
    1990
    
    Bulk Warehouse
    
    
    9.64
    
    
    
    166,400
    
    
    0%1240 Brookville Way
    
    Indianapolis, IN
    
    
    
    1990
    
    Light Industrial
    
    
    3.50
    
    
    
    63,000
    
    
    100%1220 Brookville Way
    
    Indianapolis, IN
    
    
    
    1990
    
    R&D/Flex
    
    
    2.10
    
    
    
    10,000
    
    
    0%1345 Brookville Way
    
    Indianapolis, IN
    
    (l)
    
    1992
    
    Bulk Warehouse
    
    
    5.50
    
    
    
    130,736
    
    
    90%1350 Brookville Way
    
    Indianapolis, IN
    
    
    
    1994
    
    Reg. Warehouse
    
    
    2.87
    
    
    
    38,460
    
    
    100%1341 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    Light Industrial
    
    
    2.03
    
    
    
    32,400
    
    
    100%1322-1438 Sadlier Circle East Dr
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    Light Industrial
    
    
    3.79
    
    
    
    36,000
    
    
    93%1327-1441 Sadlier Circle East Dr
    
    Indianapolis, IN
    
    (b)
    
    1992
    
    Light Industrial
    
    
    5.50
    
    
    
    54,000
    
    
    93%1304 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    Reg. Warehouse
    
    
    2.42
    
    
    
    17,600
    
    
    100%1402 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1970/1992
    
    Light Industrial
    
    
    4.13
    
    
    
    40,800
    
    
    97%1504 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    Manufacturing
    
    
    4.14
    
    
    
    54,000
    
    
    100%1311 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    R&D/Flex
    
    
    1.78
    
    
    
    13,200
    
    
    100%1365 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    Light Industrial
    
    
    2.16
    
    
    
    30,000
    
    
    100%1352-1354 Sadlier Circle E. Drive
    
    Indianapolis, IN
    
    (b)
    
    1970/1992
    
    Light Industrial
    
    
    3.50
    
    
    
    44,000
    
    
    100%1335 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    R&D/Flex
    
    
    1.20
    
    
    
    20,000
    
    
    100%1327 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    Reg. Warehouse
    
    
    1.20
    
    
    
    12,800
    
    
    100%1425 Sadlier Circle East Drive
    
    Indianapolis, IN
    
    (b)
    
    1971/1992
    
    R&D/Flex
    
    
    2.49
    
    
    
    5,000
    
    
    100%1230 Brookville Way
    
    Indianapolis, IN
    
    
    
    1995
    
    Reg. Warehouse
    
    
    1.96
    
    
    
    15,000
    
    
    100%6951 East 30th Street
    
    Indianapolis, IN
    
    
    
    1995
    
    Light Industrial
    
    
    3.81
    
    
    
    44,000
    
    
    100%6701 East 30th Street
    
    Indianapolis, IN
    
    
    
    1995
    
    Light Industrial
    
    
    3.00
    
    
    
    7,820
    
    
    100%6737 East 30th Street
    
    Indianapolis, IN
    
    
    
    1995
    
    Reg. Warehouse
    
    
    11.01
    
    
    
    87,500
    
    
    100%1225 Brookville Way
    
    Indianapolis, IN
    
    
    
    1997
    
    Light Industrial
    
    
    1.00
    
    
    
    10,000
    
    
    100%6555 East 30th Street
    
    Indianapolis, IN
    
    
    
    1969/1981
    
    Bulk Warehouse
    
    
    22.00
    
    
    
    331,826
    
    
    64%2432-2436 Shadeland
    
    Indianapolis, IN
    
    
    
    1968
    
    Light Industrial
    
    
    4.57
    
    
    
    70,560
    
    
    88%8402-8440 East 33rd Street
    
    Indianapolis, IN
    
    
    
    1977
    
    Light Industrial
    
    
    4.70
    
    
    
    55,200
    
    
    61%8520-8630 East 33rd Street
    
    Indianapolis, IN
    
    
    
    1976
    
    Light Industrial
    
    
    5.30
    
    
    
    81,000
    
    
    61%8710-8768 East 33rd Street
    
    Indianapolis, IN
    
    
    
    1979
    
    Light Industrial
    
    
    4.70
    
    
    
    43,200
    
    
    87%3316-3346 North Pagosa Court
    
    Indianapolis, IN
    
    
    
    1977
    
    Light Industrial
    
    
    5.10
    
    
    
    81,000
    
    
    72%3331 Raton Court
    
    Indianapolis, IN
    
    
    
    1979
    
    Light Industrial
    
    
    2.80
    
    
    
    35,000
    
    
    100%6751 East 30th Street
    
    Indianapolis, IN
    
    
    
    1997
    
    Bulk Warehouse
    
    
    6.34
    
    
    
    100,000
    
    
    100%8525 E. 33rd Street
    
    Indianapolis, IN
    
    
    
    1978
    
    Bulk Warehouse
    
    
    21.87
    
    
    
    320,000
    
    
    100%9332-9350 Castlegate Drive
    
    Indianapolis, IN
    
    
    
    1983
    
    Light Industrial
    
    
    4.00
    
    
    
    48,000
    
    
    100%9210 E. 146th Street
    
    Noblesville, IN
    
    
    
    1978
    
    Reg. Warehouse
    
    
    11.91
    
    
    
    23,950
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    2,752,191
    
    
    84%Los Angeles6407-6419 Alondra Blvd.
    
    Paramount, CA
    
    
    
    1985
    
    Light Industrial
    
    
    0.90
    
    
    
    16,392
    
    
    100%6423-6431 Alondra Blvd.
    
    Paramount., CA
    
    
    
    1985
    
    Light Industrial
    
    
    0.76
    
    
    
    13,765
    
    
    100%15101-15141 Figueroa St. (h)
    
    Los Angeles, CA
    
    
    
    1982
    
    Reg. Warehouse
    
    
    4.70
    
    
    
    129,600
    
    
    100%21136 South Wilmington Ave.
    
    Carson, CA
    
    
    
    1989
    
    Bulk Warehouse
    
    
    6.02
    
    
    
    115,702
    
    
    100%19914 Via Baron Way
    
    Rancho Dominguez CA
    
    (a)
    
    1973
    
    Bulk Warehouse
    
    
    11.69
    
    
    
    234,800
    
    
    100%14141 Alondra Blvd.
    
    Santa Fe Springs, CA
    
    
    
    1969
    
    Bulk Warehouse
    
    
    23.90
    
    
    
    395,204
    
    
    100%12616 Yukon Ave.
    
    Hawthorne, CA
    
    
    
    1987
    
    Reg. Warehouse
    
    
    1.89
    
    
    
    43,676
    
    
    100%3355 El Segundo Blvd. (i)
    
    Hawthorne, CA
    
    
    
    1959
    
    Light Industrial
    
    
    2.79
    
    
    
    56,353
    
    
    100%12621 Cerise
    
    Hawthorne, CA
    
    
    
    1959
    
    Light Industrial
    
    
    1.11
    
    
    
    27,000
    
    
    100%333 Turnbull Canyon Road
    
    City of Industry, CA
    
    
    
    1968/1985
    
    Bulk Warehouse
    
    
    6.61
    
    
    
    116,000
    
    
    100%350-390 Manville St.
    
    Compton, CA
    
    
    
    1979
    
    Bulk Warehouse
    
    
    4.75
    
    
    
    100,000
    
    
    100%42374 Avenida Alvarado (i)
    
    Temecula, CA
    
    
    
    1987
    
    Reg. Warehouse
    
    
    5.00
    
    
    
    103,536
    
    
    100%3131 E. Harcourt Street (h)
    
    Rancho Dominguez, CA
    
    
    
    1970
    
    Light industrial
    
    
    3.04
    
    
    
    73,000
    
    
    100%200 West Artesia Blvd.
    
    Compton, CA
    
    
    
    1985
    
    Reg. Warehouse
    
    
    4.21
    
    
    
    68,446
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    1,493,474
    
    
    100%Louisville9001 Cane Run Road
    
    Louisville, KY
    
    
    
    1998
    
    Bulk Warehouse
    
    
    39.60
    
    
    
    212,500
    
    
    100%9101 Crane Run Road
    
    Louisville, KY
    
    
    
    2000
    
    Bulk Warehouse
    
    
    14.00
    
    
    
    231,000
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    443,500
    
    
    100%
 23




---



##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Miami9400 NW 104th Street
    
    Medley, FL
    
    
    
    1995
    
    Bulk Warehouse
    
    
    11.11
    
    
    
    268,539
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    268,539
    
    
    100%Milwaukee6523 N. Sydney Place
    
    Glendale, WI
    
    
    
    1978
    
    Light Industrial
    
    
    4.00
    
    
    
    43,440
    
    
    100%8800 W. Bradley
    
    Milwaukee, WI
    
    
    
    1982
    
    Light Industrial
    
    
    8.00
    
    
    
    77,621
    
    
    100%4560 North 124th Street
    
    Wauwatosa, WI
    
    
    
    1976
    
    Light Industrial
    
    
    1.31
    
    
    
    25,000
    
    
    100%4410-80 North 132nd Street
    
    Butler, WI
    
    
    
    1999
    
    Bulk Warehouse
    
    
    4.90
    
    
    
    100,000
    
    
    99%5355 South Westridge Drive
    
    New Berlin, WI
    
    
    
    1997
    
    Bulk Warehouse
    
    
    21.38
    
    
    
    217,680
    
    
    100%N120W18485 Freistadt Road
    
    Germantown, WI
    
    
    
    1996
    
    Bulk Warehouse
    
    
    13.14
    
    
    
    103,024
    
    
    100%140 N. 9000 Lilly Road
    
    Menmonee, WI
    
    
    
    1990
    
    Bulk Warehouse
    
    
    10.04
    
    
    
    104,190
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    670,955
    
    
    100%Minneapolis/St. Paul6507-6545 Cecilia Circle
    
    Bloomington, MN
    
    
    
    1980
    
    Manufacturing
    
    
    9.65
    
    
    
    74,118
    
    
    91%6201 West 111th Street
    
    Bloomington, MN
    
    (c)
    
    1987
    
    Bulk Warehouse
    
    
    37.00
    
    
    
    424,866
    
    
    100%6403-6545 Cecilia Drive
    
    Bloomington, MN
    
    
    
    1980
    
    Light Industrial
    
    
    9.65
    
    
    
    87,560
    
    
    86%6925-6943 Washington Avenue
    
    Edina, MN
    
    
    
    1972
    
    Manufacturing
    
    
    2.75
    
    
    
    31,867
    
    
    73%6955-6973 Washington Avenue
    
    Edina, MN
    
    
    
    1972
    
    Manufacturing
    
    
    2.25
    
    
    
    31,180
    
    
    97%7251-7267 Washington Avenue
    
    Edina, MN
    
    
    
    1972
    
    Light Industrial
    
    
    1.82
    
    
    
    26,265
    
    
    70%7301-7325 Washington Avenue
    
    Edina, MN
    
    
    
    1972
    
    Light Industrial
    
    
    1.92
    
    
    
    27,297
    
    
    63%7101 Winnetka Avenue North
    
    Brooklyn Park, MN
    
    
    
    1990
    
    Bulk Warehouse
    
    
    14.18
    
    
    
    268,168
    
    
    88%7600 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    1989
    
    R&D/Flex
    
    
    6.79
    
    
    
    74,078
    
    
    100%9901 West 74th Street
    
    Eden Prairie, MN
    
    
    
    1983/88
    
    Reg. Warehouse
    
    
    8.86
    
    
    
    153,813
    
    
    100%12220-12222 Nicollet Avenue
    
    Burnsville, MN
    
    
    
    1989/90
    
    Light Industrial
    
    
    1.80
    
    
    
    17,116
    
    
    100%12250-12268 Nicollet Avenue
    
    Burnsville, MN
    
    
    
    1989/90
    
    Light Industrial
    
    
    4.30
    
    
    
    42,365
    
    
    100%12224-12226 Nicollet Avenue
    
    Burnsville, MN
    
    
    
    1989/90
    
    R&D/Flex
    
    
    2.40
    
    
    
    23,300
    
    
    43%1030 Lone Oak Road
    
    Eagan, MN
    
    
    
    1988
    
    Light Industrial
    
    
    6.30
    
    
    
    83,164
    
    
    100%1060 Lone Oak Road
    
    Eagan, MN
    
    
    
    1988
    
    Light Industrial
    
    
    6.50
    
    
    
    82,728
    
    
    66%5400 Nathan Lane
    
    Plymouth, MN
    
    
    
    1990
    
    Light Industrial
    
    
    5.70
    
    
    
    72,089
    
    
    100%10120 W. 76th Street
    
    Eden Prairie, MN
    
    
    
    1987
    
    Light Industrial
    
    
    4.52
    
    
    
    59,030
    
    
    100%7615 Golden Triangle
    
    Eden Prairie, MN
    
    
    
    1987
    
    Light Industrial
    
    
    4.61
    
    
    
    52,816
    
    
    100%7625 Golden Triangle Drive
    
    Eden Prairie, MN
    
    
    
    1987
    
    Light Industrial
    
    
    4.61
    
    
    
    73,168
    
    
    89%2605 Fernbrook Lane North
    
    Plymouth, MN
    
    
    
    1987
    
    R&D/Flex
    
    
    6.37
    
    
    
    80,766
    
    
    100%12155 Nicollet Avenue
    
    Burnsville, MN
    
    
    
    1995
    
    Reg. Warehouse
    
    
    5.80
    
    
    
    48,000
    
    
    100%73rd Avenue North
    
    Brooklyn Park, MN
    
    
    
    1995
    
    R&D/Flex
    
    
    4.46
    
    
    
    59,782
    
    
    87%2720 Arthur Street
    
    Roseville, MN
    
    
    
    1995
    
    R&D/Flex
    
    
    6.06
    
    
    
    74,337
    
    
    94%4100 Peavey Road
    
    Chaska, MN
    
    
    
    1988
    
    Manufacturing
    
    
    8.27
    
    
    
    78,029
    
    
    77%11300 Hampshire Ave. South
    
    Bloomington, MN
    
    
    
    1983
    
    Bulk Warehouse
    
    
    9.94
    
    
    
    145,210
    
    
    100%375 Rivertown Drive
    
    Woodbury, MN
    
    
    
    1996
    
    Bulk Warehouse
    
    
    11.33
    
    
    
    251,968
    
    
    100%5205 Highway 169
    
    Plymouth, MN
    
    
    
    1960
    
    Light Industrial
    
    
    7.92
    
    
    
    97,523
    
    
    83%6451-6595 Citywest Parkway
    
    Eden Prairie, MN
    
    
    
    1984
    
    R&D/Flex
    
    
    6.98
    
    
    
    83,657
    
    
    100%7100-7198 Shady Oak Road
    
    Eden Prairie, MN
    
    
    
    1982/2002
    
    Light Industrial
    
    
    14.44
    
    
    
    120,541
    
    
    86%7500-7546 Washington Square
    
    Eden Prairie, MN
    
    
    
    1975
    
    Light Industrial
    
    
    5.40
    
    
    
    46,285
    
    
    84%7550-7558 Washington Square
    
    Eden Prairie, MN
    
    
    
    1975
    
    Light Industrial
    
    
    2.70
    
    
    
    31,839
    
    
    100%5240-5300 Valley Industrial Blvd S
    
    Shakopee, MN
    
    
    
    1973
    
    Light Industrial
    
    
    9.06
    
    
    
    80,001
    
    
    73%7125 Northland Terrace
    
    Brooklyn Park, MN
    
    
    
    1996
    
    R&D/Flex
    
    
    5.89
    
    
    
    79,958
    
    
    100%6900 Shady Oak Road
    
    Eden Prairie,  MN
    
    
    
    1980
    
    R&D/Flex
    
    
    4.60
    
    
    
    49,190
    
    
    100%6477-6525 City West Parkway
    
    Eden Prairie, MN
    
    
    
    1984
    
    R&D/Flex
    
    
    7.00
    
    
    
    89,235
    
    
    100%1157 Valley Park Drive
    
    Shakopee, MN
    
    
    
    1997
    
    Bulk Warehouse
    
    
    9.97
    
    
    
    126,170
    
    
    81%500-530 Kasota Avenue SE
    
    Minneapolis, MN
    
    
    
    1976
    
    Manufacturing
    
    
    4.47
    
    
    
    77,702
    
    
    100%770-786 Kasota Avenue SE
    
    Minneapolis, MN
    
    
    
    1976
    
    Manufacturing
    
    
    3.16
    
    
    
    56,388
    
    
    100%800 Kasota Avenue SE
    
    Minneapolis, MN
    
    
    
    1976
    
    Manufacturing
    
    
    4.10
    
    
    
    100,250
    
    
    100%2530-2570 Kasota Avenue
    
    St. Paul, MN
    
    
    
    1976
    
    Manufacturing
    
    
    4.56
    
    
    
    75,426
    
    
    86%1280 Energy Park Drive
    
    St. Paul, MN
    
    
    
    1984
    
    Light Industrial
    
    
    4.27
    
    
    
    71,905
    
    
    100%9700 West 76th Street
    
    Eden Prairie, MN
    
    
    
    1984/97
    
    R&D/Flex
    
    
    6.25
    
    
    
    80,862
    
    
    100%7600 69th Avenue
    
    Greenfield, MN
    
    
    
    2004
    
    Bulk Warehouse
    
    
    17.00
    
    
    
    216,700
    
    
    100%2041 Wooddale Drive
    
    Woodbury, MN
    
    
    
    1973
    
    Light Industrial
    
    
    5.20
    
    
    
    47,263
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    3,973,975
    
    
    94%Nashville3099 Barry Drive
    
    Portland, TN
    
    
    
    1995
    
    Manufacturing
    
    
    6.20
    
    
    
    109,058
    
    
    0%3150 Barry Drive
    
    Portland, TN
    
    
    
    1993
    
    Bulk Warehouse
    
    
    26.32
    
    
    
    268,593
    
    
    100%5599 Highway 31 West
    
    Portland, TN
    
    
    
    1995
    
    Bulk Warehouse
    
    
    20.00
    
    
    
    161,500
    
    
    100%1650 Elm Hill Pike
    
    Nashville, TN
    
    
    
    1984
    
    Light Industrial
    
    
    3.46
    
    
    
    41,228
    
    
    100%1931 Air Lane Drive
    
    Nashville, TN
    
    
    
    1984
    
    Light Industrial
    
    
    10.11
    
    
    
    87,549
    
    
    100%470 Metroplex Drive (h)
    
    Nashville, TN
    
    
    
    1986
    
    Light Industrial
    
    
    8.11
    
    
    
    102,040
    
    
    83%1150 Antiock Pike
    
    Nashville, TN
    
    
    
    1987
    
    Bulk Warehouse
    
    
    9.83
    
    
    
    146,055
    
    
    68%4640 Cummings Park
    
    Nashville, TN
    
    
    
    1986
    
    Bulk Warehouse
    
    
    14.69
    
    
    
    100,000
    
    
    81%556 Metroplex Drive
    
    Nashville, TN
    
    
    
    1983
    
    Light Industrial
    
    
    3.66
    
    
    
    43,026
    
    
    100%1706 Heil Quaker Boulevard
    
    Laverne, TN
    
    
    
    1986
    
    Bulk Warehouse
    
    
    25.75
    
    
    
    518,400
    
    
    100%375 Belvedere Drive
    
    Gallatin, TN
    
    
    
    1979/85
    
    Bulk Warehouse
    
    
    31.75
    
    
    
    194,113
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    1,771,562
    
    
    89%
 24




---



##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Northern New Jersey220 Hanover Avenue
    
    Hanover, NJ
    
    
    
    1987
    
    Bulk Warehouse
    
    
    29.27
    
    
    
    158,242
    
    
    100%14 Worlds Fair Drive
    
    Franklin, NJ
    
    
    
    1980
    
    R&D/Flex
    
    
    4.53
    
    
    
    60,000
    
    
    100%18 Worlds Fair Drive
    
    Franklin, NJ
    
    
    
    1982
    
    R&D/Flex
    
    
    1.06
    
    
    
    13,000
    
    
    100%23 Worlds Fair Drive
    
    Franklin, NJ
    
    
    
    1982
    
    Light Industrial
    
    
    1.20
    
    
    
    16,000
    
    
    100%12 Worlds Fair Drive
    
    Franklin, NJ
    
    
    
    1981
    
    Light Industrial
    
    
    3.85
    
    
    
    65,000
    
    
    73%22 Worlds Fair Drive
    
    Franklin, NJ
    
    
    
    1983
    
    Light Industrial
    
    
    3.52
    
    
    
    50,000
    
    
    90%26 Worlds Fair Drive
    
    Franklin, NJ
    
    
    
    1984
    
    Light Industrial
    
    
    3.41
    
    
    
    47,000
    
    
    100%24 Worlds Fair Drive
    
    Franklin, NJ
    
    
    
    1984
    
    Light Industrial
    
    
    3.45
    
    
    
    47,000
    
    
    79%20 Worlds Fair Drive Lot 13
    
    Sumerset, NJ
    
    
    
    1999
    
    R&D Flex
    
    
    4.25
    
    
    
    30,000
    
    
    83%10 New Maple Road
    
    Pine Brook, NJ
    
    
    
    1973/1999
    
    Bulk Warehouse
    
    
    18.13
    
    
    
    265,376
    
    
    48%45 Route 46
    
    Pine Brook, NJ
    
    
    
    1974/1987
    
    Light Industrial
    
    
    6.54
    
    
    
    84,284
    
    
    79%43 Route 46
    
    Pine Brook, NJ
    
    
    
    1974/1987
    
    Light Industrial
    
    
    2.48
    
    
    
    37,268
    
    
    82%39 Route 46
    
    Pine Brook, NJ
    
    
    
    1970
    
    R&D Flex
    
    
    1.64
    
    
    
    22,285
    
    
    65%26 Chapin Road
    
    Pine Brook, NJ
    
    
    
    1983
    
    Light Industrial
    
    
    5.15
    
    
    
    76,497
    
    
    100%30 Chapin Road
    
    Pine Brook, NJ
    
    
    
    1983
    
    Light Industrial
    
    
    5.15
    
    
    
    76,770
    
    
    93%20 Mountain Hook Road
    
    Pine Brook, NJ
    
    
    
    1972/1984
    
    Bulk Warehouse
    
    
    14.02
    
    
    
    213,991
    
    
    96%30 Mountain Hook Road
    
    Pine Brook, NJ
    
    
    
    1972/1987
    
    Light Industrial
    
    
    3.36
    
    
    
    51,570
    
    
    100%55 Route 46
    
    Pine Brook, NJ
    
    
    
    1978/1994
    
    R&D Flex
    
    
    2.13
    
    
    
    24,051
    
    
    81%16 Chapin Road
    
    Pine Brook, NJ
    
    
    
    1987
    
    R&D Flex
    
    
    4.61
    
    
    
    69,030
    
    
    100%20 Chapin Road
    
    Pine Brook, NJ
    
    
    
    1987
    
    R&D Flex
    
    
    5.69
    
    
    
    84,601
    
    
    83%Sayreville Lot 3
    
    Sayreville, NJ
    
    
    
    2002
    
    Light Industrial
    
    
    7.43
    
    
    
    62,400
    
    
    83%Sayreville Lot 4
    
    Sayreville, NJ
    
    
    
    2001
    
    Light Industrial
    
    
    6.88
    
    
    
    62,400
    
    
    100%400 Raritan Center Parkway
    
    Edison, NJ
    
    
    
    1983
    
    Light Industrial
    
    
    7.16
    
    
    
    81,240
    
    
    100%300 Columbus Circle
    
    Edison, NJ
    
    
    
    1983
    
    R&D Flex
    
    
    9.38
    
    
    
    123,029
    
    
    89%400 Apgar
    
    Franklin Township, NJ
    
    
    
    1987
    
    Bulk Warehouse
    
    
    14.34
    
    
    
    111,824
    
    
    92%500 Apgar
    
    Franklin Township, NJ
    
    
    
    1987
    
    Reg. Warehouse
    
    
    5.00
    
    
    
    58,585
    
    
    100%201 Circle Dr. North
    
    Piscataway, NJ
    
    
    
    1987
    
    Bulk Warehouse
    
    
    5.24
    
    
    
    113,738
    
    
    74%1 Pearl Ct.
    
    Allendale, NJ
    
    
    
    1978
    
    Light Industrial
    
    
    3.00
    
    
    
    46,400
    
    
    0%2 Pearl Ct.
    
    Allendale, NJ
    
    
    
    1979
    
    Light Industrial
    
    
    3.00
    
    
    
    39,170
    
    
    100%3 Pearl Ct.
    
    Allendale, NJ
    
    
    
    1978
    
    Light Industrial
    
    
    3.00
    
    
    
    41,470
    
    
    100%4 Pearl Ct.
    
    Allendale, NJ
    
    
    
    1979
    
    Light Industrial
    
    
    3.00
    
    
    
    41,227
    
    
    50%5 Pearl Ct.
    
    Allendale, NJ
    
    
    
    1977
    
    Light Industrial
    
    
    3.00
    
    
    
    37,343
    
    
    100%59 Route 17
    
    Allendale, NJ
    
    
    
    1979
    
    Light Industrial
    
    
    5.90
    
    
    
    60,000
    
    
    100%309-319 Pierce Street
    
    Somerset, NJ
    
    
    
    1986
    
    Bulk Warehouse
    
    
    8.63
    
    
    
    115,536
    
    
    100%160 Pierce Street
    
    Somerset, NJ
    
    
    
    2004
    
    Reg. Warehouse
    
    
    9.16
    
    
    
    87,500
    
    
    100%12 Thornton Road
    
    Oakland, NJ
    
    
    
    1981
    
    Reg. Warehouse
    
    
    6.00
    
    
    
    92,400
    
    
    100%147 Clinton Road
    
    West Caldwell, NJ
    
    
    
    1967/1983
    
    Bulk Warehouse
    
    
    14.96
    
    
    
    194,258
    
    
    100%200 Maltese Drive
    
    Totowa, NJ
    
    
    
    1965/1975
    
    Bulk Warehouse
    
    
    9.00
    
    
    
    208,000
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    3,068,485
    
    
    88%Phoenix1045 South Edward Drive
    
    Tempe, AZ
    
    
    
    1976
    
    Light Industrial
    
    
    2.12
    
    
    
    38,560
    
    
    100%46 N. 49th Ave.
    
    Phoenix, AZ
    
    
    
    1986
    
    Reg. Warehouse
    
    
    5.16
    
    
    
    82,288
    
    
    100%240 N. 48th Avenue
    
    Phoenix, AZ
    
    
    
    1977
    
    Reg. Warehouse
    
    
    4.46
    
    
    
    83,200
    
    
    50%220 N. 48th Avenue
    
    Phoenix, AZ
    
    
    
    1977
    
    Reg. Warehouse
    
    
    4.46
    
    
    
    83,200
    
    
    100%54 N. 48th Avenue
    
    Phoenix, AZ
    
    
    
    1977
    
    Light Industrial
    
    
    1.11
    
    
    
    20,736
    
    
    100%64 N. 48th Avenue
    
    Phoenix, AZ
    
    
    
    1977
    
    Light Industrial
    
    
    1.43
    
    
    
    17,280
    
    
    100%236 N. 48th Avenue
    
    Phoenix, AZ
    
    
    
    1977
    
    Light Industrial
    
    
    0.93
    
    
    
    11,520
    
    
    100%10 S. 48th Avenue
    
    Phoenix, AZ
    
    
    
    1977
    
    Reg. Warehouse
    
    
    4.64
    
    
    
    86,400
    
    
    50%115 E. Watkins St.
    
    Phoenix, AZ
    
    
    
    1979
    
    Light Industrial
    
    
    1.32
    
    
    
    24,341
    
    
    100%135 E. Watkins Street
    
    Phoenix, AZ
    
    
    
    1977
    
    Reg. Warehouse
    
    
    3.08
    
    
    
    56,685
    
    
    100%10220 S 51st Street
    
    Phoenix, AZ
    
    
    
    1985
    
    Light Industrial
    
    
    1.54
    
    
    
    22,978
    
    
    100%50 South 56th Street
    
    Chandler, AZ
    
    
    
    1991/97
    
    Reg. Warehouse
    
    
    4.19
    
    
    
    78,150
    
    
    100%4625 W McDowell Road
    
    Phoenix, AZ
    
    
    
    2001
    
    Light Industrial
    
    
    3.39
    
    
    
    44,546
    
    
    100%4635 W McDowell Road
    
    Phoenix, AZ
    
    
    
    2001
    
    Light Industrial
    
    
    3.79
    
    
    
    54,890
    
    
    100%405 North 75th Avenue, Bldg 1
    
    Phoenix, AZ
    
    (f)
    
    2001
    
    Bulk Warehouse
    
    
    7.35
    
    
    
    118,908
    
    
    100%405 North 75th Avenue, Bldg 2
    
    Phoenix, AZ
    
    (f)
    
    2001
    
    Bulk Warehouse
    
    
    7.71
    
    
    
    135,735
    
    
    100%405 North 75th Avenue, Bldg 3
    
    Phoenix, AZ
    
    (f)
    
    2001
    
    Bulk Warehouse
    
    
    9.30
    
    
    
    152,562
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    1,111,979
    
    
    92%Salt Lake City512 Lawndale Drive (k)
    
    Salt Lake City, UT
    
    
    
    1981
    
    Light Industrial
    
    
    35.00
    
    
    
    386,544
    
    
    83%1270 West 2320 South
    
    West Valley, UT
    
    
    
    1986/1992
    
    R&D/Flex
    
    
    1.49
    
    
    
    13,025
    
    
    81%1275 West 2240 South
    
    West Valley, UT
    
    
    
    1986/1992
    
    R&D/Flex
    
    
    2.06
    
    
    
    38,227
    
    
    100%1288 West 2240 South
    
    West Valley, UT
    
    
    
    1986/1992
    
    R&D/Flex
    
    
    0.97
    
    
    
    13,300
    
    
    53%2235 South 1300 West
    
    West Valley, UT
    
    
    
    1986/1992
    
    Light Industrial
    
    
    1.22
    
    
    
    19,000
    
    
    71%1293 West 2200 South
    
    West Valley, UT
    
    
    
    1986/1992
    
    R&D/Flex
    
    
    0.86
    
    
    
    13,300
    
    
    67%1279 West 2200 South
    
    West Valley, UT
    
    
    
    1986/1992
    
    R&D/Flex
    
    
    0.91
    
    
    
    13,300
    
    
    92%1272 West 2240 South
    
    West Valley, UT
    
    
    
    1986/1992
    
    Light Industrial
    
    
    3.07
    
    
    
    34,870
    
    
    100%1149 West 2240 South
    
    West Valley, UT
    
    
    
    1986/1992
    
    Light Industrial
    
    
    1.71
    
    
    
    21,250
    
    
    100%1142 West 2320 South
    
    West Valley, UT
    
    
    
    1997
    
    Light Industrial
    
    
    1.52
    
    
    
    17,500
    
    
    100%1152 West 2240 South
    
    West Valley, UT
    
    
    
    1999
    
    R&D Flex
    
    
    13.56
    
    
    
    55,785
    
    
    75%369 Orange Street
    
    Salt Lake City, UT
    
    
    
    1980
    
    Bulk Warehouse
    
    
    6.29
    
    
    
    136,000
    
    
    91%1330 W. 3300 South Avenue
    
    Ogden, UT
    
    
    
    1982
    
    Bulk Warehouse
    
    
    30.75
    
    
    
    188,568
    
    
    100%12577 South 265 West Bldg C
    
    Draper, UT
    
    
    
    1996
    
    Light Industrial
    
    
    6.00
    
    
    
    20,000
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    970,669
    
    
    89%
 25




---



##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04San Diego9163 Siempre Viva Road.
    
    San Diego, CA
    
    
    
    1989
    
    Reg. Warehouse
    
    
    1.72
    
    
    
    34,116
    
    
    100%9295 Siempre Viva Road
    
    San Diego, CA
    
    
    
    1989
    
    Reg. Warehouse
    
    
    1.79
    
    
    
    35,557
    
    
    100%9255 Customhouse Plaza
    
    San Diego, CA
    
    
    
    1989
    
    Bulk Warehouse
    
    
    14.85
    
    
    
    295,240
    
    
    92%9375 Customhouse Plaza
    
    San Diego, CA
    
    
    
    1989
    
    Reg. Warehouse
    
    
    1.46
    
    
    
    30,944
    
    
    71%9465 Customhouse Plaza
    
    San Diego, CA
    
    
    
    1989
    
    Reg. Warehouse
    
    
    1.46
    
    
    
    30,944
    
    
    76%9485 Customhouse Plaza
    
    San Diego, CA
    
    
    
    1989
    
    Bulk Warehouse
    
    
    4.85
    
    
    
    102,520
    
    
    96%2675 Customhouse Court
    
    San Diego, CA
    
    
    
    1989
    
    Reg. Warehouse
    
    
    2.24
    
    
    
    47,980
    
    
    100%Subtotal or Average
    
    
    
    
    
    577,301
    
    
    93%Southern New Jersey2-5 North Olnev Ave.
    
    Cherry Hill, NJ
    
    
    
    1963/85
    
    Light Industrial
    
    
    2.10
    
    
    
    58,139
    
    
    100%2 Springdale Road
    
    Cherry Hill, NJ
    
    
    
    1968
    
    Light Industrial
    
    
    1.44
    
    
    
    21,008
    
    
    96%4 Springdale Road (h)
    
    Cherry Hill, NJ
    
    
    
    1963/85
    
    Light Industrial
    
    
    3.02
    
    
    
    58,189
    
    
    100%8 Springdale Road
    
    Cherry Hill, NJ
    
    
    
    1966
    
    Light Industrial
    
    
    3.02
    
    
    
    45,054
    
    
    100%2050 Springdale Road
    
    Cherry Hill, NJ
    
    
    
    1965
    
    Light Industrial
    
    
    3.40
    
    
    
    51,060
    
    
    100%16 Springdale Road
    
    Cherry Hill, NJ
    
    
    
    1967
    
    Light Industrial
    
    
    5.30
    
    
    
    48,922
    
    
    100%5 Esterbrook Lane
    
    Cherry Hill, NJ
    
    
    
    1966/88
    
    Reg. Warehouse
    
    
    5.45
    
    
    
    39,167
    
    
    100%2 Pin Oak Lane
    
    Cherry Hill, NJ
    
    
    
    1968
    
    Light Industrial
    
    
    4.45
    
    
    
    51,230
    
    
    100%28 Springdale Rd.
    
    Cherry Hill, NJ
    
    
    
    1967
    
    Light Industrial
    
    
    2.93
    
    
    
    38,949
    
    
    100%3 Esterbrook Lane
    
    Cherry Hill, NJ
    
    
    
    1968
    
    Light Industrial
    
    
    2.15
    
    
    
    32,844
    
    
    100%4 Esterbrook Lane
    
    Cherry Hill, NJ
    
    
    
    1969
    
    Light Industrial
    
    
    3.42
    
    
    
    39,266
    
    
    100%26 Springdale Road
    
    Cherry Hill, NJ
    
    
    
    1968
    
    Light Industrial
    
    
    3.25
    
    
    
    29,492
    
    
    100%1 Keystone Ave.
    
    Cherry Hill, NJ
    
    
    
    1969
    
    Light Industrial
    
    
    4.15
    
    
    
    60,983
    
    
    100%21 Olnev Ave.
    
    Cherry Hill, NJ
    
    
    
    1969
    
    Manufacturing
    
    
    1.75
    
    
    
    22,738
    
    
    100%19 Olnev Ave.
    
    Cherry Hill, NJ
    
    
    
    1971
    
    Light Industrial
    
    
    4.36
    
    
    
    53,962
    
    
    100%2 Keystone Ave.
    
    Cherry Hill, NJ
    
    
    
    1970
    
    Light Industrial
    
    
    3.47
    
    
    
    50,922
    
    
    100%18 Olnev Ave.
    
    Cherry Hill, NJ
    
    
    
    1974
    
    Light Industrial
    
    
    8.85
    
    
    
    62,542
    
    
    100%2030 Springdale Road
    
    Cherry Hill, NJ
    
    
    
    1977
    
    Light Industrial
    
    
    6.24
    
    
    
    88,872
    
    
    100%111 Whittendale Drive
    
    Morristown, NJ
    
    
    
    1991/96
    
    Reg. Warehouse
    
    
    5.00
    
    
    
    79,329
    
    
    100%9 Whittendale Drive
    
    Morristown, NJ
    
    
    
    2000
    
    Light Industrial
    
    
    5.51
    
    
    
    52,800
    
    
    100%7851 Airport Highway
    
    Pennsauken, NJ
    
    
    
    1966
    
    Light Industrial
    
    
    1.95
    
    
    
    31,600
    
    
    100%7860-7870 Airport
    
    Pennsauken, NJ
    
    
    
    1968
    
    R&D/Flex
    
    
    1.51
    
    
    
    23,050
    
    
    100%7110-7112 Airport
    
    Pennsauken, NJ
    
    
    
    1963
    
    R&D/Flex
    
    
    1.17
    
    
    
    14,400
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    1,054,518
    
    
    100%St. Louis2121 Chapin Industrial Drive
    
    Vinita Park, MO
    
    
    
    1969/94
    
    Bulk Warehouse
    
    
    23.40
    
    
    
    281,105
    
    
    97%10431-10449 Midwest Industrial
    
    Olivette, MO
    
    
    
    1967
    
    Light Industrial
    
    
    2.40
    
    
    
    55,125
    
    
    100%10751 Midwest Industrial Blvd.
    
    Olivette, MO
    
    
    
    1965
    
    Light Industrial
    
    
    1.70
    
    
    
    44,100
    
    
    100%6951 N. Hanley (h)
    
    Hazelwood, MO
    
    
    
    1965
    
    Bulk Warehouse
    
    
    9.50
    
    
    
    129,614
    
    
    100%1037 Warson  Bldg A
    
    St. Louis, MO
    
    
    
    1968
    
    Light Industrial
    
    
    4.00
    
    
    
    64,143
    
    
    100%1037 Warson  Bldg B
    
    St. Louis, MO
    
    
    
    1968
    
    Light Industrial
    
    
    4.00
    
    
    
    97,154
    
    
    100%1037 Warson  Bldg C
    
    St. Louis, MO
    
    
    
    1968
    
    Light Industrial
    
    
    4.00
    
    
    
    79,252
    
    
    100%1037 Warson  Bldg D
    
    St. Louis, MO
    
    
    
    1968
    
    Light Industrial
    
    
    4.00
    
    
    
    92,081
    
    
    100%6821-6857 Hazelwood Avenue
    
    Berkley, MO
    
    
    
    2001
    
    Bulk Warehouse
    
    
    8.93
    
    
    
    180,658
    
    
    100%13701 Rider Trail North
    
    Earth City, MO
    
    
    
    1985
    
    Light Industrial
    
    
    5.34
    
    
    
    64,387
    
    
    100%1908-2000 Innerbelt (h)
    
    Overland, MO
    
    
    
    1987
    
    Light Industrial
    
    
    0.00
    
    
    
    191,923
    
    
    95%8449-95 Mid County Industrial
    
    Vinta Park, MO
    
    
    
    1988
    
    Reg. Warehouse
    
    
    3.97
    
    
    
    96,392
    
    
    100%84104-76 Mid County Industrial
    
    Vinta Park, MO
    
    
    
    1989
    
    Bulk Warehouse
    
    
    4.13
    
    
    
    103,058
    
    
    100%2001 Innerbelt Business Center
    
    Overland, MO
    
    
    
    1987
    
    Bulk Warehouse
    
    
    7.84
    
    
    
    171,637
    
    
    100%4774 Park 36 Boulevard
    
    St. Louis, MO
    
    
    
    2001
    
    Bulk Warehouse
    
    
    9.00
    
    
    
    173,800
    
    
    47%1010 Turner Boulevard
    
    St. Louis, MO
    
    
    
    1989
    
    Bulk Warehouse
    
    
    26.95
    
    
    
    248,635
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    2,073,064
    
    
    95%Tampa6614 Adamo Drive
    
    Tampa, FL
    
    
    
    1967
    
    Reg. Warehouse
    
    
    2.78
    
    
    
    41,377
    
    
    100%6202 Benjamin Road
    
    Tampa, FL
    
    
    
    1981
    
    R&D/Flex
    
    
    2.04
    
    
    
    30,145
    
    
    0%6204 Benjamin Road
    
    Tampa, FL
    
    
    
    1982
    
    Light Industrial
    
    
    4.16
    
    
    
    60,975
    
    
    100%6206 Benjamin Road
    
    Tampa, FL
    
    
    
    1983
    
    Light Industrial
    
    
    3.94
    
    
    
    57,708
    
    
    100%6302 Benjamin Road
    
    Tampa, FL
    
    
    
    1983
    
    R&D/Flex
    
    
    2.03
    
    
    
    29,747
    
    
    100%6304 Benjamin Road
    
    Tampa, FL
    
    
    
    1984
    
    R&D/Flex
    
    
    2.04
    
    
    
    29,845
    
    
    100%6306 Benjamin Road
    
    Tampa, FL
    
    
    
    1984
    
    Light Industrial
    
    
    2.58
    
    
    
    37,861
    
    
    67%6308 Benjamin Road
    
    Tampa, FL
    
    
    
    1984
    
    Light Industrial
    
    
    3.22
    
    
    
    47,256
    
    
    71%5313 Johns Road
    
    Tampa, FL
    
    
    
    1991
    
    R&D/Flex
    
    
    1.36
    
    
    
    25,690
    
    
    100%5602 Thompson Center Court
    
    Tampa, FL
    
    
    
    1972
    
    R&D/Flex
    
    
    1.39
    
    
    
    14,914
    
    
    100%5411 Johns Road
    
    Tampa, FL
    
    
    
    1997
    
    Light Industrial
    
    
    1.98
    
    
    
    30,204
    
    
    100%5525 Johns Road
    
    Tampa, FL
    
    
    
    1993
    
    R&D/Flex
    
    
    1.46
    
    
    
    24,139
    
    
    100%5607 Johns Road
    
    Tampa, FL
    
    
    
    1991
    
    R&D/Flex
    
    
    1.34
    
    
    
    13,500
    
    
    56%5709 Johns Road
    
    Tampa, FL
    
    
    
    1990
    
    Light Industrial
    
    
    1.80
    
    
    
    25,480
    
    
    100%5711 Johns Road
    
    Tampa, FL
    
    
    
    1990
    
    Light Industrial
    
    
    1.80
    
    
    
    25,455
    
    
    100%5453 West Waters Avenue
    
    Tampa, FL
    
    
    
    1987
    
    R&D/Flex
    
    
    0.66
    
    
    
    7,200
    
    
    100%5455 West Waters Avenue
    
    Tampa, FL
    
    
    
    1987
    
    R&D/Flex
    
    
    2.97
    
    
    
    32,424
    
    
    24%5553 West Waters Avenue
    
    Tampa, FL
    
    
    
    1987
    
    Light Industrial
    
    
    2.97
    
    
    
    32,424
    
    
    100%5501 West Waters Avenue
    
    Tampa, FL
    
    
    
    1990
    
    R&D/Flex
    
    
    1.53
    
    
    
    15,870
    
    
    100%5503 West Waters Avenue
    
    Tampa, FL
    
    
    
    1990
    
    R&D/Flex
    
    
    0.68
    
    
    
    7,060
    
    
    27%5555 West Waters Avenue
    
    Tampa, FL
    
    
    
    1990
    
    R&D/Flex
    
    
    2.31
    
    
    
    23,947
    
    
    90%5557 West Waters Avenue
    
    Tampa, FL
    
    
    
    1990
    
    R&D/Flex
    
    
    0.57
    
    
    
    5,860
    
    
    100%5461 W. Waters Avenue
    
    Tampa, FL
    
    
    
    1998
    
    Light Industrial
    
    
    1.84
    
    
    
    21,778
    
    
    100%5505 Johns Road #7
    
    Tampa, FL
    
    
    
    1999
    
    Light Industrial
    
    
    2.12
    
    
    
    30,019
    
    
    100%5481 W. Waters Avenue
    
    Tampa, FL
    
    
    
    1999
    
    R&D/Flex
    
    
    3.60
    
    
    
    41,861
    
    
    100%5905 Breckenridge Parkway
    
    Tampa, FL
    
    
    
    1982
    
    R&D/Flex
    
    
    1.67
    
    
    
    18,720
    
    
    100%
 26




---



##### Table of Contents



LandLocation
    
    
    
    Year Built -
    
    
    
    Area
    
    
    
    
    
    
    Occupancy atBuilding Address
    
    City/State
    
    Encumbrances
    
    Renovated
    
    Building Type
    
    (Acres)
    
    
    GLA
    
    
    12/31/04Tampa (cont.)5907 Breckenridge Parkway
    
    Tampa, FL
    
    
    
    1982
    
    R&D/Flex
    
    
    0.53
    
    
    
    5,980
    
    
    100%5909 Breckenridge Parkway
    
    Tampa, FL
    
    
    
    1982
    
    R&D/Flex
    
    
    1.60
    
    
    
    18,000
    
    
    100%5911 Breckenridge Parkway
    
    Tampa, FL
    
    
    
    1982
    
    R&D/Flex
    
    
    2.70
    
    
    
    30,397
    
    
    56%5910 Breckenridge Parkway
    
    Tampa, FL
    
    
    
    1982
    
    R&D/Flex
    
    
    4.77
    
    
    
    53,591
    
    
    72%5912 Breckenridge Parkway
    
    Tampa, FL
    
    
    
    1982
    
    R&D/Flex
    
    
    4.70
    
    
    
    52,806
    
    
    64%4515-4519 George Road
    
    Tampa, FL
    
    
    
    1985
    
    Light Industrial
    
    
    5.00
    
    
    
    64,742
    
    
    93%6301 Benjamin Road
    
    Tampa, FL
    
    
    
    1986
    
    R&D/Flex
    
    
    1.91
    
    
    
    27,249
    
    
    100%5723 Benjamin Road
    
    Tampa, FL
    
    
    
    1986
    
    R&D/Flex
    
    
    2.97
    
    
    
    42,270
    
    
    100%6313 Benjamin Road
    
    Tampa, FL
    
    
    
    1986
    
    R&D/Flex
    
    
    1.90
    
    
    
    27,066
    
    
    100%5801 Benjamin Road
    
    Tampa, FL
    
    
    
    1986
    
    Light Industrial
    
    
    3.83
    
    
    
    54,550
    
    
    82%5802 Benjamin Road
    
    Tampa, FL
    
    
    
    1986
    
    R&D/Flex
    
    
    4.06
    
    
    
    57,705
    
    
    87%5925 Benjamin Road
    
    Tampa, FL
    
    
    
    1986
    
    R&D/Flex
    
    
    2.05
    
    
    
    29,109
    
    
    69%6089 Johns Road
    
    Tampa, FL
    
    (g)
    
    1985
    
    R&D/Flex
    
    
    1.38
    
    
    
    24,000
    
    
    100%6103 Johns Road
    
    Tampa, FL
    
    (g)
    
    1986
    
    Light Industrial
    
    
    1.66
    
    
    
    28,800
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    1,247,724
    
    
    86%Other4200 West Harry Street (i)
    
    Wichita, KS
    
    
    
    1972
    
    Bulk Warehouse
    
    
    21.45
    
    
    
    177,655
    
    
    100%6601 S. 33rd Street
    
    McAllen, TX
    
    
    
    1975
    
    Reg. Warehouse
    
    
    3.31
    
    
    
    50,000
    
    
    100%Subtotal or Average
    
    
    
    
    
    
    227,655
    
    
    100%TOTAL
    
    
    
    
    
    
    52,330,335
    
    
    91%
 (a)
    
    This property collateralizes a $5.5 million mortgage loan which matures on December 1, 2019.(b)
    
    These properties collateralize a
$2.9 million mortgage loan which matures on September 1,
2009.(c)
    
    This property collateralizes a $5.7 million mortgage loan which matures on December 1, 2019.(d)
    
    This property collateralizes a $2.0 million mortgage loan which matures on October 1, 2006.(e)
    
    This property collateralizes a $16.3 million mortgage loan which matures on December 1, 2010.(f)
    
    These properties collateralize a $13.9 million mortgage loan which matures on November 10, 2012.(g)
    
    These properties collateralize a $6.7 million mortgage loan which matures on July 1, 2009.(h)
    
    Comprised of two properties.(i)
    
    Comprised of three properties.(j)
    
    Comprised of four properties.(k)
    
    Comprised of 28 properties.(l)
    
    This property collateralizes a $2.0
million mortgage loan which matures on January 1, 2013.
 27




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##### Table of Contents



Tenant and Lease Information The Consolidated Operating Partnership has a diverse base of over 2,200 tenants engaged in a
wide variety of businesses including manufacturing, retail, wholesale trade, distribution and
professional services. Most leases have an initial term of between three and six years and provide
for periodic rent increases that are either fixed or based on changes in the Consumer Price Index.
Industrial tenants typically have net or semi-net leases and pay as additional rent their
percentage of the propertys operating costs, including the costs of common area maintenance,
property taxes and insurance. As of December 31, 2004, approximately 91% of the GLA of the
Consolidated Operating Partnerships properties was leased, and no single tenant or group of
related tenants accounted for more than 1.5% of the Consolidated Operating Partnerships rent
revenues, nor did any single tenant or group of related tenants occupy more than 1.4% of the
Consolidated Operating Partnerships total GLA as of December 31, 2004. The following table shows scheduled lease expirations for all leases for the Consolidated
Operating Partnerships in-service properties as of December 31, 2004. Annual Base RentNumber of
    
    
    
    
    
    Percentage of
    
    Under Expiring
    
    
    Percentage of TotalYear of
    
    Leases
    
    GLA
    
    
    GLA
    
    Leases
    
    
    Annual Base RentExpiration (1)
    
    Expiring
    
    Expiring (2)
    
    
    Expiring
    
    (In thousands)
    
    
    Expiring (2)2005
    
    730
    
    
    13,087,777
    
    
    27.5%
    
    
    53,024
    
    
    26.3%2006
    
    464
    
    
    8,843,896
    
    
    18.6%
    
    
    38,873
    
    
    19.3%2007
    
    408
    
    
    8,034,673
    
    
    16.9%
    
    
    34,756
    
    
    17.2%2008
    
    273
    
    
    6,157,997
    
    
    12.9%
    
    
    24,930
    
    
    12.4%2009
    
    234
    
    
    4,446,462
    
    
    9.4%
    
    
    21,558
    
    
    10.7%2010
    
    90
    
    
    2,376,307
    
    
    5.0%
    
    
    10,197
    
    
    5.1%2011
    
    29
    
    
    876,328
    
    
    1.8%
    
    
    3,386
    
    
    1.7%2012
    
    15
    
    
    417,740
    
    
    0.9%
    
    
    1,731
    
    
    0.9%2013
    
    14
    
    
    810,450
    
    
    1.7%
    
    
    3,029
    
    
    1.5%2014
    
    15
    
    
    937,856
    
    
    2.0%
    
    
    4,729
    
    
    2.3%Thereafter
    
    14
    
    
    1,589,749
    
    
    3.3%
    
    
    5,395
    
    
    2.6%Total
    
    2,286
    
    
    47,579,235
    
    
    100.0%
    
    $
    201,608
    
    
    100.0%
  (1)
    Lease expirations as of December 31, 2004 assume tenants do not exercise existing renewal, termination,
or purchase options.(2)
    Does not include existing vacancies of 4,751,100 aggregate square feet. 28




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##### Table of Contents



The Other Real Estate Partnerships have a diverse base of more than 200 tenants engaged
in a wide variety of businesses including manufacturing, retail, wholesale trade, distribution and
professional services. Most leases have an initial term of between three and six years and provide
for periodic rent increases that are either fixed or based on changes in the Consumer Price Index.
Industrial tenants typically have net or semi-net leases and pay as additional rent their
percentage of the propertys operating costs, including the costs of common area maintenance,
property taxes and insurance. As of December 31, 2004, approximately 85% of the GLA of the Other
Real Estate Partnerships properties was leased, and no single tenant or group of related tenants
accounted for more than 5.0% of the Other Real Estate Partnerships rent revenues, nor did any
single tenant or group of related tenants occupy more than 8.6% of the Other Real Estate
Partnerships total GLA as of December 31, 2004. The following table shows scheduled lease expirations for all leases for the Other Real Estate
Partnerships properties in-service as of December 31, 2004. Annual Base RentNumber of
    
    
    
    
    
    Percentage of
    
    Under Expiring
    
    
    Percentage of TotalYear of
    
    Leases
    
    GLA
    
    
    GLA
    
    Leases
    
    
    Annual Base RentExpiration (1)
    
    Expiring
    
    Expiring (2)
    
    
    Expiring
    
    (In thousands)
    
    
    Expiring (2)2005
    
    73
    
    
    1,426,793
    
    
    17.9%
    
    
    6,627
    
    
    20.3%2006
    
    53
    
    
    1,503,981
    
    
    18.9%
    
    
    7,064
    
    
    21.7%2007
    
    45
    
    
    791,332
    
    
    9.9%
    
    
    3,617
    
    
    11.1%2008
    
    26
    
    
    943,499
    
    
    11.8%
    
    
    3,844
    
    
    11.8%2009
    
    37
    
    
    946,278
    
    
    11.9%
    
    
    4,415
    
    
    13.5%2010
    
    16
    
    
    392,898
    
    
    4.9%
    
    
    1,625
    
    
    5.0%2011
    
    7
    
    
    685,876
    
    
    8.6%
    
    
    2,790
    
    
    8.6%2012
    
    2
    
    
    144,000
    
    
    1.8%
    
    
    223
    
    
    0.7%2013
    
    2
    
    
    960,661
    
    
    12.1%
    
    
    1,750
    
    
    5.4%2014
    
    1
    
    
    96,600
    
    
    1.2%
    
    
    220
    
    
    0.7%Thereafter
    
    3
    
    
    82,765
    
    
    1.0%
    
    
    401
    
    
    1.2%Total
    
    265
    
    
    7,974,683
    
    
    100.0%
    
    $
    32,576
    
    
    100.0%
  (1)
    Lease expirations as of December 31, 2004 assume tenants do not exercise existing
renewal, termination,
or purchase options.(2)
    Does not include existing vacancies of 1,365,717 aggregate square feet. 
 Item 3. Legal Proceedings The Consolidated Operating Partnership is involved in legal proceedings arising in the
ordinary course of business. All such proceedings, taken together, are not expected to have a
material impact on the results of operations, financial position or liquidity of the Consolidated
Operating Partnership. 
 Item 4. Submission of Matters to a Vote of Security Holders None 29




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##### Table of Contents



PART II 
 Item 5. Market for Registrants Partners Capital, Related Partner Matters and Issuer
Purchases of Equity Securities There is no established public trading market for the general partner and limited partner
units. As of March 23, 2005, there were 249 holders of record of general partner and limited
partner units (Unit). Beginning with the third quarter of 1994, the Operating Partnership has made consecutive
quarterly distributions to its partners with respect to general partner and limited partner units
since the initial public offering of the Company in June 1994. The current indicated annual
distribution rate with respect to general partner and limited partner units is $2.78 per unit
($.6950 per Unit per quarter). The Operating Partnerships ability to make distributions depends
on a number of factors, including its net cash provided by operating activities, capital
commitments and debt repayment schedules. Holders of general partner and limited partner units are
entitled to receive distributions when, as and if declared by the Board of Directors of the
Company, its general partner, after the priority distributions required under the Operating
Partnerships partnership agreement have been made with respect to Preferred Units out of any funds
legally available for that purpose. The following table sets forth the distributions per Unit paid or declared by the Operating
Partnership during the periods noted: DistributionQuarter Ended
    
    DeclaredDecember 31, 2004
    
    $
    0.6950September 30, 2004
    
    $
    0.6850June 30, 2004
    
    $
    0.6850March 31, 2004
    
    $
    0.6850December 31, 2003
    
    $
    0.6850September 30, 2003
    
    $
    0.6850June 30, 2003
    
    $
    0.6850March 31,2003
    
    $
    0.6850
 On March 4, 2005, the Operating Partnership issued 37,587 Units having an aggregate market
value of approximately $1.5 million in exchange for property. All of the above Units were issued in private placements in reliance on Section 4(2) of the
Securities Act of 1933, as amended, including Regulation D promulgated thereunder, to individuals
or entities holding real property or interests therein. No underwriters were used in connection
with such issuances. Subject to lock-up periods and certain adjustments, Units are convertible into common stock,
$.01 par value, of the Company on a one-for-one basis or cash at the option of the Company. 30




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##### Table of Contents



Item 6. Selected Financial Data The following sets forth selected financial and operating data for the Consolidated Operating
Partnership on a historical consolidated basis. The following data should be read in conjunction with the
financial statements and notes thereto and Managements Discussion and Analysis of Financial
Condition and Results of Operations included elsewhere in this Form 10-K. The historical statements of
operations and cash flows for the years ended December 31, 2003 and
2002, and the selected data below for 2001 and 2000 have been restated to correct the
classification of income taxes. The historical
statements of operations for the years ended December 31, 2004, 2003 and 2002 include the results
of operations of the Consolidated Operating Partnership as derived from the Consolidated
Operating Partnerships audited financial statements. The historical statements of operations for
the years ended December 31, 2001 and 2000 include the results of operations of the Consolidated
Operating Partnership as derived from the Consolidated Operating Partnerships audited financial
statements except that management has made adjustments to correct the
classification of income taxes. Also, results of operations of properties sold are presented in discontinued
operations if such properties met both of the following criteria: (a) the operations and cash flows
of the property have been (or will be) eliminated from the ongoing operations of the Consolidated
Operating Partnership as a result of the disposition and (b) the Consolidated Operating Partnership
will not have any significant involvement in the operations of the property after the disposal
transaction. The adjustments made by management and the resulting
adjusted balances were not audited. The historical balance sheet data and other data as of December 31, 2004, 2003, 2002,
2001 and 2000 include the balances of the Consolidated Operating Partnership as derived
from the Consolidated Operating Partnerships audited financial statements. 31




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##### Table of Contents



Restated
    
    
    Restated
    
    
    Restated
    
    
    RestatedYear
    
    
    Year
    
    
    Year
    
    
    Year
    
    
    YearEnded
    
    
    Ended
    
    
    Ended
    
    
    Ended
    
    
    Ended12/31/04
    
    
    12/31/03
    
    
    12/31/02
    
    
    12/31/01
    
    
    12/31/00(In thousands, except per
Unit and property data)Statement of Operations Data:Total Revenues
    
    $
    275,831
    
    
    $
    250,381
    
    
    $
    235,890
    
    
    $
    248,836
    
    
    $
    258,595Interest Income
    
    
    2,025
    
    
    
    1,698
    
    
    
    121
    
    
    
    265
    
    
    
    1,970Gain on Settlement of Interest Rate Protection Agreement
    
    
    1,583
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Property Expenses
    
    
    (93,912
    )
    
    
    (85,455
    )
    
    
    (77,528
    )
    
    
    (76,049
    )
    
    
    (78,288
    )General and Administrative Expense
    
    
    (38,912
    )
    
    
    (25,607
    )
    
    
    (19,230
    )
    
    
    (17,990
    )
    
    
    (16,971
    )Interest Expense
    
    
    (99,067
    )
    
    
    (95,198
    )
    
    
    (87,439
    )
    
    
    (78,841
    )
    
    
    (80,885
    )Amortization of Deferred Financing Costs
    
    
    (1,928
    )
    
    
    (1,761
    )
    
    
    (1,858
    )
    
    
    (1,742
    )
    
    
    (1,683
    )Depreciation and Other Amortization
    
    
    (82,894
    )
    
    
    (63,785
    )
    
    
    (52,586
    )
    
    
    (48,649
    )
    
    
    (45,446
    )Loss from Early Retirement of Debt (b)
    
    
    (515
    )
    
    
    
    
    
    
    (888
    )
    
    
    (10,309
    )
    
    
    Valuation Provision on Real Estate (a)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,490
    )
    
    
    (2,169
    )Benefit
(Provision) for Income Taxes
    
    
    7,859
    
    
    
    4,950
    
    
    
    2,188
    
    
    
    197
    
    
    
    (341
    )Equity in Income of Other Real Estate Partnerships
    
    
    29,203
    
    
    
    43,332
    
    
    
    53,038
    
    
    
    47,949
    
    
    
    33,049Equity in Income (Loss) of Joint Ventures
    
    
    34,990
    
    
    
    539
    
    
    
    463
    
    
    
    (791
    )
    
    
    571Income from Continuing Operations
    
    
    34,263
    
    
    
    29,094
    
    
    
    52,171
    
    
    
    56,386
    
    
    
    68,402Income from Discontinued Operations (Including Gain on
Sale of Real Estate, Net of Income Taxes, of $73,372, $72,947 and $35,592 for the
Year Ended December 31, 2004, 2003 and 2002), Net of Income Taxes (c)
    
    
    81,103
    
    
    
    94,716
    
    
    
    71,232
    
    
    
    38,678
    
    
    
    35,998Gain on Sale
of Real Estate, Net of Income Taxes
    
    
    9,788
    
    
    
    7,246
    
    
    
    13,015
    
    
    
    42,899
    
    
    
    25,416Net Income
    
    
    125,154
    
    
    
    131,056
    
    
    
    136,418
    
    
    
    137,963
    
    
    
    129,816Redemption of Preferred Units
    
    
    (7,959
    )
    
    
    
    
    
    
    (3,707
    )
    
    
    
    
    
    
    Preferred Unit Distributions
    
    
    (14,488
    )
    
    
    (20,176
    )
    
    
    (23,432
    )
    
    
    (28,924
    )
    
    
    (28,924
    )Net Income Available to Unitholders
    
    $
    102,707
    
    
    $
    110,880
    
    
    $
    109,279
    
    
    $
    109,039
    
    
    $
    100,892Income from Continuing Operations Available to
Unitholders Per Weighted Average Unit Share
Outstanding:Basic
    
    $
    0.46
    
    
    $
    0.36
    
    
    $
    0.83
    
    
    $
    1.53
    
    
    $
    1.43Diluted
    
    $
    0.46
    
    
    $
    0.36
    
    
    $
    0.83
    
    
    $
    1.52
    
    
    $
    1.42Net Income Available to UnitholdersPer Weighted Average Unit Outstanding:Basic
    
    $
    2.18
    
    
    $
    2.45
    
    
    $
    2.38
    
    
    $
    2.37
    
    
    $
    2.22Diluted
    
    $
    2.16
    
    
    $
    2.44
    
    
    $
    2.37
    
    
    $
    2.36
    
    
    $
    2.21Distributions Per Unit
    
    $
    2.7500
    
    
    $
    2.7400
    
    
    $
    2.7250
    
    
    $
    2.6525
    
    
    $
    2.5175Weighted Average Number of Units
Outstanding:Basic
    
    
    47,136
    
    
    
    45,322
    
    
    
    45,841
    
    
    
    45,949
    
    
    
    45,422Diluted
    
    
    47,467
    
    
    
    45,443
    
    
    
    46,079
    
    
    
    46,258
    
    
    
    45,714Net Income
    
    $
    125,154
    
    
    $
    131,056
    
    
    $
    136,418
    
    
    $
    137,963
    
    
    $
    129,816Other Comprehensive Income (Loss):Cumulative Transition Adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (14,920
    )
    
    
    Settlement of Interest Rate Protection Agreements
    
    
    6,816
    
    
    
    
    
    
    
    1,772
    
    
    
    (191
    )
    
    
    Mark-to-Market of Interest Rate Protection Agreements
and Interest Rate Swap Agreement
    
    
    106
    
    
    
    251
    
    
    
    (126
    )
    
    
    (231
    )
    
    
    Write-off of Unamortized Interest Rate Protection
Agreements Due to Early Retirement of Debt
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,156
    
    
    
    Amortization of Interest Rate Protection Agreements
    
    
    (512
    )
    
    
    198
    
    
    
    176
    
    
    
    805
    
    
    
    Comprehensive Income
    
    $
    131,564
    
    
    $
    131,505
    
    
    $
    138,240
    
    
    $
    125,582
    
    
    $
    129,816
 32




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##### Table of Contents



Restated
    
    
    Restated
    
    
    Restated
    
    
    RestatedYear
    
    
    Year
    
    
    Year
    
    
    Year
    
    
    YearEnded
    
    
    Ended
    
    
    Ended
    
    
    Ended
    
    
    Ended12/31/04
    
    
    12/31/03
    
    
    12/31/02
    
    
    12/31/01
    
    
    12/31/00(In thousands, except per Unit and property data)Balance Sheet Data (End of Peroid):Real Estate, Before Accumulated Depreciation
    
    $
    2,486,414
    
    
    $
    2,352,026
    
    
    $
    2,316,970
    
    
    $
    2,311,883
    
    
    $
    2,020,552Real Estate, After Accumulated Depreciation
    
    
    2,165,411
    
    
    
    2,056,338
    
    
    
    2,055,595
    
    
    
    2,082,590
    
    
    
    1,838,072Real Estate Held for Sale, Net
    
    
    50,286
    
    
    
    
    
    
    
    7,040
    
    
    
    28,702
    
    
    
    190,379Investment in and Advances to Other Real Estate
Partnerships
    
    
    339,967
    
    
    
    374,906
    
    
    
    377,776
    
    
    
    378,350
    
    
    
    381,231Total Assets
    
    
    2,712,700
    
    
    
    2,633,262
    
    
    
    2,585,805
    
    
    
    2,580,652
    
    
    
    2,539,407Mortgage Loans Payable, Net, Unsecured Lines of
Credit and Senior Unsecured Debt, Net
    
    
    1,572,473
    
    
    
    1,451,269
    
    
    
    1,402,069
    
    
    
    1,277,722
    
    
    
    1,180,023Total Liabilities
    
    
    1,702,978
    
    
    
    1,570,195
    
    
    
    1,525,587
    
    
    
    1,400,727
    
    
    
    1,329,576Partners Capital
    
    
    1,009,722
    
    
    
    1,063,067
    
    
    
    1,060,218
    
    
    
    1,179,925
    
    
    
    1,209,831Other Data:Cash Flow From Operating Activities
    
    $
    81,015
    
    
    $
    91,266
    
    
    $
    138,453
    
    
    $
    145,986
    
    
    $
    151,889Cash Flow From Investing Activities
    
    
    5,570
    
    
    
    18,115
    
    
    
    11,007
    
    
    
    (80,236
    )
    
    
    (85,152
    )Cash Flow From Financing Activities
    
    
    (83,516
    )
    
    
    (109,381
    )
    
    
    (149,460
    )
    
    
    (69,394
    )
    
    
    (63,115
    )Total
In-Service Properties
    
    
    726
    
    
    
    729
    
    
    
    798
    
    
    
    812
    
    
    
    865Total
In-Service GLA, in Square Feet
    
    
    52,330,335
    
    
    
    48,527,601
    
    
    
    49,867,755
    
    
    
    52,214,832
    
    
    
    55,615,111In-Service Occupancy Percentage
    
    
    91
    %
    
    
    90
    %
    
    
    89
    %
    
    
    91
    %
    
    
    95
    %
  (a)
    Represents a valuation provision on real estate relating to certain properties located in
Columbus, Ohio, Des Moines, Iowa and Grand Rapids, Michigan.(b)
    In 2004, the Consolidated Operating Partnership paid off and retired a mortgage debt. The
Consolidated Operating Partnership recorded a loss from the early retirement of debt of
approximately $.5 million which is comprised of the write-off of unamortized deferred
financing costs and a prepayment penalty. In 2002, the Consolidated Operating Partnership paid
off and retired certain senior unsecured debt. The Consolidated Operating Partnership recorded
a loss from the early retirement of debt of approximately $.9 million which is comprised of
the amount paid above the carrying amount of the senior unsecured debt, the write-off of pro
rata unamortized deferred financing costs and legal costs. In 2001, the Consolidated Operating
Partnership, paid off and retired certain mortgage loans and certain senior unsecured debt.
The Consolidated Operating Partnership recorded a loss from the early retirement of debt of
approximately $10.3 million, which is comprised of the amount paid above the carrying amount
of the senior unsecured debt, the write-off of unamortized deferred financing costs, the
write-off of the unamortized portion of an interest rate protection agreement which was used
to fix the interest rate on the senior unsecured debt prior to issuance, the settlement of an
interest rate protection agreement used to fix the retirement price of the senior unsecured
debt, prepayment fees, legal costs and other expenses.(c)
    On January 1, 2002, the Consolidated Operating Partnership adopted the Financial Accounting
Standards Boards (FASB) Statement of Financial Accounting Standards No. 144, Accounting
for the Impairment or Disposal of Long Lived Assets (FAS 144). FAS 144 addresses financial
accounting and reporting for the disposal of long lived assets. FAS 144 requires that the
results of operations and gains or losses on the sale of property be presented in discontinued
operations if both of the following criteria are met: (a) the operations and cash flows of the
property have been (or will be) eliminated from the ongoing operations of the Consolidated
Operating Partnership as a result of the disposal transaction and (b) the Consolidated
Operating Partnership will not have any significant continuing involvement in the operations
of the property after the disposal transaction. FAS 144 also requires prior period results of
operations for these properties to be restated and presented in discontinued operations in
prior consolidated statements of operations. 33




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##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with Selected Financial Data and the
historical Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form
10-K. First Industrial, L.P. (the Operating Partnership) was organized as a limited partnership in
the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty
Trust, Inc. (the Company) with an approximate 86.9% ownership interest at December 31, 2004. The
Company also owns a preferred general partnership interest in the Operating Partnership (Preferred
Units) with an aggregate liquidation priority of $125 million. The Company is a real estate
investment trust (REIT) as defined in the Internal Revenue Code. The Companys operations are
conducted primarily through the Operating Partnership. The limited partners of the Operating
Partnership own, in the aggregate, approximately a 13.1% interest in the Operating Partnership at
December 31, 2004. The Operating Partnership is the sole member of several limited liability companies (the L.L.C.s)
and the sole stockholder of First Industrial Development Services,
Inc., (together with the Operating Partnership and the L.L.C.s, the
Consolidated Operating Partnership) the operating data of
which is consolidated with that of the Operating Partnership. The
Operating Partnership also holds at least a 99%
limited partnership interest in First Industrial Financing Partnership, L.P. (the Financing
Partnership), First Industrial Securities, L.P. (the Securities Partnership), First Industrial
Mortgage Partnership, L.P (the Mortgage Partnership), First Industrial Pennsylvania, L.P. (the
Pennsylvania Partnership), First Industrial Harrisburg, L.P. (the Harrisburg Partnership),
First Industrial Indianapolis, L.P. (the Indianapolis Partnership), TK-SV, LTD., and FI
Development Services, L.P. (together, the Other Real Estate
Partnerships). The Other Real Estate Partnerships
operating data is presented on a combined basis, separate from that
of the Consolidated Operating Partnership. The Operating
Partnership, through separate wholly-owned limited liability companies in which it is the sole
member, also owns minority equity interests in, and provides asset and property management services
to, two joint ventures which invest in industrial properties (the September 1998 Joint Venture
and the May 2003 Joint Venture). The Operating Partnership, through a separate, wholly-owned
limited liability company of which the Operating Partnership is also the sole member, also owned a
minority interest in, and provided property management services to, a third joint venture which
invested in industrial properties (the December 2001 Joint Venture; together with the September
1998 Joint Venture and the May 2003 Joint Venture, the Joint Ventures). During the year ended
December 31, 2004 the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the
Consolidated Operating Partnership as presented herein. The general partners of the Other Real Estate Partnerships are separate corporations, each
with at least a .01% general partnership interest in the Other Real Estate Partnerships for which
it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a
wholly-owned subsidiary of the Company. The financial statements of the Operating Partnership report the L.L.C.s and First Industrial
Development Services, Inc. on a consolidated basis and the Other Real
Estate Partnerships and the Joint Ventures are accounted for
under the equity method of accounting. Profits, losses and distributions of the Operating
Partnership, the L.L.C.s and the Other Real Estate Partnerships are allocated to the general
partner and the limited partners, or members, as applicable, in accordance with the provisions
contained within the partnership agreements or operating agreements, as applicable, of the
Operating Partnership, the L.L.C.s and the Other Real Estate Partnerships. As of December 31, 2004, the Consolidated Operating Partnership owned 726 in-service
industrial properties, containing an aggregate of approximately 52.3 million square feet of gross
leasable area (GLA). On a combined basis, as of December 31, 2004, the Other Real Estate
Partnerships owned 101 in-service industrial properties, containing an aggregate of approximately
9.4 million square feet of GLA. Of the 101 industrial properties owned by the Other Real Estate
Partnerships at December 31, 2004, 19 are held by the Financing Partnership, 16 are held by the
Securities Partnership, 13 are held by the Mortgage Partnership, 38 are held by the Pennsylvania
Partnership, 10 are held by the Harrisburg Partnership, four are held by the Indianapolis
Partnership and one is held by TK-SV, LTD. Management believes the Consolidated Operating Partnerships financial condition and results
of operations are, primarily, a function of the Consolidated Operating Partnerships performance in
four key areas: leasing of industrial properties, acquisition and development of additional
industrial properties, redeployment of internal capital and access to external capital. The Consolidated Operating Partnership generates revenue primarily from rental income and
tenant recoveries from the lease of industrial properties under long-term (generally three to six
years) operating leases. 34




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##### Table of Contents



Such revenue is offset by certain property specific operating expenses, such as real estate
taxes, repairs and maintenance, property management, utilities and insurance expenses, along with
certain other costs and expenses, such as depreciation and amortization costs and general and
administrative and interest expenses. The Consolidated Operating Partnerships revenue growth is
dependent, in part, on its ability to (i) increase rental income, through increasing, either or
both, occupancy rates and rental rates at the Consolidated Operating Partnerships properties, (ii)
maximize tenant recoveries and (iii) minimize operating and certain other expenses. Revenues
generated from rental income and tenant recoveries are a significant source of funds, in addition
to income generated from gains/losses on the sale of the Consolidated Operating Partnerships
properties (as discussed below), for the Consolidated Operating Partnerships distributions. The
leasing of property, in general, and occupancy rates, rental rates, operating expenses and certain
non-operating expenses, in particular, are impacted, variously, by property specific, market
specific, general economic and other conditions, many of which are beyond the control of the
Consolidated Operating Partnership. The leasing of property also entails various risks, including
the risk of tenant default. If the Consolidated Operating Partnership were unable to maintain or
increase occupancy rates and rental rates at the Consolidated Operating Partnerships properties or
to maintain tenant recoveries and operating and certain expenses consistent with historical levels
and proportions, the Consolidated Operating Partnerships revenue growth would be limited.
Further, if a significant number of the Consolidated Operating Partnerships tenants were unable to
pay rent (including tenant recoveries) or if the Consolidated Operating Partnership were unable to
rent its properties on favorable terms, the Consolidated Operating Partnerships financial
condition, results of operations, cash flow and ability to pay dividends on, and the market price
of, the Companys common stock would be adversely affected. The Consolidated Operating Partnerships revenue growth is also dependent, in part, on its
ability to acquire existing, and acquire and develop new, additional industrial properties on
favorable terms. The Consolidated Operating Partnership continually seeks to acquire existing
industrial properties on favorable terms, and, when conditions permit, also seeks to acquire and
develop new industrial properties on favorable terms. Existing properties, as they are acquired,
and acquired and developed properties, as they lease-up, generate revenue from rental income and
tenant recoveries, income from which, as discussed above, is a source of funds for the Consolidated
Operating Partnerships distributions. The acquisition and development of properties is impacted,
variously, by property specific, market specific, general economic and other conditions, many of
which are beyond the control of the Consolidated Operating Partnership. The acquisition and
development of properties also entails various risks, including the risk that the Consolidated
Operating Partnerships investments may not perform as expected. For example, acquired existing
and acquired and developed new properties may not sustain and/or achieve anticipated occupancy and
rental rate levels. With respect to acquired and developed new properties, the Consolidated
Operating Partnership may not be able to complete construction on schedule or within budget,
resulting in increased debt service expense and construction costs and delays in leasing the
properties. Also, the Consolidated Operating Partnership faces significant competition for
attractive acquisition and development opportunities from other well-capitalized real estate
investors, including both publicly-traded real estate investment trusts and private investors.
Further, as discussed below, the Consolidated Operating Partnership may not be able to finance the
acquisition and development opportunities it identifies. If the Company were unable to acquire and
develop sufficient additional properties on favorable terms or if such investments did not perform
as expected, the Consolidated Operating Partnerships revenue growth would be limited and its
financial condition, results of operations, cash flow and ability to
pay dividends on, and the
market price of, the Companys common stock would be adversely affected. The Consolidated Operating Partnership also generates income from the sale of properties
(including existing buildings, buildings which the Consolidated Operating Partnership has developed
or re-developed on a merchant basis and land). The Consolidated Operating Partnership is
continually engaged in, and its income growth is dependent, in part, on systematically redeploying
its capital from properties and other assets with lower yield potential into properties and other
assets with higher yield potential. As part of that process, the Consolidated Operating
Partnership sells, on an ongoing basis, select stabilized properties or properties offering lower
potential returns relative to their market value. The gain/loss on the sale of such properties is
included in the Consolidated Operating Partnerships income and is a significant source of funds,
in addition to revenues generated from rental income and tenant recoveries, for the Consolidated
Operating Partnerships distributions. Also, a significant portion of the proceeds from such sales
is used to fund the acquisition of existing, and the acquisition and development of new, industrial
properties. The sale of properties is impacted, variously, by property specific, market specific,
general economic and other conditions, many of which are beyond the control of the Consolidated
Operating Partnership. The sale of properties also entails various risks, including competition
from other sellers and the availability of attractive financing for potential buyers of the
Consolidated Operating Partnerships properties. Further, the Consolidated Operating Partnerships
ability to sell properties is limited by safe harbor rules applying to REITs under the Code which
relate to the number of properties that may be disposed of in a year, their tax bases and the cost
of improvements made to the properties, along with other tests which enable a REIT to avoid
punitive taxation on the 35




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##### Table of Contents



sale of assets. If the Consolidated Operating Partnership were unable to sell properties on
favorable terms, the Consolidated Operating Partnerships income growth would be limited and its
financial condition, results of operations, cash flow and ability to pay dividends on, and the
market price of, the Companys common stock would be adversely affected. Currently, the Consolidated Operating Partnership utilizes a portion of the net sales proceeds
from property sales, borrowings under its $300 million unsecured line of credit (the Unsecured
Line of Credit) and proceeds from the issuance, when and as warranted, of additional equity
securities to finance future acquisitions and developments. Access to external capital on favorable
terms plays a key role in the Consolidated Operating Partnerships financial condition and results
of operations, as it impacts the Consolidated Operating Partnerships cost of capital and its
ability to refinance existing indebtedness as it matures and to fund future acquisitions and
developments through the issuance, when and as warranted, of additional equity securities. The
Companys ability to access external capital on favorable terms is dependent on various factors,
including general market conditions, interest rates, credit ratings on the Companys capital stock
and debt, the markets perception of the Companys growth potential, the Companys current and
potential future earnings and cash distributions and the market price of the Companys capital
stock. If the Company were unable to access external capital on favorable terms, the Companys
financial condition, results of operations, cash flow and ability to
pay dividends on, and the
market price of, the Companys common stock would be adversely affected. In the consolidated statements of operations for the years ended
December 31, 2003 and 2002 presented in its Form 8-K filed July 30,
2004, the Consolidated Operating Partnership allocated its entire
tax provision/benefit to income from discontinued operations. The
Consolidated Operating Partnership has determined that its tax
provision/benefit should be allocated between income from continuing
operations, income from discontinued operations and gain on sale of real estate.
The Consolidated Operating Partnership has restated its consolidated
statements of operations and cash flows for the years ended December 31, 2003 and
2002 to reflect this new allocation
in this Form 10-K. CRITICAL ACCOUNTING POLICIES The Consolidated Operating Partnerships significant accounting policies are described in more
detail in Note 3 to the Consolidated Financial Statements. The Consolidated Operating
Partnership believes the following critical accounting policies affect its more significant
judgments and estimates used in the preparation of its consolidated financial statements.  
    The Consolidated Operating Partnership maintains an allowance for doubtful accounts
which is based on estimates of potential losses which could result from the inability of
the Consolidated Operating Partnerships tenants to satisfy outstanding billings with the
Consolidated Operating Partnership. The allowance for doubtful accounts is an estimate
based on the Consolidated Operating Partnerships assessment of the creditworthiness of
its tenants.
    Properties are classified as held for sale when the Consolidated Operating Partnership
has entered into a binding contract to sell such properties. When properties are classified as
held for sale, the Consolidated Operating Partnership ceases depreciating the properties
and values of such properties and measures them at the lower of depreciated cost or fair
value, less costs to dispose. If circumstances arise that were previously considered
unlikely, and, as a result, the Consolidated Operating Partnership decides not to sell a
property previously classified as held for sale, the Consolidated Operating Partnership
will reclassify such property as held and used. The Consolidated Operating Partnership
estimates the value of such property and measures it at the lower of its carrying amount
(adjusted for any depreciation and amortization expense that would have been recognized
had the property been continuously classified as held and used) or fair value at the date
of the subsequent decision not to sell. Fair value is determined by deducting from the
contract price of the property the estimated costs to close the sale.
    The Consolidated Operating Partnership reviews its properties on a quarterly basis for
impairment and provides a provision if impairments are determined. The Consolidated
Operating Partnership utilizes the guidelines established under Financial Accounting
Standards Boards Statement of Financial Accounting Standards (FAS) No. 144, Accounting
for the Impairment or Disposal of Long Lived Assets (FAS 144) to determine if
impairment conditions exist. The Consolidated Operating Partnership reviews the expected
undiscounted cash flows of each property to determine if there are any indications of
impairment. If the expected undiscounted cash flows of a particular property are less
than the net book basis of the property, the Consolidated Operating Partnership will
recognize an impairment charge equal to the amount of carrying value of the property that
exceeds the fair value of the property. Fair value is determined by discounting the future
expected cash flows of the property. The calculation of the fair value involves subjective
assumptions such as estimated occupancy, rental rates, ultimate residual value and the
discount rate used to present value the cash flows.
    The Consolidated Operating Partnership is engaged in the acquisition of individual
properties as well as multi-property portfolios. In accordance with
FAS No. 141, Business
Combinations (FAS 141), the 36




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##### Table of Contents



Consolidated Operating Partnership is required to allocate purchase price between land,
building, tenant improvements, leasing commissions, intangible assets and above and below
market leases. Above-market and below-market lease values for acquired properties are
recorded based on the present value (using a discount rate which reflects the risks
associated with the leases acquired) of the difference between (i) the contractual amounts
to be paid pursuant to each in-place lease and (ii) managements estimate of fair market
lease rents for each corresponding in-place lease. Acquired above and below market leases
are amortized over the remaining non-cancelable terms of the respective leases as an
adjustment to rental income. The Consolidated Operating Partnership also must
allocate purchase price on multi-property portfolios to individual properties. The
allocation of purchase price is based on the Consolidated Operating Partnerships assessment
of various characteristics of the markets where the property is located and the expected
cash flows of the property. 37




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##### Table of Contents



RESULTS OF OPERATIONS Comparison of Year Ended December 31, 2004 to Year Ended December 31, 2003 The Consolidated Operating Partnerships net income available to unitholders was $102.7
million and $110.9 million for the years ended December 31, 2004 and December 31, 2003,
respectively. Basic and diluted net income available to unitholders was $2.18 and $2.16 per unit,
respectively, for the year ended December 31, 2004, and $2.45 and $2.44 per unit, respectively, for
the year ended December 31, 2003. The tables below summarize the Consolidated Operating Partnerships revenues, property
expenses and depreciation and other amortization by various categories for the years ended December
31, 2004 and December 31, 2003. Same store properties are in service properties owned prior to
January 1, 2003. Acquired properties are properties that were acquired subsequent to December 31,
2002. Sold properties are properties that were sold subsequent to December 31, 2002. Properties
that are not in service are properties that are under construction that have not reached stabilized
occupancy or were placed in service after December 31, 2002 or
acquisitions acquired prior to January 1, 2003 that were not placed
in service as of December 31, 2002. These properties are placed in
service as they reach stabilized occupancy (generally defined as properties that are 90% leased).
Other revenues are derived from the operations of the Consolidated Operating Partnerships
maintenance company, fees earned from the Consolidated Operating Partnerships joint ventures, fees
earned for developing properties for third parties and other miscellaneous revenues. Other
expenses are derived from the operations of the Consolidated Operating Partnerships maintenance
company and other miscellaneous regional expenses. The Consolidated Operating Partnerships future financial condition and results of operations,
including rental revenues, may be impacted by the future acquisition and sale of properties. The
future revenues and expenses may vary materially from historical rates. At December 31, 2004 and 2003, the occupancy rates of the Consolidated Operating Partnerships
same store properties were 89.4% and 89.4%, respectively. 2004
    
    
    2003
    
    
    $ Change
    
    
    % ChangeREVENUES ($ in 000s)Same Store Properties
    
    $
    212,298
    
    
    $
    215,026
    
    
    $
    (2,728
    )
    
    
    (1.3
    )%Acquired Properties
    
    
    41,935
    
    
    
    9,895
    
    
    
    32,040
    
    
    
    323.8
    %Sold Properties
    
    
    18,440
    
    
    
    50,982
    
    
    
    (32,542
    )
    
    
    (63.8
    )%Properties Not Placed in-service
    
    
    15,593
    
    
    
    15,915
    
    
    
    (322
    )
    
    
    (2.0
    )%Other
    
    
    8,741
    
    
    
    7,641
    
    
    
    1,100
    
    
    
    14.4
    %297,007
    
    
    
    299,459
    
    
    
    (2,452
    )
    
    
    (0.8
    )%Discontinued Operations
    
    
    (21,176
    )
    
    
    (49,078
    )
    
    
    27,902
    
    
    
    (56.9
    )%Total Revenues
    
    $
    275,831
    
    
    $
    250,381
    
    
    $
    25,450
    
    
    
    10.2
    %
 Revenues from same store properties remained relatively unchanged. Revenues from acquired
properties increased $32 million due to properties acquired subsequent to December 31, 2002.
Revenues from sold properties decreased $32.5 million, or 63.8%, due to properties sold subsequent
to December 31, 2002. Other revenues increased by approximately $1.1 million due primarily to an
increase in third party development and joint venture fees, partially offset by a decrease in
assignment fees. 2004
    
    
    2003
    
    
    $ Change
    
    
    % ChangePROPERTY EXPENSES ($ in 000s)Same Store Properties
    
    $
    69,071
    
    
    $
    71,946
    
    
    $
    (2,875
    )
    
    
    (4.0
    )%Acquired Properties
    
    
    12,443
    
    
    
    3,008
    
    
    
    9,435
    
    
    
    313.7
    %Sold Properties
    
    
    5,917
    
    
    
    16,177
    
    
    
    (10,260
    )
    
    
    (63.4
    )%Properties Not Placed in-service
    
    
    7,156
    
    
    
    5,373
    
    
    
    1,783
    
    
    
    33.2
    %Other
    
    
    6,108
    
    
    
    4,375
    
    
    
    1,733
    
    
    
    39.6
    %100,695
    
    
    
    100,879
    
    
    
    (184
    )
    
    
    (0.2
    )%Discontinued Operations
    
    
    (6,783
    )
    
    
    (15,424
    )
    
    
    8,641
    
    
    
    (56.0
    )%Total Property Expenses
    
    $
    93,912
    
    
    $
    85,455
    
    
    $
    8,457
    
    
    
    9.9
    %
 38




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##### Table of Contents



Property expenses include real estate taxes, repairs and maintenance, property management,
utilities, insurance and other property related expenses. Property expenses from same store
properties decreased by approximately $2.9 million primarily due to a decrease in bad debt expense.
Property expenses from acquired properties increased by $9.4 million due to properties acquired
subsequent to December 31, 2002. Property expenses from sold properties decreased by $10.3
million, or 63.4%, due to properties sold subsequent to December 31, 2002. Property expenses from
properties not in service increased $1.8 million due primarily to an increase in bad debt expense.
Other expense increased by $1.7 million due primarily to increases in employee compensation. General and administrative expense increased by approximately $13.3 million, or 52.0%, due
primarily to increases in employee incentive compensation and outside professional service fees. Amortization of deferred financing costs remained relatively unchanged. DEPRECIATION
and
    
    2004
    
    
    2003
    
    
    $ Change
    
    
    % ChangeOTHER AMORTIZATION ($ in 000s)Same Store Properties
    
    $
    59,775
    
    
    $
    54,756
    
    
    $
    5,019
    
    
    
    9.2
    %Acquired Properties
    
    
    15,796
    
    
    
    3,710
    
    
    
    12,086
    
    
    
    325.8
    %Sold Properties
    
    
    4,107
    
    
    
    10,438
    
    
    
    (6,331
    )
    
    
    (60.7
    )%Properties Not in-service and Other
    
    
    6,909
    
    
    
    4,190
    
    
    
    2,719
    
    
    
    64.9
    %Corporate FF&E
    
    
    1,279
    
    
    
    1,222
    
    
    
    57
    
    
    
    4.7
    %87,866
    
    
    
    74,316
    
    
    
    13,550
    
    
    
    18.2
    %Discontinued Operations
    
    
    (4,972
    )
    
    
    (10,531
    )
    
    
    5,559
    
    
    
    (52.8
    )%Total Depreciation andOther Amortization
    
    $
    82,894
    
    
    $
    63,785
    
    
    $
    19,109
    
    
    
    30.0
    %
 The increase in depreciation and other amortization for the same store properties is primarily
due to a net increase in leasing commissions and, building and tenant improvements paid in 2004 and
2003. Depreciation and other amortization from acquired properties increased by $12.1 million due
to properties acquired subsequent to December 31, 2002. Depreciation and other amortization from
sold properties decreased by $6.3 million, or 60.7%, due to properties sold subsequent to December
31, 2002. Depreciation and other amortization for properties not in service and other increased by
$2.7 million due primarily to depreciation expense being recognized in 2004 for developments that
were substantially completed but not in service. Interest income remained relatively unchanged. In March 2004, the Consolidated Operating Partnership entered into an interest rate protection
agreement which fixed the interest rate on a forecasted offering of unsecured debt which it
designated as a cash flow hedge. This interest rate protection agreement had a notional value of
$73.5 million, was effective from August 15, 2004 through August 15, 2009, and fixed the LIBOR rate
at 3.326%. In May 2004, the Consolidated Operating Partnership reduced the projected amount of the
future debt offering and settled $24.5 million of this interest rate protection agreement for
proceeds in the amount of $1.5 million which is recognized in net income for the year ended
December 31, 2004. In November 2004, the Consolidated Operating Partnership settled an interest rate protection
agreement for $.3 million that had been designated as a cash flow hedge of $50.0 million of a
forecasted debt issuance. Hedge ineffectiveness in the amount of $.1 million, due to a mismatch
in dates, was recognized in net income. The remaining $.2 million is included in other comprehensive
income and will be amortized over the term of the forecasted debt
issuance. In the event that the issuance of $50.0 million of
debt is not issued by December 10, 2005, the balance in other comprehensive
income will be reclassified into net income. Interest expense increased by $3.9 million due primarily to an increase in the
weighted average debt balance outstanding for the year ended December 31, 2004 ($1,520.4 million),
as compared to the year ended December 31, 2003 ($1,452.0 million). This was partially offset by a
decrease in the weighted average interest rate for the year ended December 31, 2004 (6.60%), as
compared to the year ended December 31, 2003 (6.61%), and an increase in capitalized interest for
the year ended December 31, 2004 due to an increase in development activities. 39




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The approximate $.5 million loss on early retirement of debt for the year ended December 31,
2004 is due to the early retirement of a mortgage loan. The loss on early retirement of debt is
comprised of the write-off of unamortized deferred financing costs and a prepayment penalty. Income tax benefit increased by $2.9 million due
primarily to an increase in general and administrative expense (G&A) due to additional G&A costs incurred in 2004 compared
to 2003 associated with additional investment activity in the Consolidated Operating Partnerships taxable REIT subsidiary. Equity in income of Other Real Estate Partnerships decreased by $14.1 million primarily due to
the decrease in net operating income as a result of property sales subsequent to December 31, 2003. Equity in income of joint ventures increased by $34.5 million due primarily to the
Consolidated Operating Partnerships allocation of gain from the sale of all of the properties in
the December 2001 Joint Venture and the Consolidated Operating
Partnerships recognition of the deferred gain on its initial
sale of properties to the December 2001 Joint Venture. The
$9.8 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2004 resulted
from the sale of four industrial properties and several land parcels that do not meet the criteria
established by FAS 144 for inclusion in discontinued operations. The
$7.2 million gain on sale of
real estate (net of income taxes) for the year ended December 31, 2003 resulted from the sale of eight industrial
properties and several land parcels that do not meet the criteria established by FAS 144 for
inclusion in discontinued operations. The
following table summarizes certain information regarding the industrial properties included
in discontinued operations by the Consolidated Operating Partnership for the year ended December
31, 2004 and December 31, 2003. Year Ended December 31,Restated2004
    
    
    2003Total Revenues
    
    $
    21,176
    
    
    $
    49,078Operating Expenses
    
    
    (6,783
    )
    
    
    (15,424
    )Depreciation and Amortization
    
    
    (4,972
    )
    
    
    (10,531
    )Provision
For Income Taxes
    
    
    (1,690
    )
    
    
    (1,354
    )Gain on Sale
of Real Estate, Net of Income Taxes
    
    
    73,372
    
    
    
    72,947Income from Discontinued Operations
    
    $
    81,103
    
    
    $
    94,716
 Income from discontinued operations (net of income taxes) for the year ended December 31, 2004 reflects the results
of operations and gain on sale of real estate of $73.4 million relating to 86 industrial properties
that were sold during the year ended December 31, 2004 and the results of operations from eight
properties identified as held for sale at December 31, 2004. Income from discontinued operations (net of income taxes) for the year ended December 31, 2003 reflects the results
of operations of industrial properties that were sold during the year ended December 31, 2004, eight properties identified as held for sale at December 31, 2004,
industrial properties that were sold during the twelve months ended December 31, 2003 as well
as the gain on sale of real estate of $72.9 million from the industrial properties which were
sold during the year ended December 31, 2003. Comparison of Year Ended December 31, 2003 to Year Ended December 31, 2002 The Consolidated Operating Partnerships net income available to unitholders was $110.9
million and $109.3 million for the years ended December 31, 2003, and December 31, 2002,
respectively. Basic and diluted net income available to unitholders was $2.45 and $2.44 per unit,
respectively, for the year ended December 31, 2003, and $2.38 and $2.37 per unit, respectively, for
the year ended December 31, 2002. The tables below summarize the Consolidated Operating Partnerships revenues, property
expenses and depreciation and other amortization by various categories for the years ended December
31, 2003 and December 31, 2002. Same store properties are in service properties owned prior to
January 1, 2002. Acquired properties are properties that were acquired subsequent to December 31,
2001. Sold properties are properties that were sold subsequent to December 31, 2001. Properties
that are not in service are properties that are under construction that have not reached stabilized
occupancy or were placed in service after December 31, 2001 or
acquisitions acquired prior to January 1, 2002 that were not placed
in service as of December 31, 2001. These properties are placed in
service as they reach stabilized occupancy (generally defined as properties that are 90% leased).
Other revenues are derived from the operations of the Consolidated Operating Partnerships
maintenance company, fees earned from the Consolidated Operating Partnerships joint ventures, fees
earned for developing properties for third parties and other miscellaneous revenues. Other
expenses are derived from the operations of the Consolidated Operating Partnerships maintenance
company and other miscellaneous regional expenses. 40




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##### Table of Contents



The Consolidated Operating Partnerships future financial condition and results of operations,
including rental revenues, may be impacted by the future acquisition and sale of properties. The
future revenues and expenses may vary materially from historical rates. At December 31, 2003 and 2002, the occupancy rates of the Consolidated Operating Partnerships
same store properties were 88.8% and 88.4%, respectively. 2003
    
    
    2002
    
    
    $ Change
    
    
    % ChangeREVENUES ($ in 000s)Same Store Properties
    
    $
    224,328
    
    
    $
    231,883
    
    
    $
    (7,555
    )
    
    
    (3.3
    )%Acquired Properties
    
    
    32,327
    
    
    
    8,657
    
    
    
    23,670
    
    
    
    273.4
    %Sold Properties
    
    
    20,989
    
    
    
    53,363
    
    
    
    (32,374
    )
    
    
    (60.7
    )%Properties Not Placed in-service
    
    
    13,628
    
    
    
    6,908
    
    
    
    6,720
    
    
    
    97.3
    %Other
    
    
    8,187
    
    
    
    6,566
    
    
    
    1,621
    
    
    
    24.7
    %299,459
    
    
    
    307,377
    
    
    
    (7,918
    )
    
    
    (2.6
    )%Discontinued Operations
    
    
    (49,078
    )
    
    
    (71,487
    )
    
    
    22,409
    
    
    
    (31.3
    )%Total Revenues
    
    $
    250,381
    
    
    $
    235,890
    
    
    $
    14,491
    
    
    
    6.1
    %
 Revenues from same store properties decreased $7.6 million, or 3.3% due primarily to a
decrease in rental rates on new leases. Revenues from acquired properties increased $23.7 million,
or 273.4% due to properties acquired subsequent to December 31, 2001. Revenues from sold
properties decreased $32.4 million, or 60.7% due to properties sold subsequent to December 31,
2001. Revenues from properties not placed in service increased $6.7 million due to an increase in
occupancy on developments that were substantially completed in 2003 and 2002. Revenues from other
properties increased $1.6 million due to an increase in assignment fees. 2003
    
    
    2002
    
    
    $ Change
    
    
    % ChangePROPERTY EXPENSES ($ in 000s)Same Store Properties
    
    $
    74,704
    
    
    $
    72,954
    
    
    $
    1,750
    
    
    
    2.4
    %Acquired Properties
    
    
    9,099
    
    
    
    1,894
    
    
    
    7,205
    
    
    
    380.4
    %Sold Properties
    
    
    6,929
    
    
    
    16,859
    
    
    
    (9,930
    )
    
    
    (58.9
    )%Properties Not Placed in-service
    
    
    5,235
    
    
    
    2,786
    
    
    
    2,449
    
    
    
    87.9
    %Other
    
    
    4,912
    
    
    
    3,855
    
    
    
    1,057
    
    
    
    27.4
    %100,879
    
    
    
    98,348
    
    
    
    2,531
    
    
    
    2.6
    %Discontinued Operations
    
    
    (15,424
    )
    
    
    (20,820
    )
    
    
    5,396
    
    
    
    (25.9
    )%Total Property Expenses
    
    $
    85,455
    
    
    $
    77,528
    
    
    $
    7,927
    
    
    
    10.2
    %
 Property expenses, which include real estate taxes, repairs and maintenance, property
management, utilities, insurance and other expenses, increased by approximately $7.9 million or
10.2%. The increase in property expenses from same store properties is due primarily to an
increase in repairs and maintenance expense, utilities expense and insurance expense, partially
offset by a decrease in real estate tax expense. Due to a harsh winter in many of the Operating
Partnerships markets in 2003, the Operating Partnership experienced an increase in repairs and
maintenance due primarily to an increase in snow removal, as well as an increase in utility usage
and utility rates. The increase in insurance expense is due primarily to an increase in insurance
premiums. The decrease in real estate tax expense is due to a decrease in real estate taxes in
certain of the Operating Partnerships markets. Property expenses from acquired properties
increased by $7.2 million, or 380.4% due to properties acquired subsequent to December 31, 2001.
Property expenses from sold properties decreased by $9.9 million, or 58.9% due to properties sold
subsequent to December 31, 2001. Property expenses from properties not in service increased $2.4
million due to an increase in real estate taxes. Property expenses from other properties increased
$1.1 million due to an increase in maintenance expenses. General and administrative expense increased by approximately $6.4 million due primarily to
increases in employee compensation and additional employees for the year ended December 31, 2003 as
compared to the year ended December 31, 2002 as well an increase in the Operating Partnerships
state taxes. Amortization of deferred financing costs remained relatively unchanged. 41




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DEPRECIATION
and
    
    2003
    
    
    2002
    
    
    $ Change
    
    
    % ChangeOTHER AMORTIZATION ($ in 000s)Same Store Properties
    
    $
    57,327
    
    
    $
    52,801
    
    
    $
    4,526
    
    
    
    8.6
    %Acquired Properties
    
    
    6,353
    
    
    
    1,478
    
    
    
    4,875
    
    
    
    329.8
    %Sold Properties
    
    
    3,936
    
    
    
    9,785
    
    
    
    (5,849
    )
    
    
    (59.8
    )%Properties Not in-service and Other
    
    
    5,478
    
    
    
    1,250
    
    
    
    4,228
    
    
    
    338.2
    %Corporate FF&E
    
    
    1,222
    
    
    
    1,352
    
    
    
    (130
    )
    
    
    (9.6
    )%74,316
    
    
    
    66,666
    
    
    
    7,650
    
    
    
    11.5
    %Discontinued Operations
    
    
    (10,531
    )
    
    
    (14,080
    )
    
    
    3,549
    
    
    
    (25.2
    )%Total Depreciation andOther Amortization
    
    $
    63,785
    
    
    $
    52,586
    
    
    $
    11,199
    
    
    
    21.3
    %
 The increase in depreciation and other amortization for the same store properties is primarily
due to a net increase in leasing commissions and, building and tenant improvements paid in 2003 and
2002. Depreciation and other amortization from acquired properties increased by $4.9 million, or
329.8% due to properties acquired subsequent to December 31, 2001. Depreciation and other
amortization from sold properties decreased by $5.9 million, or 59.8% due to properties sold
subsequent to December 31, 2001. Depreciation and other amortization for properties not in service
and other increased by $4.2 million due primarily to depreciation expense being recognized in 2003
for developments that were substantially completed but not in service. Interest income increased by approximately $1.6 million primarily due to an increase in seller
financing in 2003. Interest expense increased by approximately $7.8 million for the year ended December 31, 2003
as compared to the year ended December 31, 2002 due primarily to an increase in average debt
balance outstanding for the year ended December 31, 2003 ($1,452.0 million) as compared to the year
ended December 31, 2002 ($1,392.6 million) and a decrease in capitalized interest for the year
ended December 31, 2003 due to a decrease in development activities. This was offset by a
decrease in the weighted average interest rate for the year ended December 31, 2003 (6.61%) as
compared to the year ended December 31, 2002 (6.84%). The approximate $.9 million loss on early retirement of debt for the year ended December 31,
2002 is due to the early retirement of senior unsecured debt. The loss on early retirement of debt
is comprised of the amount paid above the carrying amount of the senior unsecured debt, the
write-off of pro rata unamortized deferred financing costs and legal costs. Income tax benefit increased by $2.8 million due primarily to an
increase in interest expense in 2003 compared to 2002 due to a decrease in capitalized interest in 2003 compared to 2002 due to a
decrease in development activities. Equity in income of Other Real Estate Partnerships decreased by approximately $9.7 million due
primarily to a decrease in gain on sale of real estate, partially offset by an approximate $10.7
million lease termination fee received from a tenant during the year ended December 31, 2003. Equity in income of joint ventures increased by approximately $.1 million due primarily to the
increase in gain on sale of real estate of one of the Companys joint ventures and the Company
recognizing its proportionate interest in net income in one of the Companys joint ventures during
the year ended December 31, 2002, offset by a loss on the sale of real estate of one of the
Companys joint ventures. The
$7.2 million gain on sale of real estate (net of income taxes) for the year ended December 31, 2003 resulted
from the sale of eight industrial properties and several land parcels that do not meet the criteria
established by FAS 144 for inclusion in discontinued operations. The
$13.0 million gain on sale of
real estate (net of income taxes) for the year ended December 31, 2002 resulted from the sale of 27 industrial properties
and several land parcels that do not meet the criteria established by FAS 144 for inclusion in
discontinued operations. The following table discloses certain information regarding the industrial properties included
in discontinued operations by the Consolidated Operating Partnership for the year ended December
31, 2003 and December 31, 2002. 42




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##### Table of Contents



Year Ended December 31,Restated2003
    
    
    2002Total Revenues
    
    $
    49,078
    
    
    $
    71,487Operating Expenses
    
    
    (15,424
    )
    
    
    (20,820
    )Depreciation and Amortization
    
    
    (10,531
    )
    
    
    (14,080
    )Provision
for Income Taxes
    
    
    (1,354
    )
    
    
    (947
    )Gain on Sale
of Real Estate, Net of Income Taxes
    
    
    72,947
    
    
    
    35,592Income from Discontinued Operations
    
    $
    94,716
    
    
    $
    71,232
 Income
from discontinued operations (net of income taxes) of approximately
$94.7 million for the year ended December
31, 2003 reflects the results of operations of industrial properties that were sold during the
year ended December 31, 2004, eight properties identified as held for sale at December
31, 2004, industrial properties that were sold during the year ended December 31, 2003, as well
as the gain on sale of real estate of $72.9 million from the 113 industrial properties which were
sold during the year ended December 31, 2003. Income
from discontinued operations (net of income taxes) of approximately
$71.2 million for the year ended December
31, 2002 reflects the results of operations of industrial properties that were sold during the
year ended December 31, 2004, eight properties identified as held for sale at December
31, 2004, industrial properties that were sold during the year ended December 31, 2003 and industrial properties that were sold during the year ended December 31, 2002, as well as the gain
on sale of real estate of $35.6 million from the industrial properties which were sold during
the year ended December 31, 2002. 43




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LIQUIDITY AND CAPITAL RESOURCES At
December 31, 2004, the Consolidated Operating Partnerships
cash and cash equivalents, as well as restricted cash, was
approximately $3.1 million. Restricted cash was comprised of gross proceeds from the sales of
certain industrial properties. These sales proceeds will be disbursed as the Consolidated Operating
Partnership exchanges properties under Section 1031 of the Internal Revenue Code. The Consolidated Operating Partnership has considered its short-term (one year or less)
liquidity needs and the adequacy of its estimated cash flow from operations and other expected
liquidity sources to meet these needs. The Consolidated Operating Partnerships 6.9% Notes due in
2005, in the aggregate principal amount of $50.0 million are due on November 21, 2005 (the 2005
Notes). The Company expects to satisfy the maturity of the 2005 Notes with the issuance of
additional debt. With the exception of the 2005 Notes, the Consolidated Operating Partnership
believes that its principal short-term liquidity needs are to fund normal recurring expenses, debt
service requirements and the minimum distribution required by the Company to maintain the Companys
REIT qualification under the Internal Revenue Code. The Consolidated Operating Partnership
anticipates that these needs will be met with cash flows provided by operating activities. The Consolidated Operating Partnership expects to meet long-term (greater than one year)
liquidity requirements such as property acquisitions, developments, scheduled debt maturities,
major renovations, expansions and other nonrecurring capital improvements through the disposition
of select assets, the issuance of long-term unsecured indebtedness and additional Units and
preferred Units. As of December 31, 2004 and March 23, 2005, $500.0 million of debt securities was
registered and unissued under the Securities Act of 1933, as amended. The Consolidated Operating
Partnership also may finance the development or acquisition of additional properties through
borrowings under the Unsecured Line of Credit. At December 31, 2004, borrowings under the
Unsecured Line of Credit bore interest at a weighted average interest rate of 3.518%. As of March
23, 2005, the Consolidated Operating Partnership, through the Operating Partnership, had
approximately $98.3 million available in additional borrowings under the Unsecured Line of Credit.
The Unsecured Line of Credit bears interest at a floating rate of LIBOR plus .70% or the Prime
Rate, at the Companys election. The Unsecured Line of Credit contains certain financial covenants
relating to debt service coverage, market value net worth, dividend payout ratio and total funded
indebtedness. The Consolidated Operating Partnerships access to borrowings may be limited if it
fails to meet any of these covenants. Also, the Consolidated Operating Partnerships borrowing
rate on its Unsecured Line of Credit may increase in the event of a downgrade on the Consolidated
Operating Partnerships unsecured notes by the rating agencies. The Consolidated Operating Partnership currently has credit ratings from Standard & Poors,
Moodys and Fitch Ratings of BBB/Baa2/BBB, respectively. The Consolidated Operating Partnerships
goal is to maintain its existing credit ratings. In the event of a downgrade, management believes
the Consolidating Operating Partnership would continue to have access
to sufficient capital;
however, the Consolidated Operating Partnerships cost of borrowing would increase and its ability
to access certain financial markets may be limited. Year Ended December 31, 2004 Net
cash provided by operating activities of approximately $81.0 million for the year ended
December 31, 2004 was comprised primarily of net income of
approximately $125.2 million and adjustments for non-cash items
of approximately $4.9 million and offset by the net change in operating
assets and liabilities of approximately $49.1 million. The adjustments for the non-cash items of
approximately $4.9 million are primarily comprised of the gain on sale of real estate of
approximately $83.2 million, the effect of the straight-lining of rental income of approximately
$5.3 million and a decrease of the bad debt provision of approximately $1.5 million, offset by
depreciation and amortization of approximately $94.4 million and a loss on the early retirement of
debt of approximately $.5 million. Net
cash provided by investing activities of approximately $5.6 million for the year ended
December 31, 2004 was comprised primarily of the net proceeds from the sale of real estate, the
repayment, including the sale, of mortgage loans receivable, a decrease in restricted cash that is held by an
intermediary for Section 1031 exchange purposes, distributions from the Other Real Estate
Partnerships and distributions from two of the Consolidated Operating Partnerships industrial real
estate joint ventures partially offset by the acquisition of real estate, development of real
estate, capital expenditures related to the expansion and improvement of existing real estate,
investments in and advances to the Other Real Estate Partnerships and contributions and investments
in one of the Consolidated Operating Partnerships joint ventures. 44




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During the year ended December 31, 2004, the Consolidated Operating Partnership sold 90
industrial properties comprising approximately 6.8 million square feet of GLA and several land
parcels. Gross proceeds from the sales of the 90 industrial properties and several land parcels
were approximately $393.0 million. During the year ended December 31, 2004, the Consolidated Operating Partnership acquired 77
industrial properties comprising approximately 8.9 million square feet of GLA and several land
parcels. The purchase price for these acquisitions totaled approximately $393.1 million, excluding
costs incurred in conjunction with the acquisition of the industrial properties and land parcels.
The Consolidated Operating Partnership also substantially completed
the development of 11 industrial properties
comprising approximately 2.3 million square feet of GLA at an estimated cost of approximately
$80.2 million. The Consolidated Operating Partnership, through a wholly-owned limited liability company
in which the Operating Partnership is the sole member, contributed
approximately $3.7 million to, and
received distributions of approximately $50.5 million from, which
 the Operating Partnerships industrial
real estate joint ventures. As of December 31, 2004, the Operating Partnerships industrial real
estate joint ventures owned 46 industrial properties comprising approximately 3.5 million square
feet of GLA. Net cash used in financing activities of approximately $83.5 million for the year ended
December 31, 2004 was comprised primarily of the redemption of preferred units, general partnership
and limited partnership units (Unit) and preferred general partnership unit distributions, net
repayments under the Consolidated Operating Partnerships Unsecured Line of Credit, preferred unit
offering costs, debt issuance costs incurred in conjunction with the issuance of senior unsecured
debt, the repurchase of restricted units and repayments on mortgage loans payable, partially offset
by the net proceeds from the exercise of stock options and issuance of common and preferred units,
proceeds from the issuance of senior unsecured debt and mortgage loan payable and the settlement of
interest rate protection agreements in connection with the issuance of senior unsecured debt. On December 21, 2004, the Consolidated Operating Partnership, through the Operating
Partnership, assumed a mortgage loan in the amount of $6.2 million (the Acquisition
Mortgage Loan XIV). The Acquisition Mortgage Loan XIV is collateralized by several properties in
Tampa, Florida, bears interest at a fixed rate of 6.94% and provides for monthly principal and
interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan XIV
matures on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV,
the Consolidated Operating Partnership recorded a premium in the
amount of $.6 million which will be
amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest
expense. On September 30, 2004, the Consolidated Operating Partnership, through the Operating
Partnership, assumed a mortgage loan in the amount of $12.1 million and borrowed an
additional $1.4 million (the Acquisition Mortgage Loan XIII). The
Acquisition Mortgage Loan XIII is collateralized by several properties in Phoenix, Arizona, bears
interest at a fixed rate of 5.6% and provides for monthly principal and interest payments based on
a 30-year amortization schedule. The Acquisition Mortgage Loan XIII matures on November 10, 2012.
In conjunction with the assumption of the Acquisition Mortgage Loan XIII, the Consolidated
Operating Partnership recorded a premium in the amount of $.5 million which will be amortized over the
remaining life of the Acquisition Mortgage Loan XIII as an adjustment to interest expense. During the year ended December 31, 2004, the Consolidated Operating Partnership paid off and
retired a mortgage loan in the amount of $4.3 million (the Acquisition Mortgage Loan XI). The
Acquisition Mortgage Loan XI was collateralized by one property in Downers Grove, Illinois, bore
interest at a fixed rate of 7.61% and provided for monthly principal and interest payments based on
a 30-year amortization schedule. The Acquisition Mortgage Loan XI may be prepaid only after June
2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium. On December
3, 2004, the Consolidated Operating Partnership paid off and retired the Acquisition Mortgage Loan
XI. As this pay off and retirement was prior to the stated maturity date of the Acquisition
Mortgage Loan XI, the Consolidated Operating Partnership wrote off unamortized deferred financing
costs and paid a prepayment penalty in the amount of approximately $.5 million. On June 11, 2004, the Consolidated Operating Partnership, through the Operating Partnership,
amended and restated its $300.0 million Unsecured Line of Credit. The Unsecured Line of Credit
matures on September 28, 2007 and bears interest at a floating rate of LIBOR plus .70%, or the
Prime Rate, at the Consolidated Operating Partnerships election. 45




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##### Table of Contents



On May 17, 2004, the Consolidated Operating Partnership, through the Operating Partnership,
exchanged $125.0 million of senior unsecured debt which matures on June 1, 2014 and bears a coupon
interest rate of 6.42% (the 2014 Notes) for $100.0 million aggregate principal amount of its
7.375% Notes due 2011 (the 2011 PATS) and net cash in the amount of approximately $8.9 million.
The issue price of the 2014 Notes was 99.123%. On June 14, 2004, the Consolidated Operating Partnership, through the Operating Partnership,
issued $125.0 million of senior unsecured debt which matures on June 15, 2009 and bears a coupon
interest rate of 5.25% (the 2009 Notes). The issue price of the 2009 Notes was 99.826%. The
Consolidated Operating Partnership also entered into interest rate protection agreements which were
used to fix the interest rate on the 2009 Notes prior to issuance. The Consolidated Operating
Partnership settled the interest rate protection agreements for approximately $6.7 million of
proceeds, which is included in other comprehensive income. On February 4, 1998, the Company issued 5,000,000 Depositary Shares, each representing 1/100th
of a share of the Companys 7.95%, $.01 par value, Series D Cumulative Preferred Stock (the Series
D Preferred Stock), at an initial offering price of $25.00 per Depositary Share. The net proceeds
of $120.6 million received from the Series D Preferred Stock were contributed to the Operating
Partnership in exchange for the Series D Preferred Units. The Company redeemed the Series D
Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share and paid a
prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1.9
million. The Series D Preferred Units were redeemed on June 7, 2004 as well. On March 18, 1998, the Company issued 3,000,000 Depositary Shares, each representing 1/100th
of a share of the Companys 7.90%, $.01 par value, Series E Cumulative Preferred Stock (the Series
E Preferred Stock), at an initial offering price of $25.00 per Depositary Share. The net proceeds
of $72.1 million received from the Series E Preferred Stock were contributed to the Operating
Partnership in exchange for the Series E Preferred Units. The Company redeemed the Series E
Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share and paid a
prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1.1
million. The Series E Preferred Units were redeemed on June 7, 2004 as well. On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a
share of the Companys 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred
Stock (the Series F Preferred Stock), at an initial offering price of $1,000.00 per Depositary
Share for gross proceeds of $50.0 million. Net of offering costs, the Company received proceeds of
$49.1 million from the issuance of the Series F Preferred Stock which were contributed to the
Operating Partnership in exchange for 6.236% Series F Cumulative Preferred Units (the Series F
Preferred Units) and are reflected in the Consolidated Operating Partnerships financial
statements as general partner preferred unit contributions. Dividends on the Series F Preferred
Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for
the period from the date of original issuance through March 31, 2009 (the Series F Initial Fixed
Rate Period), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation
preference (the Series F Initial Distribution Rate) (equivalent to $62.36 per Depositary Share).
On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the
Companys option, subject to certain conditions and parameters, at fixed or floating rates and
periods. Fixed rates and periods will be determined through a remarketing procedure. Floating
rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater
of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles
Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable rate) (as defined in the
Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable
semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate
Period and quarterly in arrears for floating rate periods. With respect to the payment of
dividends and amounts upon liquidation, dissolution or winding up, the Series F
Preferred Stock ranks senior to payments on the Companys Common Stock and pari passu with the
Companys 8.625%, $.01 par value, Series C Cumulative Preferred Stock (the Series C Preferred
Stock) and Series G Preferred Stock (hereinafter defined). On or after March 31, 2009, subject
to any conditions on redemption applicable in any fixed rate period subsequent to the Series F
Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the
Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share,
or $50.0 million in the aggregate, plus dividends accrued and unpaid to the redemption date. The
Series F Preferred Stock has no stated maturity and is not convertible into any other securities of
the Company. On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a
share of the Companys 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred
Stock (the Series G Preferred Stock), at an initial offering price of $1,000.00 per Depositary
Share for gross proceeds of $25.0 million. Net of offering costs, the Company received proceeds of
$24.5 million from the issuance of the Series G Preferred 46




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##### Table of Contents



Stock which were contributed to the Operating Partnership in exchange for 7.236% Series G
Cumulative Preferred Units (the Series G Preferred Units) and are reflected in the Consolidated
Operating Partnerships financial statements as general partner preferred unit contribution.
Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are
payable semi-annually in arrears for the period from the date of original issuance of the Series G
Preferred Stock through March 31, 2014 (the Series G Initial Fixed Rate Period), commencing on
September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the Series G
Initial Distribution Rate) (equivalent to $72.36 per Depositary Share). On or after March 31,
2014, the Series G Initial Distribution Rate is subject to reset, at the Companys option, subject
to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and
periods will be determined through a remarketing procedure. Floating rates during floating rate
periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR
Rate, (ii) the 10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the
30-year Treasury CMT Rate (the adjustable rate)(as defined in the Articles Supplementary), reset
quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed
rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for
floating rate periods. With respect to the payment of dividends and amounts upon
liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to
payments on the Companys Common Stock and pari passu with the Companys Series C Preferred Stock
and Series F Preferred Stock. On or after March 31, 2014, subject to any conditions on redemption
applicable in any fixed rate period subsequent to the Series G Initial Fixed Rate Period, the
Series G Preferred Stock is redeemable for cash at the option of the Company, in whole or in part,
at a redemption price equivalent to $1,000.00 per Depositary Share, or $25.0 million in the
aggregate, plus dividends accrued and unpaid to the redemption date. The Series G Preferred Stock
has no stated maturity and is not convertible into any other securities of the Company. On June 2, 2004, the Company issued 500 shares of 2.965% $.01 par value, Series H Flexible
Cumulative Redeemable Preferred Stock (the Series H Preferred Stock), at an initial offering
price of $250,000 per share for gross proceeds of $125.0 million. Net of offering costs, the
Company received proceeds of $120.8 million from the issuance of the Series H Preferred Stock which
were contributed to the Operating Partnership in exchange for Series H Cumulative Preferred Units
(the Series H Preferred Units) and are reflected in the Consolidated Operating Partnerships
financial statements as general partner preferred unit contribution. On or after July 2, 2004, the
Series H Preferred Stock became redeemable for cash at the option of the Company, in whole but not
in part, at a redemption price equivalent, initially, to $242,875 per share plus accrued and unpaid
dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004 and paid a prorated
second and third quarter dividend of $629.555 per share, totaling approximately $.3 million. On
July 2, 2004, the Series H Preferred Units were redeemed as well. During the year ended December 31, 2004, the Company awarded 206,117 shares of restricted
common stock to certain employees and 10,500 shares of restricted common stock to certain
Directors. The Consolidated Operating Partnership, through the Operating Partnership, issued Units
to the Company in the same amount. These shares of restricted common stock had a fair value of
approximately $8.4 million on the date of grant. The restricted common stock vests over periods
from one to ten years. Compensation expense will be charged to earnings over the respective
vesting periods. For the year ended December 31, 2004, certain employees of the Company exercised 1,287,482
non-qualified employee stock options. Net proceeds to the Company
were approximately $37.3
million. The Consolidated Operating Partnership, through the Operating Partnership, issued
1,287,482 Units to the Company. On September 16, 2004, the Company and the Operating Partnership entered into a sales
agreement to sell up to 3,900,000 shares of the Companys common stock from time to time with
Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year
ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled
equity offering program and received net proceeds of $48.8 million. The Company contributed the
net proceeds to the Consolidated Operating Partnership and the Consolidated Operating Partnership,
through the Operating Partnership, issued Units to the Company in the same amount. On March 31, 2004, the
Operating Partnership paid first quarter 2004 distributions of $53,906 per Unit on its 8.625% Series C Cumulative
Preferred Units (the Series C Preferred Units), $49.688 per Unit on its 7.95% Series D Cumulative Preferred
Units and $49.375 per Unit on its 7.90% Series E Cumulative Preferred Units. The preferred unit distributions paid on
March 31, 2004, were approximately $5.0 million. On June 30, 2004 the Operating Partnership paid a second quarter 2004
distribution of $53.906 per Unit on its Series C Preferred Units of approximately $1.1 million. On September 30, 2004,
the Operating Partnership paid a third quarter 2004 distribution of
$53.906 per Unit on its Series C Preferred Units, a prorated
semi-annual distribution of $2,165.28 per Unit on its Series F Preferred Units
and a prorated semi-annual distribution of $2,512.50 per Unit on its Series G Preferred Units. The
preferred unit distributions paid on September 30, 2004, were approximately $2.8 million. On December 31, 2004, the
Operating Partnership paid a fourth quarter 2004 distribution of $53.906 per Unit on its Series C Preferred Units,
totaling approximately $1.1 million. 47




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On January 19, 2004, the Operating Partnership paid a fourth quarter 2003 distribution of
$.6850 per Unit, totaling approximately $31.9 million. On April 19, 2004, the Operating
Partnership paid a first quarter 2004 distribution of $.6850 per Unit, totaling approximately $32.7
million. On July 19, 2004, the Operating Partnership paid a second quarter 2004 distribution of
$.6850 per Unit, totaling approximately $32.7 million. On October 18, 2004, the
Operating Partnership paid a third quarter 2004 distribution of $.6850 per Unit, totaling
approximately $32.9 million. Contractual Obligations and Commitments The following table lists our contractual obligations and commitments as of December 31, 2004 (In
thousands): Payments Due by PeriodLess than
    
    
    
    
    
    
    
    
    
    
    OverTotal
    
    
    1 Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsOperating and Ground Leases*
    
    $
    40,907
    
    
    $
    1,718
    
    
    $
    2,863
    
    
    $
    1,740
    
    
    $
    34,586Real Estate Development*
    
    
    59,051
    
    
    
    59,051
    
    
    
    
    
    
    
    
    
    
    
    Long-term Debt
    
    
    1,586,456
    
    
    
    51,835
    
    
    
    473,227
    
    
    
    134,042
    
    
    
    927,352Interest Expense on Long Term Debt*
    
    
    958,255
    
    
    
    99,717
    
    
    
    174,123
    
    
    
    144,344
    
    
    
    540,071Total
    
    $
    2,644,669
    
    
    $
    212,321
    
    
    $
    650,213
    
    
    $
    280,126
    
    
    $
    1,502,009
 * Not on balance sheet. Off-Balance Sheet Arrangements Letters of credit are issued in most cases as pledges to governmental entities for development
purposes or to support purchase obligations. At December 31, 2004 the Consolidated Operating
Partnership has $ 15.7 million in outstanding letters of credit, none of which are reflected as
liabilities on the Consolidated Operating Partnerships balance sheet. The Consolidated Operating
Partnership has no other off-balance sheet arrangements other than those disclosed on the previous
Contractual Obligations and Commitments table. Environmental The Consolidated Operating Partnership incurred environmental costs of approximately $.5
million and $.1 million in 2004 and 2003, respectively. The Consolidated Operating Partnership
estimates 2005 costs of approximately $.6 million. The Consolidated Operating Partnership
estimates that the aggregate cost which needs to be expended in 2005 and beyond with regard to
currently identified environmental issues will not exceed approximately $1.2 million, a
substantial amount of which will be the primary responsibility of the tenant, the seller to the
Consolidated Operating Partnership or another responsible party. This estimate was determined by a
third party evaluation. Inflation For the last several years, inflation has not had a significant impact on the Consolidated
Operating Partnership because of the relatively low inflation rates in the Consolidated Operating
Partnerships markets of operation. Most of the Consolidated Operating Partnerships leases
require the tenants to pay their share of operating expenses, including common area maintenance,
real estate taxes and insurance, thereby reducing the Consolidated Operating Partnerships exposure
to increases in costs and operating expenses resulting from inflation. In addition, many of the
outstanding leases expire within six years which may enable the Consolidated Operating Partnership
to replace existing leases with new leases at higher base rentals if rents of existing leases are
below the then-existing market rate. Ratio of Earnings to Fixed Charges The
ratio of earnings to fixed charges was 1.42, 1.36 and 1.59 for the years ended December
31, 2004, 2003 and 2002, respectively. The increase in earnings to fixed charges between fiscal
years 2004 and 2003 is primarily due to an increase in income from continuing operations in fiscal
year 2004 due to an increase in rental income and 48




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tenant recoveries and other income and an increase in depreciation and amortization expense for
fiscal year 2004 as compared to fiscal year 2003 as discussed in Results of Operations above.
The decrease in earnings to fixed charges between fiscal years 2003 and 2002 is primarily due to a
decrease in income from continuing operations in fiscal year 2003 due to a decrease in rental
income and tenant recoveries and other income, an increase in depreciation and amortization
expense, slightly offset by a valuation provision on real estate recognized in fiscal year 2002 as
discussed in Results of Operations above. Market Risk The following discussion about the Consolidated Operating Partnerships risk-management
activities includes forward-looking statements that involve risk and uncertainties. Actual
results could differ materially from those projected in the forward-looking statements. This analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of
the financial instruments and derivative instruments which are held by the Consolidated Operating
Partnership at December 31, 2004 that are sensitive to changes in the interest rates. While this
analysis may have some use as a benchmark, it should not be viewed as a forecast. In the normal course of business, the Consolidated Operating Partnership also faces risks that
are either non-financial or non-quantifiable. Such risks principally include credit risk and legal
risk and are not represented in the following analysis. At December 31, 2004, $1,405.0 million (approximately 89.3% of total debt at December 31,
2004) of the Consolidated Operating Partnerships debt was fixed rate debt and $167.5 million
(approximately 10.7% of total debt at December 31, 2004) of the Consolidated Operating
Partnerships debt was variable rate debt. Currently, the Consolidated Operating Partnership does
not enter into financial instruments for trading or other speculative purposes. For fixed rate debt, changes in interest rates generally affect the fair value of the debt,
but not earnings or cash flows of the Consolidated Operating Partnership. Conversely, for variable
rate debt, changes in the interest rate generally do not impact the fair value of the debt, but
would affect the Consolidated Operating Partnerships future earnings and cash flows. The interest
rate risk and changes in fair market value of fixed rate debt generally do not have a significant
impact on the Consolidated Operating Partnership until the Consolidated Operating Partnership is
required to refinance such debt. See Note 6 to the consolidated financial statements for a
discussion of the maturity dates of the Consolidated Operating Partnerships various fixed rate
debt. Based upon the amount of variable rate debt outstanding at December 31, 2004, a 10% increase
or decrease in the interest rate on the Consolidated Operating Partnerships variable rate debt
would decrease or increase, respectively, future net income and cash flows by approximately $.6
million per year. A 10% increase in interest rates would decrease the fair value of the fixed rate
debt at December 31, 2004 by approximately $50.6 million,
to $1,512.7 million. A 10% decrease in
interest rates would increase the fair value of the fixed rate debt at December 31, 2004 by
approximately $54.4 million, to $1,617.7 million. Subsequent Events On January 24, 2005, the Operating Partnership paid a fourth quarter 2004 distribution of
$.6950 per Unit, totaling approximately $34.3 million. On March 1, 2005, the Consolidated Operating Partnership declared a first quarter
2005 distribution of $.6950 per Unit which is payable on April 18, 2005. The Consolidated
Operating Partnership also declared first quarter 2005 preferred unit distributions of
$53.906 per Unit on its 8 5/8% Series C Cumulative Preferred Units, respectively, totaling, in the
aggregate, approximately $1.1 million, which is payable on March 31, 2005; semi-annual dividends of
$3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the
aggregate, approximately $1.6 million, which is payable on March 31, 2005; and semi-annual
dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock,
totaling, in the aggregate, approximately $.9 million, which is payable on March 31, 2005. From
January 1, 2005 to March 23, 2005, the Company awarded 189,878 shares of restricted common
stock to certain employees and 1,012 shares of restricted common stock to certain Directors. The
Operating Partnership 49




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issued Units to the Company in the same amount. These shares of restricted common stock had a fair
value of approximately $8.0 million on the date of grant. The restricted common stock vests over
periods from one to ten years. Compensation expense will be charged to earnings over the
respective vesting period. From
January 1, 2005 to March 23, 2005, the Consolidated Operating Partnership acquired seven
industrial properties and several land parcels for a total estimated investment of approximately
$40.5 million (approximately $1.5 million of which was made
through the issuance of limited partnership interests in
the Operating Partnership (Units)). The Consolidated Operating Partnership also sold twelve
industrial properties and several land parcels for approximately $132.5 million of gross proceeds during this period. On
January 13, 2005, the Consolidated Operating Partnership,
through First Industrial Development Services, Inc., entered into an
interest rate protection agreement which hedged the change in value
of a build to suit development project the Company is in the process
of constructing. This interest rate protection agreement has a
notional value of $50.0 million, is based on the five year
treasury, has a strike rate of 3.936% and settles on October 4,
2005. Per Statement of Financial Accounting Standard No. 133,
Accounting for Derivative Instruments and Hedging
Activities, fair value and cash flow hedge accounting for
hedges of nonfinancial assets and liabilities is limited to hedges
of the risk of changes in the market price of the entire hedged item
because changes in the price of an ingredient or component of a
nonfinancial item generally do not have a predictable, separately
measurable effect on the price of the item. Since the interest rate
protection agreement is hedging a component of the change in value of
the build to suit development, the interest rate protection agreement
doesn't qualify for hedge accounting and the change in value of
the interest rate protection agreement will be recognized immediately
in net income as opposed to other comprehensive income. On March 21, 2005, the Operating Partnership, through wholly-owned limited liability
companies in which a wholly-owned company of the Operating Partnership or the Operating Partnership
is the sole member, entered into a joint venture arrangement with an institutional investor to
invest in industrial properties (the March 2005 Joint Venture). The Operating Partnership,
through wholly-owned limited liability companies in which a wholly-owned company of the Operating
Partnership or the Operating Partnership is the sole member, owns a ten percent equity interest in
and provides property management, leasing, development, disposition and portfolio management
services to the March 2005 Joint Venture. Related Party Transactions The Consolidated Operating Partnership periodically engages in transactions for which CB
Richard Ellis, Inc. acts as a broker. A relative of Michael W. Brennan, the President and Chief
Executive Officer and a director of the Company, is an employee of CB Richard Ellis, Inc. For the
year ended December 31, 2004, this relative received approximately $.03 million in brokerage
commissions paid by the Consolidated Operating Partnership. Other In December 2004, the FASB issued Statement of Financial Accounting Standard No. 123 (Revised
2004), Share-Based Payment (FAS 123(R)). FAS 123(R) is a revision of FAS 123, and also
supercedes APB 25, and its related implementation guidance. FAS 123(R) requires compensation cost
to be measured at the fair value of the stock option at the date of grant, eliminates the
alternative to use the intrinsic value method of accounting prescribed in APB 25, and clarifies and
expands the guidance of FAS 123 in several areas. FAS 123(R) is effective as of the beginning of
the first interim or annual reporting period that begins after June 15, 2005. FAS 123(R) applies
to all awards granted, modified, repurchased, or cancelled after the effective date and the
cumulative effect of initially applying FAS 123(R), if any, is to be recognized as of the required
effective date. The Consolidated Operating Partnership will adopt FAS 123(R) commencing as of July
1, 2005 using the modified prospective application method. The Consolidated Operating Partnership
does not expect the requirements of FAS 123(R) to have a material impact on its results of
operations, financial position or liquidity. The Emerging Issues Task Force released Issue 03-13, Applying the Conditions in Paragraph 42
of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in
Determining Whether to Report Discontinued Operations
(Issue 03-13). Issue 03-13 establishes an
approach for evaluating whether the criteria in paragraph 42 of FAS 144 have been met for purposes
of classifying the results of operations of a component of an entity that either has been disposed
of or is classified as held for sale as discontinued operations. The effective date for components
classified as held for sale or disposed of is in fiscal periods beginning after December 15, 2004.
The Consolidated Operating Partnership will adopt Issue 03-13 beginning January 1, 2005; Issue
03-13 will have no impact to net income. Risk Factors The Consolidated Operating Partnerships operations involve various risks that could adversely
affect its financial condition, results of operations, cash flow, ability to pay distributions on
its Units and the market value of its Units. These risks, among others contained in the
Consolidated Operating Partnerships other filings with the Securities and Exchange Commission,
include: Real estate investments value fluctuates depending on conditions in the general economy and the
real estate business. These conditions may limit the Consolidated Operating Partnerships revenues
and available cash. The factors that affect the value of the Consolidated Operating Partnerships real estate and
the revenues the Consolidated Operating Partnership derives from its properties include, among
other things:  
    general economic conditions;
    local conditions such as oversupply or a reduction in demand in an area;
    the attractiveness of the properties to tenants;
    tenant defaults;
    zoning or other regulatory restrictions;
    competition from other available real estate;
    our ability to provide adequate maintenance and insurance; and 50




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
    increased operating costs, including insurance premiums and real estate taxes. Many real estate costs are fixed, even if income from properties decreases. The Consolidated Operating Partnerships financial results depend on leasing space in the
Consolidated Operating Partnerships real estate to tenants on terms favorable to the
Consolidated Operating Partnership. The Consolidated Operating Partnerships income and funds
available for distribution to its unitholders will decrease if a significant number of the
Consolidated Operating Partnerships tenants cannot pay their rent or the Consolidated Operating
Partnership is unable to lease properties on favorable terms. In addition, if a tenant does not pay
its rent, the Consolidated Operating Partnership might not be able to enforce its rights as
landlord without delays and the Consolidated Operating Partnership might incur substantial legal
costs. Costs associated with real estate investment, such as real estate taxes and maintenance
costs, generally are not reduced when circumstances cause a reduction in income from the
investment. For the year ended December 31, 2004, approximately 75.1% of the Consolidated
Operating Partnerships gross revenues from continuing operations came from rentals of real
property. The Consolidated Operating Partnership may be unable to sell properties when appropriate because
real estate investments are not as liquid as certain other types of assets. Real estate investments generally cannot be sold quickly and, therefore, will tend to limit
the Consolidated Operating Partnerships ability to adjust its property portfolio promptly in
response to changes in economic or other conditions. The inability to respond promptly to changes
in the performance of the Consolidated Operating Partnerships property portfolio could adversely
affect the Consolidated Operating Partnerships financial condition and ability to service debt and
make distributions to its unitholders. In addition, like other companies qualifying as REITs under
the Internal Revenue Code, the Company must comply with the safe harbor rules relating to the
number of properties disposed of in a year, their tax basis and the cost of improvements made to
the properties, or meet other tests which enable a REIT to avoid punitive taxation on the sale of
assets. Thus, the Consolidated Operating Partnerships ability at any time to sell assets may be
restricted. The Consolidated Operating Partnership may be unable to sell or contribute properties on
advantageous terms. The Consolidated Operating Partnership has sold to third parties a significant number of
properties in recent years and, as part of its business, the Consolidated Operating Partnership
intends to continue to sell properties to third parties. The Consolidated Operating Partnerships
ability to sell properties on advantageous terms depends on factors beyond the Consolidated
Operating Partnerships control, including competition from other sellers and the availability of
attractive financing for potential buyers of the Consolidated Operating Partnerships properties.
If the Consolidated Operating Partnership is unable to sell properties on favorable terms or
redeploy the proceeds of property sales in accordance with the Consolidated Operating Partnerships
business strategy, then the Consolidated Operating Partnerships financial condition, results of
operations, cash flow and ability to pay distributions on, and the market value of, the
Consolidated Operating Partnerships Units could be adversely affected. The Consolidated Operating Partnership has also sold to its joint ventures a significant
number of properties in recent years and, as part of its business, the Consolidated Operating
Partnership intends to continue to sell properties to its joint ventures as opportunities arise.
If the Consolidated Operating Partnership does not have sufficient properties available that meet
the investment criteria of current or future joint ventures, or if the joint ventures have reduced
or no access to capital on favorable terms, then such sales could be delayed or prevented,
adversely affecting the Consolidated Operating Partnerships financial condition, results of
operations, cash flow and ability to pay distributions on, and the market value of, the
Consolidated Operating Partnerships Units. For the year ended December 31, 2004, gains on sales or contributions of properties accounted
for approximately 66.4% of the Consolidated Operating Partnerships net income. The Consolidated Operating Partnership may be unable to acquire properties on advantageous terms or
acquisitions may not perform as the Consolidated Operating Partnership expects. The Consolidated Operating Partnership acquires and intends to continue to acquire primarily
industrial properties. The acquisition of properties entails various risks, including the risks
that the Consolidated Operating Partnerships investments may not perform as expected and that the
Consolidated Operating Partnerships cost estimates for bringing an acquired property up to market
standards may prove inaccurate. Further, the Consolidated 51




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Operating Partnership faces significant competition for attractive investment opportunities from
other well-capitalized real estate investors, including both publicly-traded real estate investment
trusts and private investors. This competition increases as investments in real estate become attractive relative to other forms of investment. As a result of competition, the
Consolidated Operating Partnership may be unable to acquire additional properties as it desires or
the purchase price may be elevated. In addition, the Company expects to finance
future acquisitions through a combination of borrowings under the Consolidated Operating
Partnerships Unsecured Line of Credit, proceeds from equity or debt offerings by the Consolidated
Operating Partnership and proceeds from property sales, which may not be available and which could
adversely affect the Consolidated Operating Partnerships cash flow. Any of the above risks could
adversely affect the Consolidated Operating Partnerships financial condition, results of
operations, cash flow and ability to pay distributions on, and the
market value of, the
Consolidated Operating Partnerships Units. The Consolidated Operating Partnership may be unable to complete development and re-development
projects on advantageous terms. As part of its business, the Consolidated Operating Partnership develops new and re-develops
existing properties. In addition, the Consolidated Operating Partnership has sold to third parties
or sold to the Companys joint ventures a significant number of development and re-development
properties in recent years and the Consolidated Operating Partnership intends to continue to sell
such properties to third parties or to sell such properties to the Consolidated Operating
Partnerships joint ventures as opportunities arise. The real estate development and
re-development business involves significant risks that could adversely affect the Consolidated
Operating Partnerships financial condition, results of operations, cash flow and ability to pay
distributions on, and the market value of, the Consolidated Operating Partnerships Units which
include:  
    the Consolidated Operating Partnership may not be able to obtain
financing for development projects on favorable terms and complete
construction on schedule or within budget, resulting in increased debt
service expense and construction costs and delays in leasing the
properties and generating cash flow;
    the Consolidated Operating Partnership may not be able to obtain, or
may experience delays in obtaining, all necessary zoning, land-use,
building, occupancy and other governmental permits and authorizations;
    the properties may perform below anticipated levels, producing cash
flow below budgeted amounts and limiting the Consolidated Operating
Partnerships ability to sell such properties to third parties or to
sell or contribute such properties to the Consolidated Operating
Partnerships joint ventures. The Consolidated Operating Partnership may be unable to renew leases or find other lessees. The Consolidated Operating Partnership is subject to the risks that, upon expiration, leases
may not be renewed, the space subject to such leases may not be relet or the terms of renewal or
reletting, including the cost of required renovations, may be less favorable than expiring lease
terms. If the Consolidated Operating Partnership were unable to promptly renew a significant
number of expiring leases or to promptly relet the space covered by such leases, or if the rental
rates upon renewal or reletting were significantly lower than the then current rates, the
Consolidated Operating Partnerships cash funds from operations and ability to make expected
distributions to stockholders might be adversely affected. As of December 31, 2004, leases with
respect to approximately 13.1 million, 8.8 million and 8.0 million square feet of GLA, representing
27.5%, 18.6% and 16.9%, of GLA expire in the remainder of 2005, 2006 and 2007, respectively. The Company might fail to qualify or remain qualified as a REIT. First Industrial Realty Trust, Inc. intends to operate so as to qualify as a REIT under the
Internal Revenue Code of 1986 (the Code). Although First Industrial Realty Trust, Inc. believes that it is organized and will operate in a manner so as to
qualify as a REIT, qualification as a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis. These requirements are
established under highly technical and complex Code provisions of which there are only limited judicial or administrative interpretations and involve the determination
of various factual matters and circumstances not entirely within First Industrial Realty Trust, Inc.s control. First Industrial Realty Trust, Inc. (through one of its subsidiary partnerships) entered into
certain development agreements in 2000 through 2003, the performance of which has been completed. Under these agreements, First Industrial Realty Trust, Inc. provided
services to unrelated third parties and certain payments were made by the unrelated third parties for services provided by certain contractors hired by First Industrial
Realty Trust, Inc. First Industrial Realty Trust, Inc. believes that these payments were properly characterized by it as reimbursements for costs incurred by it on behalf
of the third parties and do not constitute gross income and did not prevent First Industrial Realty Trust, Inc. from satisfying the gross income requirements of the REIT
provisions (the gross income tests). First Industrial Realty Trust, Inc. has brought this matter to the attention of the Internal Revenue Service, or IRS. The
IRS has not challenged or expressed any interest in challenging First Industrial Realty Trust, Inc.s view on this matter. If the IRS were to challenge such position
and were successful, First Industrial Realty Trust, Inc. might be found
not to have satisfied the gross income tests in one or more of its
taxable years. If First Industrial Realty Trust, Inc. were found not
to have satisfied the gross income tests, it could be subject to a penalty tax. However, such
noncompliance should not adversely affect First Industrial Realty Trust, Inc.s status as a REIT as long as such noncompliance was due to reasonable cause and not to
willful neglect, and certain other requirements are met. Although this cannot be assured, First Industrial Realty Trust, Inc. believes that the risk of losing its REIT status
as a result of these development agreements is remote. If First Industrial Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, it would be
subject to federal income tax, including any applicable alternative minimum tax, on its taxable income at corporate rates. This could result in a discontinuation or substantial
reduction in dividends to stockholders and in cash to pay interest and principal on debt securities that First Industrial Realty Trust, Inc. issues. Unless entitled to relief
under certain statutory provisions, First Industrial Realty Trust, Inc. also would be disqualified from electing treatment as a REIT for the four taxable years following the year
during which it failed to qualify as a REIT. 52




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Certain property transfers may generate prohibited transaction income, resulting in a penalty tax
on the gain attributable to the transaction. As part of its business, the Consolidated Operating Partnership sells properties to third
parties or sells properties to the Consolidated Operating Partnerships joint ventures as
opportunities arise. Under the Code, a 100% penalty tax could be assessed on the gain resulting
from sales of properties that are deemed to be prohibited transactions. The question of what
constitutes a prohibited transaction is based on the facts and circumstances surrounding each
transaction. The Internal Revenue Service could contend that certain sales of properties by the
Company are prohibited transactions. While the Consolidated Operating Partnerships management does
not believe that the Internal Revenue Service, would prevail in such a dispute, if the matter was
successfully argued by the Internal Revenue Service, the 100% penalty tax could be assessed against
the profits from these transactions. In addition, any income from a prohibited transaction may
adversely affect the Companys ability to satisfy the income tests for qualification as a REIT. The REIT distribution requirements may require the Company to turn to external financing sources. First Industrial Realty Trust, Inc. could, in certain instances, have taxable income without
sufficient cash to enable First Industrial Realty Trust, Inc. to meet the distribution requirements
of the REIT provisions of the Code. In that situation, the Company could be required to borrow
funds or sell properties on adverse terms in order to meet those distribution requirements. In
addition, because First Industrial Realty Trust, Inc. must distribute to its stockholders at least
90% of the Companys REIT taxable income each year, the Companys ability to accumulate capital may
be limited. Thus, in connection with future acquisitions, First Industrial Realty Trust, Inc. may
be more dependent on outside sources of financing, such as debt financing or issuances of
additional capital stock, which may or may not be available on favorable terms. Additional debt
financings may substantially increase the Consolidated Operating Partnerships leverage and
additional equity offerings may result in substantial dilution of unitholders interests. Debt financing, the degree of leverage and rising interest rates could reduce the Consolidated
Operating Partnerships cash flow. Where possible, the Consolidated Operating Partnership intends to continue to use leverage to
increase the rate of return on the Consolidated Operating Partnerships investments and to allow
the Consolidated Operating Partnership to make more investments than it otherwise could. The
Consolidated Operating Partnerships use of leverage presents an additional element of risk in the
event that the cash flow from the Consolidated Operating Partnerships properties is insufficient
to meet both debt payment obligations and the Companys distribution requirements of the REIT
provisions of the Code. In addition, rising interest rates would reduce the Consolidated Operating
Partnerships cash flow by increasing the amount of interest due on its floating rate debt and on
its fixed rate debt as it matures and is refinanced. Cross-collateralization of mortgage loans could result in foreclosure on substantially all of the
Consolidated Operating Partnerships properties if the Consolidated Operating Partnership is unable
to service its indebtedness. If the Operating Partnership decides to obtain additional debt financing in the future, it may
do so through mortgages on some or all of its properties. These mortgages may be on recourse,
non-recourse or cross-collateralized basis. Cross-collateralization makes all of the subject
properties available to the lender in order to satisfy the Consolidated Operating Partnerships
debt. Holders of indebtedness that is so secured will have a claim against these properties. To the
extent indebtedness is cross collateralized, lenders may seek to foreclose upon properties that are
not the primary collateral for their loan, which may, in turn, result in acceleration of other
indebtedness secured by properties. Foreclosure of properties would result in a loss of income and
asset value to the Consolidated Operating Partnership, making it difficult for it to meet both debt
payment obligations and the Companys distribution requirements of the REIT provisions of the Code.
As of December 31, 2004, none of the Consolidated Operating Partnerships current indebtedness was
cross-collateralized. The Consolidated Operating Partnership may have to make lump-sum payments on its existing
indebtedness. 53




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The Consolidated Operating Partnership is required to make the following lump-sum or balloon
payments under the terms of some of its indebtedness, including:  
    $50 million aggregate principal amount of 7.75% Notes due 2032 (the 2032 Notes)
    $200 million aggregate principal amount of 7.60% Notes due 2028 (the 2028 Notes)
    approximately $15 million aggregate principal amount of 7.15% Notes due 2027 (the 2027 Notes)
    $100 million aggregate principal amount of 7.50% Notes due 2017 (the 2017 Notes)
    $125 million aggregate principal amount of 6.42% Notes due 2014 (the 2014 Notes)
    $200 million aggregate principal amount of 6.875% Notes due 2012 (the 2012 Notes)
    $200 million aggregate principal amount of our 7.375% Notes due 2011(the 2011 Notes)
    $125 million aggregate principal amount of 5.25% Notes due 2009 (the 2009 Notes)
    $150 million aggregate principal amount of 7.60% Notes due 2007 (the 2007 Notes)
    $150 million aggregate principal amount of 7.00% Notes due 2006 (the 2006 Notes)
    $50 million aggregate principal amount of 6.90% Notes due 2005 (the 2005 Notes)
    a $300 million unsecured revolving credit facility (the Unsecured Line of Credit) under which the Consolidated Operating
Partnership may borrow to finance the acquisition of additional properties and for other corporate purposes, including
working capital. The Unsecured Line of Credit provides for the repayment of principal in a lump-sum or
balloon payment at maturity in 2007. Under the Unsecured Line of Credit, the Operating
Partnership has the right, subject to certain conditions, to increase the aggregate commitment
under the Unsecured Line of Credit by up to $100 million. As of December 31, 2004, $167.5 million
was outstanding under the Unsecured Line of Credit at a weighted average interest rate of 3.518%. The Consolidated Operating Partnerships ability to make required payments of principal on
outstanding indebtedness, whether at maturity or otherwise, may depend on its ability either to
refinance the applicable indebtedness or to sell properties. The Consolidated Operating Partnership
has no commitments to refinance the 2005 Notes, the 2006 Notes, the 2007 Notes, the 2009 Notes, the
2011 Notes, the 2012 Notes, the 2014 Notes, the 2017 Notes, the 2027 Notes, the 2028 Notes, the
2032 Notes or the Unsecured Line of Credit. Some of the existing debt obligations, other than those
discussed above, of the Consolidated Operating Partnership, are secured by the Consolidated Operating
Partnerships properties, and therefore such obligations will permit the lender to foreclose on
those properties in the event of a default. There is no limitation on debt in the Consolidated Operating Partnerships organizational
documents. As of December 31, 2004, the Companys ratio of debt to its total market capitalization was
42.5%. The organizational documents of First Industrial Realty Trust, Inc., however, do not contain
any limitation on the amount or percentage of indebtedness the Company may incur. Accordingly, the
Consolidated Operating Partnership could become more highly leveraged, resulting in an increase in
debt service that could adversely affect the Consolidated Operating Partnerships ability to make
expected distributions to Unitholders and in an increased risk of default on the Consolidated
Operating Partnerships obligations. The Company computes that percentage by calculating its total consolidated debt as a
percentage of the aggregate market value of all outstanding shares of the Companys common stock,
assuming the exchange of all limited partnership units of the Operating Partnership for common
stock, plus the aggregate stated value of all outstanding shares of preferred stock and total
consolidated debt. Rising interest rates on the Consolidated Operating Partnerships Unsecured Line of Credit could
decrease the Consolidated Operating Partnerships available cash. The Consolidated Operating Partnerships Unsecured Line of Credit bears interest at a floating
rate. As of December 31, 2004, the Companys Unsecured Line of Credit had an outstanding balance of
$167.5 million at a weighted average interest rate of 3.518%. Currently, the Consolidated Operating
Partnerships Unsecured Line of Credit bears interest at the Prime Rate or at the London Interbank
Offered Rate plus .70%. Based on an outstanding balance on our Unsecured Line of Credit as of
December 31, 2004, a 10% increase in interest rates would increase interest expense by $.6 million
on an annual basis. Increases in the interest rate payable on balances outstanding under the
Unsecured Line of Credit would decrease the Consolidated Operating Partnerships cash available for
distribution to unitholders. 54




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Earnings and cash dividends, asset value and market interest rates affect the price of the
Companys common stock. As a real estate investment trust, the market value of the Companys common stock, in general,
is based primarily upon the markets perception of the Companys growth potential and its current
and potential future earnings and cash dividends. The market value of the Companys common stock is
based secondarily upon the market value of the Companys underlying real estate assets. For this
reason, shares of the Companys common stock may trade at prices that are higher or lower than our
net asset value per share. To the extent that the Company retains operating cash flow for
investment purposes, working capital reserves, or other purposes, these retained funds, while
increasing the value of the Companys underlying assets, may not correspondingly increase the
market price of the Companys common stock. The Companys failure to meet the markets expectations
with regard to future earnings and cash dividends likely would adversely affect the market price of
the Companys common stock. Further, the distribution yield on the common stock (as a percentage of
the price of the common stock) relative to market interest rates may also influence the price of
the Companys common stock. An increase in market interest rates might lead prospective purchasers
of the Companys common stock to expect a higher distribution yield, which would adversely affect
the market price of the Companys common stock. Additionally, if the market price of the Companys
common stock declines significantly, then the Company might breach certain covenants with respect
to its debt obligations, which could adversely affect the Companys liquidity and ability to make
future acquisitions and the Companys ability to pay dividends to its stockholders. The Consolidated Operating Partnership may incur unanticipated costs and liabilities due to
environmental problems. Under various federal, state and local laws, ordinances and regulations, an owner or operator
of real estate may be liable for the costs of clean-up of certain conditions relating to the
presence of hazardous or toxic materials on, in or emanating from the property, and any related
damages to natural resources. Environmental laws often impose liability without regard to whether
the owner or operator knew of, or was responsible for, the presence of hazardous or toxic
materials. The presence of such materials, or the failure to address those conditions properly, may
adversely affect the ability to rent or sell the property or to borrow using the property as
collateral. Persons who dispose of or arrange for the disposal or treatment of hazardous or toxic
materials may also be liable for the costs of clean-up of such materials, or for related natural
resource damages, at or from an off-site disposal or treatment facility, whether or not the
facility is owned or operated by those persons. No assurance can be given that existing
environmental assessments with respect to any of the Consolidated Operating Partnerships
properties reveal all environmental liabilities, that any prior owner or operator of any of the
properties did not create any material environmental condition not known to the Consolidated
Operating Partnership or that a material environmental condition does not otherwise exist as to any
of the Consolidated Operating Partnerships properties. The Consolidated Operating Partnerships insurance coverage does not include all potential losses. The Consolidated Operating Partnership currently carries comprehensive insurance coverage
including property, boiler & machinery, liability, fire, flood, terrorism, earthquake, extended
coverage and rental loss as appropriate for the markets where each of the Consolidated Operating
Partnerships properties and their business operations are located. The insurance coverage contains
policy specifications and insured limits customarily carried for similar properties and business
activities. The Consolidated Operating Partnership believes its properties are adequately insured.
However, there are certain losses, including losses from earthquakes, hurricanes, floods,
pollution, acts of war, acts of terrorism or riots, that are not generally insured against or that
are not generally fully insured against because it is not deemed to be economically feasible or
prudent to do so. If an uninsured loss or a loss in excess of insured limits occurs with respect to
one or more of the Consolidated Operating Partnerships properties, the Consolidated Operating
Partnership could experience a significant loss of capital invested and potential revenues in these
properties, and could potentially remain obligated under any recourse debt associated with the
property. 55




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Item 7A. Quantitative and Qualitative Disclosures About Market Risk Response to this item is included in Item 7 Managements Discussion and Analysis of Financial
Condition and Results of Operations above. 
 Item 8. Financial Statements and Supplementary Data See Index to Financial Statements and Financial Statement Schedule on page F-1 of this Form 10-K. 
 Item 9. Changes in
and Disagreements with Accountants on Accounting and Financial
Disclosure None. Item 9A.Controls and Procedures Evaluation of Disclosure Controls and Procedures The Consolidated Operating Partnership maintains disclosure controls and procedures that are
designed to ensure that information required to be disclosed in the Consolidated Operating
Partnerships periodic reports pursuant to the Securities Exchange Act of 1934 (the Exchange Act)
is recorded, processed, summarized, and reported within the time periods specified in the
Securities and Exchange Commissions rules and forms, and that such information is accumulated and
communicated to the Consolidated Operating Partnerships management, including its principal
executive officer and principal financial officer, as appropriate, to allow timely decisions
regarding required financial disclosure. The Consolidated Operating Partnership carried out an evaluation, under the supervision and with
the participation of the Consolidated Operating Partnerships management, including the principal
executive officer and principal financial officer, of the effectiveness of the design and operation
of the Consolidated Operating Partnerships disclosure controls and procedures pursuant to Exchange
Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation,
the Consolidated Operating Partnerships principal executive officer and principal financial
officer concluded that the Consolidated Operating Partnerships disclosure controls and procedures
were not effective as of the end of the period covered by this report, because of the material
weakness discussed below. To address the material weakness described below, the Consolidated
Operating Partnership performed additional analysis and other procedures after the end of the
period covered by this report to ensure the Consolidated Operating Partnerships consolidated
financial statements are prepared in accordance with generally accepted accounting principles.
Accordingly, management believes that the financial statements included in this report fairly
present in all material respects the Consolidated Operating Partnerships financial condition,
results of operations and cash flows for the periods presented. Managements Report on Internal Control Over Financial Reporting Management of the Consolidated Operating Partnership is responsible for establishing and
maintaining adequate internal control over financial reporting. The Consolidated Operating
Partnerships internal controls over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. Management of the Consolidated Operating Partnership has assessed the effectiveness of the
Consolidated Operating Partnerships internal control over financial reporting as of December 31,
2004. In making its assessment of internal control over financial reporting, management used the
criteria described in the Internal Control-Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (the Internal Control-Integrated
Framework). A material weakness is a significant deficiency, or combination of significant
deficiencies, that results in a more than remote likelihood that a material misstatement of the
annual or interim financial statements will not be prevented or detected. Management of the Consolidated Operating Partnership has concluded that, as of December 31,
2004, the Consolidated Operating Partnership had a material weakness in its internal control over
financial reporting designed to ensure the proper allocation of its income tax provision (benefit)
among income from continuing operations, income from discontinued operations and gain on sale of
real estate. This control deficiency resulted in the restatement of the Consolidated Operating
Partnerships consolidated financial statements for the years ended 2003 and 2002, the restatement
of the quarterly financial information for the four quarters in the year ended 2003, the restatement of the quarterly
financial information for the first three quarters in the year ended 2004 and an adjustment to the 2004 annual financial statements which are included in this Form 10-K. Additionally, management of the Consolidated Operating Partnership concluded
this control deficiency could have resulted in a misstatement of the allocation of income tax
provision (benefit) that would result in a material misstatement to annual or interim financial
statements that would not be prevented or detected. Accordingly, management determined that this
control deficiency constitutes a material weakness in the Consolidated Operating Partnerships
internal controls over financial reporting. Because of this material weakness, management of the
Consolidated Operating Partnership concluded that it did not maintain effective internal control
over financial reporting as of December 31, 2004, based on criteria in the Internal
Control-Integrated Framework. Managements assessment of the effectiveness of the Consolidated Operating Partnerships
internal control over financial reporting as of December 31, 2004 has been audited by
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their
report which appears herein. See Report of Independent Registered Public Accounting Firm on page
F-2 of this Form 10-K. Remediation of Material Weakness As discussed in Managements Report on Internal Control Over Financial Reporting, as of
December 31, 2004, there was a material weakness in the Consolidated Operating Partnerships
internal control over financial reporting. In the first quarter of 2005, the Consolidated
Operating Partnership implemented improved monitoring controls to ensure the proper allocation of
its income tax provision (benefit) among income from continuing operations, income from
discontinued operations, and gain on sale of real estate. Changes in Internal Control Over Financial Reporting There has been no change in the Consolidated Operating Partnerships internal control
over financial reporting that occurred during the fourth quarter of 2004 that has materially
affected, or is reasonably likely to materially affect, the Consolidated Operating Partnerships
internal control over financial reporting. As discussed above, in the first quarter of 2005, the
Consolidated Operating Partnership implemented improved monitoring controls to ensure the proper
allocation of its income tax provision (benefit) among income from continuing operations, income
from discontinued operations, and gain on sale of real estate. 
 Item 9B. Other Information None. 56




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PART III 
 Item 10, 11, 12, 13
and 14. Directors and Executive Officers of the Registrant, Executive
Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,
Certain Relationships and Related Transactions and Principal
Accountant Fees and Services The Operating Partnership has no directors or executive officers; instead it is managed
by its sole general partner, the Company. The information with respect to the sole
general partner of the Operating Partnership required by Item 10, Item 11, Item 12, Item
13 and Item 14 is incorporated herein by reference to the Companys definitive proxy
statement expected to be filed with the Securities and Exchange Commission no later than
120 days after the Companys fiscal year (which will be filed no later than 120 days
after the end of the Companys fiscal year end). Information contained in the parts of
such proxy statement captioned Stock Performance Graph, Report of the Compensation
Committee, Report of the Audit Committee and in statements with respect to the
independence of the Audit Committee, (except as such statements specifically relate to
the independence of such committees financial expert) and regarding the Audit Committee
Charter, are specifically not incorporated herein by reference. 57




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PART IV 
 Item 15. Exhibits and
Financial Statement Schedules (a) Financial
Statements, Financial Statement Schedule and Exhibits  (1 & 2) See Index to Financial Statements and Financial Statement Schedule on page F-1 of this Form 10-K (3) Exhibits: Exhibit No.
    
    Description3.1
    
    Eighth Amended and Restated Limited Partnership Agreement of First
Industrial, L.P. (the LP Agreement) dated June 2, 2004 (incorporated by
reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal
quarter ended June 30, 2004, File No. 1-13102)3.2
    
    Amendment No. 1 dated March 4, 2005 to the LP Agreement (incorporated by
reference to Exhibit 10.20 of the Companys Annual Report on Form 10-K for
the fiscal year ended December 31, 2004, File No. 1-13102)4.1
    
    Indenture, dated as of May 13, 1997, between First Industrial, L.P. and
First Trust National Association, as Trustee (incorporated by reference to
Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended
March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May
30, 1997, File No. 1-13102)4.2
    
    Supplemental Indenture No. 1, dated as of May 13, 1997, between First
Industrial, L.P. and First Trust National Association as Trustee relating
to $150 million of 7.60% Notes due 2007 and $100 million of 7.15% Notes due
2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1997, as amended by Form
10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)4.3
    
    Supplemental Indenture No. 2, dated as of May 22, 1997, between First
Industrial, L.P. and First Trust National Association as Trustee relating
to $100 million of 7 3/8% Notes due 2011 (incorporated by reference to
Exhibit 4.4 of the Form 10-QT of the Operating Partnership for the fiscal
quarter ended March 31, 1997, File No. 333-21873)4.4
    
    Supplemental Indenture No. 3 dated October 28, 1997 between First
Industrial, L.P. and First Trust National Association providing for the
issuance of Medium-Term Notes due Nine Months or more from Date of Issue
(incorporated by reference to Exhibit 4.1 of Form 8-K of the Operating
Partnership, dated November 3, 1997, as filed November 3, 1997, File No.
333-21873)4.5
    
    6.90% Medium-Term Note due 2005 in principal amount of $50 million issued
by First Industrial, L.P. (incorporated by reference to Exhibit 4.17 of
the Companys Annual Report on Form 10-K for the fiscal year ended December
31, 1997, File No. 1-13102)4.6
    
    7.00% Medium-Term Note due 2006 in principal amount of $150 million issued
by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the
Companys Annual Report on Form 10-K for the fiscal year ended December 31,
1997, File No. 1-13102)4.7
    
    7.50% Medium-Term Note due 2017 in principal amount of $100 million issued
by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the
Companys Annual Report on Form 10-K for the fiscal year ended December 31,
1997, File No. 1-13102)4.8
    
    Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P.
and First Bank National Association, as Trustee (incorporated by reference
to Exhibit 4.5 of the Form 10-QT of the Operating Partnership for the
fiscal quarter ended March 31, 1997, File No. 333-21873)4.9
    
    Third Amended and Restated Unsecured Revolving Credit Agreement, dated as
of June 11, 2004, among First Industrial, L.P., First Industrial Realty
Trust, Inc., Bank One NA and certain other banks (incorporated by reference
to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter
ended June 30, 2004, File No. 1-13102)
 58




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Exhibit No.
    
    Description4.10
    
    7.60% Notes due 2028 in principal amount of $200 million issued by First
Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K
of the Operating Partnership dated July 15, 1998, File No. 333-21873)4.11
    
    Supplemental Indenture No.5, dated as of July 14, 1998, between First
Industrial, L.P. and the U.S. Bank Trust National Association, relating to
First Industrial, L.P.s 7.60% Notes due July 15, 2028 (incorporated by
reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership dated
July 15, 1998, File No. 333-21873)4.12
    
    7.375% Note due 2011 in principal amount of $200 million issued by First
Industrial, L.P. (incorporated by reference to Exhibit 4.15 of the
Operating Partnerships Annual Report on Form 10-K for the year ended
December 31, 2000, File No. 333-21873)4.13
    
    Supplemental Indenture No.6, dated as of March 19, 2001, between First
Industrial, L.P. and the U.S. Bank Trust National Association, relating to
First Industrial, L.P.s 7.375% Notes due March 15, 2011(incorporated by
reference to Exhibit 4.16 of the Operating Partnerships Annual Report on
Form 10-K for the year ended December 31, 2000, File No. 333-21873)4.14
    
    Registration Rights Agreement, dated as of March 19, 2001, among First
Industrial, L.P. and Credit Suisse First Boston Corporation, Chase
Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One
Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to
Exhibit 4.17 of the Operating Partnerships Annual Report on Form 10-K for
the year ended December 31, 2000, File No. 333-21873)4.15
    
    Supplemental Indenture No. 7 dated as of April 15, 2002, between First
Industrial, L.P. and the U.S. Bank National Association, relating to First
Industrial, L.P.s 6.875% Notes due 2012 and 7.75% Notes due 2032
(incorporated by reference to Exhibit 4.1 of the Operating Partnerships
Form 8-K, dated April 4, 2002, File No. 333-21873)4.16
    
    Form of 6.875% Notes due in 2012 in the principal amount of $200 million
issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the
principal amount of $50 million issued by First Industrial L.P.
(incorporated by reference to Exhibit 4.2 of the Operating Partnerships
Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873)4.17
    
    Form of 7.75% Notes due 2032 in the principal amount of $50 million issued
by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the
Operating Partnerships Form 8-K, dated April 4, 2002, File No. 333-21873)4.18
    
    Supplemental Indenture No. 8,
dated as of May 17, relating to 6.42% Senior
Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank
National Association (incorporated by reference to Exhibit 4.1 of the Form
8-K of First Industrial, L.P., dated May 27, 2004, File No. 333-21873)4.19
    
    Supplemental Indenture No. 9, dated as of June 14, 2004, relating to 5.25%
Senior Notes due 2009, by and between the Operating Partnership and U.S.
Bank National Association (incorporated by reference to Exhibit 4.1 of the
Form 8-K of First Industrial, L.P., dated June 17, 2004, File No.
333-21873)10.1
    
    Sales Agreement by and among the Company and First Industrial, L.P., and
Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference
to Exhibit 1.1 of the Form 8-K of First Industrial, L.P., dated September
16, 2004, File No. 333-21873).12.1*
    
    Computation of ratios of earnings to fixed charges of First Industrial, L.P.21.1
    
    Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1
of the Companys Annual Report on Form 10-K for the year ended December 31,
2004, File No. 1-13102)23*
    
    Consent of PricewaterhouseCoopers LLP
 59




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Exhibit No.
    
    Description31.1*
    
    Certification of Principal Executive Officer of First
Industrial Realty Trust, Inc., registrants sole general
partner, pursuant to Rule 13a-14(a) under the Securities
Exchange Act of 1934, as amended.31.2*
    
    Certification of Principal Financial Officer of First
Industrial Realty Trust, Inc., registrants sole general
partner, pursuant to Rule 13a-14(a) under the Securities
Exchange Act of 1934, as amended.32.1**
    
    Certification of the Principal Executive Officer and the
Principal Financial Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes -
Oxley Act of 2002.
 *   Filed herewith. **   Furnished herewith 60




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SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized. FIRST INDUSTRIAL, L.P.By:
    
    FIRST INDUSTRIAL REALTY TRUST, INC.
as general partnerDate:
March 28, 2005
    
    By:
    
    /s/ Michael W. BrennanMichael W. BrennanPresident, Chief Executive Officer and Director
(Principal Executive Officer)Date:
March 28, 2005
    
    By:
    
    /s/ Michael J. HavalaMichael J. HavalaChief Financial Officer
(Principal Financial Officer)Date:
March 28, 2005
    
    By:
    
    /s/ Scott A. MusilScott A. MusilSenior Vice President, Controller, Treasurer and Assistant Secretary
(Principal Accounting Officer)
 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates indicated. Signature
    
    Title
    
    Date/s/ Jay H. Shidler

Jay H. Shidler
    
    Chairman of the Board of Directors
    
    March 28, 2005/s/ Michael W. Brennan

Michael W. Brennan
    
    President, Chief Executive Officer
and Director
    
    March 28, 2005/s/ Michael G. Damone

Michael G. Damone
    
    Director of Strategic Planning
and Director
    
    March 28, 2005/s/ Kevin W. Lynch

Kevin W. Lynch
    
    Director
    
    March 28, 2005/s/ John E. Rau

John E. Rau
    
    Director
    
    March 28, 2005/s/ Robert J. Slater

Robert J. Slater
    
    Director
    
    March 28, 2005/s/ W. Edwin Tyler

W. Edwin Tyler
    
    Director
    
    March 28, 2005/s/ J. Steven Wilson

J. Steven Wilson
    
    Director
    
    March 28, 2005
 61




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EXHIBIT INDEX Exhibit No.
    
    Description3.1
    
    Eighth Amended and Restated Limited Partnership Agreement of First
Industrial, L.P. (the LP Agreement) dated June 2, 2004 (incorporated by
reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal
quarter ended June 30, 2004, File No. 1-13102)3.2
    
    Amendment No. 1 dated March 4, 2005 to the LP Agreement (incorporated by
reference to Exhibit 10.20 of the Companys Annual Report on Form 10-K for
the fiscal year ended December 31, 2004, File No. 1-13102)4.1
    
    Indenture, dated as of May 13, 1997, between First Industrial, L.P. and
First Trust National Association, as Trustee (incorporated by reference to
Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended
March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May
30, 1997, File No. 1-13102)4.2
    
    Supplemental Indenture No. 1, dated as of May 13, 1997, between First
Industrial, L.P. and First Trust National Association as Trustee relating
to $150 million of 7.60% Notes due 2007 and $100 million of 7.15% Notes due
2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the
Company for the fiscal quarter ended March 31, 1997, as amended by Form
10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)4.3
    
    Supplemental Indenture No. 2, dated as of May 22, 1997, between First
Industrial, L.P. and First Trust National Association as Trustee relating
to $100 million of 7 3/8% Notes due 2011 (incorporated by reference to
Exhibit 4.4 of the Form 10-QT of the Operating Partnership for the fiscal
quarter ended March 31, 1997, File No. 333-21873)4.4
    
    Supplemental Indenture No. 3 dated October 28, 1997 between First
Industrial, L.P. and First Trust National Association providing for the
issuance of Medium-Term Notes due Nine Months or more from Date of Issue
(incorporated by reference to Exhibit 4.1 of Form 8-K of the Operating
Partnership, dated November 3, 1997, as filed November 3, 1997, File No.
333-21873)4.5
    
    6.90% Medium-Term Note due 2005 in principal amount of $50 million issued
by First Industrial, L.P. (incorporated by reference to Exhibit 4.17 of
the Companys Annual Report on Form 10-K for the fiscal year ended December
31, 1997, File No. 1-13102)4.6
    
    7.00% Medium-Term Note due 2006 in principal amount of $150 million issued
by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the
Companys Annual Report on Form 10-K for the fiscal year ended December 31,
1997, File No. 1-13102)4.7
    
    7.50% Medium-Term Note due 2017 in principal amount of $100 million issued
by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the
Companys Annual Report on Form 10-K for the fiscal year ended December 31,
1997, File No. 1-13102)4.8
    
    Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P.
and First Bank National Association, as Trustee (incorporated by reference
to Exhibit 4.5 of the Form 10-QT of the Operating Partnership for the
fiscal quarter ended March 31, 1997, File No. 333-21873)4.9
    
    Third Amended and Restated Unsecured Revolving Credit Agreement, dated as
of June 11, 2004, among First Industrial, L.P., First Industrial Realty
Trust, Inc., Bank One NA and certain other banks (incorporated by reference
to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter
ended June 30, 2004, File No. 1-13102)
 62




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Exhibit No.
    
    Description4.10
    
    7.60% Notes due 2028 in principal amount of $200 million issued by First
Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K
of the Operating Partnership dated July 15, 1998, File No. 333-21873)4.11
    
    Supplemental Indenture No. 5, dated as of July 14, 1998, between First
Industrial, L.P. and the U.S. Bank Trust National Association, relating to
First Industrial, L.P.s 7.60% Notes due July 15, 2028 (incorporated by
reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership dated
July 15, 1998, File No. 333-21873)4.12
    
    7.375% Note due 2011 in principal amount of $200 million issued by First
Industrial, L.P. (incorporated by reference to Exhibit 4.15 of the
Operating Partnerships Annual Report on Form 10-K for the year ended
December 31, 2000, File No. 333-21873)4.13
    
    Supplemental Indenture No. 6, dated as of March 19, 2001, between First
Industrial, L.P. and the U.S. Bank Trust National Association, relating to
First Industrial, L.P.s 7.375% Notes due March 15, 2011 (incorporated by
reference to Exhibit 4.16 of the Operating Partnerships Annual Report on
Form 10-K for the year ended December 31, 2000, File No. 333-21873)4.14
    
    Registration Rights Agreement, dated as of March 19, 2001, among First
Industrial, L.P. and Credit Suisse First Boston Corporation, Chase
Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One
Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to
Exhibit 4.17 of the Operating Partnerships Annual Report on Form 10-K for
the year ended December 31, 2000, File No. 333-21873)4.15
    
    Supplemental Indenture No. 7 dated as of April 15, 2002, between First
Industrial, L.P. and the U.S. Bank National Association, relating to First
Industrial, L.P.s 6.875% Notes due 2012 and 7.75% Notes due 2032
(incorporated by reference to Exhibit 4.1 of the Operating Partnerships
Form 8-K, dated April 4, 2002, File No. 333-21873)4.16
    
    Form of 6.875% Notes due in 2012 in the principal amount of $200 million
issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the
principal amount of $50 million issued by First Industrial L.P.
(incorporated by reference to Exhibit 4.2 of the Operating Partnerships
Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873)4.17
    
    Form of 7.75% Notes due 2032 in the principal amount of $50 million issued
by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the
Operating Partnerships Form 8-K, dated April 4, 2002, File No. 333-21873)4.18
    
    Supplemental Indenture No. 8,
dated as of May 17, relating to 6.42% Senior
Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank
National Association (incorporated by reference to Exhibit 4.1 of the Form
8-K of First Industrial, L.P., dated May 27, 2004, File No. 333-21873)4.19
    
    Supplemental Indenture No. 9, dated as of June 14, 2004, relating to 5.25%
Senior Notes due 2009, by and between the Operating Partnership and U.S.
Bank National Association (incorporated by reference to Exhibit 4.1 of the
Form 8-K of First Industrial, L.P., dated June 17, 2004, File No.
333-21873)10.1
    
    Sales Agreement by and among the Company and First Industrial, L.P., and
Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference
to Exhibit 1.1 of the Form 8-K of First Industrial, L.P., dated September
16, 2004, File No. 333-21873).12.1*
    
    Computation of ratios of earnings to fixed charges of First Industrial, L.P.21.1
    
    Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1
of the Companys Annual Report on Form 10-K for the year ended December 31,
2004, File No. 1-13102)23 *
    
    Consent of PricewaterhouseCoopers LLP
 63




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##### Table of Contents



Exhibit No.
    
    Description31.1 *
    
    Certification of Principal Executive Officer of First
Industrial Realty Trust, Inc., registrants sole general
partner, pursuant to Rule 13a-14(a) under the Securities
Exchange Act of 1934, as amended.31.2 *
    
    Certification of Principal Financial Officer of First
Industrial Realty Trust, Inc., registrants sole general
partner, pursuant to Rule 13a-14(a) under the Securities
Exchange Act of 1934, as amended.32.1**
    
    Certification of the Principal Executive Officer and the
Principal Financial Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes 
Oxley Act of 2002.
  *
    Filed herewith.**
    Furnished herewith 64




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##### Table of Contents



FIRST INDUSTRIAL, L.P. INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE PAGEFINANCIAL STATEMENTSReport of Independent Registered Public Accounting Firm
    
    
    F-2Consolidated Balance Sheets of First Industrial, L.P.
as of December 31, 2004 and 2003
    
    
    F-3Consolidated Statements of Operations and Comprehensive Income of
First Industrial L. P. for the Years Ended December 31, 2004,
2003 (Restated) and 2002 (Restated)
    
    
    F-4Consolidated Statements of Changes in Partners Capital of First Industrial L.P. for the
Years Ended December 31, 2004, 2003 and 2002
    
    
    F-5Consolidated Statements of Cash Flows of First Industrial L.P. for the Years Ended
December 31, 2004, 2003 (Restated) and 2002 (Restated)
    
    
    F-6Notes to the Consolidated Financial Statements
    
    
    F-7FINANCIAL STATEMENT SCHEDULEReport of Independent Registered Public Accounting Firm.
    
    
    S-1Schedule III: Real Estate and Accumulated Depreciation
    
    
   S-2
 F-1




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Partners of
First Industrial, L.P.: We have completed an integrated audit of First Industrial, L.P.s 2004 consolidated financial
statements and of its internal control over financial reporting as of December 31, 2004 and audits
of its 2003 and 2002 consolidated financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Our opinions, based on our audits, are
presented below. Consolidated financial statements In our opinion, the accompanying consolidated balance sheets and the related consolidated
statements of operations and comprehensive income, of changes in stockholders equity and of cash
flows present fairly, in all material respects, the financial position of First Industrial, L.P.
and its subsidiaries (the Consolidated Operating Partnership) at December 31, 2004 and 2003, and
the results of their operations and their cash flows for each of the three years in the period
ended December 31, 2004 in conformity with accounting principles generally accepted in the United
States of America. These financial statements are the responsibility of the Consolidated Operating
Partnerships management. Our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in accordance with the standards
of the Public Company Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit of financial statements includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion. As discussed in Note 12 to the consolidated financial statements, the Consolidated Operating
Partnership has restated its previously issued financial statements
for the years ended December 31, 2003 and 2002. Internal control over financial reporting Also, we have audited managements assessment, included in Managements Report on Internal
Control Over Financial Reporting appearing under Item 9A, that First Industrial, L.P. did not
maintain effective internal control over financial reporting as of December 31, 2004, because the
Consolidated Operating Partnership did not maintain effective controls to ensure the proper
allocation of its income tax provision (benefit) between income from continuing operations, income
from discontinued operations and gain on sale of real estate, based on criteria established
in Internal Control  Integrated Frameworkissued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO). The Consolidated Operating Partnerships management is responsible
for maintaining effective internal control over financial reporting and for its assessment of the
effectiveness of internal control over financial reporting. Our responsibility is to express
opinions on managements assessment and on the effectiveness of the Consolidated Operating
Partnerships internal control over financial reporting based on our audit. We conducted our audit of internal control over financial reporting in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether effective internal
control over financial reporting was maintained in all material respects. An audit of internal
control over financial reporting includes obtaining an understanding of internal control over
financial reporting, evaluating managements assessment, testing and evaluating the design and
operating effectiveness of internal control, and performing such other procedures as we consider
necessary in the circumstances. We believe that our audit provides a reasonable basis for our
opinions. A companys internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. A companys internal control over financial reporting includes those policies and
procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and
directors of the company; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the companys assets that could have
a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. A material weakness is a control deficiency, or combination of control deficiencies, that
results in more than a remote likelihood that a material misstatement of the annual or interim
financial statements will not be prevented or detected. The following material weakness has been
identified and included in managements assessment. As of December 31, 2004, the
Consolidated Operating Partnership had a material weakness in its internal control over financial
reporting designed to ensure the proper allocation of its income tax provision (benefit) among
income from continuing operations, income from discontinued operations and gain on sale of real
estate. This control deficiency resulted in the restatement of the Consolidated Operating
Partnerships consolidated financial statements for the years ended 2003 and 2002, the restatement
of the quarterly financial information for the four quarters in the year ended 2003, the
restatement of the quarterly financial information for the first three quarters in 2004, and an
adjustment to the 2004 annual financial statements. Additionally, management of the Consolidated
Operating Partnership concluded this control deficiency could have resulted in a misstatement of
the allocation of income tax provision (benefit) that would result in a material misstatement to
annual or interim financial statements that would not be prevented or detected. This
material weakness was considered in determining the nature, timing, and extent of audit tests
applied in our audit of the 2004 consolidated financial statements, and our opinion regarding the
effectiveness of the Consolidated Operating Partnerships internal control over financial reporting
does not affect our opinion on those consolidated financial statements. In our opinion, managements assessment that First Industrial, L.P. did not maintain effective
internal control over financial reporting as of December 31, 2004, is fairly stated, in all
material respects, based on criteria established in Internal Control-Integrated Frameworkissued by
the COSO. Also, in our opinion, because of the effect of the material weakness described above on
the achievement of the objectives of the control criteria, First Industrial, L.P. has not
maintained effective internal control over financial reporting as of December 31, 2004,
based on criteria established in Internal Control-Integrated Frameworkissued by the COSO. PRICEWATERHOUSECOOPERS LLP
Chicago, IL
March 30, 2005 F-2




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##### Table of Contents



FIRST INDUSTRIAL, L.P. 
 CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)
 December 31,
    
    
    December 31,2004
    
    
    2003ASSETSAssets:Investment in Real Estate:Land
    
    $
    423,836
    
    
    $
    390,257Buildings and Improvements
    
    
    2,039,486
    
    
    
    1,931,023Furniture, Fixtures and Equipment
    
    
    
    
    
    
    801Construction in Progress
    
    
    23,092
    
    
    
    29,945Less: Accumulated Depreciation
    
    
    (321,003
    )
    
    
    (295,688
    )Net Investment in Real Estate
    
    
    2,165,411
    
    
    
    2,056,338Real Estate Held for Sale, Net of Accumulated Depreciation and
Amortization of $2,908 at December 31, 2004
    
    
    50,286
    
    
    
    Investments in and Advances to Other Real Estate Partnerships
    
    
    339,967
    
    
    
    374,906Cash and Cash Equivalents
    
    
    3,069
    
    
    
    Restricted Cash
    
    
    25
    
    
    
    60,875Tenant Accounts Receivable, Net
    
    
    6,509
    
    
    
    7,769Investments in Joint Ventures
    
    
    5,489
    
    
    
    14,606Deferred Rent Receivable
    
    
    15,928
    
    
    
    12,903Deferred Financing Costs, Net
    
    
    11,569
    
    
    
    9,809Prepaid Expenses and Other Assets, Net
    
    
    114,447
    
    
    
    96,056Total Assets
    
    $
    2,712,700
    
    
    $
    2,633,262LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage Loans Payable, Net
    
    $
    57,449
    
    
    $
    43,217Senior Unsecured Debt, Net
    
    
    1,347,524
    
    
    
    1,212,152Unsecured Line of Credit
    
    
    167,500
    
    
    
    195,900Accounts Payable and Accrued Expenses
    
    
    68,577
    
    
    
    62,382Rents Received in Advance and Security Deposits
    
    
    26,441
    
    
    
    24,655Dividends Payable
    
    
    35,487
    
    
    
    31,889Total Liabilities
    
    
    1,702,978
    
    
    
    1,570,195Commitments and Contingencies
    
    
    
    
    
    
    Partners Capital:General Partner Preferred Units (20,750 and 100,000 units issued and
outstanding at December 31, 2004 and 2003, respectively
    
    
    240,697
    
    
    
    240,697General Partner Units (42,834,091 and 39,850,370 units issued and
outstanding at December 31, 2004 and 2003, respectively
    
    
    638,727
    
    
    
    687,721Unamortized Value of General Partnership Restricted Units
    
    
    (19,611
    )
    
    
    (19,035
    )Limited Partners Units 6,455,914 and 6,704,012 units issued and
outstanding at December 31, 2004 and 2003, respectively
    
    
    153,609
    
    
    
    163,794Accumulated Other Comprehensive Loss
    
    
    (3,700
    )
    
    
    (10,110
    )Total Partners Capital
    
    
    1,009,722
    
    
    
    1,063,067Total Liabilities and Partners Capital
    
    $
    2,712,700
    
    
    $
    2,633,262
 The accompanying notes are an integral part of the financial statements. F-3




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##### Table of Contents



FIRST INDUSTRIAL, L.P. 
 CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands except per Unit data)
 Restated
    
    

RestatedYear Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002Revenues:Rental Income
    
    $
    207,130
    
    
    $
    188,416
    
    
    $
    179,251Tenant Recoveries and Other Income
    
    
    68,701
    
    
    
    61,965
    
    
    
    56,639Total Revenues
    
    
    275,831
    
    
    
    250,381
    
    
    
    235,890Expenses:Real Estate Taxes
    
    
    42,660
    
    
    
    39,349
    
    
    
    36,665Repairs and Maintenance
    
    
    21,875
    
    
    
    20,000
    
    
    
    16,895Property Management
    
    
    12,300
    
    
    
    9,458
    
    
    
    8,790Utilities
    
    
    9,161
    
    
    
    7,754
    
    
    
    6,244Insurance
    
    
    3,094
    
    
    
    2,622
    
    
    
    1,925Other
    
    
    4,822
    
    
    
    6,272
    
    
    
    7,009General and Administrative
    
    
    38,912
    
    
    
    25,607
    
    
    
    19,230Amortization of Deferred Financing Costs
    
    
    1,928
    
    
    
    1,761
    
    
    
    1,858Depreciation and Other Amortization
    
    
    82,894
    
    
    
    63,785
    
    
    
    52,586Total Expenses
    
    
    217,646
    
    
    
    176,608
    
    
    
    151,202Other Income/Expense:Interest Income
    
    
    2,025
    
    
    
    1,698
    
    
    
    121Gain on Settlement of Interest Rate Protection Agreements
    
    
    1,583
    
    
    
    
    
    
    
    Interest Expense
    
    
    (99,067
    )
    
    
    (95,198
    )
    
    
    (87,439
    )Loss From Early Retirement of Debt
    
    
    (515
    )
    
    
    
    
    
    
    (888
    )Total Other Income/Expense
    
    
    (95,974
    )
    
    
    (93,500
    )
    
    
    (88,206
    )Loss from
Continuing Operations Before Income Tax Benefit, Equity in Income of
Other Real Estate Partnerships, Equity of Income in Joint Ventures
and Gain on Sale of Real Estate
    
    
    (37,789
    )
    
    
    (19,727
    )
    
    
    (3,518
    )Income Tax Benefit
    
    
    7,859
    
    
    
    4,950
    
    
    
    2,188Equity in Income of Other Real Estate Partnerships
    
    
    29,203
    
    
    
    43,332
    
    
    
    53,038Equity in
Income of Joint Ventures, Net of Income Taxes
    
    
    34,990
    
    
    
    539
    
    
    
    463Income from Continuing Operations
    
    
    34,263
    
    
    
    29,094
    
    
    
    52,171Income from Discontinued Operations (Including Gain on Sale of Real
Estate, Net of Income Taxes of $73,372, $72,947 and $35,592 for the Years Ended
December 31, 2004, 2003 and 2002, respectively), Net of Income
Taxes
    
    
    81,103
    
    
    
    94,716
    
    
    
    71,232Income Before Gain on Sale of Real Estate
    
    
    115,366
    
    
    
    123,810
    
    
    
    123,403Gain on Sale
of Real Estate, Net of Income Taxes
    
    
    9,788
    
    
    
    7,246
    
    
    
    13,015Net Income
    
    
    125,154
    
    
    
    131,056
    
    
    
    136,418Less: Preferred Unit Distributions
    
    
    (14,488
    )
    
    
    (20,176
    )
    
    
    (23,432
    )Less: Redemption of Preferred Units
    
    
    (7,959
    )
    
    
    
    
    
    
    (3,707
    )Net Income Available to Unitholders
    
    $
    102,707
    
    
    $
    110,880
    
    
    $
    109,279Basic Earnings Per Unit:Income from Continuing Operations
    
    $
    0.46
    
    
    $
    0.36
    
    
    $
    0.83Income from Discontinued Operations
    
    $
    1.72
    
    
    $
    2.09
    
    
    $
    1.55Net Income Available to Unitholders
    
    $
    2.18
    
    
    $
    2.45
    
    
    $
    2.38Weighted Average Units Outstanding
    
    
    47,136
    
    
    
    45,322
    
    
    
    45,841Diluted Earnings Per Unit:Income from Continuing Operations
    
    $
    0.46
    
    
    $
    0.36
    
    
    $
    0.83Income from Discontinued Operations
    
    $
    1.71
    
    
    $
    2.08
    
    
    $
    1.55Net Income Available to Unitholders
    
    $
    2.16
    
    
    $
    2.44
    
    
    $
    2.37Weighted Average Units Outstanding
    
    
    47,467
    
    
    
    45,443
    
    
    
    46,079Net Income
    
    $
    125,154
    
    
    $
    131,056
    
    
    $
    136,418Other Comprehensive Income (Loss):Settlement of Interest Rate Protection Agreement
    
    
    6,816
    
    
    
    
    
    
    
    1,772Mark-to-Market of Interest Rate Protection Agreements and
Interest Rate Swap Agreements
    
    
    106
    
    
    
    251
    
    
    
    (126
    )Amortization of Interest Rate Protection Agreements
    
    
    (512
    )
    
    
    198
    
    
    
    176Comprehensive Income
    
    $
    131,564
    
    
    $
    131,505
    
    
    $
    138,240
 The accompanying notes are an integral part of the financial statements. F-4




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##### Table of Contents



FIRST INDUSTRIAL, L.P. 
 CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS CAPITAL
(Dollars in thousands)
 Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002General Partner Preferred Units  Beginning of Year
    
    $
    240,697
    
    
    $
    240,697
    
    
    $
    336,990Distributions
    
    
    (14,488
    )
    
    
    (20,176
    )
    
    
    (23,432
    )Redemption of Series B Preferred Units
    
    
    
    
    
    
    
    
    
    
    (96,293
    )Net Income
    
    
    14,488
    
    
    
    20,176
    
    
    
    23,432General Partner Units  End of Year
    
    $
    240,697
    
    
    $
    240,697
    
    
    $
    240,697General Partner Units  Beginning of Year
    
    $
    687,721
    
    
    $
    665,647
    
    
    $
    686,544Contributions
    
    
    99,280
    
    
    
    15,117
    
    
    
    16,247Issuance of Preferred Units
    
    
    194,424
    
    
    
    
    
    
    
    Issuance of General Partner Restricted Units
    
    
    8,379
    
    
    
    20,641
    
    
    
    3,232Purchase of General Partnership Units
    
    
    
    
    
    
    (997
    )
    
    
    (29,493
    )Repurchase and Retirement of Restricted Units/Units
    
    
    (17,846
    )
    
    
    (1,865
    )
    
    
    (2,037
    )Redemption of Preferred Units
    
    
    (321,496
    )
    
    
    
    
    
    
    (3,148
    )Amortization of Stock Based Compensation
    
    
    
    
    
    
    54
    
    
    
    646Distributions
    
    
    (114,569
    )
    
    
    (108,171
    )
    
    
    (107,020
    )Unit Conversions
    
    
    6,195
    
    
    
    2,750
    
    
    
    4,616Net Income
    
    
    96,639
    
    
    
    94,545
    
    
    
    96,060General Partner Units  End of Year
    
    $
    638,727
    
    
    $
    687,721
    
    
    $
    665,647Unamort. Value of Gen. Partner Restricted Units  Beg. Of Year
    
    $
    (19,035
    )
    
    $
    (4,307
    )
    
    $
    (6,247
    )Issuance of General Partner Restricted Units
    
    
    (8,379
    )
    
    
    (20,641
    )
    
    
    (3,232
    )Amortization of General Partner Restricted Units
    
    
    7,803
    
    
    
    5,913
    
    
    
    5,172Unamort. Value of Gen. Partner Restricted Units  End Of Year
    
    $
    (19,611
    )
    
    $
    (19,035
    )
    
    $
    (4,307
    )Limited Partners Units  Beginning of Year
    
    $
    163,794
    
    
    $
    168,740
    
    
    $
    175,019Contributions
    
    
    
    
    
    
    
    
    
    
    735Redemption
of Series B Preferred Units
    
    
    
    
    
    
    
    
    
    
    (559
    )Distributions
    
    
    (18,017
    )
    
    
    (18,531
    )
    
    
    (18,765
    )Unit Conversions
    
    
    (6,195
    )
    
    
    (2,750
    )
    
    
    (4,616
    )Net Income
    
    
    14,027
    
    
    
    16,335
    
    
    
    16,926Limited Partners Units  End of Year
    
    $
    153,609
    
    
    $
    163,794
    
    
    $
    168,740Accum. Other Comprehensive Loss  Beginning of Year
    
    $
    (10,110
    )
    
    $
    (10,559
    )
    
    $
    (12,381
    )Settlement of Interest Rate Protection Agreements
    
    
    6,816
    
    
    
    
    
    
    
    1,772Mark to Market of Interest Rate Protection Agreements
    
    
    106
    
    
    
    251
    
    
    
    (126
    )Amortization of Interest Rate Protection Agreements
    
    
    (512
    )
    
    
    198
    
    
    
    176Accum. Other Comprehensive Income Loss   End of Year
    
    $
    (3,700
    )
    
    $
    (10,110
    )
    
    $
    (10,559
    )Total Partners Capital at End of Year
    
    $
    1,009,722
    
    
    $
    1,063,067
    
    
    $
    1,060,218
 The accompanying notes are an integral part of the financial statements. F-5




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##### Table of Contents



FIRST INDUSTRIAL, L.P. 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
 Restated
    
    
    RestatedYear Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002CASH FLOWS FROM OPERATING ACTIVITIES:Net Income
    
    $
    125,154
    
    
    $
    131,056
    
    
    $
    136,418Adjustments to Reconcile Net Income to Net Cash Provided
by Operating Activities:Depreciation
    
    
    71,785
    
    
    
    63,281
    
    
    
    56,762Amortization of Deferred Financing Costs
    
    
    1,928
    
    
    
    1,761
    
    
    
    1,858Other Amortization
    
    
    20,661
    
    
    
    16,174
    
    
    
    13,986Provision for Bad Debt
    
    
    (1,474
    )
    
    
    (160
    )
    
    
    Equity in
Income of Joint Ventures, Net of Income Taxes
    
    
    (34,990
    )
    
    
    (539
    )
    
    
    (463
    )Distributions from Joint Ventures
    
    
    34,990
    
    
    
    539
    
    
    
    463Gain on Sale
of Real Estate, Net of Income Taxes
    
    
    (83,160
    )
    
    
    (80,193
    )
    
    
    (48,607
    )Loss on Early Retirement of Debt
    
    
    515
    
    
    
    
    
    
    
    888Equity in Income of Other Real Estate Partnerships
    
    
    (29,203
    )
    
    
    (43,332
    )
    
    
    (53,038
    )Distributions from Investment in Other Real Estate Partnerships
    
    
    29,203
    
    
    
    43,332
    
    
    
    53,038Increase in Tenant Accounts Receivable and Prepaid
Expenses and Other Assets, Net
    
    
    (53,510
    )
    
    
    (23,076
    )
    
    
    (11,025
    )Increase in Deferred Rent Receivable
    
    
    (5,254
    )
    
    
    (2,629
    )
    
    
    (2,575
    )Increase
(Decrease) in Accounts Payable and Accrued
Expenses and Rents Received in Advance and Security
Deposits
    
    
    4,370
    
    
    
    (14,948
    )
    
    
    (9,252
    )Net Cash Provided by Operating Activities
    
    
    81,015
    
    
    
    91,266
    
    
    
    138,453CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of and Additions to Investment in Real Estate
    
    
    (469,668
    )
    
    
    (280,049
    )
    
    
    (289,405
    )Net Proceeds from Sales of Investments in Real Estate
    
    
    324,919
    
    
    
    303,171
    
    
    
    320,838Investments in and Advances to Other Real Estate Partnerships
    
    
    (68,134
    )
    
    
    (59,430
    )
    
    
    (103,628
    )Distributions/Repayments from Other Real Estate Partnerships
    
    
    103,073
    
    
    
    62,300
    
    
    
    104,202Contributions to and Investments in Joint Ventures
    
    
    (5,422
    )
    
    
    (5,711
    )
    
    
    (8,207
    )Distributions from Joint Ventures
    
    
    15,535
    
    
    
    2,859
    
    
    
    2,260Repayment
and Sale of Mortgage Loans Receivable
    
    
    44,418
    
    
    
    27,500
    
    
    
    6,903Decrease (Increase) in Restricted Cash
    
    
    60,849
    
    
    
    (32,525
    )
    
    
    (21,956
    )Net Cash Provided by Investing Activities
    
    
    5,570
    
    
    
    18,115
    
    
    
    11,007CASH FLOWS FROM FINANCING ACTIVITIES:Unit Contributions
    
    
    86,121
    
    
    
    14,799
    
    
    
    15,895Proceeds from the issuance of Preferred Units
    
    
    200,000
    
    
    
    
    
    
    
    Preferred Unit Offering Costs
    
    
    (5,576
    )
    
    
    
    
    
    
    Unit Distributions
    
    
    (130,220
    )
    
    
    (125,916
    )
    
    
    (125,875
    )Purchase of General Partner Units
    
    
    
    
    
    
    (997
    )
    
    
    (29,493
    )Repurchase of Restricted Units
    
    
    (3,751
    )
    
    
    (1,865
    )
    
    
    (2,037
    )Redemption of Preferred Units
    
    
    (321,438
    )
    
    
    
    
    
    
    (100,000
    )Preferred Unit Distributions
    
    
    (13,256
    )
    
    
    (20,176
    )
    
    
    (23,432
    )Repayments on Mortgage Loans Payable
    
    
    (5,931
    )
    
    
    (1,018
    )
    
    
    (38,626
    )Proceeds on Mortgage Loan Payable
    
    
    1,400
    
    
    
    
    
    
    
    Proceeds from Senior Unsecured Debt
    
    
    134,496
    
    
    
    
    
    
    
    247,950Other Proceeds from Senior Unsecured Debt
    
    
    6,816
    
    
    
    
    
    
    
    1,772Repayment of Senior Unsecured Debt
    
    
    
    
    
    
    
    
    
    
    (84,930
    )Proceeds from Unsecured Lines of Credit
    
    
    581,000
    
    
    
    264,300
    
    
    
    500,100Repayments on Unsecured Lines of Credit
    
    
    (609,400
    )
    
    
    (238,700
    )
    
    
    (512,300
    )Book Overdraft
    
    
    
    
    
    
    312
    
    
    
    5,336Cost of Debt Issuance and Prepayment Fees
    
    
    (3,777
    )
    
    
    (120
    )
    
    
    (3,820
    )Net Cash Used in Financing Activities
    
    
    (83,516
    )
    
    
    (109,381
    )
    
    
    (149,460
    )Net Increase in Cash and Cash Equivalents
    
    
    3,069
    
    
    
    
    
    
    
    Cash and Cash Equivalents, Beginning of Period
    
    
    
    
    
    
    
    
    
    
    Cash and Cash Equivalents, End of Period
    
    $
    3,069
    
    
    $
    
    
    
    $
    
 The accompanying notes are an integral part of the financial statements. F-6




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##### Table of Contents



FIRST INDUSTRIAL, L.P. 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 1. Organization and Formation of Partnership First Industrial, L.P. (the Operating Partnership) was organized as a limited partnership in
the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty
Trust, Inc. (the Company) with an approximate 86.9% and 85.6% ownership interest at December 31,
2004 and 2003, respectively. The Company also owns a preferred general partnership interest in the
Operating Partnership (Preferred Units) with an aggregate liquidation priority of $125,000. The
Company is a real estate investment trust (REIT) as defined in the Internal Revenue Code. The
Companys operations are conducted primarily through the Operating Partnership. The limited
partners of the Operating Partnership owned, in the aggregate, approximately a 13.1% and 14.4%
interest in the Operating Partnership at December 31, 2004 and 2003, respectively. The Operating Partnership is the sole member of several limited liability companies (the
L.L.C.s) and the sole stockholder of First Industrial
Development Services, Inc., (together with the Operating Partnership
and the L.L.C.s, the Consolidated Operating Partnership),
the operating data of which is consolidated with that of the
Operating Partnership. The Operating Partnership also holds at
least a 99% limited partnership interest in First Industrial Financing Partnership, L.P. (the
Financing Partnership), First Industrial Securities, L.P. (the Securities Partnership), First
Industrial Mortgage Partnership, L.P, (the Mortgage Partnership), First Industrial Pennsylvania,
L.P. (the Pennsylvania Partnership), First Industrial Harrisburg, L.P. (the Harrisburg
Partnership), First Industrial Indianapolis, L.P. (the Indianapolis Partnership), TK-SV, LTD.
and FI Development Services, L.P. (together, the Other Real
Estate Partnerships). The Other Real Estate Partnerships
operating data is presented on a combined basis, separate from that
of the Consolidated Operating Partnership. The Operating
Partnership, through separate wholly-owned limited liability companies in which it is also the sole
member, also owns minority equity interests in, and provides asset and property management services
to, two joint ventures which invest in industrial properties (the September 1998 Joint Venture
and the May 2003 Joint Venture). The Operating Partnership, through a separate, wholly-owned
limited liability company of which the Operating Partnership is also the sole member, also owned a
minority interest in, and provided property management services to, a third joint venture which
invested in industrial properties (the December 2001 Joint Venture; together with the September
1998 Joint Venture and the May 2003 Joint Venture, the Joint Ventures). During the year ended
December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the
Consolidated Operating Partnership as presented herein. The
Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of
accounting. The general partners of the Other Real Estate Partnerships are separate corporations, each
with at least a .01% general partnership interest in the Other Real Estate Partnerships for which
it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a
wholly-owned subsidiary of the Company. As
of December 31, 2004, the Consolidated Operating Partnership owned
779 industrial properties (inclusive of developments in progress), containing an aggregate of
approximately 59.8 million square
feet (unaudited) of gross leasable area (GLA). On a combined basis, as of December 31, 2004, the
Other Real Estate Partnerships owned 102 in-service industrial properties, containing an aggregate
of approximately 9.5 million square feet (unaudited) of GLA. Profits, losses and distributions of the Operating Partnership, the L.L.C.s and Other Real
Estate Partnerships are allocated to the general partner and the limited partners, or the members,
as applicable, in accordance with the provisions contained within the partnership agreements or
ownership agreements, as applicable, of the Operating Partnership, the L.L.C.s and the Other Real
Estate Partnerships. F-7




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 2. Basis of Presentation The consolidated financial statements of the Consolidated Operating Partnership at December
31, 2004 and 2003 and for each of the years ended December 31, 2004, 2003 and 2002 include the
accounts and operating results of the Operating Partnership, the L.L.C.s and First Industrial
Development Services, Inc. on a consolidated basis. Such financial statements present the Operating
Partnerships limited partnership interests in each of the Other Real Estate Partnerships and the
Operating Partnerships minority equity interests in the Joint
Ventures under the
equity method of accounting. All intercompany transactions have been eliminated in consolidation. 3. Summary of Significant Accounting Policies In order to conform with generally accepted accounting principles, management, in preparation
of the Consolidated Operating Partnerships financial statements, is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of December 31, 2004 and 2003, and the reported amounts of revenues and
expenses for each of the years ended December 31, 2004, 2003 and 2002. Actual results could differ
from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of
three months or less. The carrying amount approximates fair value due to the short maturity of
these investments. Restricted Cash At December 31, 2004 and 2003, restricted cash includes gross proceeds from the sales of
certain properties. These sales proceeds will be disbursed as the Company exchanges into
properties under Section 1031 of the Internal Revenue Code. The carrying amount approximates fair
value due to the short term maturity of these investments. Investment in Real Estate and Depreciation Investment in Real Estate is carried at cost. The Consolidated Operating Partnership reviews
its properties on a quarterly basis for impairment and provides a provision if impairments are
found. To determine if an impairment may exist, the Consolidated Operating Partnership reviews its
properties and identifies those that have had either an event of change or event of circumstances
warranting further assessment of recoverability (such as a decrease in occupancy). If further
assessment of recoverability is needed, the Consolidated Operating Partnership estimates the future
net cash flows expected to result from the use of the property and its eventual disposition, on an
individual property basis. If the sum of the expected future net cash flows (undiscounted and
without interest charges) is less than the carrying amount of the property, on an individual
property basis, the Consolidated Operating Partnership will recognize an impairment loss based upon
the estimated fair value of such property. For properties management considers held for sale, the
Consolidated Operating Partnership ceases depreciating the properties and values the properties at
the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that
were previously considered unlikely, and, as a result, the Consolidated Operating Partnership
decides not to sell a property previously classified as held for sale, the Consolidated Operating
Partnership will reclassify such property as held and used. Such property is measured at the lower
of its carrying amount (adjusted for any depreciation and amortization expense that would have been
recognized had the property been continuously classified as held and used) or fair value at the
date of the subsequent decision not to sell. The Consolidated Operating Partnership determines fair
value of properties that are held for use by discounting the future expected cash flows of the
properties. To calculate the fair value of properties held for sale, the Consolidated Operating
Partnership deducts from the contract price of the property the estimated costs to close the
sale. F-8




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 3. Summary of Significant Accounting Policies, continued Interest costs, real estate taxes, compensation costs of development personnel and other
directly related costs incurred during construction periods are capitalized and depreciated
commencing with the date the property is substantially completed.
Upon substantial completion, the Consolidated Operating Partnership
reclassifies construction in progress to building, tenant improvement
and leasing commissions. Such
costs begin to be capitalized to the development projects from the point the
Consolidated Operating Partnership is undergoing necessary activities to get the development ready
for its intended use and ceases when the development projects are substantially completed and held
available for occupancy. Depreciation expense is computed using the straight-line method based on
the following useful lives: YearsBuildings and Improvements
    
    20 to 50Land Improvements
    
    15Furniture, Fixtures and Equipment
    
    5 to 10
 Construction expenditures for tenant improvements, leasehold improvements and leasing
commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized
and amortized over the terms of each specific lease. Capitalized compensation costs of personnel
attributable to leasing relate to time directly attributable to originating leases with independent
third parties that result directly from and are essential to originating those leases and would not
have been incurred had these leasing transactions not occurred. Repairs and maintenance are
charged to expense when incurred. Expenditures for improvements are capitalized. The Consolidated Operating Partnership accounts for all acquisitions entered into subsequent
to June 30, 2001 in accordance with Financial Accounting Standards Boards (FASB) Statement of
Financial Accounting Standard No. 141, Business Combinations (FAS 141). Upon acquisition of a
property, the Consolidated Operating Partnership allocates the purchase price of the property based
upon the fair value of the assets acquired, which generally consist of land, buildings, tenant
improvements, leasing commissions and intangible assets including in-place leases and above market
and below market leases. The Consolidated Operating Partnership allocates the purchase price to the
fair value of the tangible assets of an acquired property by valuing the property as if it were
vacant. Acquired above and below market leases are valued based on the present value of the
difference between prevailing market rates and the in-place rates over the remaining lease term.
The purchase price is further allocated to in-place lease values based on managements evaluation
of the specific characteristics of each tenant's lease and the Consolidated Operating Partnerships
overall relationship with the respective tenants. Acquired above and below market leases are
amortized over the remaining non-cancelable terms of the respective leases as an adjustment to
rental revenue on the Consolidated Operating Partnerships consolidated statements of operations
and comprehensive income. The value of in-place lease intangibles, which is included as a component
of Other Assets, is amortized to expense over the remaining lease term and expected renewal periods
of the respective lease. If a tenant terminates its lease early, the unamortized portion of leasing
commissions, tenant improvements, above and below market leases and the in-place lease value is
immediately charged to expense. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing. These
fees and costs are being amortized over the terms of the respective loans. Accumulated
amortization of deferred financing costs was $10,853 and $8,930 at December 31, 2004 and 2003,
respectively. Unamortized deferred financing costs are written-off when debt is retired before the
maturity date. Investment in and Advances to Other Real Estate Partnerships Investment in and Advances to Other Real Estate Partnerships represents the Consolidated
Operating Partnerships limited partnership interests in and advances to, through the Operating
Partnership, the Other Real Estate Partnerships. The Operating Partnership accounts for its
Investment in and Advances to Other Real Estate Partnerships under the equity method of accounting.
Under the equity method of accounting, the Operating Partnerships share of earnings or losses
of the Other Real Estate F-9




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 3. Summary of Significant Accounting Policies, continued Partnerships is reflected in income as earned and contributions or distributions increase or
decrease, respectively, the Operating Partnerships Investment in and Advances to Other Real Estate
Partnerships as paid or received, respectively. Investments in Joint Ventures Investments in Joint Ventures represents the Operating Partnerships limited partnership
interests in the Joint Ventures. The Operating Partnership accounts for its investments in Joint
Ventures under the equity method of accounting, as the Operating Partnership does not have
operational control or a majority voting interest. Under the equity method of accounting, the
Operating Partnerships share of earnings or losses of the Joint Ventures is reflected in income as
earned and contributions or distributions increase or decrease, respectively, the Operating
Partnerships Investments in Joint Ventures as paid or received, respectively. Differences between
the Operating Partnerships carrying value of its investments in joint ventures and the Operating
Partnerships underlying equity of such joint ventures are amortized over the respective lives of
the underlying assets, as applicable. Employee Benefit Plans At December 31, 2004, the Company has three stock incentive employee compensation plans, which
are described more fully in Note 14. Prior to January 1, 2003, the Consolidated Operating
Partnership accounted for its stock incentive plans under the recognition and measurement
principles of Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to
Employees (APB 25). Under APB 25, compensation expense is not recognized for options issued in
which the strike price is equal to the fair value of the Companys stock on the date of grant.
Certain options issued in 2000 were issued with a strike price less than the fair value of the
Companys stock on the date of grant. Compensation expense is being recognized for the intrinsic
value of these options determined at the date of grant over the vesting period. On January 1,
2003, the Consolidated Operating Partnership adopted the fair value recognition provisions of the
Financial Accounting Standards Boards (FASB) Financial Accounting Standards No. 123, Accounting
for Stock Based Compensation (FAS 123), as amended by Financial Accounting Standards No. 148,
Accounting for Stock-Based Compensation-Transition and Disclosure. Beginning on January 1, 2003,
the Consolidated Operating Partnership is applying the fair value recognition provisions of FAS 123
prospectively to all employee option awards granted after December 31, 2002. The Consolidated
Operating Partnership has not awarded options to employees or directors of the Company during the
years ended December 31, 2004 and 2003 and therefore no stock-based employee compensation expense,
except for expense related to restricted stock, is included in net income available to common
unitholders related to the fair value recognition provisions of FAS 123. F-10




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands except per Unit data)
 3. Summary of Significant Accounting Policies, continued Had compensation expense for the Companys Stock Incentive Plans been determined based upon
the fair value at the grant date for awards under the stock incentive plans consistent with the
methodology prescribed under Statement of Financial Accounting Standards No. 123, Accounting for
Stock-Based Compensation, as amended by FAS 148, net income and earnings per unit would have been
the pro forma amounts indicated in the table below: For the Year Ended2004
    
    
    2003
    
    
    2002Net Income Available to Unitholders  as reported
    
    $
    102,707
    
    
    $
    110,880
    
    
    $
    109,279Add: Stock-Based Employee Compensation Expense Included in Net Income
Available to Unitholders  as reported
    
    
    
    
    
    
    54
    
    
    
    237Less: Total Stock-Based Employee Compensation Expense
 Determined Under the Fair Value Method
    
    
    (420
    )
    
    
    (1,350
    )
    
    
    (1,154
    )Net Income Available to Unitholders  pro forma
    
    $
    102,287
    
    
    $
    109,584
    
    
    $
    108,362Net Income Available to Unitholders per Unit  as reported  Basic
    
    $
    2.18
    
    
    $
    2.45
    
    
    $
    2.38Net Income Available to Unitholders per Unit  pro forma  Basic
    
    $
    2.17
    
    
    $
    2.42
    
    
    $
    2.36Net Income Available to Unitholders per Unit  as reported  Diluted
    
    $
    2.16
    
    
    $
    2.44
    
    
    $
    2.37Net Income Available to Unitholders per Unit  pro forma  Diluted
    
    $
    2.15
    
    
    $
    2.41
    
    
    $
    2.35The fair value of each option grant is estimated on the date of grant using the
Black-Scholes option pricing model with the following weighted average
assumptions:Expected dividend yield
    
    
    N/A
    
    
    
    N/A
    
    
    
    8.28
    %Expected stock price volatility
    
    
    N/A
    
    
    
    N/A
    
    
    
    20.94
    %Risk-free interest rate
    
    
    N/A
    
    
    
    N/A
    
    
    
    3.58
    %Expected life of options
    
    
    N/A
    
    
    
    N/A
    
    
    
    3.00
 The weighted average fair value of options granted during 2002 is $1.97 per option. No options were granted during 2004 and 2003. F-11




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 3. Summary of Significant Accounting Policies, continued Revenue Recognition Rental income is recognized on a straight-line method under which contractual rent increases
are recognized evenly over the lease term. Tenant recovery income includes payments from tenants
for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same
period the related expenses are incurred by the Consolidated Operating Partnership. Revenue is recognized on payments received from tenants for early lease terminations after the
Consolidated Operating Partnership determines that all the necessary criteria have been met in
accordance with FASB Statement of Financial Accounting Standards No. 13 Accounting for Leases
(FAS 13). Interest income on mortgage
loans receivable is recognized based on the accrual method unless a
significant uncertainty of collection exists. If a significant
uncertainty exists, interest income is recognized as collected. The Consolidated Operating Partnership provides an allowance for doubtful accounts against the
portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable
in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $73 and
$1,547 as of December 31, 2004 and 2003, respectively. For accounts receivable the Consolidated Operating
Partnership deems uncollectible, the Consolidated Operating Partnership uses the direct write-off
method. Gain on Sale of Real Estate Gain on sale of real estate is recognized using the full accrual method, when appropriate.
Gains relating to transactions which do not meet the full accrual method of accounting are deferred
and recognized when the full accrual method of accounting criteria are met or by using the
installment or deposit methods of profit recognition, as appropriate in the circumstances. As the
assets are sold, their costs and related accumulated depreciation are removed from the accounts
with resulting gains or losses reflected in net income or loss. Estimated future costs to be
incurred by the Consolidated Operating Partnership after completion of each sale are included in
the determination of the gains on sales. Income Taxes In accordance with partnership taxation, each of the partners are responsible for reporting
their share of taxable income or loss. Accordingly, no provision has
been made for state or federal income taxes in the accompanying
consolidated financial statements except for activities conducted in
its taxable REIT subsidiary, First Industrial Development Services,
Inc. which has been accounted for under FASB Statement of Financial
Standards No. 109, Accounting for Income Taxes
(FAS 109). The provision/benefit for such state and federal income taxes
has been reflected as a component of gain on sale of real estate and
income from discontinued operations, and separately stated in the
income tax benefit caption in the consolidated statements of
operations and comprehensive income. The Consolidated Operating Partnership is subject to
certain state and local income, excise and franchise taxes. In
accordance with FAS 109, the total benefit/expense has been
separately allocated to income from continuing operations, income
from discontinued operations and gain on sale of real estate. Earnings Per Unit (EPU) Net
income per weighted average general partnership and limited
partnership unit (the Units)  basic is based on the weighted average Units outstanding (excluding restricted units that have
not yet vested). Net income per weighted average Unit  diluted is based on the weighted average
Units outstanding (excluding restricted units that have not yet vested) plus the dilutive effect of
the Companys in-the-money employee stock options and restricted stock that result in the issuance
of general partnership units. See Note 11 for further disclosure about earnings per unit. Fair Value of Financial Instruments The Consolidated Operating Partnerships financial instruments include short-term investments,
tenant accounts receivable, net, mortgage notes receivable, accounts payable, other accrued expenses,
mortgage loans payable, unsecured line of credit, senior unsecured debt and the Put Option (defined
hereinafter) issued in conjunction with an initial offering of certain unsecured debt. The
fair values of the short-term investments, tenant accounts
receivable, net, mortgage notes
receivable, accounts payable and other accrued expenses were not materially different from their
carrying or contract values. See Note 6 for the fair values of the mortgage loans payable,
unsecured line of credit, senior unsecured debt and the Put Option (defined hereinafter) issued in
conjunction with an initial offering of certain unsecured debt. F-12




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 3. Summary of Significant Accounting Policies, continued Derivative Financial Instruments Historically, the Consolidated Operating Partnership, through the Operating Partnership, has
used interest rate protection agreements (the Agreements) to fix the interest rate on anticipated
offerings of senior unsecured debt or convert floating rate debt to fixed rate debt. Receipts or
payments that result from the settlement of Agreements used to fix the interest rate on anticipated
offerings of senior unsecured debt are amortized over the life of the senior unsecured debt.
Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate
debt are recognized as a component of interest expense. Agreements which qualify for hedge
accounting are marked-to-market and any gain or loss is recognized in other comprehensive income
(partners capital). Any agreements which no longer qualify for hedge accounting are
marked-to-market and any gain or loss is recognized in net income immediately. The credit risks associated with the Agreements are controlled through the
evaluation and monitoring of the creditworthiness of the counterparty. In the event that the
counterparty fails to meet the terms of the Agreements, the Consolidated Operating Partnerships
exposure is limited to the current value of the interest rate differential, not the notional
amount, and the Consolidated Operating Partnerships carrying value of the Agreements on the
balance sheet. See Note 6 for more information on the Agreements. Discontinued Operations On January 1, 2002, the Consolidated Operating Partnership adopted the FASB Statement of
Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long Lived
Assets (FAS 144). FAS 144 addresses financial accounting and reporting for the disposal of long
lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of
property be presented in discontinued operations if both of the following criteria are met: (a) the
operations and cash flows of the property have been (or will be) eliminated from the ongoing
operations of the Consolidated Operating Partnership as a result of the disposal transaction and
(b) the Consolidated Operating Partnership will not have any significant continuing involvement in
the operations of the property after the disposal transaction. FAS 144 also requires prior period
results of operations for these properties to be restated and presented in discontinued operations
in prior consolidated statements of operations. Segment Reporting Management views the Consolidated Operating Partnership as a single segment based on its method of internal reporting. Recent Accounting Pronouncements In December 2004, the FASB issued Statement of Financial Accounting Standard No. 123 (Revised
2004), Share-Based Payment (FAS 123(R)). FAS 123(R) is a revision of FAS 123, and also
supercedes APB 25, and its related implementation guidance. FAS 123(R) requires compensation cost
to be measured at the fair value of the stock option at the date of grant, eliminates the
alternative to use the intrinsic value method of accounting prescribed in APB 25, and clarifies and
expands the guidance of FAS 123 in several areas. FAS 123(R) is effective as of the beginning of
the first interim or annual reporting period that begins after June 15, 2005. FAS 123(R) applies
to all awards granted, modified, repurchased, or cancelled after the effective date and the
cumulative effect of initially applying FAS 123(R), if any, is to be recognized as of the required
effective date. The Consolidated Operating Partnership will adopt FAS 123(R) commencing as of July
1, 2005 using the modified prospective application method. The Consolidated Operating Partnership
does not expect the requirements of FAS 123(R) to have a material impact on its results of
operations, financial position or liquidity. The Emerging Issues Task Force released Issue 03-13, Applying the Conditions in Paragraph 42
of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in
Determining Whether to Report Discontinued Operations (Issue 03-13). Issue 03-13 establishes an
approach for evaluating whether the criteria in paragraph 42 of FAS 144 have been met for purposes
of classifying the results of operations of a component of an entity that either has been disposed
of or is classified as held for sale as discontinued operations. The effective date for components
classified as held for sale or disposed of is in fiscal periods beginning after December 15, 2004.
The Consolidated Operating Partnership will adopt Issue 03-13 beginning January 1, 2005; Issue
03-13 will have no impact to net income. F-13




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 3. Summary of Significant Accounting Policies, continued Reclassification Certain 2003 and 2002 items have been reclassified to conform to the 2004 presentation. 4. Investments in and Advances to Other Real Estate Partnerships The investments in and advances to Other Real Estate Partnerships reflects the Operating
Partnerships limited partnership equity interests in the entities referred to in Note 1 to these
financial statements. Summarized condensed financial information as derived from the financial statements of the
Other Real Estate Partnerships is presented below: Condensed Combined Balance Sheets: December 31,
    
    
    December 31,2004
    
    
    2003ASSETSAssets:Investment in Real Estate, Net
    
    $
    312,679
    
    
    $
    332,371Other Assets, Net
    
    
    39,581
    
    
    
    70,524Total Assets
    
    
    352,260
    
    
    
    402,895LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage Loans Payable
    
    $
    2,456
    
    
    $
    2,529Other Liabilities
    
    
    6,888
    
    
    
    22,193Total Liabilities
    
    
    9,344
    
    
    
    24,722Partners Capital
    
    
    342,916
    
    
    
    378,173Total Liabilities and Partners Capital
    
    $
    352,260
    
    
    $
    402,895
 F-14




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 4. Investments in and Advances to Other Real Estate Partnerships, continued Condensed Combined Statements of Operations: Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002Total Revenues (including Interest Income)
    
    $
    45,505
    
    
    $
    58,144
    
    
    $
    52,144Property Expenses
    
    
    (14,312
    )
    
    
    (14,166
    )
    
    
    (12,935
    )Interest Expense
    
    
    (178
    )
    
    
    (256
    )
    
    
    (2,948
    )Amortization of Deferred Financing Costs
    
    
    (3
    )
    
    
    (3
    )
    
    
    (67
    )Depreciation and Other Amortization
    
    
    (12,229
    )
    
    
    (11,356
    )
    
    
    (10,072
    )Valuation Provision on Real Estate
    
    
    
    
    
    
    
    
    
    
    Loss on Early Retirement of Debt
    
    
    
    
    
    
    (1,466
    )
    
    
    Equity in Income of Joint Ventures
    
    
    1,461
    
    
    
    
    
    
    
    Gain on Sale of Real Estate
    
    
    1,643
    
    
    
    6,198
    
    
    
    67Income from Discontinued Operations (Including Gain on
Sale of Real Estate of $6,439, $4,689 and $21,218 for
the years ended December 31, 2004, 2003 and 2002
    
    
    7,576
    
    
    
    6,550
    
    
    
    27,298Net Income
    
    $
    29,463
    
    
    $
    43,645
    
    
    $
    53,487
 5. Investments in Joint Ventures On September 28, 1998, the Consolidated Operating Partnership, through a wholly-owned limited
liability company in which the Operating Partnership is its sole member, entered into a joint
venture arrangement (the September 1998 Joint Venture) with an institutional investor to invest
in industrial properties. The Consolidated Operating Partnership, through wholly-owned limited
liability companies in which the Operating Partnership is the sole member, owns a ten percent
equity interest in the September 1998 Joint Venture and provides property and asset management
services to the September 1998 Joint Venture. On or after October 2000, under certain
circumstances, the Operating Partnership has the right to purchase all of the properties owned by
the September 1998 Joint Venture at a price to be determined in the future. The Consolidated
Operating Partnership has not exercised this right. On September 2, 1999, the Consolidated Operating Partnership,
through a wholly-owned limited liability company in which the
Operating Partnership is its sole member, entered into a joint
venture arrangement (the September 1999 Joint Venture)
with an institutional investor to invest in industrial properties.
The Consolidated Operating Partnership, through wholly-owned limited
liability companies in which the Operating Partnership is the sole
member, owns a ten percent equity interest in the September 1999
Joint Venture and provides property and asset management services to
the September 1999 Joint Venture. During September 2003, the
September 1999 Joint Venture sold its remaining property. In
conjunction with this final sale, the final distribution was made to
the partners. On December 28, 2001, the Consolidated Operating Partnership, through a wholly-owned limited
liability company in which the Operating Partnership is the sole member, entered into a joint
venture arrangement (the December 2001 Joint Venture) with an institutional investor to invest in
industrial properties. The Consolidated Operating Partnership, through wholly-owned limited
liability companies of the Operating Partnership, owned a 15% equity interest in the December 2001
Joint Venture and provided property management services to the December 2001 Joint Venture. On
August 27, 2004, the December 2001 Joint Venture sold its investment of 36 industrial properties,
containing approximately 6.2 million square feet (unaudited) of GLA, to a third party for gross proceeds of
approximately $349,750. Due to certain provisions in the operating agreement, the Consolidated
Operating Partnership received distributions in excess of its 15% equity interest in the December
2001 Joint Venture. Due to the sale of all industrial properties, the Consolidated Operating
Partnership recognized, in aggregate, approximately $34,767 due to the Consolidated Operating
Partnerships 15% share of gain from the sale of the December 2001 Joint Ventures properties and
distributions received from the December 2001 Joint Venture in excess of the Consolidated Operating
Partnerships 15% equity interest. This amount is included in Equity in Income of Joint Ventures. F-15




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FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 5. Investments in Joint Ventures, continued As a result of the sale on August 27, 2004 to a third party, the Consolidated Operating
Partnership recognized the unamortized portion of the previously deferred gain, net of tax, from
the original sales to the December 2001 Joint Venture, of approximately $3,525. These deferred
gains are included in Equity in Income of Joint Ventures. As of December 31, 2004, the September 1998 Joint Venture owned 41 industrial properties
comprising approximately 1.3 million square feet (unaudited) of GLA and the May 2003 Joint Venture owned five
industrial properties comprising approximately 2.1 million square feet (unaudited) of GLA. During the year ended
December 31, 2004, the Consolidated Operating Partnership acquired one industrial property
comprising approximately .1 million square feet (unaudited) of GLA from the September 1998 Joint Venture. The
purchase price of the acquisition totaled approximately $525, excluding costs incurred in
conjunction with the acquisition of the industrial property. Also, during the year ended December
31, 2004, the Consolidated Operating Partnership sold one property to the May 2003 Joint Venture
comprising approximately .2 million square feet of GLA for a purchase price of $15,486 and earned
acquisition fees on four properties, acquired from third parties, by the May 2003 Joint Venture. The Consolidated Operating Partnership deferred 15% of the gain from the sale and acquisition
fees, which is equal to the Consolidated Operating Partnerships economic interest in the May 2003
Joint Venture. The 15% deferral reduced the Consolidated Operating Partnerships investment in the
joint venture and is amortized into income over the life of the properties, generally 40 to 45
years. If the May  2003 Joint Venture sells any of the five properties to a third party, the
Consolidated Operating Partnership will recognize the unamortized portion of the deferred gain and
fees as gain on sale of real estate or other income. If the Consolidated Operating Partnership
repurchases any of the five properties, the 15% deferral will be netted against the basis of the
property purchased (which reduces the basis of the property). At December 31, 2004 and 2003, the
Consolidated Operating Partnership has a receivable from the Joint Ventures of $1,261 and $2,140,
respectively, which mainly relate to borrowings made, as allowed by the partnership agreement, by
the September 1998 Joint Venture from the Consolidated Operating Partnership. During the years ended December 2004, 2003 and 2002, the Consolidated Operating Partnership
invested the following amounts in its Joint Ventures as well as received distributions and
recognized fees from acquisition, disposition, property management and asset management services in
the following amounts: Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002Contributions
    
    $
    3,676
    
    
    $
    5,558
    
    
    $
    8,207Distributions
    
    $
    50,525
    
    
    $
    3,398
    
    
    $
    2,723Fees
    
    $
    2,689
    
    
    $
    2,173
    
    
    $
    1,863
 F-16




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 5. Investments in Joint Ventures, continued The combined summarized financial information of the investments in joint ventures is as follows: December 31,
    
    
    December 31,2004
    
    
    2003Condensed Combined Balance SheetsGross Real Estate Investment
    
    $
    120,633
    
    
    $
    305,029Less: Accumulated Depreciation
    
    
    (9,308
    )
    
    
    (19,565
    )Net Real Estate
    
    
    111,325
    
    
    
    285,464Other Assets
    
    
    16,637
    
    
    
    51,622Total Assets
    
    $
    127,962
    
    
    $
    337,086Long Term Debt
    
    $
    88,398
    
    
    $
    217,413Other Liabilities
    
    
    5,711
    
    
    
    6,527Equity
    
    
    33,853
    
    
    
    113,146Total Liabilities and Equity
    
    $
    127,962
    
    
    $
    337,086Consolidated Operating Partnerships Share of Equity
    
    $
    4,580
    
    
    $
    18,205Basis Differentials (1)
    
    
    909
    
    
    
    (3,599
    )Carrying Value of the Consolidated Operating Partnerships
Investments in Joint Ventures
    
    $
    5,489
    
    
    $
    14,606
 (1) This amount represents the aggregate difference between the Consolidated Operating Partnerships historical cost
basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of gain deferrals related
to properties the Consolidated Operating Partnership sold to the joint ventures and certain acquisition costs which
are not reflected in the net assets at the joint venture level. Year Ended December 31,2004
    
    
    2003
    
    
    2002Condensed Combined Statements of OperationsTotal Revenues
    
    $
    32,353
    
    
    $
    35,603
    
    
    $
    34,635Expenses:Operating and Other
    
    
    11,593
    
    
    
    9,725
    
    
    
    14,482Interest
    
    
    7,712
    
    
    
    7,353
    
    
    
    10,554Depreciation and Amortization
    
    
    12,540
    
    
    
    17,585
    
    
    
    10,343Total Expenses
    
    
    31,845
    
    
    
    34,663
    
    
    
    35,379Gain (Loss) on Sale of Real Estate
    
    
    81,431
    
    
    
    (2,069
    )
    
    
    8,231Net Income (Loss)
    
    $
    81,939
    
    
    $
    (1,129
    )
    
    $
    7,487Consolidated Operating Partnerships Share of Net Income (Loss)
    
    $
    34,990
    
    
    $
    539
    
    
    $
    463
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit Mortgage Loans Payable, Net On March 20, 1996, the Consolidated Operating Partnership, through the Operating Partnership,
assumed a $6,424 mortgage loan (the Assumed Loan I) and a $2,993 mortgage loan (the Assumed Loan II) (together, the Assumed Loans) that are
collateralized by 12 properties in Indianapolis, Indiana and one property in Indianapolis, Indiana,
respectively. The Assumed Loans bear interest at a fixed rate of 9.25% and provide for monthly
principal and interest payments based on a 16.75-year F-17




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FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued amortization schedule. The Assumed Loan I matures on September 1, 2009. The Assumed Loan II matures on January 1, 2013. The Assumed Loans may be
prepaid only after December 1999 in exchange for the greater of a 1% prepayment fee or a yield
maintenance premium. On April 16, 1998, the Consolidated Operating Partnership, through the Operating Partnership,
assumed a mortgage loan in the principal amount of $2,525 (the Acquisition Mortgage Loan IV).
The Acquisition Mortgage Loan IV is collateralized by one property in Baltimore, Maryland, bears
interest at a fixed rate of 8.95% and provides for monthly principal and interest payments based on
a 20-year amortization schedule. The Acquisition Mortgage Loan IV matures on October 1, 2006. The
Acquisition Mortgage Loan IV may be prepaid only after October 2001 in exchange for the greater of
a 1% prepayment fee or a yield maintenance premium. On April 1, 2002, the Consolidated Operating Partnership, through the Operating Partnership,
assumed a mortgage loan in the principal amount of $5,814 (the Acquisition Mortgage Loan VIII).
The Acquisition Mortgage Loan VIII is collateralized by one property in Rancho Dominguez,
California, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest
payments based on a 22-year amortization schedule. The Acquisition Mortgage Loan VIII matures on
December 1, 2019. The Acquisition Mortgage Loan VIII may be prepaid only after November 2004 in
exchange for the greater of a 1% prepayment fee or yield maintenance premium. On April 1, 2002, the Consolidated Operating Partnership, through the Operating Partnership,
assumed a mortgage loan in the principal amount of $6,030 (the Acquisition Mortgage Loan IX).
The Acquisition Mortgage Loan IX is collateralized by one property in Bloomington, Minnesota, bears
interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on
a 22-year amortization schedule. The Acquisition Mortgage Loan IX matures on December 1, 2019.
The Acquisition Mortgage Loan IX may be prepaid only after November 2004 in exchange for the
greater of a 1% prepayment fee or yield maintenance premium. On May 1, 2003, the Consolidated Operating Partnership, through the Operating Partnership,
assumed a mortgage loan in the amount of $14,157 (the Acquisition Mortgage Loan X).
The Acquisition Mortgage Loan X is collateralized by one property in Hagerstown, Maryland, bears
interest at a fixed rate of 8.25% and provides for monthly principal and interest payments based on
a 30-year amortization schedule. The Acquisition Mortgage Loan X matures on December 1, 2010. In
conjunction with the assumption of the Acquisition Mortgage Loan X, the Consolidated Operating
Partnership recorded a premium in the amount of $2,927 which will be amortized over the remaining
life of the Acquisition Mortgage Loan X as an adjustment to interest expense. Including the
impact of the premium recorded, the Consolidated Operating Partnerships effective interest rate on
the Acquisition Mortgage Loan X is 5.00%. The Acquisition Mortgage Loan X may be prepaid only
after November 2004 in exchange for the greater of a 3% prepayment fee or yield maintenance
premium. F-18




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FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued On September 12, 2003, the Consolidated Operating Partnership, through the Operating
Partnership, assumed a mortgage loan in the amount of $4,269 (the Acquisition Mortgage Loan XI).
The Acquisition Mortgage Loan XI was collateralized by one property in Downers Grove, Illinois,
bore interest at a fixed rate of 7.61% and provided for monthly principal and interest payments
based on a 30-year amortization schedule. In conjunction with the assumption of the Acquisition Mortgage Loan XI, the Consolidated Operating
Partnership recorded a premium in the amount of $621 which was being amortized over the remaining life of
the Acquisition Mortgage Loan XI as an adjustment to interest expense. The Acquisition Mortgage
Loan XI may be prepaid only after June 2004 in exchange for the greater of a 1% prepayment fee or
yield maintenance premium. On December 3, 2004, the Consolidated Operating Partnership paid off
and retired the Acquisition Mortgage Loan XI. As this pay off and retirement was prior to the
stated maturity date of the Acquisition Mortgage Loan XI, the Consolidated Operating Partnership
wrote off unamortized deferred financing costs and paid a prepayment penalty in the aggregate
amount of approximately $515. On September 12, 2003, the Consolidated Operating Partnership, through the Operating
Partnership, assumed a mortgage loan in the amount of $2,325 (the Acquisition Mortgage Loan XII).
The Acquisition Mortgage Loan XII is collateralized by one property in Indianapolis, Indiana, bears
interest at a fixed rate of 7.54% and provides for monthly principal and interest payments based on
a 30year amortization schedule. The Acquisition Mortgage Loan XII matures on January 1, 2012. In
conjunction with the assumption of the Acquisition Mortgage Loan XII, the Consolidated Operating
Partnership recorded a premium in the amount of $317 which will be amortized over the remaining
life of the Acquisition Mortgage Loan XII as an adjustment to interest expense. Including the
impact of the premium recorded, the Consolidated Operating Partnerships effective interest rate on
the Acquisition Mortgage Loan XII is 5.51%. The Acquisition Mortgage Loan XII may be prepaid only
after February 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance
premium. On September 30, 2004, the Consolidated Operating Partnership assumed a mortgage loan in the
amount of $12,057 and borrowed an additional $1,400 (collectively referred to as the Acquisition
Mortgage Loan XIII). The Acquisition Mortgage Loan XIII is collateralized by three properties in
Phoenix, Arizona, bears interest at a fixed rate of 5.60% and provides for monthly principal and
interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan XIII
matures on November 10, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan
XIII, the Consolidated Operating Partnership recorded a premium in the amount of $467 which will be
amortized over the remaining life of the Acquisition Mortgage Loan XIII as an adjustment to
interest expense. Including the impact of the premium recorded, the Consolidated Operating
Partnerships effective interest rate on the Acquisition Mortgage Loan XIII is 5.02%. The
Acquisition Mortgage Loan XIII may be prepaid in exchange for a yield maintenance premium. On December 21, 2004, the Consolidated Operating Partnership assumed a mortgage loan in the
amount of $6,187 (the Acquisition Mortgage Loan XIV). The Acquisition Mortgage Loan XIV is
collateralized by six properties in Tampa, Florida, bears interest at a fixed rate of 6.94% and
provides for monthly principal and interest payments based on a 20-year amortization schedule. The
Acquisition Mortgage Loan XIV matures on July 1, 2009. In conjunction with the assumption of the
Acquisition Mortgage Loan XIV, the Consolidated Operating Partnership recorded a premium in the
amount of $553 which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV
as an adjustment to interest expense. Including the impact of the premium recorded, the
Consolidated Operating Partnerships effective interest rate on the Acquisition Mortgage Loan XIV
is 4.58%. The Acquisition Mortgage Loan XIV may be prepaid in exchange for the greater of a 1%
prepayment fee or yield maintenance premium. Senior Unsecured Debt, Net On May 13, 1997, the Consolidated Operating Partnership, through the Operating Partnership, issued
$150,000 of senior unsecured debt which matures on May 15, 2007 and bears a coupon interest rate of
7.60% (the 2007 Notes). The issue price of the 2007 Notes was 99.965%. Interest is paid
semi-annually in arrears on May 15 and November 15. The Consolidated Operating Partnership,
through the Operating Partnership, also entered into an interest rate protection agreement which
was used to fix the interest rate on the 2007 Notes prior to issuance. The Consolidated Operating
Partnership, through, the Operating Partnership, settled the interest rate protection F-19




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued agreement for a payment of approximately $41, which is included in other comprehensive income. The
debt issue discount and the settlement amount of the interest rate protection agreement are being
amortized over the life of the 2007 Notes as an adjustment to interest expense. Including the
impact of the offering discount and the settlement amount of the interest rate protection
agreement, the Consolidated Operating Partnerships effective interest rate on the 2007 Notes is
7.61%.The 2007 Notes contain certain covenants including limitation on incurrence of debt and debt
service coverage. On May 13, 1997, the Consolidated Operating Partnership, through the Operating Partnership,
issued $100,000 of senior unsecured debt which matures on May 15, 2027, and bears a coupon interest
rate of 7.15% (the 2027 Notes). The issue price of the 2027 Notes was 99.854%. The 2027 Notes
were redeemable, at the option of the holders thereof, on May 15, 2002. The Operating Partnership
received redemption notices from holders representing $84,930 of the 2027 Notes outstanding. On
May 15, 2002, the Consolidated Operating Partnership, through the Operating Partnership, paid off
and retired $84,930 of the 2027 Notes. Due to the partial pay off of the 2027 Notes, the
Consolidated Operating Partnership has recorded a loss from the early retirement of debt in 2002 of
approximately $888 comprised of the amount paid above the carrying amount of the 2027 Notes, the
write-off of the pro rata unamortized deferred financing costs and legal costs. Interest is paid
semi-annually in arrears on May 15 and November 15. The Consolidated Operating Partnership,
through the Operating Partnership, also entered into an interest rate protection agreement which
was used to fix the interest rate on the 2027 Notes prior to issuance. The F-20




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued Consolidated Operating Partnership, through the Operating Partnership, settled the interest rate
protection agreement for approximately $597 of proceeds, which is included in other comprehensive
income. The debt issue discount and the settlement amount of the interest rate protection
agreement are being amortized over the life of the 2027 Notes as an adjustment to interest expense.
Including the impact of the offering discount and the settlement amount of the interest rate
protection agreement, the Consolidated Operating Partnerships effective interest rate on the 2027
Notes is 7.11%.The 2027 Notes contain certain covenants including limitation on incurrence of debt
and debt service coverage. On May 22, 1997, the Consolidated Operating Partnership, through the Operating Partnership,
issued $100,000 of senior unsecured debt which matured on May 15, 2011 and bore a coupon interest
rate of 7.375% (the 2011 PATS). The issue price of the 2011 PATS was 99.348%. The Consolidated
Operating Partnership received approximately $1,781 from the holder of the 2011 PATS as
consideration for the put option. The Consolidated Operating Partnership amortized the put option
proceeds over the life of the put option as an adjustment to interest expense. The Consolidated
Operating Partnership also entered into an interest rate protection agreement which was used to fix
the interest rate on the 2011 PATS. The Consolidated Operating Partnership amortized the
settlement amount of the interest rate protection agreement over the life of the 2011 PATS.
Including the impact of the offering discount, the proceeds from the put option and the settlement
amount of the interest rate protection agreement, the Consolidated Operating Partnerships
effective interest rate on the 2011 PATS was 7.26%. On May 17, 2004, the Consolidated Operating
Partnership exchanged the 2014 Notes (hereinafter) for the 2011 PATS and net cash in the amount of $8,877.
The Consolidated Operating Partnership retired the 2011 PATS. On November 20, 1997, the Consolidated Operating Partnership, through the Operating
Partnership, issued $50,000 of senior unsecured debt which matures on November 21, 2005 and bears a
coupon interest rate of 6.90%, which is the effective interest rate (the 2005 Notes). The issue
price of the 2005 Notes was 100%. Interest is paid semi-annually in arrears on May 21 and November
21. The 2005 Notes contain certain covenants including limitation on incurrence of debt and debt
service coverage. On December 8, 1997, the Consolidated Operating Partnership, through the Operating
Partnership, issued $150,000 of senior unsecured debt which matures on December 1, 2006 and bears a
coupon interest rate of 7.00% (the 2006 Notes). The issue price of the 2006 Notes was 100%.
Interest is paid semi-annually in arrears on June 1 and December 1. The Consolidated Operating
Partnership, through the Operating Partnership, also entered into an interest rate protection
agreement which was used to fix the interest rate on the 2006 Notes prior to issuance. The
Consolidated Operating Partnership, through the Operating Partnership, settled the interest rate
protection agreement for a payment of approximately $2,162, which is included in other
comprehensive income. The settlement amount of the interest rate protection agreement is being
amortized over the life of the 2006 Notes as an adjustment to interest expense. Including the
impact of the settlement amount of the interest rate protection agreement, the Consolidated
Operating Partnerships effective interest rate on the 2006 Notes is 7.22%.The 2006 Notes contain
certain covenants including limitation on incurrence of debt and debt service coverage. On December 8, 1997, the Consolidated Operating Partnership, through the Operating
Partnership, issued $100,000 of senior unsecured debt which matures on December 1, 2017 and bears a
coupon interest rate of 7.50% (the 2017 Notes). The issue price of the 2017 Notes was 99.808%.
Interest is paid semi-annually in arrears on June 1 and December 1. The Consolidated Operating
Partnership is amortizing the debt issue discount over the life of the 2017 Notes as an adjustment
to interest expense. Including the impact of the offering discount, the Consolidated Operating
Partnerships effective interest rate on the 2017 Notes is 7.52%.The 2017 Notes contain certain
covenants including limitation on incurrence of debt and debt service coverage. F-21




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued On July 14, 1998, the Consolidated Operating Partnership, through the Operating Partnership,
issued $200,000 of senior unsecured debt which matures on July 15, 2028 and bears a coupon interest
rate of 7.60% (the 2028 Notes). The issue price of the 2028 Notes was 99.882%. Interest is paid
semi-annually in arrears on January 15 and July 15. The Consolidated Operating Partnership,
through the Operating Partnership, also entered into interest rate protection agreements which were
used to fix the interest rate on the 2028 Notes prior to issuance. The Consolidated Operating
Partnership, through the Operating Partnership, settled the interest rate protection agreements for
a payment of approximately $11,504, which is included in other comprehensive income. The debt
issue discount and the settlement amount of the interest rate protection agreements are being
amortized over the life of the 2028 Notes as an adjustment to interest expense. Including the
impact of the offering discount and the settlement amount of the interest rate protection
agreement, the Consolidated Operating Partnerships effective interest rate on the 2028 Notes is
8.13%. The 2028 Notes contain certain covenants, including limitation on incurrence of debt and
debt service coverage. Approximately $50,000 of the 2028 Notes was purchased, through a
broker/dealer, by an entity in which a Director of the Company owns less than a two percent
interest. On March 19, 2001, the Consolidated Operating Partnership, through the Operating Partnership,
issued $200,000 of senior unsecured debt which matures on March 15, 2011 and bears a coupon
interest rate of 7.375% (the 2011 Notes). The issue price of the 2011 Notes was 99.695%. Interest
is paid semi-annually in arrears on September 15 and March 15. The Consolidated Operating
Partnership, through the Operating Partnership, also entered into an interest rate protection
agreement which was used to fix the interest rate on the 2011 Notes prior to issuance, which it
designated as a cash flow hedge. The Consolidated Operating Partnership, through the Operating
Partnership, settled the interest rate protection agreement for approximately $371 of proceeds
which is included in other comprehensive income. The debt issue discount and the settlement amount
of the interest rate protection agreement are being amortized over the life of the 2011 Notes as an
adjustment to interest expense. Including the impact of the offering discount and the settlement
amount of the interest rate protection agreement, the Consolidated Operating Partnerships
effective interest rate on the 2011 Notes is 7.39%.The 2011 Notes contain certain covenants,
including limitations on incurrence of debt and debt service coverage. On April 15, 2002, the Consolidated Operating Partnership, through the Operating Partnership,
issued $200,000 of senior unsecured debt which matures on April 15, 2012 and bears a coupon
interest rate of 6.875% (the 2012 Notes). The issue price of the 2012 Notes was 99.310%. Interest
is paid semi-annually in arrears on April 15 and October 15. The Operating Partnership also entered
into interest rate protection agreements which were used to fix the interest rate on the 2012 Notes
prior to issuance. The Operating Partnership settled the interest rate protection agreements for
approximately $1,772 of proceeds, which is included in other comprehensive income. The debt issue
discount and the settlement amount of the interest rate protection agreements are being amortized
over the life of the 2012 Notes as an adjustment to interest expense. Including the impact of the
offering discount and the settlement amount of the interest rate protection agreement, the
Consolidated Operating Partnerships effective interest rate on the 2012 Notes is 6.85%. The 2012
Notes contain certain covenants, including limitations on incurrence of debt and debt service
coverage. On April 15, 2002, the Consolidated Operating Partnership, through the Operating Partnership,
issued $50,000 of senior unsecured debt which matures on April 15, 2032 and bears a coupon interest
rate of 7.75% (the 2032 Notes). The issue price of the 2032 Notes was 98.660%. Interest is paid
semi-annually in arrears on April 15 and October 15. The debt issue discount is being amortized
over the life of the 2032 Notes as an adjustment to interest expense. Including the impact of the
offering discount, the Consolidated Operating Partnerships effective interest rate on the 2032
Notes is 7.87%. The 2032 Notes contain certain covenants including limitations on incurrence of
debt and debt service coverage. On May 17, 2004, the Consolidated Operating Partnership, through the Operating Partnership,
exchanged $125,000 of senior unsecured debt which matures on June 1, 2014 and bears a coupon
interest rate of 6.42% (the 2014 Notes) for the 2011 PATS and net cash in the amount of $8,877. The issue price of the 2014
Notes was 99.123%. Interest is paid semi-annually in arrears on June 1 and December 1. The debt
issue discount of the 2014 Notes is being amortized over the life of the 2014 Notes as an
adjustment to interest expense. This exchange is being accounted for under EITF 96-19, Debtors
Accounting for a Modification or Exchange of Debt Instruments (EITF 96-19). Under EITF 96-19,
if the 2011 PATS and the 2014 Notes are not substantially different, the difference between the
fair value of the 2011 F-22




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued PATS and the carrying value
of the 2011 PATS, as well as the unamortized deferred financing costs of
the 2011 PATS on the date of the exchange, is deferred and amortized over the life of the 2014
Notes. The Consolidated Operating Partnership is amortizing this amount over the life of the 2014
Notes. Including the impact of the offering discount, the Consolidated Operating Partnerships
effective interest rate on the 2014 Notes is 6.54%. The 2014 Notes contain certain covenants,
including limitations on incurrence of debt and debt service coverage. On June 14, 2004, the Consolidated Operating Partnership, through the Operating Partnership,
issued $125,000 of senior unsecured debt which matures on June 15, 2009 and bears a coupon interest
rate of 5.25% (the 2009 Notes). The issue price of the 2009 Notes was 99.826%. Interest is paid
semi-annually in arrears on June 15 and December 15. The Consolidated Operating Partnership also
entered into interest rate protection agreements which were used to fix the interest rate on the
2009 Notes prior to issuance. The Consolidated Operating Partnership settled the interest rate
protection agreements for approximately $6,657 of proceeds, which is included in other
comprehensive income. The debt issue discount and the settlement amount of the interest rate
protection agreements are being amortized over the life of the 2009 Notes as an adjustment to
interest expense. Including the impact of the offering discount and the settlement amount of the
interest rate protection agreement, the Consolidated Operating Partnerships effective interest
rate on the 2009 Notes is 4.10%. The 2009 Notes contain certain covenants, including limitations
on incurrence of debt and debt service coverage. Unsecured Lines of Credit In December 1997, the Operating Partnership entered into a $300,000 unsecured revolving credit
facility (the 1997 Unsecured Line of Credit) which bore interest at LIBOR plus .80% or a
Corporate Base Rate, at the Operating Partnerships election, and provided for interest only
payments until maturity. In June 2000, the Operating Partnership amended the 1997 Unsecured Line
of Credit which extended the maturity date to June 30, 2003 and included the right, subject to
certain conditions, to increase the aggregate commitment up to $400,000 (the 2000 Unsecured Line
of Credit). On September 27, 2002, the Consolidated Operating Partnership, through the Operating
Partnership, amended and restated the 2000 Unsecured Line of Credit (the 2002 Unsecured Line of
Credit). On June 11, 2004, the Consolidated Operating Partnership, through the Operating
Partnership, amended and restated the 2002 Unsecured Line of Credit (the  Unsecured Line of
Credit). The Unsecured Line of Credit matures on September 28, 2007 and bears interest at a
floating rate of LIBOR plus .70%, or the Prime Rate, at the Consolidated Operating Partnerships
election. The net unamortized deferred financing costs related to the 2000 Unsecured Line of
Credit and any additional deferred financing costs incurred amending the 2002 Unsecured Line of
Credit are being amortized over the life of the Unsecured Line of Credit in accordance with
Emerging Issues Task Force Issue 98-14, Debtors Accounting for Changes in Line-of-Credit or
Revolving-Debt Arrangements. The Unsecured Line of Credit contains certain financial covenants
relating to debt service coverage, market value net worth, dividend payout ratio and total funded
indebtedness. F-23




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued The following table discloses certain information regarding the Consolidated Operating
Partnerships mortgage loans, senior unsecured debt and unsecured line of credit: Outstanding Balance at
    
    
    Accrued Interest Payable at
    
    
    Interest Rate atDecember 31,
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,
    
    
    Maturity2004
    
    
    2003
    
    
    2004
    
    
    2003
    
    
    2004
    
    
    DateMortgage Loans Payable, NetAssumed Loan I
    
    
    2,874
    
    
    
    3,301
    
    
    
    22
    
    
    
    
    
    
    
    9.250
    %
    
    
    09/01/09Assumed Loan II
    
    
    1,995
    
    
    
    2,141
    
    
    
    15
    
    
    
    
    
    
    
    9.250
    %
    
    
    01/01/13Acquisition Mortgage Loan IV
    
    
    2,037
    
    
    
    2,130
    
    
    
    15
    
    
    
    16
    
    
    
    8.950
    %
    
    
    10/01/06Acquisition Mortgage Loan VIII
    
    
    5,461
    
    
    
    5,603
    
    
    
    38
    
    
    
    39
    
    
    
    8.260
    %
    
    
    12/01/19Acquisition Mortgage Loan IX
    
    
    5,664
    
    
    
    5,811
    
    
    
    39
    
    
    
    40
    
    
    
    8.260
    %
    
    
    12/01/19Acquisition Mortgage Loan X
    
    
    16,251
    (1)
    
    
    16,754
    (1)
    
    
    99
    
    
    
    100
    
    
    
    8.250
    %
    
    
    12/01/10Acquisition Mortgage Loan XI
    
    
    
    
    
    
    4,854
    (1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4)Acquisition Mortgage Loan XII
    
    
    2,565
    (1)
    
    
    2,623
    (1)
    
    
    15
    
    
    
    
    
    
    
    7.540
    %
    
    
    01/01/12Acquisition Mortgage Loan XIII
    
    
    13,862
    (1)
    
    
    
    
    
    
    42
    
    
    
    
    
    
    
    5.600
    %
    
    
    11/10/12Acquisition Mortgage Loan XIV
    
    
    6,740
    (1)
    
    
    
    
    
    
    13
    
    
    
    
    
    
    
    6.940
    %
    
    
    07/01/09Total
    
    $
    57,449
    
    
    $
    43,217
    
    
    $
    298
    
    
    $
    195Senior Unsecured Debt, Net2005 Notes
    
    $
    50,000
    
    
    $
    50,000
    
    
    $
    383
    
    
    $
    383
    
    
    
    6.900
    %
    
    
    11/21/052006 Notes
    
    
    150,000
    
    
    
    150,000
    
    
    
    875
    
    
    
    875
    
    
    
    7.000
    %
    
    
    12/01/062007 Notes
    
    
    149,988
    
    
    
    149,982
    (2)
    
    
    1,456
    
    
    
    1,457
    
    
    
    7.600
    %
    
    
    05/15/072011 PATS
    
    
    
    
    
    
    99,657
    (2)
    
    
    
    
    
    
    942
    
    
    
    
    
    
    
    05/15/11
    (3)2017 Notes
    
    
    99,876
    
    
    
    99,866
    (2)
    
    
    625
    
    
    
    625
    
    
    
    7.500
    %
    
    
    12/01/172027 Notes
    
    
    15,053
    
    
    
    15,053
    (2)
    
    
    138
    
    
    
    138
    
    
    
    7.150
    %
    
    
    05/15/272028 Notes
    
    
    199,815
    
    
    
    199,807
    (2)
    
    
    7,009
    
    
    
    7,009
    
    
    
    7.600
    %
    
    
    07/15/282011 Notes
    
    
    199,624
    
    
    
    199,563
    (2)
    
    
    4,343
    
    
    
    4,343
    
    
    
    7.375
    %
    
    
    03/15/112012 Notes
    
    
    198,994
    
    
    
    198,856
    (2)
    
    
    2,903
    
    
    
    2,903
    
    
    
    6.875
    %
    
    
    04/15/122032 Notes
    
    
    49,390
    
    
    
    49,368
    (2)
    
    
    818
    
    
    
    818
    
    
    
    7.750
    %
    
    
    04/15/322009 Notes
    
    
    124,806
    
    
    
    
    
    
    
    292
    
    
    
    
    
    
    
    5.250
    %
    
    
    06/15/092014 Notes
    
    
    109,978
    
    
    
    
    
    
    
    669
    
    
    
    
    
    
    
    6.420
    %
    
    
    06/01/14
    (3)Total
    
    $
    1,347,524
    
    
    $
    1,212,152
    
    
    $
    19,511
    
    
    $
    19,493Unsecured Line of CreditUnsecured Line of Credit
    
    $
    167,500
    
    
    $
    195,900
    
    
    $
    549
    
    
    $
    336
    
    
    
    3.518
    %
    
    
    09/28/07
  (1)
    At December 31, 2004, the Acquisition Mortgage Loan X, the Acquisition Mortgage Loan XII,the Acquisition Mortgage Loan XIII, and the Acquisition Mortgage
Loan XIV include unamortized premiums of $2,291, $267, $453 and $553, respectively. At December 31, 2003, the Acquisition Mortgage Loan X, the Acquisition
Mortgage Loan XI, and the Acquisition Mortgage Loan XII include unamortized premiums of $2,673, $597, and $305, respectively.(2)
    At December 31, 2004, the 2007 Notes, 2017 Notes, 2027 Notes, 2028 Notes, the 2011 Notes, 2012 Notes, 2032 Notes, 2009 Notes and the 2014 Notes
are net of unamortized discounts of $13, $124, $16, $185, $376,
$1,006, $610, $194 and $15,023, respectively. At December 31, 2003, the 2007 Notes, 2011 PATS,
2017 Notes, 2027 Notes, 2028 Notes and the 2011 Notes are net of unamortized discounts of $18, $343, $134, $17, $193, $437, $1,144 and $632, respectively.(3)
    The 2014 Notes were exchanged on May 17, 2004 for the
2011 PATS and net cash
in the amount of $8,877. The Consolidated Operating Partnership
retired the 2011 PATS.(4)
    The Acquisition Mortgage Loan XI was paid off and retired in December 2004. F-24




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued The following is a schedule of the stated maturities and scheduled principal payments of the
mortgage loans, senior unsecured debt and unsecured line of credit, exclusive of premiums and
discounts, for the next five years ending December 31, and thereafter: Amount2005
    
    
    51,8352006
    
    
    153,7552007
    
    
    319,4722008
    
    
    2,1332009
    
    
    131,909Thereafter
    
    
    927,352Total
    
    $
    1,586,456
 Fair Value At December 31, 2004 and 2003, the fair value of the Consolidated Operating Partnerships
mortgage loans payable, senior unsecured debt, unsecured lines of credit and Put Option were as
follows: December 31, 2004
    
    
    December 31, 2003Carrying
    
    
    Fair
    
    
    Carrying
    
    
    FairAmount
    
    
    Value
    
    
    Amount
    
    
    ValueMortgage Loans Payable
    
    $
    57,449
    
    
    $
    60,286
    
    
    $
    43,217
    
    
    $
    46,180Senior Unsecured Debt
    
    
    1,347,524
    
    
    
    1,503,012
    
    
    
    1,212,152
    
    
    
    1,332,958Unsecured Line of Credit (Variable Rate)
    
    
    167,500
    
    
    
    167,500
    
    
    
    195,900
    
    
    
    195,900Put Option
    
    
    
    
    
    
    
    
    
    
    95
    
    
    
    16,320Total
    
    $
    1,572,473
    
    
    $
    1,730,798
    
    
    $
    1,451,364
    
    
    $
    1,591,358
 The fair value of the senior unsecured debt was determined by quoted market prices, if
available. The fair values of the Consolidated Operating Partnerships senior unsecured debt not
valued by quoted market prices, mortgage loans payable and Put Option were determined by discounting the future cash flows using the
current rates at which similar loans would be made to borrowers with similar credit ratings and for
the same remaining maturities. The fair value of the variable rate portion of the Unsecured Line
of Credit was equal to its carrying value due to the variable interest rate nature of the loan. Other Comprehensive Income In conjunction with the prior issuances of senior unsecured debt, the Consolidated Operating
Partnership, through the Operating Partnership, entered into interest rate protection agreements to
fix the interest rate on anticipated offerings of senior unsecured debt (the Interest Rate
Protection Agreements). In the next 12 months, the Consolidated Operating Partnership will
amortize approximately $1,085 of the Interest Rate Protection Agreements into net income as a
decrease to interest expense. In March 2004, the Consolidated Operating Partnership, through the Operating Partnership,
entered into an interest rate protection agreement which fixed the interest rate on a forecasted
offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection
agreement had a notional value of $73,500, was effective from July 1, 2004 through July 1, 2009 and
fixed the LIBOR rate at 3.354%. In conjunction with the offering of the 2009 Notes, the
Consolidated Operating Partnership settled this interest rate protection agreement and received
proceeds in the amount of $3,817, which is recognized in other comprehensive income. The
Consolidated Operating Partnership is amortizing this settlement amount into net income over the
life of the 2009 Notes as an adjustment to interest expense. In March 2004, the Consolidated Operating Partnership, through the Operating Partnership,
entered into another interest rate protection agreement which fixed the interest rate on a
forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate
protection agreement had a notional value of $73,500, F-25




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit, continued was effective from August 15, 2004 through August 15, 2009 and fixed the LIBOR rate at 3.326%. In
May 2004, the Consolidated Operating Partnership reduced the projected amount of the future debt
offering and settled $24,500 of this interest rate protection agreement for proceeds in the amount
of $1,450 which is recognized in net income. In conjunction with the offering of the 2009 Notes,
the Consolidated Operating Partnership settled the remaining $49,000 of this interest rate
protection agreement and received proceeds in the amount of $2,840, which is recognized in other
comprehensive income. The Consolidated Operating Partnership is amortizing this settlement amount
into net income over the life of the 2009 Notes as an adjustment to interest expense. In
October 2004, the Consolidated Operating Partnership, through the
Operating Partnership, entered into an interest rate protection
agreement which fixed the interest rate on a forecasted offering of
unsecured debt which it designated as a cash flow hedge. This interest
rate protection agreement had a notional value of $48,980, was
effective from January 5, 2005 through January 5, 2010 and fixed the
LIBOR rate at 3.909%. In November 2004, the Consolidated
Operating Partnership settled the interest rate protection
agreement for $310 due to a delay in the forecasted debt issuance
date. Hedge ineffectiveness in the amount of $133, due to a
mismatch in dates, was recognized in net income. The remaining $159 is included in other comprehensive income and will be amortized
over the term of the forecasted debt issuance. In the event that $50,000 of debt is not issued by December 10,
2005, the balance in other comprehensive income will be reclassified
into net income immediately. F-26




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 7. Partners Capital The Operating Partnership has issued general partnership units and limited partnership units
(together, the Units) and preferred general partnership units. The general partnership units
resulted from capital contributions from the Company. The limited partnership units are issued in
conjunction with the acquisition of certain properties (see discussion below). Subject to lock-up
periods and certain adjustments, limited partnership units are convertible into common stock, $.01
par value, of the Company on a one-for-one basis or cash at the option of the Company. The
preferred general partnership units result from preferred capital contributions from the Company.
The preferred general partnership units had an aggregate liquidation priority of $125,000 and
$250,000 as of December 31, 2004 and 2003, respectively. The Operating Partnership is required to
make all required distributions on the preferred general partnership units prior to any
distribution of cash or assets to the holders of the Units. The consent of the holder of the
limited partnership units is required to alter such holders rights as to allocations and
distributions, to alter or modify such holders rights with respect to redemption, to cause the
early termination of the Operating Partnership, or to amend the provisions of the partnership
agreement which requires such consent. Unit Contributions: For the year ended December 31, 2004, certain employees of the Company exercised 1,287,482
non-qualified employee stock options. Net proceeds to the Company
approximated $37,301. The gross proceeds from the option exercises were contributed to the Operating Partnership in exchange
for Units and are reflected in the Consolidated Operating Partnerships financial statements as a
general partner contribution. On September 16, 2004, the Company and the Operating Partnership entered into a sales
agreement to sell up to 3,900,000 shares of the Companys common stock from time to time with
Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year
ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled
equity offering program and received net proceeds of $48,820. The Company contributed the net
proceeds to the Consolidated Operating Partnership and the Consolidated Operating Partnership,
through the Operating Partnership, issued Units to the Company in the same amount. For the year ended December 31, 2003, certain employees of the Company exercised 531,473
non-qualified employee stock options. Net proceeds to the Company approximated $14,799. The
gross proceeds from the option exercises were contributed to the Operating Partnership in exchange
for Units and are reflected in the Consolidated Operating Partnerships financial statements as a
general partner contribution. For the year ended December 31, 2002, certain employees of the Company exercised 561,418
non-qualified employee stock options. Net proceeds to the Company approximated $15,895. The
gross proceeds from the option exercises were contributed to the Operating Partnership in exchange
for Units and are reflected in the Consolidated Operating Partnerships financial statements as a
general partner contribution. For the year ended December 31, 2002, the Operating Partnership issued 18,203 Units valued, in
the aggregate, at $633 in exchange for interests in certain properties. These contributions are
reflected in the Consolidated Operating Partnerships financial statements as limited partner
contributions. F-27




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 7. Partners Capital, continued The following table is a roll-forward of the General Partnership and Limited Partnership units
outstanding for the three years ended December 31, 2004: General Partnership andLimited PartnershipUnits OutstandingBalance at December 31, 2001
    
    
    45,877,336Issuance of General Partner Units
    
    
    572,677Issuance of General Partner Restricted Units
    
    
    93,980Repurchase and Retirement of Restricted Units
    
    
    (60,419
    )Purchase of General Partnership Units
    
    
    (1,091,500
    )Issuance of Limited Partner Units
    
    
    18,203Balance at December 31, 2002
    
    
    45,410,277Issuance of General Partner Units
    
    
    542,744Issuance of General Partner Restricted Units
    
    
    704,844Repurchase and Retirement of Restricted Units
    
    
    (66,183
    )Purchase of General Partnership Units
    
    
    (37,300
    )Balance at December 31, 2003
    
    
    46,554,382Issuance of General Partner Units
    
    
    2,621,082Issuance of General Partner Restricted Units
    
    
    216,617Repurchase and Retirement of Restricted Units
    
    
    (102,076
    )Balance at December 31, 2004
    
    
    49,290,005
 Preferred Contributions: On May 14, 1997 the Company issued 4,000,000 Depositary Shares, each representing
1/100th of a share of the Companys 8 3/4%, $.01 par value, Series B Cumulative Preferred
Stock (the Series B Preferred Stock), at an initial
offering price of $25.00 per Depositary Share.
The net proceeds of approximately $96,293 received from the Series B Preferred Stock were
contributed to the Operating Partnership in exchange for 8 3/4% Series B Cumulative Preferred Units
(the Series B Preferred Units). On or after May 14, 2002, the Series B Preferred Stock became
redeemable for cash at the option of the Company, in whole or in part, at a redemption price
equivalent to $25 per Depositary Share, or $100,000 in the aggregate, plus dividends accrued and
unpaid to the redemption date. On April 12, 2002, the F-28




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 7. Partners Capital, continued Company called for the redemption of all of its outstanding Series B Preferred Stock at the price
of $25.00 per share, plus accrued and unpaid dividends. The Company redeemed the Series B Preferred
Stock on May 14, 2002 and paid a prorated second quarter dividend of $.26736 per Depositary Share,
totaling approximately $1,069. The Series B Cumulative Preferred Units were redeemed on May 14,
2002 as well. In accordance with the Securities and Exchange
Commissions July 31, 2003 clarification on Emerging Issues
Task Force Abstract, Topic No. D-42, The Effect on the
Calculation of Earnings per Share for the Redemption or Induced
Conversion of Preferred Stock (EITF D-42), due to the
redemption of the Series B Preferred Stock, the initial offering
costs associated with the issuance of the Series B Preferred Stock of
$3,707 were reflected as a deduction from net income to arrive at net
income available to common stockholders in determining earnings per
share for the year ended December 31, 2002. On June 6, 1997, the Company issued 2,000,000 Depositary Shares, each representing
1/100th of a share of the Companys 8 5/8 %, $.01 par value, Series C Cumulative
Preferred Stock (the Series C Preferred Stock), at an initial offering price of $25 per
Depositary Share. The net proceeds of $47,997 received from the Series C Preferred Stock were
contributed to the Operating Partnership in exchange for 8 5/8 % Series C Cumulative
Preferred Units (the Series C Preferred Units) and are reflected in the Consolidated Operating
Partnerships financial statements as a general partner preferred unit contribution. On February 4, 1998, the Company issued 5,000,000 Depositary Shares, each representing
1/100th of a share of the Companys 7.95%, $.01 par value, Series D Cumulative Preferred
Stock (the Series D Preferred Stock), at an initial offering price of $25.00 per Depositary
Share. The net proceeds of $120,562 received from the Series D Preferred Stock were contributed to
the Operating Partnership in exchange for 7.95% Series D Cumulative Preferred Units (the Series D
Preferred Units). On or after February 4, 2003, the Series D Preferred Stock became redeemable
for cash at the option of the Company, in whole or in part, at a redemption price equivalent to
$25.00 per Depositary Share, or $125,000 in the aggregate, plus dividends accrued and unpaid to the
redemption date. The Company redeemed the Series D Preferred Stock on June 7, 2004 at a
redemption price of $25.00 per Depositary Share and paid a prorated second quarter dividend of
$.36990 per Depositary Share, totaling approximately $1,850. The Series D Preferred Units were
redeemed on June 7, 2004 as well. In accordance with EITF D-42, due to the redemption of the Series D Preferred Units, the initial offering costs
associated with the issuance of the Series D Preferred Units of $4,467 were reflected as a
deduction from net income to arrive at net income available to unitholders in determining earnings
per unit for the year ended December 31, 2004. On March 18, 1998, the Company issued 3,000,000 Depositary Shares, each representing
1/100th of a share of the Companys 7.90%, $.01 par value, Series E Cumulative Preferred
Stock (the Series E Preferred Stock), at an initial offering price of $25.00 per Depositary
Share. The net proceeds of $72,138 received from the Series E Preferred Stock were contributed to
the Operating Partnership in exchange for 7.90% Series E Cumulative Preferred Units (the Series E
Preferred Units). On or after March 18, 2003, the Series E Preferred Stock became redeemable for
cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25.00
per Depositary Share, or $75,000 in the aggregate, plus dividends accrued and unpaid to the
redemption date. The Company redeemed the Series E Preferred Stock on June 7, 2004 at a
redemption price of $25.00 per Depositary Share and paid a prorated second quarter dividend of
$.36757 per Depositary Share, totaling approximately $1,103. The Series E Preferred Units were
redeemed on June 7, 2004 as well. In accordance with EITF D-42, due to the redemption of the
Series E Preferred Units, the initial offering costs associated with the issuance of the Series E
Preferred Units of $2,892 were reflected as a deduction from net income to arrive at net income
available to unitholders in determining earnings per unit for the year ended December 31, 2004. On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a
share of the Companys 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred
Stock (the Series F Preferred Stock), at an initial offering price of $1,000.00 per Depositary
Share for gross proceeds of $50,000. Net of offering costs, the Company received net proceeds of
$49,075 from the issuance of the Series F Preferred Stock which were contributed to the Operating
Partnership in exchange for 6.236% Series F Cumulative Preferred Units (the Series F Preferred
Units) and are reflected in the Consolidated Operating Partnerships financial statements as
general partner preferred unit contribution. Dividends on the Series F Preferred Stock are
cumulative from the date of initial issuance and are payable semi-annually in arrears for the
period from the date of original issuance through March 31, 2009 (the Series F Initial Fixed Rate
Period), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation
preference (the Series F Initial Distribution Rate) (equivalent to $62.36 per Depositary Share).
On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the
Companys option, subject to certain conditions and parameters, at fixed or floating rates and
periods. Fixed rates and periods will be determined through a remarketing procedure. Floating
rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater
of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury CMT Rate F-29




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 7. Partners Capital, continued (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the adjustable
rate)(as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F
Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the
Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With
respect to the payment of dividends and amounts upon liquidation, dissolution or
winding up, the Series F Preferred Stock ranks senior to payments on the Companys Common Stock
and pari passu with the Companys Series C Preferred Stock and Series G Preferred Stock (hereinafter defined). On or after March
31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to
the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the
option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per
Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption
date. The Series F Preferred Stock has no stated maturity and is not convertible into any other
securities of the Company. On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a
share of the Companys 7.236 %, $.01 par value, Series G Flexible Cumulative Redeemable
Preferred Stock (the Series G Preferred Stock), at an initial offering price of $1,000.00 per
Depositary Share for gross proceeds of $25,000. Net of offering costs, the Company received net
proceeds of $24,512 from the issuance of the Series G Preferred Stock which were contributed to the
Operating Partnership in exchange for 7.236% Series G Cumulative Preferred Units (the Series G
Preferred Units) and are reflected in the Consolidated Operating Partnerships financial
statements as general partner preferred unit contribution. Dividends on the Series G Preferred
Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for
the period from the date of original issuance of the Series G Preferred Stock through March 31,
2014 (the Series G Initial Fixed Rate Period), commencing on September 30, 2004, at a rate of
7.236% per annum of the liquidation preference (the Series G Initial Distribution Rate)
(equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial
Distribution Rate is subject to reset, at the Companys option, subject to certain conditions and
parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined
through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the
initial credit spread), plus the greater of (i) the 3-month LIBOR Rate, (ii) the 10-year Treasury
CMT Rate (as defined in the Articles Supplementary), and (iii) the 30-year Treasury CMT Rate (the
adjustable rate)(as defined in the Articles Supplementary), reset quarterly. Dividends on the
Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to
the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With
respect to the payment of dividends and amounts upon liquidation, dissolution or
winding up, the Series G Preferred Stock ranks senior to payments on the Companys Common Stock
and pari passu with the Companys Series C Preferred Stock and Series F Preferred Stock. On or
after March 31, 2014, subject to any conditions on redemption applicable in any fixed rate period
subsequent to the Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable
for cash at the option of the Company, in whole or in part, at a redemption price equivalent to
$1,000.00 per Depositary Share, or $25,000 in the aggregate, plus dividends accrued and unpaid to
the redemption date. The Series G Preferred Stock has no stated maturity and is not convertible
into any other securities of the Company. On June 2, 2004, the Company issued 500 shares of 2.965% $.01 par value, Series H Flexible
Cumulative Redeemable Preferred Stock (the Series H Preferred Stock), at an initial offering
price of $250,000 per share for gross proceeds of $125,000. Net of offering costs, the Company
received net proceeds of $120,837 from the issuance of the Series H Preferred Stock which were
contributed to the Operating Partnership in exchange for Series H Cumulative Preferred Units (the
Series H Preferred Units) and are reflected in the Consolidated Operating Partnerships financial
statements as general partner preferred unit contribution. On or after July 2, 2004, the Series H
Preferred Stock became redeemable for cash at the option of the Company, in whole but not in part,
at a redemption price equivalent, initially, to $242,875 per share plus accrued and unpaid
dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004 and paid a prorated
second and third quarter dividend of $629.555 per share, totaling approximately $315. The Series H
Preferred Units were redeemed on July 2, 2004 as well. In accordance with EITF D-42, due to the
redemption of the Series H Preferred Units, the initial offering costs associated with the issuance
of the Series H Preferred Units of $600 is reflected as a deduction from net income to arrive at
net income available to unitholders in determining earnings per Unit for the year ended December
31, 2004. F-30




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 7. Partners Capital, continued Distributions: On January 19, 2004, the Operating Partnership paid a fourth quarter 2003 distribution of
$.6850 per Unit, totaling approximately $31,889. On April 19, 2004, the Operating Partnership paid
a first quarter 2004 distribution of $.6850 per Unit, totaling approximately $32,724. On July 19,
2004, the Operating Partnership paid a second quarter 2003 distribution of $.6850 per Unit,
totaling approximately $32,737. On October 18, 2004, the Operating Partnership paid a third
quarter 2004 distribution of $.6850 per Unit, totaling approximately $32,872. On March 31, 2004, the Operating Partnership paid first quarter 2004 distributions of $53.906
per Unit on its 8.625% Series C Cumulative Preferred Units (the Series C Preferred Units),
$49.688 per Unit on its Series D Preferred Units and $49.375 per Unit on its Series E Preferred
Units. The preferred unit distributions paid on March 31, 2004, totaled approximately $5,044. On
June 30, 2004 the Operating Partnership paid a second quarter 2004 distribution of $53.906 per Unit
on its Series C Preferred Units, totaling approximately $1,078. On September 30, 2004, the
Operating Partnership paid a third quarter 2004 distribution of $53.906 per Unit on its Series C
Preferred Units, a pro rata distribution for the period May 27, 2004 through September 30, 2004 of
$2,165.28 per Unit on its Series F Preferred Units and a pro rata distribution for the period May
27, 2004 through September 30, 2004 of $2,512.50 per Unit on its Series G Preferred Units. The
preferred unit distribution paid on September 30, 2004, totaled approximately, $2,788. On December
31, 2004 the Operating Partnership paid a fourth quarter 2004 distribution of $53.906 per Unit on
its Series C Preferred Units, totaling approximately $1,078 and
accrued dividends of $780 on its Series F Preferred Units and $452 on
its Series G Preferred Units. Repurchase of Units: In March 2000, the Companys Board of Directors approved the repurchase of up to $100,000 of
the Companys common stock. The Company may make purchases from time to time, if price levels
warrant, in the open market or in privately negotiated transactions. During the year ended
December 31, 2003, the Company repurchased 37,300 shares of its common stock at a weighted average
price of approximately $26.73 per share. The Operating Partnership repurchased general partnership
units from the Company in the same amount. During the year ended December 31, 2002, the Company
repurchased 1,091,500 shares of its common stock at a weighted average price of approximately
$27.02 per share. 8. Acquisition and Development of Real Estate In 2004, the Consolidated Operating Partnership acquired 77 industrial properties
comprising, in the aggregate, approximately 8.9 million square feet (unaudited) of GLA and several
land parcels for a total purchase price of approximately $393,098, excluding costs incurred in
conjunction with the acquisition of properties. The Consolidated
Operating Partnership also substantially
completed development of 11 properties comprising approximately 2.3 million square feet
(unaudited) of GLA at a cost of approximately $80,241. The
Consolidated Operating Partnership reclassed the costs of substantially completed developments
from construction in progress to building, tenant improvements and
leasing commissions. In 2003, the Consolidated Operating Partnership acquired 62 industrial properties
comprising, in the aggregate, approximately 6.3 million square feet (unaudited) of GLA and several
land parcels for a total purchase price of approximately $219,091, excluding costs incurred in
conjunction with the acquisition of properties. The Consolidated Operating Partnership also
substantially completed development of 33 properties comprising
approximately 3.2 million square feet
(unaudited) of GLA at a cost of approximately $156,268.  The
Consolidated Operating Partnership reclassed the costs of substantially completed developments
from construction in progress to building, tenant improvements and
leasing commissions. F-31




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 9. Sale of Real Estate, Real Estate Held for Sale and Discontinued Operations In 2004, the Consolidated Operating Partnership, through the Operating Partnership, sold 90
industrial properties comprising approximately 6.8 million square feet (unaudited)  of GLA and several land parcels. Gross proceeds from the
sales of the 90 industrial properties and several land parcels were approximately $393,029. The
gain on sale of real estate, net of income taxes was approximately $83,160, of which
$73,372 is shown in discontinued
operations. Eighty-six of the 90 sold industrial properties meet the criteria established by FAS
144 to be included in discontinued operations. Therefore, in accordance with FAS 144, the results
of operations and gain on sale of real estate, net of income taxes for the 86 sold industrial properties that meet the
criteria established by FAS 144 are included in discontinued operations. The results of operations
and gain on sale of real estate, net of income taxes for the four industrial properties and several land parcels that do
not meet the criteria established by FAS 144 are included in continuing operations. At December 31, 2004, the Consolidated Operating Partnership had eight industrial properties
comprising approximately 1.7 million square feet (unaudited) of GLA held for sale. In accordance with FAS 144,
the results of operations of the eight industrial properties held for sale at December 31, 2004 are
included in discontinued operations. There can be no assurance that such industrial properties
held for sale will be sold. In
2003, the Consolidated Operating Partnership, through the Operating
Partnership of, sold 121
industrial properties comprising approximately 6.3 million
square feet (unaudited) of GLA and
several land parcels. Eight of the 121 industrial sold properties comprising approximately .7
million square feet (unaudited) of GLA were sold to the December 2001 Joint Venture. Gross
proceeds from the sales of the 121 industrial properties and several land parcels were
approximately $357,503. The gain on sale of real estate, net of income taxes was
approximately $80,193, of which
$72,947 is shown in discontinued operations. In accordance with FAS 144, the results of operations
and gain on sale of real estate, net of income taxes for the 113 of the 121 sold properties are included in discontinued operations. In 2002, the Consolidated Operating Partnership sold 69 industrial properties comprising
approximately 5.8 million square feet (unaudited) of GLA that were not classified as held for sale
at December 31, 2001, 12 industrial properties comprising approximately .9 million square feet
(unaudited) of GLA that were classified as held for sale at December 31, 2001, 15 industrial
properties comprising approximately 2.3 million square feet (unaudited) of GLA that were sold to
the December 2001 Joint Venture and several land parcels. Gross proceeds from these sales were
approximately $386,101. The gain on sale of real estate, net of income taxes was
approximately $48,607, of which
$35,592 is shown in discontinued operations. In accordance with FAS 144, the results of operations
and gain on sale of real estate, net of income taxes for the 69 of the 96 sold industrial
properties are included in discontinued operations. The following table discloses certain information regarding the industrial properties included
in discontinued operations by the Consolidated Operating Partnership for the years ended December
31, 2004, 2003 and 2002. RestatedYear Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002Total Revenues
    
    $
    21,176
    
    
    $
    49,078
    
    
    $
    71,487Operating Expenses
    
    
    (6,783
    )
    
    
    (15,424
    )
    
    
    (20,820
    )Depreciation and Amortization
    
    
    (4,972
    )
    
    
    (10,531
    )
    
    
    (14,080
    )Provision
for Income Taxes
    
    
    (1,690
    )
    
    
    (1,354
    )
    
    
    (947
    )Gain on Sale
of Real Estate, net
    
    
    73,372
    
    
    
    72,947
    
    
    
    35,592Income from Discontinued Operations
    
    $
    81,103
    
    
    $
    94,716
    
    
    $
    71,232
 In conjunction with certain property sales, the Consolidated Operating Partnership
provided seller financing. At December 31, 2004, 2003 and 2002, the
Consolidated Operating Partnership had mortgage notes receivable and accrued interest outstanding
of approximately $19,739, $29,336 and $29,103, which is included as a component of prepaid expenses
and other assets. Also, in December 2004, the Consolidated Operating
Partnership sold $15,170 of its notes receivable to a third party for
par. F-32




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 10. Supplemental Information to Statements of Cash Flows Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002Interest paid, net of capitalized interest
    
    $
    98,733
    
    
    $
    95,180
    
    
    $
    84,791Interest capitalized
    
    $
    1,304
    
    
    $
    761
    
    
    $
    7,792Income Taxes
Paid
    
    $
    7,936
    
    
    $
    1,367
    
    
    $
    3,905Supplemental schedule of noncash investing and financing activities:Distribution payable on common stock/units
    
    $
    34,255
    
    
    $
    31,889
    
    
    $
    31,106Distribution payable on preferred units
    
    $
    1,232
    
    
    $
    
    
    
    $
    Issuance of Units in exchange for property
    
    $
    
    
    
    $
    
    
    
    $
    633Exchange of Limited partnership units for General partnership units:Limited partnership units
    
    $
    (6,195
    )
    
    $
    (2,750
    )
    
    $
    (4,616
    )General partnership units
    
    
    6,195
    
    
    
    2,750
    
    
    
    4,616$
    
    
    
    $
    
    
    
    $
    In conjunction with the property and land acquisitions, the following
assets and liabilities were assumed:Purchase of real estate
    
    $
    393,098
    
    
    $
    219,091
    
    
    $
    181,553Deferred purchase price
    
    
    
    
    
    
    (10,425
    )
    
    
    Accounts payable and accrued expenses
    
    
    (3,181
    )
    
    
    (1,897
    )
    
    
    (2,140
    )Mortgage debt
    
    
    (18,244
    )
    
    
    (20,751
    )
    
    
    (11,844
    )Acquisition of real estate
    
    $
    371,673
    
    
    $
    186,018
    
    
    $
    167,569In conjunction with certain property sales, the Company provided seller financing:Notes receivable
    
    $
    30,250
    
    
    $
    29,203
    
    
    $
    35,462
 F-33




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands except per Unit data)
 11. Earnings Per Unit
(EPU) The computation of basic and diluted EPU is presented below: Restated
    
    
    RestatedYear Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002Numerator:Income from Continuing Operations
    
    $
    34,263
    
    
    $
    29,094
    
    
    $
    52,171Gain on Sale
of Real Estate, Net of Income Tax
    
    
    9,788
    
    
    
    7,246
    
    
    
    13,015Less: Preferred Unit Distributions
    
    
    (14,488
    )
    
    
    (20,176
    )
    
    
    (23,432
    )Less: Redemption of Preferred Units
    
    
    (7,959
    )
    
    
    
    
    
    
    (3,707
    )Income from Continuing Operations Available to
Unitholders  For Basic and Diluted EPU
    
    
    21,604
    
    
    
    16,164
    
    
    
    38,047Discontinued
Operations, Net of Income Tax
    
    
    81,103
    
    
    
    94,716
    
    
    
    71,232Net Income Available to Unitholders
 For Basic and Diluted EPU
    
    $
    102,707
    
    
    $
    110,880
    
    
    $
    109,279Denominator:Weighted Average Units Outstanding  Basic
    
    
    47,136,296
    
    
    
    45,321,775
    
    
    
    45,841,158Effect of Dilutive Securities of the Company that
Result in the Issuance of General Partner Units:Employee and Director Common Stock Options
    
    
    227,423
    
    
    
    91,599
    
    
    
    201,868Employee and Director Shares of Restricted Stock
    
    
    103,551
    
    
    
    29,561
    
    
    
    36,327Weighted Average Units Outstanding  Diluted
    
    
    47,467,270
    
    
    
    45,442,935
    
    
    
    46,079,353Basic EPU:Income from Continuing Operations Available to
Unitholders
    
    $
    0.46
    
    
    $
    0.36
    
    
    $
    0.83Discontinued
Operations, Net of Income Tax
    
    $
    1.72
    
    
    $
    2.09
    
    
    $
    1.55Net Income Available to Unitholders
    
    $
    2.18
    
    
    $
    2.45
    
    
    $
    2.38Diluted EPU:Income from Continuing Operations Available to
Unitholders
    
    $
    0.46
    
    
    $
    0.36
    
    
    $
    0.83Discontinued
Operations, Net of Income Tax
    
    $
    1.71
    
    
    $
    2.08
    
    
    $
    1.55Net Income Available to Unitholders
    
    $
    2.16
    
    
    $
    2.44
    
    
    $
    2.37
 F-34




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands except per Unit data)
 12. Income Taxes For
income tax purposes, distributions paid to Unitholders are classified as ordinary
income, capital gain or return of capital. For the three years ended December 31, 2004, 2003 and
2002, the distributions per Unit were classified as follows: As a
    
    
    
    
    
    
    As a
    
    
    
    
    
    
    As aPercentage
    
    
    
    
    
    
    Percentage
    
    
    
    
    
    
    Percentageof
    
    
    
    
    
    
    of
    
    
    
    
    
    
    of2004
    
    
    Distributions
    
    
    2003
    
    
    Distributions
    
    
    2002
    
    
    DistributionsOrdinary income
    
    $
    .3622
    
    
    
    13.17
    %
    
    $
    1.1516
    
    
    
    42.03
    %
    
    $
    1.1489
    
    
    
    42.16
    %Short-term capital gains
    
    
    .0423
    
    
    
    1.54
    %
    
    
    
    
    
    
    
    
    
    
    .1218
    
    
    
    4.47
    %Long-term capital gains
    
    
    .8654
    
    
    
    31.47
    %
    
    
    .6173
    
    
    
    22.53
    %
    
    
    .3845
    
    
    
    14.11
    %Unrecaptured Section 1250 gain
    
    
    .2503
    
    
    
    9.10
    %
    
    
    .2666
    
    
    
    9.73
    %
    
    
    .2515
    
    
    
    9.23
    %Return of capital
    
    
    1.2298
    
    
    
    44.72
    %
    
    
    .7045
    
    
    
    25.71
    %
    
    
    .8183
    
    
    
    30.03
    %$
    2.7500
    
    
    
    100.00
    %
    
    $
    2.7400
    
    
    
    100.00
    %
    
    $
    2.7250
    
    
    
    100.00
    %
 For
income tax purposes, distributions paid to preferred Unitholders are classified as
ordinary income, capital gain and return of capital. For the three years ended December 31, 2004,
2003 and 2002, the preferred distributions per Unit were classified as follows: As a
    
    
    
    
    
    
    As a
    
    
    
    
    
    
    As aPercentage
    
    
    
    
    
    
    Percentage
    
    
    
    
    
    
    Percentageof
    
    
    
    
    
    
    of
    
    
    
    
    
    
    of2004
    
    
    Distributions
    
    
    2003
    
    
    Distributions
    
    
    2002
    
    
    DistributionsOrdinary income
    
    $
    .9249
    
    
    
    23.81
    %
    
    $
    3.4614
    
    
    
    56.57
    %
    
    $
    6.9335
    
    
    
    100.00
    %Short-term capital gains
    
    
    .1080
    
    
    
    2.78
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Long-term capital gains
    
    
    2.2119
    
    
    
    56.94
    %
    
    
    1.8558
    
    
    
    30.33
    %
    
    
    
    
    
    
    Unrecaptured Section 1250 gain
    
    
    .6398
    
    
    
    16.47
    %
    
    
    .8016
    
    
    
    13.10
    %
    
    
    
    
    
    
    $
    3.8846
    
    
    
    100.00
    %
    
    $
    6.1188
    
    
    
    100.00
    %
    
    $
    6.9335
    
    
    
    100.00
    %
 The
components of income tax (expense)/benefit for the Consolidated Operating
Partnerships taxable REIT subsidiary for the years ended December 31, 2004, 2003 and
2002 are comprised of the following: 2004
    
    
    2003
    
    
    2002Current:Federal
    
    $
    (8,074
    )
    
    $
    (873
    )
    
    $
    (3,304
    )State
    
    
    (1,654
    )
    
    
    (218
    )
    
    
    (932
    )Deferred:Federal
    
    
    1,070
    
    
    
    391
    
    
    
    445State
    
    
    219
    
    
    
    98
    
    
    
    125$
    (8,439
    )
    
    $
    (602
    )
    
    $
    (3,666
    )
 Deferred
income taxes represent the tax effect of the temporary differences between the book and
tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of
December 31, 2004, 2003 and 2002: 2004
    
    
    2003
    
    
    2002Fixed assets
    
    $
    2,012
    
    
    $
    310
    
    
    $
    41Prepaid rent
    
    
    323
    
    
    
    149
    
    
    
    112Capitalized
general and administrative expense under 263(A)
    
    
    818
    
    
    
    576
    
    
    
    847Deferred losses/gains
    
    
    334
    
    
    
    1,054
    
    
    
    590Capitalized
interest under 263(A)
    
    
    
    
    
    
    117
    
    
    
    Total deferred tax asset
    
    $
    3,487
    
    
    $
    2,206
    
    
    $
    1,590Straight-line rent
    
    
    (430
    )
    
    
    (438
    )
    
    
    (311
    )Total deferred
tax liabilities
    
    $
    (430
    )
    
    $
    (438
    )
    
    $
    (311
    )Total net deferred tax asset
    
    $
    3,057
    
    
    $
    1,768
    
    
    $
    1,279
 The
Consolidated Operating Partnership does not have any net operating
loss carryforwards or tax credit carryforwards. F-35




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##### Table of Contents





FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)


12. Income Taxes, continued

The Consolidated Operating Partnerships components of income tax (expense) benefit
for the years ended December 31, 2004, 2003, and 2002 are as follows:

Restated2004
    
    
    2003
    
    
    2002Tax expense associated with income
from operations on sold properties
which is included in discontinued
operations
    
    $
    (1,690
    )
    
    $
    (1,354
    )
    
    $
    (947
    )Tax expense associated with gains
and losses on the sale of real
estate which is included in
discontinued operations
    
    
    (8,434
    )
    
    
    (1,850
    )
    
    
    (1,513
    )Tax expense associated with gains
and losses on the sale of real
estate
    
    
    (5,324
    )
    
    
    (2,348
    )
    
    
    (3,394
    )Income tax benefit ($850 provision for income tax included
in Equity in Income from Joint Venture for 2004)
    
    
    7,009
    
    
    
    4,950
    
    
    
    2,188Income tax expense
    
    $
    (8,439
    )
    
    $
    (602
    )
    
    $
    (3,666
    )


The income tax benefit
(expense) pertaining to income from continuing operations and gain on
sale of real estate differs from the amounts computed by applying the
applicable federal statutory rate as follows:

2004
    
    
    2003
    
    
    2002Tax benefit (expense) at Federal rate related
to continuing operations
    
    
    1,499
    
    
    
    2,026
    
    
    
    (1,057
    )State Tax benefit (expense), net of
Federal benefit (expense)
    
    
    186
    
    
    
    337
    
    
    
    (173
    )Meals and Entertainment
    
    
    (16
    )
    
    
    (12
    )
    
    
    (16
    )Prior year provision to return
adjustments
    
    
    10
    
    
    
    205
    
    
    
    Other
    
    
    6
    
    
    
    46
    
    
    
    40Income tax benefit (expense)
    
    
    1,685
    
    
    
    2,602
    
    
    
    (1,206
    )


In the consolidated statements of operations, for the years ended December 31, 2003 and
2002 most recently presented in the Consolidated Operating
Partnerships Form 8-K filed July 30, 2004, the Consolidated Operating Partnership classified its entire tax provision to income from
discontinued operations. Based on a review of its presentation of income taxes under FAS 109,
the Consolidated Operating Partnership has reconsidered such presentation and determined that the
Consolidated Operating Partnerships income tax provision should be allocated between income from
continuing operations, income from discontinued operations and gain
on sale of real estate. The columns titled Restatement of Benefit (Expense) for Income Tax
reflect the FAS 109 adjustments to restate the consolidated statements of operations for the years ended December 31, 2003
and 2002 reflected in the Form 8-K filed on July 30, 2004. The columns titled Adjustment for Discontinued Operations reflect the adjustments
to reconcile the restated consolidated statements of operations to the consolidated statements of operations in the 2004 Form 10-K. These adjustments
reflect the reclassification of operations and gain on sale of real estate to discontinued operations for properties sold in 2004 that meet the criteria
of FAS 144 as well as adjustments to properly allocate the income tax
provision/benefit between income from continuing operations, income
from discontinued operations and gain on sale of real estate due to the FAS 144 reclassifications.

Restatements of Consolidated Statements of Operations

For the Year Ended December 31, 2003As previously
    
    
    Restatement of
    
    
    
    
    
    
    Adjustmentreported on
    
    
    Benefit
    
    
    
    
    
    for
    
    
    As reportedForm 8-K filed
    
    
    (Expense) for
    
    
    Restated
    
    
    Discontinued
    
    
    on 2004 FormJuly 30, 2004
    
    
    Income Tax
    
    

Amounts
    
    
    Operations
    
    
    10-KLoss from Continuing Operations Before Income Tax
Benefit, Equity in Income of Other Real Estate Partnerships, Equity in
Income of Joint Ventures and Gain on Sale of Real Estate
    
    
    (11,020
    )
    
    
    
    
    
    
    (11,020
    )
    
    
    (8,707
    )
    
    
    (19,727
    )Income Tax Benefit
    
    
    
    
    
    
    4,322
    
    
    
    4,322
    
    
    
    628
    
    
    
    4,950Equity in Income of Other Real Estate Partnerships
    
    
    43,332
    
    
    
    
    
    
    
    43,332
    
    
    
    
    
    
    
    43,332Equity in Income of Joint Ventures, Net of Income Taxes
    
    
    539
    
    
    
    
    
    
    
    539
    
    
    
    
    
    
    
    539Income from Continuing Operations
    
    
    32,851
    
    
    
    4,322
    
    
    
    37,173
    
    
    
    (8,079
    )
    
    
    29,094Income from Discontinued Operations (Including Gain on Sale of Real
Estate of $72,947, net of Income Taxes), Net of Income Taxes
    
    
    88,844
    
    
    
    (1,983
    )
    
    
    86,861
    
    
    
    7,855
    
    
    
    94,716Income Before Gain on Sale of Real Estate
    
    
    121,695
    
    
    
    2,339
    
    
    
    124,034
    
    
    
    (224
    )
    
    
    123,810Gain on Sale of Real Estate, Net of Income Taxes
    
    
    9,361
    
    
    
    (2,339
    )
    
    
    7,022
    
    
    
    224
    
    
    
    7,246Net Income
    
    
    131,056
    
    
    
    
    
    
    
    131,056
    
    
    
    
    
    
    
    131,056Less: Preferred Unit Distributions
    
    
    (20,176
    )
    
    
    
    
    
    
    (20,176
    )
    
    
    
    
    
    
    (20,176
    )Net Income Available to Unitholders
    
    $
    110,880
    
    
    $
    
    
    
    $
    110,880
    
    
    $
    
    
    
    $
    110,880Basic Earnings Per Unit:Income from Continuing Operations
    
    $
    0.49
    
    
    $
    0.04
    
    
    $
    0.53
    
    
    $
    (0.17
    )
    
    $
    0.36Income from Discontinued Operations
    
    $
    1.96
    
    
    $
    (0.04
    )
    
    $
    1.92
    
    
    $
    0.17
    
    
    $
    2.09Net Income Available to Unitholders
    
    $
    2.45
    
    
    $
    
    
    
    $
    2.45
    
    
    $
    
    
    
    $
    2.45Weighted Average Units Outstanding
    
    
    45,322
    
    
    
    
    
    
    
    45,322
    
    
    
    
    
    
    
    45,322Diluted Earnings Per Unit:Income from Continuing Operations
    
    $
    0.48
    
    
    $
    0.04
    
    
    $
    0.53
    
    
    $
    (0.17
    )
    
    $
    0.36Income from Discontinued Operations
    
    $
    1.96
    
    
    $
    (0.04
    )
    
    $
    1.91
    
    
    $
    0.17
    
    
    $
    2.08Net Income Available to Unitholders
    
    $
    2.44
    
    
    $
    
    
    
    $
    2.44
    
    
    $
    
    
    
    $
    2.44Weighted Average Units Outstanding
    
    
    45,443
    
    
    
    
    
    
    
    45,443
    
    
    
    
    
    
    
    45,443


For the Year Ended December 31, 2002As previously
    
    
    Restatement of
    
    
    
    
    
    
    Adjustmentreported on
    
    
    Benefit
    
    
    
    
    
    for
    
    
    As reportedForm 8-K filed
    
    
    (Expense) for
    
    
    Restated
    
    
    Discontinued
    
    
    on 2004 FormJuly 30, 2004
    
    
    Income Tax
    
    

Amounts
    
    
    Operations
    
    
    10-KIncome from Continuing Operations Before Provision for Income Tax
Benefit, Equity in Income of Other Real Estate Partnerships, Equity in
Income of Joint Ventures and Gain on Sale of Real Estate
    
    
    4,835
    
    
    
    
    
    
    
    4,835
    
    
    
    (8,353
    )
    
    
    (3,518
    )Income Tax Benefit
    
    
    
    
    
    
    1,815
    
    
    
    1,815
    
    
    
    373
    
    
    
    2,188Equity in Income of Other Real Estate Partnerships
    
    
    53,038
    
    
    
    
    
    
    
    53,038
    
    
    
    
    
    
    
    53,038Equity in Income of Joint Ventures, Net of Income Taxes
    
    
    463
    
    
    
    
    
    
    
    463
    
    
    
    
    
    
    
    463Income from Continuing Operations
    
    
    58,336
    
    
    
    1,815
    
    
    
    60,151
    
    
    
    (7,980
    )
    
    
    52,171Income from Discontinued Operations (Including Gain on Sale of Real
Estate of $35,592, Net of Income Taxes), Net of Income Taxes
    
    
    61,673
    
    
    
    1,579
    
    
    
    63,252
    
    
    
    7,980
    
    
    
    71,232Income Before Gain on Sale of Real Estate
    
    
    120,009
    
    
    
    3,394
    
    
    
    123,403
    
    
    
    
    
    
    
    123,403Gain on Sale of Real Estate, net of Income Taxes
    
    
    16,409
    
    
    
    (3,394
    )
    
    
    13,015
    
    
    
    
    
    
    
    13,015Net Income
    
    
    136,418
    
    
    
    
    
    
    
    136,418
    
    
    
    
    
    
    
    136,418Less: Preferred Unit Distributions
    
    
    (23,432
    )
    
    
    
    
    
    
    (23,432
    )
    
    
    
    
    
    
    (23,432
    )Less: Redemption of Preferred Units
    
    
    (3,707
    )
    
    
    
    
    
    
    (3,707
    )
    
    
    
    
    
    
    (3,707
    )Net Income Available to Unitholders
    
    $
    109,279
    
    
    $
    
    
    
    $
    109,279
    
    
    $
    
    
    
    $
    109,279Basic Earnings Per Unit:Income from Continuing Operations
    
    $
    1.04
    
    
    $
    (0.03
    )
    
    $
    1.00
    
    
    $
    (0.17
    )
    
    $
    0.83Income from Discontinued Operations
    
    $
    1.35
    
    
    $
    0.03
    
    
    $
    1.38
    
    
    $
    0.17
    
    
    $
    1.55Net Income Available to Unitholders
    
    $
    2.38
    
    
    $
    
    
    
    $
    2.38
    
    
    $
    
    
    
    $
    2.38Weighted Average Units Outstanding
    
    
    45,841
    
    
    
    
    
    
    
    45,841
    
    
    
    
    
    
    
    45,841Diluted Earnings Per Unit:Income from Continuing Operations
    
    $
    1.03
    
    
    $
    (0.03
    )
    
    $
    1.00
    
    
    $
    (0.17
    )
    
    $
    0.83Income from Discontinued Operations
    
    $
    1.34
    
    
    $
    0.03
    
    
    $
    1.37
    
    
    $
    0.17
    
    
    $
    1.55Net Income Available to Unitholders
    
    $
    2.37
    
    
    $
    
    
    
    $
    2.37
    
    
    $
    
    
    
    $
    2.37Weighted Average Units Outstanding
    
    
    46,079
    
    
    
    
    
    
    
    46,079
    
    
    
    
    
    
    
    46,079
 13. Future Rental Revenues The Consolidated Operating Partnerships properties are leased to tenants under net and
semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of
expenses, under non-cancelable operating leases in effect as of December 31, 2004 are approximately
as follows: 2005
    
    
    193,5412006
    
    
    154,6242007
    
    
    117,1662008
    
    
    85,2832009
    
    
    59,045Thereafter
    
    
    232,272Total
    
    $
    841,931
 F-36




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands except per Share data)
 14. Employee Benefit Plans The Company maintains three stock incentive plans, (the Stock Incentive Plans), which are
administered by the Compensation Committee of the Board of Directors of the Company. There are
approximately 10.0 million shares reserved under the Stock Incentive Plans. Only officers and
other employees of the Company and its affiliates generally are eligible to participate in the
Stock Incentive Plans. However, independent Directors of the Company have received automatic
annual grants of options to purchase 10,000 shares at a per share exercise price equal to the fair
market value of a share on the date of grant. The Stock Incentive Plans authorize (i) the grant of stock options that qualify as incentive
stock options under Section 422 of the Code, (ii) the grant of stock options that do not so
qualify, (iii) restricted stock awards, (iv) performance share awards and (v) dividend equivalent
rights. The exercise price of stock options is determined by the Compensation Committee. Special
provisions apply to awards granted under the Stock Incentive Plans in the event of a change in
control in the Company. As of December 31, 2004, stock options and restricted stock covering 1.9
million shares were outstanding and 2.8 million shares were available under the Stock Incentive
Plans. The outstanding stock options generally vest over one to three year periods and have lives
of ten years. Stock option transactions are summarized as follows: WeightedAverage
    
    
    Exercise PriceShares
    
    
    Exercise Price
    
    
    per ShareOutstanding at December 31, 2001
    
    
    2,949,445
    
    
    $
    29.55
    
    
    $
    18.25-$31.125Granted
    
    
    945,600
    
    
    $
    30.72
    
    
    $
    30.53-$33.15Exercised
    
    
    (561,418
    )
    
    $
    28.32
    
    
    $
    22.75-$33.125Expired or Terminated
    
    
    (190,992
    )
    
    $
    30.52
    
    
    $
    25.125-$33.125Outstanding at December 31, 2002
    
    
    3,142,635
    
    
    $
    30.06
    
    
    $
    18.25-$33.15Exercised
    
    
    (531,473
    )
    
    $
    27.99
    
    
    $
    20.25-$33.13Expired or Terminated
    
    
    (107,149
    )
    
    $
    31.34
    
    
    $
    25.13-$33.13Outstanding at December 31, 2003
    
    
    2,504,013
    
    
    $
    30.45
    
    
    $
    18.25-$33.15Exercised
    
    
    (1,663,652
    )
    
    $
    30.33
    
    
    $
    18.25-$33.15Expired or Terminated
    
    
    (16,940
    )
    
    $
    30.17
    
    
    $
    22.75-$33.13Outstanding at December 31, 2004
    
    
    823,421
    
    
    $
    30.74
    
    
    $
    18.25-$33.15
 The following table summarizes currently outstanding and exercisable options as of
December 31, 2004: Weighted
    
    Weighted
    
    
    
    WeightedAverage
    
    Average
    
    
    
    AverageNumber
    
    Remaining
    
    Exercise
    
    Number
    
    ExerciseRange of Exercise Price
    
    Outstanding
    
    Contractual Life
    
    Price
    
    Exercisable
    
    Price$18.25-$27.69
    
    87,170
    
    2.6
    
    $24.83
    
    87,170
    
    $24.83$30.00-$33.15
    
    736,251
    
    6.0
    
    $31.43
    
    622,356
    
    $31.54
 In September 1994, the Board of Directors approved and the Company adopted a
401(k)/Profit Sharing Plan. Under the Companys 401(k)/Profit Sharing Plan, all eligible employees
may participate by making voluntary contributions. The Company may make, but is not required to
make, matching contributions. For the years ended December 31, 2004, 2003 and 2002, the Company,
through the Operating Partnership, made matching contributions of approximately $269, $109 and $99,
respectively. F-37




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 14. Employee Benefit Plans, continued During 2004, the Company awarded 206,117 shares of restricted Common Stock to certain
employees and 10,500 shares of restricted Common Stock to certain Directors. These restricted
shares of Common Stock had a fair value of approximately $8,379 on the date of grant. The
restricted Common Stock vests over a period from one to ten years. Compensation expense will be
charged to earnings in the Operating Partnerships consolidated statements of operations over the
vesting period. During 2003, the Company awarded 692,888 shares of restricted Common Stock to certain
employees and 11,956 shares of restricted Common Stock to certain Directors. These restricted
shares of Common Stock had a fair value of approximately $20,640 on the date of grant. The
restricted Common Stock vests over a period from one to ten years. Compensation expense will be
charged to earnings in the Operating Partnerships consolidated statements of operations over the
vesting period. During 2002, the Company awarded 90,260 shares of restricted Common Stock to certain employees
and 3,720 shares of restricted Common Stock to certain Directors. The Operating Partnership
issued Units to the Company in the same amount. These restricted shares of Common Stock had a fair
value of approximately $3,232 on the date of grant. The restricted Common Stock vests over a
period from one to ten years. Compensation expense will be charged to earnings in the Operating
Partnerships consolidated statements of operations over the vesting period. 15. Related Party Transactions The Consolidated Operating Partnership periodically engages in transactions for which CB
Richard Ellis, Inc. acts as a broker. A relative of one of the Companys officers/Directors is an
employee of CB Richard Ellis, Inc. For the years ended December 31, 2004, 2003 and 2002, this
relative received brokerage commissions in the amount of $29, $111 and $51, respectively, from the
Consolidated Operating Partnership. At
December 31, 2004 and 2003, the Consolidated Operating
Partnership has a receivable balance of $9,650 and $550 from a wholly
owned entity of the Company. F-38




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands)
 16. Commitments and Contingencies In the normal course of business, the Consolidated Operating Partnership is involved in legal
actions arising from the ownership of its properties. In managements opinion, the liabilities, if
any, that may ultimately result from such legal actions are not expected to have a materially
adverse effect on the consolidated financial position, operations or liquidity of the Consolidated
Operating Partnership. Nine
properties have leases granting the tenants options to purchase the property. Such
options are exercisable at various times and at appraised fair market value or at a fixed purchase
price in excess of the Consolidated Operating Partnerships depreciated cost of the asset. At
December 31, 2004, the Consolidated Operating Partnership has received notice from one tenant who
intends to exercise its option to purchase a building from the Consolidated Operating Partnership.
This building is included in real estate held for sale at December 31, 2004. The
Consolidated Operating Partnership has committed to the construction
of certain industrial properties totaling approximately
..6 million square feet (unaudited) of GLA. The estimated total
construction costs are approximately $71.5 million (unaudited).
Of this amount, approximately $59.1 million (unaudited) remains to be
funded. There can be no assurance that the actual completion cost
will not exceed the estimated completion cost stated above. At December 31, 2004, the Consolidated Operating Partnership, through the Operating
Partnership had 20 other letters of credit outstanding in the aggregate amount of $15,710. These
letters of credit expire between March 2005 and April 2007. Ground and Operating Lease Agreements Future minimum rental payments under the terms of all non-cancelable ground and operating
leases under which the Consolidated Operating Partnership is the lessee, as of December 31, 2004,
are as follows: 2005
    
    
    1,7182006
    
    
    1,7452007
    
    
    1,1182008
    
    
    9202009
    
    
    820Thereafter
    
    
    34,586Total
    
    $
    40,907
 17. Subsequent Events On January 24, 2005, the Operating Partnership paid a fourth quarter 2004 distribution of
$.6950 per Unit, totaling approximately $34,255. On March 1, 2005, the Operating Partnership declared a first quarter 2005 distribution of
$.6950 per Unit which is payable on April 18, 2005. The Operating Partnership also declared first
quarter 2005 preferred unit distributions of $53.906 per Unit on its 8 5/8% Series C Preferred Units totaling, in the aggregate, approximately $1,078, which is payable
on March 31, 2005; semi-annual distributions of $3,118.00 per Unit on its Series F Preferred Units,
totaling, in the aggregate, approximately $1,559, which is payable on March 31, 2005; and
semi-annual distributions of $3,618.00 per Unit on its Series G Preferred Units, totaling, in the
aggregate, approximately $904, which is payable on March 31, 2005. F-39




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands except per Unit data)
 17. Subsequent Events, continued From
January 1, 2005 to March 23, 2005, the Company awarded 189,878 shares of restricted common
stock to certain employees and 1,012 shares of restricted common stock to certain Directors. The
Operating Partnership issued Units to the Company in the same amount. These shares of restricted
common stock had a fair value of approximately $8,014 on the date of grant. The restricted common
stock vests over periods from one to ten years. Compensation expense will be charged to earnings
over the respective vesting period. From
January 1, 2005 to March 23, 2005, the Consolidated Operating Partnership acquired seven
industrial properties and several land parcels for a total estimated investment of approximately
$40,524 (approximately $1,507 of which was made through the issuance
of limited partnership interests in the Operating
Partnership (Units)). The Consolidated Operating Partnership also sold twelve industrial
properties and several land parcels for approximately $132,464 of gross proceeds during this period. On
January 13, 2005, the Consolidated Operating Partnership,
through First Industrial Development Services, Inc., entered into an
interest rate protection agreement which hedged the change in value
of a build to suit development project the Company is in the process
of constructing. This interest rate protection agreement has a
notional value of $50,000, is based on the five year
treasury, has a strike rate of 3.936% and settles on October 4,
2005. Per Statement of Financial Accounting Standard No. 133,
Accounting for Derivative Instruments and Hedging
Activities, fair value and cash flow hedge accounting for
hedges of nonfinancial assets and liabilities is limited to hedges
of the risk of changes in the market price of the entire hedged item
because changes in the price of an ingredient or component of a
nonfinancial item generally do not have a predictable, separately
measurable effect on the price of the item. Since the interest rate
protection agreement is hedging a component of the change in value of
the build to suit development, the interest rate protection agreement
doesn't qualify for hedge accounting and the change in value of
the interest rate protection agreement will be recognized immediately
in net income as opposed to other comprehensive income. On March 21, 2005, the Operating Partnership, through wholly-owned limited liability
companies in which a wholly-owned company of the Operating Partnership or the Operating Partnership
is the sole member, entered into a joint venture arrangement with an institutional investor to
invest in industrial properties (the March 2005 Joint Venture). The Operating Partnership,
through wholly-owned limited liability companies in which a wholly-owned company of the Operating
Partnership or the Operating Partnership is the sole member, owns a ten percent equity interest in
and provides property management, leasing, development, disposition and portfolio management
services to the March 2005 Joint Venture. 18. Quarterly Financial Information (unaudited) The following table summarizes quarterly financial information of the Consolidated
Operating Partnership. The first, second and third fiscal quarters of 2004 and all fiscal quarters
in 2003 have been restated in accordance with FAS 144. Additionally, due to the adjustments to the
allocation of the income tax (provision) benefit to different line items (See Note 12), the
consolidated statements of operations for the quarters ended March 31, 2004 and 2003, June 30, 2004
and 2003, September 30, 2004 and 2003 and December 2003 have been restated. As a result, income
from continuing operations, income from discontinued operations, and gain on sale of real estate in this table will not agree to
the income from continuing operations, income from discontinued
operations, and gain on sale of real estate presented in prior
financial statements filed with the Securities and Exchange Commission. The
impact on income (loss) from continuing operations from amounts
previously reported ($5,733, $(33), and $29,370 for the quarters
ended March 31, June 30, and September 30, 2004, respectively) is to
increase income (loss) from continuing operations by $542, $907 and $2,159 for the
quarters ended March 31, June 30, and September 30, 2004, respectively. The impact on gain on sale from amounts
previously reported ($3,115, $1,878 and $2,860 for the quarters ended
March 31, June 30, and September 30, 2004, respectively) is to
decrease gain on sale by $(730), $(710) and $(964) for the quarters
ended March 31, June 30, and September 30, 2004, respectively. The total
impact on income (loss) from continuing operations (including gain on sale of real estate) was to increase basic and diluted
EPU by $0.00, $0.00 and $0.03 for the quarters ended March 31, June
30, and September 30, 2004, respectively. The impact on
income from discontinued operations from amounts previously reported
($23,124, $26,584 and $9,906 for the quarters
ended March 31, June 30, and September 30, 2004 respectively) is to increase (decrease) income from discontinued operations by
$188, $(197) and $(1,195) and decrease basic and diluted EPU from discontinued operations
by $0.00, $0.00 and $(0.03) for the quarters ended March 31, June 30, and September 30, 2004,
respectively. The impact on income from continuing operations from amounts previously
reported ($12,920, $4,533, $3,723 and $9,216 for the quarters ended
March 31, June 30, September 30, and December 31, 2003 respectively) is to
increase income from  continuing operations by $1,005, $1,309, $984
and $1,194 for the quarters
ended March 31, June 30, September 30, and December 31, 2003, respectively. The impact on gain on sale from
amounts previously reported ($1,236, $1,378, $4,604 and $2,143 for
the quarters ended March 31, June 30, September 30, and December 31, 2003,
respectively) is to decrease gain on sale by $(26), $(350), $(1,795)
and $(252) for the quarters ended
March 31, June 30, September 30, and December 31, 2003, respectively. The total impact on income from continuing operations (including gain on sale of real estate)
was to increase (decrease) basic and diluted EPU by $0.02, $0.02,
$(0.02) and $0.02 for the
quarters ended March 31, June 30, September 30, and December 31, 2003, respectively. The impact on income from discontinued
operations from amounts previously reported ($21,000, $20,721,
$26,710 and $22,871 for the quarters ended March 31, June 30,
September 30, and December 31, 2003, respectively)
is to increase (decrease) income from discontinued operations by
$(979), $(959), $811 and $(942),
respectively and increase (decrease) basic and diluted EPU by
$(0.02), $(0.02), $0.02 and $(0.02)
for the quarters ended March 31, June 30, September 30, and December
31, 2003, respectively. F-40




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands except per Unit data)
 18. Quarterly Financial Information (unaudited), continued Net income available to Unitholders and basic and diluted EPU from net income available to
Unitholders has not been affected. Year Ended December 31, 2004RestatedFirst
    
    
    Second
    
    
    Third
    
    
    FourthQuarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterTotal Revenues
    
    $
    67,317
    
    
    $
    65,547
    
    
    $
    67,864
    
    
    $
    75,103Equity in Income (Loss) of Joint Ventures
    
    
    245
    
    
    
    300
    
    
    
    34,453
    
    
    
    (8
    )Equity in Income Other Real Estate Partnerships
    
    
    7,381
    
    
    
    7,191
    
    
    
    6,173
    
    
    
    8,458Income (Loss) from Continuing Operations, Net of Income Tax
    
    
    4,080
    
    
    
    (413
    )
    
    
    30,593
    
    
    
    3Income from Discontinued Operations, Net of Income Tax
    
    
    25,507
    
    
    
    27,674
    
    
    
    9,648
    
    
    
    18,274Gain on Sale of Real Estate, Net of Income Tax
    
    
    2,385
    
    
    
    1,167
    
    
    
    1,896
    
    
    
    4,340Net Income
    
    
    31,972
    
    
    
    28,428
    
    
    
    42,137
    
    
    
    22,617Preferred Unit Distributions
    
    
    (5,044
    )
    
    
    (4,790
    )
    
    
    (2,344
    )
    
    
    (2,310
    )Redemption of Preferred Units
    
    
    
    
    
    
    (7,359
    )
    
    
    (600
    )
    
    
    Net Income Available to Unitholders
    
    $
    26,928
    
    
    $
    16,279
    
    
    $
    39,193
    
    
    $
    20,307Basic Earnings Per Unit:(Loss) Income From Continuing Operations
    
    $
    0.03
    
    
    $
    (0.24
    )
    
    $
    0.63
    
    
    $
    0.04Income From Discontinued Operations
    
    $
    0.55
    
    
    $
    0.59
    
    
    $
    0.21
    
    
    $
    0.38Net Income Available to Unitholders
    
    $
    0.58
    
    
    $
    0.35
    
    
    $
    0.83
    
    
    $
    0.42Weighted Average Units Outstanding
    
    
    46,229
    
    
    
    46,908
    
    
    
    46,996
    
    
    
    48,400Diluted Earnings Per Unit:(Loss) Income From Continuing Operations
    
    $
    0.03
    
    
    $
    (0.24
    )
    
    $
    0.62
    
    
    $
    0.04Income From Discontinued Operations
    
    $
    0.55
    
    
    $
    0.59
    
    
    $
    0.20
    
    
    $
    0.38Net Income Available to Unitholders
    
    $
    0.58
    
    
    $
    0.35
    
    
    $
    0.83
    
    
    $
    0.42Weighted Average Units Outstanding
    
    
    46,694
    
    
    
    47,156
    
    
    
    47,310
    
    
    
    48,717
 Year Ended December 31, 2003RestatedFirst
    
    
    Second
    
    
    Third
    
    
    FourthQuarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterTotal Revenues
    
    $
    59,241
    
    
    $
    61,281
    
    
    $
    64,383
    
    
    $
    65,476Equity in Income (Loss) of Joint Ventures
    
    
    174
    
    
    
    270
    
    
    
    261
    
    
    
    (166
    )Equity in Income Other Real Estate Partnerships
    
    
    17,228
    
    
    
    8,044
    
    
    
    6,516
    
    
    
    11,544Income from Continuing Operations, Net of Income Tax
    
    
    11,912
    
    
    
    4,755
    
    
    
    4,030
    
    
    
    8,397Income from Discontinued Operations, Net of Income Tax
    
    
    22,054
    
    
    
    20,850
    
    
    
    28,198
    
    
    
    23,614Gain on Sale of Real Estate, Net of Income Tax
    
    
    1,190
    
    
    
    1,028
    
    
    
    2,809
    
    
    
    2,219Net Income
    
    
    35,156
    
    
    
    26,633
    
    
    
    35,037
    
    
    
    34,230Preferred Unit Distributions
    
    
    (5,044
    )
    
    
    (5,044
    )
    
    
    (5,044
    )
    
    
    (5,044
    )Net Income Available to Unitholders
    
    $
    30,112
    
    
    $
    21,589
    
    
    $
    29,993
    
    
    $
    29,186Basic Earnings Per Unit:(Loss) Income From Continuing Operations
    
    $
    0.18
    
    
    $
    0.02
    
    
    $
    0.04
    
    
    $
    0.12Income From Discontinued Operations
    
    $
    0.49
    
    
    $
    0.46
    
    
    $
    0.62
    
    
    $
    0.52Net Income Available to Unitholders
    
    $
    0.67
    
    
    $
    0.48
    
    
    $
    0.66
    
    
    $
    0.64Weighted Average Units Outstanding
    
    
    45,198
    
    
    
    45,240
    
    
    
    45,333
    
    
    
    45,513Diluted Earnings Per Unit:(Loss) Income From Continuing Operations
    
    $
    0.18
    
    
    $
    0.02
    
    
    $
    0.04
    
    
    $
    0.12Income From Discontinued Operations
    
    $
    0.49
    
    
    $
    0.46
    
    
    $
    0.62
    
    
    $
    0.52Net Income Available to Unitholders
    
    $
    0.67
    
    
    $
    0.48
    
    
    $
    0.66
    
    
    $
    0.64Weighted Average Units Outstanding
    
    
    45,258
    
    
    
    45,367
    
    
    
    45,471
    
    
    
    45,842
 F-41




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##### Table of Contents



FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands except per Unit data)
 19. Pro Forma Financial Information (unaudited) The
following Pro Forma Condensed Statements of Operations for the years ended December 31,
2004 and 2003 (the Pro Forma Statements) are presented as if the acquisition of 66
operating industrial properties between January 1, 2004 and December 31, 2004 had been acquired on
January 1, 2003. The Pro Forma Condensed Statements of Operations
include all necessary adjustments to reflect the occurrence of
purchases and sales of properties during 2004 as of January 1,
2003. The
Pro Forma Statements are not necessarily indicative of what the Consolidated Operating
Partnerships results of operations would have been for the years
ended December 31, 2004 and 2003,
nor do they purport to present the future results of operations of the Consolidated Operating
Partnership. Pro Forma Condensed
Statements of Operations Year
    
    
    YearEnded
    
    
    EndedDecember 31,
    
    
    December 31,2004
    
    
    2003Total Revenues
    
    $
    292,861
    
    
    $
    276,911Property Expenses
    
    
    (98,869
    )
    
    
    (93,364
    )General and Administrative Expense
    
    
    (38,912
    )
    
    
    (25,607
    )Amortization of Deferred Financing Costs
    
    
    (1,928
    )
    
    
    (1,761
    )Depreciation and Other Amortization
    
    
    (90,058
    )
    
    
    (76,188
    )Total Other Income/Expense
    
    
    (95,353
    )
    
    
    (91,467
    )Loss from Continuing OperationsBefore Equity in Income of Joint Ventures and
Income Allocated to Minority Interest
    
    
    (32,259
    )
    
    
    (11,476
    )Income Tax
Benefit
    
    
    6,746
    
    
    
    3,205Equity in Income of Other Real Estate Partnerships
    
    
    30,458
    
    
    
    46,130Equity in Income of Joint Ventures, Net
    
    
    34,990
    
    
    
    539Income from Continuing Operations
    
    $
    39,935
    
    
    $
    38,398Income from Continuing Operations Available
to Unitholders Per Weighted AverageUnit Outstanding:Basic
    
    $
    0.58
    
    
    $
    0.56Diluted
    
    $
    0.57
    
    
    $
    0.56
 F-42




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##### Table of Contents



OTHER REAL ESTATE PARTNERSHIPS INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE
 PAGEFINANCIAL STATEMENTSReport
of Independent Auditors
    
    
    F-44Combined Balance Sheets of the Other Real Estate Partnerships as of December 31,
2004 and 2003
    
    
    F-45Combined Statements of Operations of the Other Real Estate Partnerships for the
Years Ended December 31, 2004, 2003 and 2002
    
    
    F-46Combined Statements of Changes in Partners Capital of the Other Real Estate
Partnerships for the Years Ended December 31, 2004, 2003 and 2002
    
    
    F-47Combined Statements of Cash Flows of the Other Real Estate Partnerships for the
Years Ended December 31, 2004, 2003 and 2002
    
    
    F-48Notes to Combined Financial Statements
    
    
    F-49
 F-43




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##### Table of Contents



Report of Independent
Auditors To the Partners of
     the Other Real Estate Partnerships: In our opinion, the
accompanying combined balance sheets and the related combined
statements of operations, of changes in partners capital and of
cash flows present fairly, in all material respects, the financial
position of the Other Real Estate Partnerships at December 31,
2004 and 2003, and the results of their operations and their cash
flows for each of the three years in the period ended
December 31, 2004 in conformity with accounting principles
generally accepted in the United States of America. These financial
statements are the responsibility of the Companys management.
Our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these
statements in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.  PricewaterhouseCoopers LLP
Chicago, Illinois
March 30, 2005 F-44




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##### Table of Contents



OTHER REAL ESTATE PARTNERSHIPS 
 COMBINED BALANCE SHEETS
(Dollars in thousands)
 December 31,
    
    
    December 31,2004
    
    
    2003ASSETSAssets:Investment in Real Estate:Land
    
    $
    48,290
    
    
    $
    51,026Buildings and Improvements
    
    
    321,770
    
    
    
    334,825Furniture, Fixtures and Equipment
    
    
    
    
    
    
    84Less: Accumulated Depreciation
    
    
    (57,381
    )
    
    
    (53,564
    )Net Investment in Real Estate
    
    
    312,679
    
    
    
    332,371Real Estate Held For Sale, Net of Accumulated
Depreciation and Amortization of $466 at
December 31, 2004
    
    
    2,504
    
    
    
    Cash and Cash Equivalents
    
    
    1,847
    
    
    
    1,143Restricted Cash
    
    
    
    
    
    
    21,132Tenant Accounts Receivable, Net
    
    
    478
    
    
    
    1,224Deferred Rent Receivable
    
    
    2,386
    
    
    
    1,009Deferred Financing Costs, Net
    
    
    6
    
    
    
    9Prepaid Expenses and Other Assets, Net
    
    
    32,360
    
    
    
    46,007Total Assets
    
    $
    352,260
    
    
    $
    402,895LIABILITIES AND PARTNERS CAPITALLiabilities:Mortgage Loans Payable, Net
    
    $
    2,456
    
    
    $
    2,529Accounts Payable and Accrued Expenses
    
    
    2,704
    
    
    
    17,959Rents Received in Advance and Security Deposits
    
    
    4,184
    
    
    
    4,234Total Liabilities
    
    
    9,344
    
    
    
    24,722Commitments and Contingencies
    
    
    
    
    
    
    Partners Capital
    
    
    342,916
    
    
    
    378,173Total Liabilities and Partners Capital
    
    $
    352,260
    
    
    $
    402,895
 The accompanying notes are an integral part of the financial statements. F-45




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OTHER REAL ESTATE PARTNERSHIPS 
 COMBINED STATEMENTS OF OPERATIONS
(Dollars in thousands)
 Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002Revenues:Rental Income
    
    $
    35,177
    
    
    $
    46,948
    
    
    $
    40,194Tenant Recoveries and Other Income
    
    
    8,724
    
    
    
    10,484
    
    
    
    9,704Total Revenues
    
    
    43,901
    
    
    
    57,432
    
    
    
    49,898Expenses:Real Estate Taxes
    
    
    6,303
    
    
    
    6,352
    
    
    
    6,068Repairs and Maintenance
    
    
    2,983
    
    
    
    2,936
    
    
    
    1,958Property Management
    
    
    1,499
    
    
    
    1,567
    
    
    
    1,636Utilities
    
    
    2,044
    
    
    
    1,812
    
    
    
    1,513Insurance
    
    
    458
    
    
    
    397
    
    
    
    399Other
    
    
    1,025
    
    
    
    1,102
    
    
    
    1,361Amortization of Deferred Financing Costs
    
    
    3
    
    
    
    3
    
    
    
    67Depreciation and Other Amortization
    
    
    12,229
    
    
    
    11,356
    
    
    
    10,072Total Expenses
    
    
    26,544
    
    
    
    25,525
    
    
    
    23,074Other Income/Expense:Interest Income
    
    
    1,604
    
    
    
    712
    
    
    
    2,246Interest Expense
    
    
    (178
    )
    
    
    (256
    )
    
    
    (2,948
    )Loss from Early Retirement of Debt
    
    
    
    
    
    
    (1,466
    )
    
    
    Total Other Income/Expense
    
    
    1,426
    
    
    
    (1,010
    )
    
    
    (702
    )Equity in Income of Joint Ventures
    
    
    1,461
    
    
    
    
    
    
    
    Income from Continuing Operations
    
    
    20,244
    
    
    
    30,897
    
    
    
    26,122Income from Discontinued Operations (Including Gain on Sale
of Real Estate of $6,439, $4,689 and $21,218 for the
Years Ended December 31, 2004, 2003 and 2002)
    
    
    7,576
    
    
    
    6,550
    
    
    
    27,298Income Before Gain on Sale of Real Estate
    
    
    27,820
    
    
    
    37,447
    
    
    
    53,420Gain on Sale of Real Estate
    
    
    1,643
    
    
    
    6,198
    
    
    
    67Net Income
    
    $
    29,463
    
    
    $
    43,645
    
    
    $
    53,487
 The accompanying notes are an integral part of the financial statements. F-46




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OTHER REAL ESTATE PARTNERSHIPS 
 COMBINED STATEMENTS OF CHANGES IN PARTNERS CAPITAL
(Dollars in thousands)
 TotalBalance at December 31, 2001
    
    $
    381,656Contributions
    
    
    104,473Distributions
    
    
    (158,486
    )Net Income
    
    
    53,487Balance at December 31, 2002
    
    $
    381,130Contributions
    
    
    59,857Distributions
    
    
    (106,459
    )Net Income
    
    
    43,645Balance at December 31, 2003
    
    $
    378,173Contributions
    
    
    68,770Distributions
    
    
    (133,490
    )Net Income
    
    
    29,463Balance at December 31, 2004
    
    $
    342,916
 The accompanying notes are an integral part of the financial statements. F-47




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OTHER REAL ESTATE PARTNERSHIPS 
 COMBINED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
 Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31, 2004
    
    
    December 31, 2003
    
    
    December 31, 2002CASH FLOWS FROM OPERATING ACTIVITIES:Net Income
    
    $
    29,463
    
    
    $
    43,645
    
    
    $
    53,487Adjustments to Reconcile Net Income to Net Cash Provided
by Operating Activities:Depreciation
    
    
    10,963
    
    
    
    10,621
    
    
    
    10,763Amortization of Deferred Financing Costs
    
    
    3
    
    
    
    3
    
    
    
    67Loss from Early Retirement of Debt
    
    
    
    
    
    
    1,466
    
    
    
    Other Amortization
    
    
    1,872
    
    
    
    1,672
    
    
    
    1,309Gain on Sale of Real Estate
    
    
    (8,082
    )
    
    
    (10,887
    )
    
    
    (21,285
    )Equity in Net Income of Joint Ventures
    
    
    1,461
    
    
    
    
    
    
    
    Distributions
from Joint Ventures
    
    
    (1,461
    )
    
    
    
    
    
    
    Change in Tenant Accounts Receivable and
Prepaid Expenses and Other Assets, Net
    
    
    8,645
    
    
    
    (3,054
    )
    
    
    (4,926
    )Change in Deferred Rent Receivable
    
    
    (1,517
    )
    
    
    32
    
    
    
    628Change in Accounts Payable and Accrued Expenses andRents Received in Advance and Security Deposits
    
    
    (14,963
    )
    
    
    8,185
    
    
    
    5,373Change in Restricted Cash
    
    
    
    
    
    
    2,742
    
    
    
    (102
    )Net Cash Provided by Operating Activities
    
    
    26,384
    
    
    
    54,425
    
    
    
    45,314CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of and Additions to Investment in Real Estate
    
    
    (15,799
    )
    
    
    (33,415
    )
    
    
    (47,269
    )Net Proceeds
from Sales of Investment in Real Estate
    
    
    26,017
    
    
    
    18,818
    
    
    
    43,608Repayment and
Sale of Mortgage Loans Receivable
    
    
    66,631
    
    
    
    48,386
    
    
    
    13,599Funding of
Mortgage Loans Receivable
    
    
    (57,446
    )
    
    
    
    
    
    
    Change in Restricted Cash
    
    
    21,132
    
    
    
    (21,106
    )
    
    
    13,704Distributions
from Joint Ventures
    
    
    (1,461
    )
    
    
    
    
    
    
    Net Cash Provided by Investing Activities
    
    
    39,074
    
    
    
    12,683
    
    
    
    23,642CASH FLOWS FROM FINANCING ACTIVITIES:Contributions
    
    
    68,770
    
    
    
    59,857
    
    
    
    104,473Distributions
    
    
    (133,490
    )
    
    
    (106,459
    )
    
    
    (158,486
    )Repayments on Mortgage Loans Payable
    
    
    (34
    )
    
    
    (37,511
    )
    
    
    (608
    )Proceeds From (Purchase of) U.S. Government Securities
    
    
    
    
    
    
    15,832
    
    
    
    (13,669
    )Net Cash Used in Financing Activities
    
    
    (64,754
    )
    
    
    (68,281
    )
    
    
    (68,290
    )Net Increase (Decrease) in Cash and Cash Equivalents
    
    
    704
    
    
    
    (1,173
    )
    
    
    666Cash and Cash Equivalents, Beginning of Period
    
    
    1,143
    
    
    
    2,316
    
    
    
    1,650Cash and Cash Equivalents, End of Period
    
    $
    1,847
    
    
    $
    1,143
    
    
    $
    2,316
 The accompanying notes are an integral part of the financial statements. F-48




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OTHER REAL ESTATE PARTNERSHIPS 
 NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 1. Organization and Formation of Partnerships First Industrial, L.P. (the Operating Partnership) was organized as a limited partnership in
the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty
Trust, Inc. (the Company) with an approximate 86.9% partnership interest at December 31, 2004.
The Company is a real estate investment trust (REIT) as defined in the Internal Revenue Code.
The Companys operations are conducted primarily through the Operating Partnership. The limited
partners of the Operating Partnership own, in the aggregate, approximately a 13.1% and 14.4%
interest in the Operating Partnership at December 31, 2004 and 2003 respectively. The Operating Partnership owns at least a 99% limited partnership interest in First Industrial
Financing Partnership, L.P. (the Financing Partnership), First Industrial Securities, L.P. (the
Securities Partnership), First Industrial Mortgage
Partnership, L.P. (the Mortgage Partnership),
First Industrial Pennsylvania, L.P. (the Pennsylvania Partnership), First Industrial Harrisburg,
L.P. (the Harrisburg Partnership), First Industrial Indianapolis, L.P. (the Indianapolis
Partnership), TK-SV, LTD. and FI Development Services, L.P. (together, the Other Real Estate
Partnerships). The general partners of the Other Real Estate Partnerships are separate corporations, each
with at least a .01% general partnership interest in the Other Real Estate Partnerships for which
it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a
wholly-owned subsidiary of the Company. On
a combined basis, as of December 31, 2004, the Other Real Estate Partnerships owned 102
in-service industrial properties, containing an aggregate of
approximately 9.5 million square feet
(unaudited) of GLA. Profits, losses and distributions of the Other Real Estate Partnerships are allocated to the
general partner and the limited partners in accordance with the provisions contained within its
restated and amended partnership agreement. F-49




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##### Table of Contents



OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 2. Basis of Presentation The combined financial statements of the Other Real Estate Partnerships at December 31, 2004
and 2003 and for each of the years ended December 31, 2004, 2003 and 2002 include the accounts and
operating results of the Other Real Estate Partnerships on a combined basis. 3. Summary of Significant Accounting Policies In order to conform with generally accepted accounting principles, management, in preparation
of the Other Real Estate Partnerships financial statements, is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of December 31, 2004 and 2003, and the reported amounts of revenues and
expenses for each of the years ended December 31, 2004, 2003 and 2002. Actual results could differ
from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of
three months or less. The carrying amount approximates fair value due to the short maturity of
these investments. Restricted Cash At December 31, 2003, restricted cash includes gross proceeds from the sales of certain
properties. These sales proceeds will be disbursed as the Other Real Estate Partnerships exchanges
into properties under Section 1031 of the Internal Revenue Code. The carrying amount approximates
fair value due to the short term maturity of these investments. Investment in Real Estate and Depreciation Purchase accounting has been applied when ownership interests in properties were acquired for
cash. The historical cost basis of properties has been carried over when certain ownership
interests were exchanged for Operating Partnership units on July 1, 1994, and purchase accounting
has been used for all other properties that were subsequently acquired for Operating Partnership
units. Investment in Real Estate is carried at cost. The Other Real Estate Partnerships reviews its
properties on a quarterly basis for impairment and provides a provision if impairments are found.
To determine if an impairment may exist, the Other Real Estate Partnerships reviews its properties
and identifies those that have had either an event of change or event of circumstances warranting
further assessment of recoverability (such as a decrease in occupancy). If further assessment of
recoverability is needed, the Other Real Estate Partnerships estimates the future net cash flows
expected to result from the use of the property and its eventual disposition, on an individual
property basis. If the sum of the expected future net cash flows (undiscounted and without
interest charges) is less than the carrying amount of the property, on an individual property
basis, the Other Real Estate Partnerships will recognize an impairment loss based upon the
estimated fair value of such property. For properties management considers held for sale, the
Other Real Estate Partnerships ceases depreciating the properties and values the properties at the
lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were
previously considered unlikely, and as a result, the Other Real Estate Partnerships decides not to
sell a property previously classified as held for sale, the Other Real Estate Partnerships will
reclassify such property as held and used. Such property is measured at the lower of its carrying
amount (adjusted for any depreciation and amortization expense that would have been recognized had
the property been continuously classified as held and used) or fair value at the date of the
subsequent decision not to sell. The Other Real Estate Partnerships determines fair value of
properties that are held for use by discounting the future expected cash flows of the properties.
To calculate the fair value of properties held for sale, the Other Real Estate Partnerships deduct
from the contract price of the property the estimated costs to close the sale. F-50




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OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 3. Summary of Significant Accounting Policies, continued Interest costs, real estate taxes, compensation costs of development personnel and other
directly related expenses incurred during construction periods are capitalized and depreciated
commencing with the date the property is substantially completed.
Upon substantial completion, the Other Real Estate Partnerships
reclassifies construction in progress to building, tenant improvement
and leasing commissions. Such costs begin to be capitalized to the
development projects from the point the Other Real Estate Partnerships is undergoing necessary
activities to get the development ready for its intended use and ceases when the development
projects are substantially completed and held available for occupancy. Depreciation expense is
computed using the straight-line method based on the following useful lives: YearsBuildings and Improvements
    
    20 to 50Land Improvements
    
    15Furniture, Fixtures and Equipment
    
    5 to 10
 Construction expenditures for tenant improvements, leasehold improvements and leasing
commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized
and amortized over the terms of each specific lease. Capitalized compensation costs of personnel
attributable to leasing relate to time directly attributable to originating leases with independent
third parties that result directly from and are essential to originating those leases and would not
have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged
to expense when incurred. Expenditures for improvements are capitalized. The Other Real Estate Partnerships account for all acquisitions entered into subsequent to
June 30, 2001 in accordance with FAS 141. Upon acquisition of a property, the Other Real Estate
Partnerships allocate the purchase price of the property based upon the fair value of the assets
acquired, which generally consist of land, buildings, tenant improvements, leasing commissions and
intangible assets including in-place leases and above market and below market leases. The Other
Real Estate Partnerships allocate the purchase price to the fair value of the tangible assets of an
acquired property determined by valuing the property as if it were vacant. Acquired above and below
market leases are valued based on the present value of the difference between prevailing market
rates and the in-place rates over the remaining lease term. The purchase price is further allocated
to in-place lease values based on managements evaluation of the specific characteristics of each
tenants lease and the Other Real Estate Partnerships overall relationship with the respective
tenant. Acquired above and below market leases are amortized over the remaining non-cancelable
terms of the respective leases as an adjustment to rental revenue on the Other Real Estate
Partnerships consolidated statements of operations and comprehensive income. The value of in-place
lease intangibles is amortized to expense over the remaining lease term and expected renewal
periods in the respective lease and is included in other assets. If a tenant terminates its lease
early, the unamortized portion of leasing commissions, tenant improvements, above and below market
leases and the in-place lease value is immediately charged to expense. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing. These
fees and costs are being amortized over the terms of the respective loans. Accumulated
amortization of deferred financing costs was $20 and $18 at December 31, 2004 and 2003,
respectively. Unamortized deferred financing costs are written-off when debt is retired before the
maturity date. Revenue Recognition Rental income is recognized on a straight-line method under which contractual rent increases
are recognized evenly over the lease term. Tenant recovery income includes payments from tenants
for real estate taxes, insurance and other property operating expenses and is recognized as revenues in the
same period the related expenses are incurred by the Other Real Estate Partnerships. F-51




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##### Table of Contents



OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 3. Summary of Significant Accounting Policies, continued Revenue is recognized on payments received from tenants for early lease terminations after the
Other Real Estate Partnerships determine that all the necessary criteria have been met in
accordance with FAS 13 Accounting for Leases. Interest
income on mortgage loans receivable is recognized based on the
accrual method unless a significant uncertainty of collection exists.
If a significant uncertainty exists, interest income is recognized as
collected. The Other Real Estate Partnerships provide an allowance for doubtful accounts against the
portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable
in the combined balance sheets are shown net of an allowance for doubtful accounts of $343 as of
December 31, 2004 and 2003, respectively. For accounts receivable the Other Real Estate
Partnerships deem uncollectible, the Other Real Estate Partnerships uses the direct write-off
method. Gain on Sale of Real Estate Gain on sale of real estate is recognized using the full accrual method. Gains relating to
transactions which do not meet the full accrual method of accounting are deferred and recognized
when the full accrual method of accounting criteria are met or by using the installment or deposit
methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their
costs and related accumulated depreciation are removed from the accounts with resulting gains or
losses reflected in net income or loss. Estimated future costs to be incurred by the Other Real
Estate Partnerships after completion of each sale are included in the determination of the gains on
sales. Income Taxes In accordance with partnership taxation, each of the partners are responsible for reporting
their share of taxable income or loss. The Other Real Estate Partnerships are subject to certain
state and local income, excise and franchise taxes. The provision for such state and local taxes
has been reflected in general and administrative expense in the
combined statement of operations and has not
been separately stated due to its insignificance. Fair Value of Financial Instruments The Other Real Estate Partnerships financial instruments include short-term investments,
tenant accounts receivable, net, mortgage notes receivable, accounts payable, other accrued
expenses and mortgage loans payable. The fair values of the short-term investments, tenant accounts
receivable, net, mortgage notes receivable, accounts payable and other accrued expenses were not
materially different from their carrying or contract values. See Note 4 for the fair values of the
mortgage loan payable. Discontinued Operations On January 1, 2002, the Other Real Estate Partnerships adopted FAS 144. FAS 144 addresses
financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the
results of operations and gains or losses on the sale of property
sold be presented in discontinued operations if both of the following criteria are met: (a) the operations
and cash flows of the property have been (or will be) eliminated from the ongoing operations of the
Other Real Estate Partnerships as a result of the disposal transaction and (b) the Other Real
Estate Partnerships will not have any significant continuing involvement in the operations of the
property after the disposal transaction. FAS 144 also requires prior period results of operations
for these properties to be restated and presented in discontinued operations in prior consolidated
statements of operations. Segment Reporting Management views the Other Real Estate Partnerships as a single segment. F-52




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OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 3. Summary of Significant Accounting Policies, continued Reclassifications Certain 2003 and 2002 items have been reclassified to conform to the 2004 presentation. Recent Accounting Pronouncements In December 2004, the FASB issued Statement of Financial Accounting Standard No. 123 (Revised
2004), Share-Based Payment (FAS 123(R)). FAS 123(R) is a revision of FAS 123, and also
supercedes APB 25, and its related implementation guidance. FAS 123(R) requires compensation cost
to be measured at the fair value of the stock option at the date of grant, eliminates the
alternative to use the intrinsic value method of accounting prescribed in APB 25, and clarifies and
expands the guidance of FAS 123 in several areas. FAS 123(R) is effective as of the beginning of
the first interim or annual reporting period that begins after June 15, 2005. FAS 123(R) applies
to all awards granted, modified, repurchased, or cancelled after the effective date and the
cumulative effect of initially applying FAS 123(R), if any, is to be recognized as of the required
effective date. The Other Real Estate Partnerships will adopt FAS 123(R) commencing as of July 1,
2005 using the modified prospective application method. The Other Real Estate Partnerships does
not expect the requirements of FAS 123(R) to have a material impact on its results of operations,
financial position or liquidity. The Emerging Issues Task Force released Issue 03-13, Applying the Conditions in Paragraph 42
of FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, in
Determining Whether to Report Discontinued Operations (Issue 03-13). Issue 03-13 establishes an
approach for evaluating whether the criteria in paragraph 42 of FAS 144 have been met for purposes
of classifying the results of operations of a component of an entity that either has been disposed
of or is classified as held for sale as discontinued operations. The effective date for components
classified as held for sale or disposed of is in fiscal periods beginning after December 15, 2004.
The Other Real Estate Partnerships will adopt Issue 03-13 beginning January 1, 2005; Issue 03-13
will have no impact to net income. 4. Mortgage Loans Payable, Net On December 29, 1995 the Other Real Estate Partnerships, through the Mortgage Partnership,
borrowed $40,200 under a mortgage loan (the 1995 Mortgage Loan). The 1995 Mortgage Loan provided
for monthly principal and interest payments based on a 28-year amortization schedule and was to
mature on January 11, 2026. The interest rate under the 1995 Mortgage Loan was fixed at 7.22% per
annum through January 11, 2003. After January 11, 2003, the interest rate was to adjust through a
predetermined formula based on the applicable Treasury rate. At December 31, 2002, the 1995
Mortgage Loan was collateralized by 16 properties held by the Mortgage Partnership. On January 13,
2003, the Other Real Estate Partnerships, through the Mortgage Partnership, paid off and retired
the 1995 Mortgage Loan. Under the terms of the 1995 Mortgage Loan, certain cash reserves were required to be and were
set aside for payments of tenant security deposit refunds, payments of capital expenditures,
interest, real estate taxes, insurance and re-leasing costs. The amount of cash reserves
segregated for security deposits was adjusted as tenants turn over. The amounts included in the
cash reserves relating to payments of capital expenditures, interest, real estate taxes and
insurance was determined by the lender and approximated the next periodic payment of such items.
The amount included in the cash reserves relating to re-leasing costs resulted from a deposit of a
lease termination fee that was to be used to cover costs of re-leasing that space. At December 31,
2002, these reserves totaled $2,742, and were included in restricted cash. Such cash reserves were
invested in a money market fund at December 31, 2002. The maturity of these investments is one
day; accordingly, cost approximates fair value. On January 13, 2003, the Other Real Estate
Partnerships, through the Mortgage Partnership, paid off and retired the 1995 Mortgage Loan at
which time such cash reserves were released to the Other Real Estate Partnerships. On July 16, 1998, the Other Real Estate Partnerships, through TK-SV, LTD., assumed a mortgage
loan in the principal amount of $2,566 (the Acquisition Mortgage Loan V). The Acquisition
Mortgage Loan V is collateralized by one property in Tampa, Florida, bears interest at a fixed
rate of 9.01% and provides for monthly principal and interest payments based on a 30-year
amortization schedule. The Acquisition Mortgage Loan V matures on September 1, 2006. In
conjunction with the assumption of the Acquisition Mortgage Loan V, the Other Real Estate
Partnerships recorded a premium in the amount of $315 which will be amortized over the remaining
life of the Acquisition Mortgage Loan V as an adjustment to interest expense. Including the impact
of the premium recorded, the Other Real Estate Partnerships effective interest rate on the
Acquisition Mortgage Loan V is 6.96%. The Acquisition Mortgage Loan V may be prepaid only after
August 2002 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium. F-53




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##### Table of Contents



OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 4. Mortgage Loans Payable, Net, continued The following table discloses certain information regarding the Other Real Estate
Partnerships mortgage loans: Outstanding Balance at
    
    Accrued Interest Payable at
    
    Interest Rate atDecember 31,
    
    December 31,
    
    December 31,
    
    December 31,
    
    December 31,
    
    Maturity2004
    
    2003
    
    2004
    
    2003
    
    2004
    
    DateMortgage Loans PayableAcquisition Mortgage Loan V
    
    $2,456 (1)
    
    $2,529 (1)
    
    $
    18
    
    
    $
    18
    
    
    
    9.010
    %
    
    09/01/06
  (1)
    At December 31, 2004 and 2003, the Acquisition Mortgage Loan V is net of an unamortized
premium of $63 and $102, respectively. The following is a schedule of maturities of the mortgage loan, exclusive of the related
premium for the next three years ending December 31: Amount2005
    
    $
    402006
    
    
    2,3532007
    
    
    Total
    
    $
    2,393
 Fair Value: At December 31, 2004 and 2003, the fair value of the Other Real Estate Partnerships mortgage
loans payable were as follows: December 31, 2004
    
    
    December 31, 2003Carrying
    
    
    Fair
    
    
    Carrying
    
    
    FairAmount
    
    
    Value
    
    
    Amount
    
    
    ValueMortgage Loans Payable
    
    $
    2,456
    
    
    $
    2,590
    
    
    $
    2,598
    
    
    $
    2,759
 The fair value of the Other Real Estate Partnerships mortgage loans payable were
determined by discounting the future cash flows using the current rates at which similar loans
would be made to borrowers with similar credit ratings and for the same remaining maturities. F-54




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OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 5. Acquisition and Development of Real Estate In 2004, the Other Real Estate Partnerships acquired two  industrial properties
comprising approximately .3 million square feet (unaudited) of GLA and several land parcels for a
total purchase price of approximately $9,290, excluding costs incurred in conjunction with the
acquisition of the properties. In 2003, the Other Real Estate Partnerships acquired two  industrial property
comprising approximately .3 million square feet (unaudited) of GLA and several land parcels for a
total purchase price of approximately $11,300, excluding costs incurred in conjunction with the
acquisition of the properties. In 2002, the Other Real Estate Partnerships acquired 23  industrial properties
comprising, in the aggregate, approximately 1.4 million square feet (unaudited) of GLA and several
land parcels for a total purchase price of approximately $57,855, excluding costs incurred in
conjunction with the acquisition of the properties. 6. Sale of Real Estate, Real Estate Held For Sale and Discontinued Operations In 2004, the Other Real Estate Partnerships sold seven industrial properties comprising
approximately .6 million square feet (unaudited) of GLA and several parcels of land. Gross
proceeds from the sales of the seven industrial properties and several land parcels totaled
approximately $31,849. The gain on sale of real estate was approximately $8,082, of which $6,439
is shown in discontinued operations. Six of the seven sold industrial properties meet the criteria
established by FAS 144 to be included in discontinued operations. Therefore, in accordance with
FAS 144, the results of operations and gain on sale of real estate for the six sold industrial
properties that meet the criteria established by FAS 144 are included in discontinued operations.
The results of operations and gain on sale of real estate for the industrial property and several
land parcels that do not meet the criteria established by FAS 144 are included in continuing
operations. At December 31, 2004, the Other Real Estate Partnerships had one industrial property
comprising approximately .1 million square feet (unaudited) of GLA held for sale. In accordance with FAS 144,
the results of operations of the one industrial property held for sale at December 31, 2004 is
included in discontinued operations. There can be no assurance that such industrial property held
for sale will be sold. In 2003, the Other Real Estate Partnerships sold nine industrial properties comprising
approximately 1.1 million square feet (unaudited) of GLA and several parcels of land. Two of the
nine sold industrial properties comprising approximately .7 million square feet of GLA were sold to
the December 2001 Joint Venture. Gross proceeds from the sales of the nine industrial properties
and several land parcels totaled approximately $36,879. The gain on sale of real estate was
approximately $10,887, of which $4,689 is shown in discontinued operations. In accordance with FAS
144, the results of operations and gain on sale of real estate for the seven of the nine sold
industrial properties that were not identified as held for sale at December 31, 2001, are included
in discontinued operations. In 2002, the Other Real Estate Partnerships sold 17 industrial properties comprising
approximately 2.8 million square feet (unaudited) of GLA that were not classified as held for sale
at December 31, 2001, one industrial property comprising approximately .1 million square feet
(unaudited) of GLA that was sold to the December 2001 Joint Venture, one land parcel and assigned
to third parties the right to purchase certain properties. Gross proceeds from these sales were
approximately $87,410. The gain on sale of real estate was approximately $21,285, of which $21,218
is shown in discontinued operations. In accordance with FAS 144, the results of operations and
gain on sale of real estate for the 17 of the 18 sold industrial properties that were not
identified as held for sale at December 31, 2001 and the gain associated with the assignment to
third parties of the right to purchase certain properties are included in discontinued operations. F-55




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##### Table of Contents



OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 6. Sale of Real Estate, Real Estate Held For Sale and Discontinued Operations, continued The following table discloses certain information regarding the industrial properties included
in discontinued operations by the Other Real Estate Partnerships for the years ended December 31,
2004, 2003 and 2002. Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    

2003
    
    

2002Total Revenues
    
    $
    2,205
    
    
    $
    4,666
    
    
    $
    11,866Operating Expenses
    
    
    (631
    )
    
    
    (1,895
    )
    
    
    (3,747
    )Depreciation and Amortization
    
    
    (437
    )
    
    
    (910
    )
    
    
    (2,039
    )Gain on Sale of Real Estate
    
    
    6,439
    
    
    
    4,689
    
    
    
    21,218Income from Discontinued Operations
    
    $
    7,576
    
    
    $
    6,550
    
    
    $
    27,298
 In conjunction with certain property sales, the Other Real Estate Partnerships provides seller
financing on behalf of certain buyers. At December 31, 2004 and 2003, the Other Real Estate
Partnerships had mortgage notes receivable outstanding and accrued interest of approximately $16,336 and $23,585, respectively
which is included as a component of prepaid expenses and other
assets. Also, in December 2004, the Other Real Estate
Partnerships sold $3,249 of its note receivables for par. 7. Supplemental Information to Statements of Cash Flows Supplemental disclosure of cash flow information: Year Ended
    
    
    Year Ended
    
    
    Year EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002Interest paid
    
    $
    178
    
    
    $
    415
    
    
    $
    2,932
 In conjunction with certain property sales, the Other Real Estate Partnerships provided
seller financing on behalf of certain buyers: Notes Receivable
    
    $
    4,450
    
    
    $
    17,170
    
    
    $
    42,765
 F-56




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##### Table of Contents



OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS
(Dollars in thousands)
 8. Future Rental Revenues The Other Real Estate Partnerships properties are leased to tenants under net and semi-net
operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses,
under noncancelable operating leases in effect as of December 31, 2004 are approximately as
follows: 2005
    
    $
    31,3182006
    
    
    25,2742007
    
    
    20,3702009
    
    
    16,0252009
    
    
    11,547Thereafter
    
    
    23,266Total
    
    $
    127,800
 9. Related Party Transactions Periodically, the Other Real Estate Partnerships utilizes real estate brokerage services from
CB Richard Ellis, Inc., for which a relative of one of the Companys officers/Directors is an
employee. For the year ended December 31, 2003, this relative received brokerage
commissions in the amount of $5 from the Other Real Estate Partnerships. At
December 31, 2004 and 2003 the Other Real Estate Partnerships
have a receivable balance of $5,506 and $14,763 from a wholly owned
entity of the Company. 10. Commitments and Contingencies In the normal course of business, the Other Real Estate Partnerships are involved in legal
actions arising from the ownership of its properties. In managements opinion, the liabilities, if
any, that may ultimately result from such legal actions are not expected to have a materially
adverse effect on the combined financial position, operations or liquidity of the Other Real Estate
Partnerships. One property has a lease granting the tenant an option to purchase the property. Such options
are exercisable at various times and at appraised fair market value or at a fixed purchase price
generally in excess of the Other Real Estate Partnerships depreciated cost of the asset. The
Other Real Estate Partnerships have no notice of any exercise of this tenant purchase option. 11. Subsequent Events During
the period January 1, 2005 through March 23, 2005, the Other Real Estate Partnerships
acquired one industrial property for a total estimated investment of
approximately $7,100. The Other Real Estate Partnerships also sold one industrial property for approximately $3,580 of gross proceeds during this period. F-57




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Report of Independent
Public Accounting Firmon
Financial Statement Schedule To the Partners of   First
Industrial, L.P. Our audits of the
consolidated financial statements, of management's assessment of the
effectiveness of internal control over financial reporting and of the
effectiveness of internal control over financial reporting referred to in our report dated
March 30, 2005 appearing in the 2004 Annual Report to
Shareholders of First Industrial L.P. and its subsidiaries which report,
consolidated financial statements, and assessments are included in
this Annual Report on Form 10-K also included an audit of the financial statement
schedule listed in the Index to Financial Statements and Financial
Statement Schedule on page F-1 of this Form 10-K. In our opinion,
this financial statement schedule presents fairly, in all
material respects, the information set forth therein when read in conjunction with the related
consolidated financial statements. PricewaterhouseCoopers LLP
Chicago, Illinois
March 30, 2005 S-1




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##### Table of Contents



FIRST INDUSTRIAL LP
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As Of December 31, 2004
(Dollars in thousands) (r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)Atlanta1650 GA Highway 155
    
    
    
    McDonough, GA
    
    
    
    
    788
    
    
    
    4,544
    
    
    
    345
    
    
    
    788
    
    
    
    4,889
    
    
    
    5,677
    
    
    
    1,432
    
    
    1991
    
    (n)14101 Industrial Park Boulevard
    
    
    
    Covington, GA
    
    
    
    
    285
    
    
    
    1,658
    
    
    
    710
    
    
    
    285
    
    
    
    2,368
    
    
    
    2,653
    
    
    
    529
    
    
    1984
    
    (n)801-804 Blacklawn Road
    
    
    
    Conyers, GA
    
    
    
    
    361
    
    
    
    2,095
    
    
    
    831
    
    
    
    361
    
    
    
    2,926
    
    
    
    3,287
    
    
    
    696
    
    
    1982
    
    (n)1665 Dogwood Drive
    
    
    
    Conyers, GA
    
    
    
    
    635
    
    
    
    3,662
    
    
    
    249
    
    
    
    635
    
    
    
    3,911
    
    
    
    4,546
    
    
    
    1,058
    
    
    1973
    
    (n)1715 Dogwood Drive
    
    
    
    Conyers, GA
    
    
    
    
    288
    
    
    
    1,675
    
    
    
    251
    
    
    
    288
    
    
    
    1,926
    
    
    
    2,214
    
    
    
    579
    
    
    1973
    
    (n)11235 Harland Drive
    
    
    
    Covington, GA
    
    
    
    
    125
    
    
    
    739
    
    
    
    93
    
    
    
    125
    
    
    
    832
    
    
    
    957
    
    
    
    220
    
    
    1988
    
    (n)4050 Southmeadow Parkway
    
    
    
    Atlanta, GA
    
    
    
    
    401
    
    
    
    2,813
    
    
    
    302
    
    
    
    425
    
    
    
    3,091
    
    
    
    3,516
    
    
    
    804
    
    
    1991
    
    (n)4051 Southmeadow Parkway
    
    
    
    Atlanta, GA
    
    
    
    
    726
    
    
    
    4,130
    
    
    
    1,078
    
    
    
    726
    
    
    
    5,208
    
    
    
    5,934
    
    
    
    1,391
    
    
    1989
    
    (n)4071 Southmeadow Parkway
    
    
    
    Atlanta, GA
    
    
    
    
    750
    
    
    
    4,460
    
    
    
    1,084
    
    
    
    828
    
    
    
    5,466
    
    
    
    6,294
    
    
    
    1,471
    
    
    1991
    
    (n)4081 Southmeadow Parkway
    
    
    
    Atlanta, GA
    
    
    
    
    1,012
    
    
    
    5,918
    
    
    
    881
    
    
    
    1,157
    
    
    
    6,654
    
    
    
    7,811
    
    
    
    1,648
    
    
    1989
    
    (n)3312 N. Berkeley Lake Road
    
    (q)
    
    Duluth, GA
    
    
    
    
    2,937
    
    
    
    5,450
    
    
    
    13,169
    
    
    
    3,052
    
    
    
    18,504
    
    
    
    21,556
    
    
    
    4,209
    
    
    1969/90
    
    (n)370 Great Southwest Parkway
    
    (j)
    
    Atlanta, GA
    
    
    
    
    527
    
    
    
    2,984
    
    
    
    556
    
    
    
    546
    
    
    
    3,521
    
    
    
    4,067
    
    
    
    766
    
    
    1986
    
    (n)955 Cobb Place
    
    
    
    Kennesaw, GA
    
    
    
    
    780
    
    
    
    4,420
    
    
    
    535
    
    
    
    804
    
    
    
    4,931
    
    
    
    5,735
    
    
    
    894
    
    
    1991
    
    (n)220 Greenwood Court
    
    
    
    McDonough, GA
    
    
    
    
    2,015
    
    
    
    
    
    
    
    8,819
    
    
    
    1,700
    
    
    
    9,134
    
    
    
    10,834
    
    
    
    704
    
    
    2000
    
    (n)1255 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    195
    
    
    
    1,107
    
    
    
    78
    
    
    
    197
    
    
    
    1,183
    
    
    
    1,380
    
    
    
    103
    
    
    1984
    
    (n)1256 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    336
    
    
    
    1,907
    
    
    
    318
    
    
    
    339
    
    
    
    2,222
    
    
    
    2,561
    
    
    
    210
    
    
    1984
    
    (n)1265 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    307
    
    
    
    1,742
    
    
    
    179
    
    
    
    309
    
    
    
    1,919
    
    
    
    2,228
    
    
    
    159
    
    
    1984
    
    (n)1266 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    234
    
    
    
    1,326
    
    
    
    52
    
    
    
    235
    
    
    
    1,377
    
    
    
    1,612
    
    
    
    116
    
    
    1984
    
    (n)1275 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    400
    
    
    
    2,269
    
    
    
    96
    
    
    
    403
    
    
    
    2,362
    
    
    
    2,765
    
    
    
    199
    
    
    1986
    
    (n)1280 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    281
    
    
    
    1,592
    
    
    
    236
    
    
    
    283
    
    
    
    1,826
    
    
    
    2,109
    
    
    
    165
    
    
    1986
    
    (n)1300 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    420
    
    
    
    2,381
    
    
    
    63
    
    
    
    423
    
    
    
    2,441
    
    
    
    2,864
    
    
    
    208
    
    
    1986
    
    (n)1325 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    332
    
    
    
    1,879
    
    
    
    200
    
    
    
    334
    
    
    
    2,077
    
    
    
    2,411
    
    
    
    173
    
    
    1986
    
    (n)1351 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    370
    
    
    
    2,099
    
    
    
    115
    
    
    
    373
    
    
    
    2,211
    
    
    
    2,584
    
    
    
    201
    
    
    1984
    
    (n)1346 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    740
    
    
    
    4,192
    
    
    
    121
    
    
    
    744
    
    
    
    4,309
    
    
    
    5,053
    
    
    
    367
    
    
    1985
    
    (n)1412 Oakbrook Drive
    
    
    
    Norcross, GA
    
    
    
    
    313
    
    
    
    1,776
    
    
    
    148
    
    
    
    315
    
    
    
    1,922
    
    
    
    2,237
    
    
    
    159
    
    
    1985
    
    (n)7800 The Bluffs
    
    (q)
    
    Austell, GA
    
    
    
    
    490
    
    
    
    2,415
    
    
    
    397
    
    
    
    496
    
    
    
    2,806
    
    
    
    3,302
    
    
    
    150
    
    
    1995
    
    (n)Greenwood Industrial Park
    
    
    
    McDonough, GA
    
    
    
    
    1,550
    
    
    
    
    
    
    
    7,490
    
    
    
    1,550
    
    
    
    7,490
    
    
    
    9,040
    
    
    
    64
    
    
    2003
    
    (n)3060 South Park Blvd
    
    
    
    Ellenwood, GA
    
    
    
    
    1,600
    
    
    
    12,464
    
    
    
    961
    
    
    
    1,603
    
    
    
    13,422
    
    
    
    15,025
    
    
    
    687
    
    
    1992
    
    (n)1122
Milledge Street (q)
    
    
    
    East Point, GA
    
    
    
    
    210
    
    
    
    1,190
    
    
    
    49
    
    
    
    233
    
    
    
    1,216
    
    
    
    1,449
    
    
    
    3
    
    
    1956/1999
    
    (n)Baltimore3431 Benson
    
    
    
    Baltimore, MD
    
    
    
    
    553
    
    
    
    3,062
    
    
    
    250
    
    
    
    562
    
    
    
    3,303
    
    
    
    3,865
    
    
    
    551
    
    
    1988
    
    (n)1811 Portal
    
    
    
    Baltimore, MD
    
    
    
    
    327
    
    
    
    1,811
    
    
    
    344
    
    
    
    354
    
    
    
    2,128
    
    
    
    2,482
    
    
    
    468
    
    
    1987
    
    (n)1831 Portal
    
    
    
    Baltimore, MD
    
    
    
    
    268
    
    
    
    1,486
    
    
    
    452
    
    
    
    290
    
    
    
    1,916
    
    
    
    2,206
    
    
    
    421
    
    
    1990
    
    (n)1820 Portal
    
    
    
    Baltimore, MD
    
    (f)
    
    
    884
    
    
    
    4,891
    
    
    
    454
    
    
    
    899
    
    
    
    5,330
    
    
    
    6,229
    
    
    
    885
    
    
    1982
    
    (n)4845 Governers Way
    
    
    
    Frederick, MD
    
    
    
    
    810
    
    
    
    4,487
    
    
    
    412
    
    
    
    824
    
    
    
    4,885
    
    
    
    5,709
    
    
    
    798
    
    
    1988
    
    (n)8900 Yellow Brick Road
    
    
    
    Baltimore, MD
    
    
    
    
    447
    
    
    
    2,473
    
    
    
    372
    
    
    
    475
    
    
    
    2,817
    
    
    
    3,292
    
    
    
    477
    
    
    1982
    
    (n)7476 New Ridge
    
    
    
    Hanover, MD
    
    
    
    
    394
    
    
    
    2,182
    
    
    
    208
    
    
    
    401
    
    
    
    2,383
    
    
    
    2,784
    
    
    
    419
    
    
    1987
    
    (n)504 Advantage Way
    
    (q)
    
    Aberdeen, MD
    
    
    
    
    2,799
    
    
    
    15,864
    
    
    
    574
    
    
    
    2,802
    
    
    
    16,435
    
    
    
    19,237
    
    
    
    699
    
    
    1987/92
    
    (n)9700 Martin Luther King Hwy
    
    
    
    Lanham, MD
    
    
    
    
    700
    
    
    
    1,920
    
    
    
    487
    
    
    
    700
    
    
    
    2,407
    
    
    
    3,107
    
    
    
    137
    
    
    1980
    
    (n)9730 Martin Luther King Hwy
    
    
    
    Lanham, MD
    
    
    
    
    500
    
    
    
    955
    
    
    
    634
    
    
    
    500
    
    
    
    1,589
    
    
    
    2,089
    
    
    
    98
    
    
    1980
    
    (n)4600 Boston Way
    
    
    
    Lanham, MD
    
    
    
    
    1,400
    
    
    
    2,482
    
    
    
    248
    
    
    
    1,400
    
    
    
    2,730
    
    
    
    4,130
    
    
    
    133
    
    
    1980
    
    (n)4621 Boston Way
    
    (q)
    
    Lanham, MD
    
    
    
    
    1,100
    
    
    
    3,070
    
    
    
    245
    
    
    
    1,100
    
    
    
    3,315
    
    
    
    4,415
    
    
    
    145
    
    
    1980
    
    (n)4720 Boston Way
    
    (q)
    
    Lanham, MD
    
    
    
    
    1,200
    
    
    
    2,174
    
    
    
    853
    
    
    
    1,200
    
    
    
    3,027
    
    
    
    4,227
    
    
    
    146
    
    
    1979
    
    (n)2250 Randolph Drive
    
    
    
    Dulles, VA
    
    
    
    
    3,200
    
    
    
    8,187
    
    
    
    26
    
    
    
    3,208
    
    
    
    8,205
    
    
    
    11,413
    
    
    
    73
    
    
    1999
    
    (n)22630 Dulles Summit Court
    
    
    
    Dulles, VA
    
    
    
    
    2,200
    
    
    
    9,346
    
    
    
    29
    
    
    
    2,206
    
    
    
    9,369
    
    
    
    11,575
    
    
    
    126
    
    
    1998
    
    (n)9800 Martin Luther King Hwy
    
    
    
    Lanham, MD
    
    
    
    
    1,200
    
    
    
    2,457
    
    
    
    543
    
    
    
    1,200
    
    
    
    3,000
    
    
    
    4,200
    
    
    
    132
    
    
    1978
    
    (n)21550 Beaumeade Circle
    
    
    
    Ashburn, VA
    
    
    
    
    1,100
    
    
    
    2,758
    
    
    
    10
    
    
    
    1,103
    
    
    
    2,765
    
    
    
    3,868
    
    
    
    34
    
    
    1990
    
    (n)21580 Beaumeade Circle
    
    
    
    Ashburn, VA
    
    
    
    
    1,600
    
    
    
    3,772
    
    
    
    15
    
    
    
    1,605
    
    
    
    3,782
    
    
    
    5,387
    
    
    
    42
    
    
    1990
    
    (n)4501 Hollins Ferry Road
    
    
    
    Baltimore, MD
    
    
    
    
    3,000
    
    
    
    10,108
    
    
    
    222
    
    
    
    3,058
    
    
    
    10,272
    
    
    
    13,330
    
    
    
    58
    
    
    1982/92
    
    (n)Central Pennsylvania16522 Hunters Green Parkway
    
    
    
    Hagerstown, MD
    
    (g)
    
    
    1,390
    
    
    
    13,104
    
    
    
    3,945
    
    
    
    1,863
    
    
    
    16,576
    
    
    
    18,439
    
    
    
    715
    
    
    2000
    
    (n)270 Old Silver Spring Road
    
    
    
    Mechanicsburg, PA
    
    
    
    
    350
    
    
    
    
    
    
    
    3,649
    
    
    
    350
    
    
    
    3,649
    
    
    
    3,999
    
    
    
    231
    
    
    2001
    
    (n)Covington (CAT)
    
    
    
    Gouldsboro, PA
    
    
    
    
    135
    
    
    
    
    
    
    
    9,557
    
    
    
    1,040
    
    
    
    8,652
    
    
    
    9,692
    
    
    
    74
    
    
    2003
    
    (n)37 Valleyview Business Park
    
    
    
    Jessup, PA
    
    
    
    
    576
    
    
    
    
    
    
    
    2,490
    
    
    
    542
    
    
    
    2,524
    
    
    
    3,066
    
    
    
    5
    
    
    2004
    
    (n)
 S-2




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)Chicago3600 West Pratt Avenue
    
    
    
    Lincolnwood, IL
    
    
    
    
    1,050
    
    
    
    5,767
    
    
    
    1,346
    
    
    
    1,050
    
    
    
    7,113
    
    
    
    8,163
    
    
    
    1,788
    
    
    1953/88
    
    (n)6750 South Sayre Avenue
    
    
    
    Bedford Park, IL
    
    
    
    
    224
    
    
    
    1,309
    
    
    
    443
    
    
    
    224
    
    
    
    1,752
    
    
    
    1,976
    
    
    
    449
    
    
    1975
    
    (n)585 Slawin Court
    
    
    
    Mount Prospect, IL
    
    
    
    
    611
    
    
    
    3,505
    
    
    
    183
    
    
    
    611
    
    
    
    3,688
    
    
    
    4,299
    
    
    
    928
    
    
    1992
    
    (n)2300 Windsor Court
    
    
    
    Addison, IL
    
    
    
    
    688
    
    
    
    3,943
    
    
    
    552
    
    
    
    696
    
    
    
    4,487
    
    
    
    5,183
    
    
    
    1,272
    
    
    1986
    
    (n)3505 Thayer Court
    
    
    
    Aurora, IL
    
    
    
    
    430
    
    
    
    2,472
    
    
    
    45
    
    
    
    430
    
    
    
    2,517
    
    
    
    2,947
    
    
    
    671
    
    
    1989
    
    (n)305-311 Era Drive
    
    
    
    Northbrook, IL
    
    
    
    
    200
    
    
    
    1,154
    
    
    
    192
    
    
    
    205
    
    
    
    1,341
    
    
    
    1,546
    
    
    
    371
    
    
    1978
    
    (n)4330 South Racine Avenue
    
    
    
    Chicago, IL
    
    
    
    
    448
    
    
    
    1,893
    
    
    
    549
    
    
    
    468
    
    
    
    2,422
    
    
    
    2,890
    
    
    
    1,787
    
    
    1978
    
    (n)12241 Melrose Street
    
    
    
    Franklin Park, IL
    
    
    
    
    332
    
    
    
    1,931
    
    
    
    1,940
    
    
    
    469
    
    
    
    3,734
    
    
    
    4,203
    
    
    
    972
    
    
    1969
    
    (n)11939 S Central Avenue
    
    
    
    Alsip, IL
    
    
    
    
    1,208
    
    
    
    6,843
    
    
    
    2,165
    
    
    
    1,305
    
    
    
    8,911
    
    
    
    10,216
    
    
    
    1,578
    
    
    1972
    
    (n)405 East Shawmut
    
    
    
    LaGrange, IL
    
    
    
    
    368
    
    
    
    2,083
    
    
    
    171
    
    
    
    387
    
    
    
    2,235
    
    
    
    2,622
    
    
    
    411
    
    
    1965
    
    (n)1010-50 Sesame Street
    
    
    
    Bensenville, IL
    
    
    
    
    979
    
    
    
    5,546
    
    
    
    2,073
    
    
    
    1,048
    
    
    
    7,550
    
    
    
    8,598
    
    
    
    1,111
    
    
    1976
    
    (n)7401 South Pulaski
    
    
    
    Chicago, IL
    
    
    
    
    664
    
    
    
    3,763
    
    
    
    1,304
    
    
    
    669
    
    
    
    5,062
    
    
    
    5,731
    
    
    
    934
    
    
    1975/86
    
    (n)7501 S. Pulaski
    
    
    
    Chicago, IL
    
    
    
    
    360
    
    
    
    2,038
    
    
    
    963
    
    
    
    318
    
    
    
    3,043
    
    
    
    3,361
    
    
    
    675
    
    
    1975/86
    
    (n)385 Fenton Lane
    
    
    
    West Chicago, IL
    
    
    
    
    868
    
    
    
    4,918
    
    
    
    567
    
    
    
    884
    
    
    
    5,469
    
    
    
    6,353
    
    
    
    1,063
    
    
    1990
    
    (n)335 Crossroad Parkway
    
    
    
    Bolingbrook, IL
    
    
    
    
    1,560
    
    
    
    8,840
    
    
    
    863
    
    
    
    1,585
    
    
    
    9,678
    
    
    
    11,263
    
    
    
    1,763
    
    
    1996
    
    (n)905 Paramount
    
    
    
    Batavia, IL
    
    
    
    
    243
    
    
    
    1,375
    
    
    
    390
    
    
    
    252
    
    
    
    1,756
    
    
    
    2,008
    
    
    
    309
    
    
    1977
    
    (n)1005 Paramount
    
    
    
    Batavia, IL
    
    
    
    
    282
    
    
    
    1,600
    
    
    
    377
    
    
    
    293
    
    
    
    1,966
    
    
    
    2,259
    
    
    
    346
    
    
    1978
    
    (n)2120-24 Roberts
    
    
    
    Broadview, IL
    
    
    
    
    220
    
    
    
    1,248
    
    
    
    430
    
    
    
    231
    
    
    
    1,667
    
    
    
    1,898
    
    
    
    381
    
    
    1960
    
    (n)700 Business Center Drive
    
    
    
    Mount Prospect, IL
    
    
    
    
    270
    
    
    
    1,492
    
    
    
    120
    
    
    
    288
    
    
    
    1,594
    
    
    
    1,882
    
    
    
    162
    
    
    1980
    
    (n)555 Business Center Drive
    
    
    
    Mount Prospect, IL
    
    
    
    
    241
    
    
    
    1,336
    
    
    
    97
    
    
    
    252
    
    
    
    1,422
    
    
    
    1,674
    
    
    
    147
    
    
    1981
    
    (n)800 Business Center Drive
    
    
    
    Mount Prospect, IL
    
    
    
    
    631
    
    
    
    3,493
    
    
    
    233
    
    
    
    666
    
    
    
    3,691
    
    
    
    4,357
    
    
    
    376
    
    
    1988/99
    
    (n)580 Slawin Court
    
    
    
    Mount Prospect, IL
    
    
    
    
    233
    
    
    
    1,292
    
    
    
    140
    
    
    
    254
    
    
    
    1,411
    
    
    
    1,665
    
    
    
    144
    
    
    1985
    
    (n)1150 Feehanville Drive
    
    
    
    Mount Prospect, IL
    
    
    
    
    260
    
    
    
    1,437
    
    
    
    139
    
    
    
    273
    
    
    
    1,563
    
    
    
    1,836
    
    
    
    171
    
    
    1983
    
    (n)1200 Business Center Drive
    
    
    
    Mount Prospect, IL
    
    
    
    
    765
    
    
    
    4,237
    
    
    
    387
    
    
    
    814
    
    
    
    4,575
    
    
    
    5,389
    
    
    
    517
    
    
    1988/2000
    
    (n)1331 Business Center Drive
    
    
    
    Mount Prospect, IL
    
    
    
    
    235
    
    
    
    1,303
    
    
    
    136
    
    
    
    255
    
    
    
    1,419
    
    
    
    1,674
    
    
    
    145
    
    
    1985
    
    (n)19W661 101st Street
    
    
    
    Lemont, IL
    
    
    
    
    1,200
    
    
    
    6,643
    
    
    
    356
    
    
    
    1,220
    
    
    
    6,979
    
    
    
    8,199
    
    
    
    554
    
    
    1988
    
    (n)175 Wall Street
    
    
    
    Glendale Heights, IL
    
    
    
    
    427
    
    
    
    2,363
    
    
    
    61
    
    
    
    433
    
    
    
    2,418
    
    
    
    2,851
    
    
    
    175
    
    
    1990
    
    (n)800-820 Thorndale Avenue
    
    
    
    Bensenville, IL
    
    
    
    
    751
    
    
    
    4,159
    
    
    
    70
    
    
    
    761
    
    
    
    4,219
    
    
    
    4,980
    
    
    
    220
    
    
    1985
    
    (n)830-890 Supreme Drive
    
    
    
    Bensenville, IL
    
    
    
    
    671
    
    
    
    3,714
    
    
    
    247
    
    
    
    679
    
    
    
    3,953
    
    
    
    4,632
    
    
    
    257
    
    
    1981
    
    (n)1661 Feehanville Drive
    
    
    
    Mount Prospect, IL
    
    
    
    
    985
    
    
    
    5,455
    
    
    
    644
    
    
    
    1,044
    
    
    
    6,040
    
    
    
    7,084
    
    
    
    612
    
    
    1986
    
    (n)2250 Arthur Avenue
    
    
    
    Elk Grove Village, IL
    
    
    
    
    800
    
    
    
    1,543
    
    
    
    43
    
    
    
    809
    
    
    
    1,577
    
    
    
    2,386
    
    
    
    77
    
    
    1973/86
    
    (n)1850 Toughy & 1158-60 McCage Ave.
    
    
    
    Elk Grove Village, IL
    
    
    
    
    1,500
    
    
    
    4,842
    
    
    
    57
    
    
    
    1,514
    
    
    
    4,885
    
    
    
    6,399
    
    
    
    130
    
    
    1978
    
    (n)501 Airport Road
    
    (q)
    
    Aurora, IL
    
    
    
    
    698
    
    
    
    
    
    
    
    4,616
    
    
    
    694
    
    
    
    4,620
    
    
    
    5,314
    
    
    
    230
    
    
    2002
    
    (n)251 Airport Road
    
    (q)
    
    Aurora, IL
    
    
    
    
    990
    
    
    
    
    
    
    
    6,246
    
    
    
    983
    
    
    
    6,253
    
    
    
    7,236
    
    
    
    353
    
    
    2002
    
    (n)Cincinnati9900-9970 Princeton
    
    
    
    Cincinnati, OH
    
    
    
    
    545
    
    
    
    3,088
    
    
    
    1,688
    
    
    
    566
    
    
    
    4,755
    
    
    
    5,321
    
    
    
    1,222
    
    
    1970
    
    (n)2940 Highland Avenue
    
    
    
    Cincinnati, OH
    
    
    
    
    1,717
    
    
    
    9,730
    
    
    
    2,194
    
    
    
    1,772
    
    
    
    11,869
    
    
    
    13,641
    
    
    
    2,788
    
    
    1969/74
    
    (n)4700-4750 Creek Road
    
    
    
    Blue Ash, OH
    
    
    
    
    1,080
    
    
    
    6,118
    
    
    
    802
    
    
    
    1,109
    
    
    
    6,891
    
    
    
    8,000
    
    
    
    1,573
    
    
    1960
    
    (n)12072 Best Place
    
    
    
    Springboro, OH
    
    
    
    
    426
    
    
    
    
    
    
    
    3,182
    
    
    
    443
    
    
    
    3,165
    
    
    
    3,608
    
    
    
    542
    
    
    1984
    
    (n)901 Pleasant Valley Drive
    
    
    
    Springboro, OH
    
    
    
    
    304
    
    
    
    1,721
    
    
    
    301
    
    
    
    316
    
    
    
    2,010
    
    
    
    2,326
    
    
    
    447
    
    
    1984/94
    
    (n)4440 Mulhauser Road
    
    
    
    Cincinnati, OH
    
    
    
    
    1,067
    
    
    
    39
    
    
    
    5,329
    
    
    
    655
    
    
    
    5,780
    
    
    
    6,435
    
    
    
    1,008
    
    
    1999
    
    (n)4434 Mulhauser Road
    
    
    
    Cincinnati, OH
    
    
    
    
    444
    
    
    
    16
    
    
    
    4,712
    
    
    
    463
    
    
    
    4,709
    
    
    
    5,172
    
    
    
    759
    
    
    1999
    
    (n)9449 Glades Drive
    
    
    
    Hamilton, OH
    
    
    
    
    464
    
    
    
    
    
    
    
    3,988
    
    
    
    2
    
    
    
    4,450
    
    
    
    4,452
    
    
    
    383
    
    
    1999
    
    (n)420 Wars Corner Road
    
    (q)
    
    Loveland, OH
    
    
    
    
    600
    
    
    
    1,083
    
    
    
    928
    
    
    
    606
    
    
    
    2,005
    
    
    
    2,611
    
    
    
    182
    
    
    1985
    
    (n)422 Wards Corner Road
    
    
    
    Loveland, OH
    
    
    
    
    600
    
    
    
    1,811
    
    
    
    330
    
    
    
    605
    
    
    
    2,136
    
    
    
    2,741
    
    
    
    224
    
    
    1985
    
    (n)7625 Empire Drive
    
    
    
    Florence, KY
    
    
    
    
    961
    
    
    
    5,444
    
    
    
    237
    
    
    
    996
    
    
    
    5,646
    
    
    
    6,642
    
    
    
    12
    
    
    1960
    
    (n)4436 Muhlhauser Road
    
    (q)
    
    Hamilton, OH
    
    
    
    
    630
    
    
    
    
    
    
    
    5,377
    
    
    
    630
    
    
    
    5,377
    
    
    
    6,007
    
    
    
    358
    
    
    2001
    
    (n)4438 Muhlhauser Road
    
    (q)
    
    Hamilton, OH
    
    
    
    
    779
    
    
    
    
    
    
    
    6,958
    
    
    
    779
    
    
    
    6,958
    
    
    
    7,737
    
    
    
    439
    
    
    2000
    
    (n)10901 Kenwood
    
    (q)
    
    Blue Ash, OH
    
    
    
    
    750
    
    
    
    1,650
    
    
    
    194
    
    
    
    1,080
    
    
    
    1,514
    
    
    
    2,594
    
    
    
    103
    
    
    1960
    
    (n)Columbus3800 Lockbourne Industrial Pkwy
    
    
    
    Columbus, OH
    
    
    
    
    1,133
    
    
    
    6,421
    
    
    
    (112
    )
    
    
    1,045
    
    
    
    6,397
    
    
    
    7,442
    
    
    
    1,383
    
    
    1986
    
    (n)3880 Groveport Road
    
    
    
    Columbus, OH
    
    
    
    
    2,145
    
    
    
    12,154
    
    
    
    322
    
    
    
    1,955
    
    
    
    12,666
    
    
    
    14,621
    
    
    
    2,671
    
    
    1986
    
    (n)1819 North Walcutt Road
    
    
    
    Columbus, OH
    
    
    
    
    810
    
    
    
    4,590
    
    
    
    (453
    )
    
    
    637
    
    
    
    4,310
    
    
    
    4,947
    
    
    
    995
    
    
    1973
    
    (n)4300 Cemetary Road
    
    (q)
    
    Hillard, OH
    
    
    
    
    1,103
    
    
    
    6,248
    
    
    
    (1,764
    )
    
    
    764
    
    
    
    4,823
    
    
    
    5,587
    
    
    
    1,009
    
    
    1968/74
    
    (n)4115 Leap Road
    
    (j)
    
    Hillard, OH
    
    
    
    
    758
    
    
    
    4,297
    
    
    
    482
    
    
    
    756
    
    
    
    4,781
    
    
    
    5,537
    
    
    
    765
    
    
    1977
    
    (n)3300 Lockbourne
    
    
    
    Columbus, OH
    
    
    
    
    708
    
    
    
    3,920
    
    
    
    1,226
    
    
    
    710
    
    
    
    5,144
    
    
    
    5,854
    
    
    
    933
    
    
    1964
    
    (n)Dallas/Fort Worth1275-1281 Roundtable Drive
    
    
    
    Dallas, TX
    
    
    
    
    148
    
    
    
    839
    
    
    
    53
    
    
    
    117
    
    
    
    923
    
    
    
    1,040
    
    
    
    189
    
    
    1966
    
    (n)2406-2416 Walnut Ridge
    
    
    
    Dallas, TX
    
    
    
    
    178
    
    
    
    1,006
    
    
    
    289
    
    
    
    183
    
    
    
    1,290
    
    
    
    1,473
    
    
    
    234
    
    
    1978
    
    (n)12750 Perimiter Drive
    
    
    
    Dallas, TX
    
    
    
    
    638
    
    
    
    3,618
    
    
    
    352
    
    
    
    660
    
    
    
    3,948
    
    
    
    4,608
    
    
    
    700
    
    
    1979
    
    (n)1324-1343 Roundtable Drive
    
    
    
    Dallas, TX
    
    
    
    
    178
    
    
    
    1,006
    
    
    
    294
    
    
    
    184
    
    
    
    1,294
    
    
    
    1,478
    
    
    
    284
    
    
    1972
    
    (n)2401-2419 Walnut Ridge
    
    
    
    Dallas, TX
    
    
    
    
    148
    
    
    
    839
    
    
    
    119
    
    
    
    153
    
    
    
    953
    
    
    
    1,106
    
    
    
    169
    
    
    1978
    
    (n)4248-4252 Simonton
    
    
    
    Farmers Ranch, TX
    
    
    
    
    888
    
    
    
    5,032
    
    
    
    408
    
    
    
    920
    
    
    
    5,408
    
    
    
    6,328
    
    
    
    1,011
    
    
    1973
    
    (n)900-906 Great Southwest Pkwy
    
    
    
    Arlington, TX
    
    
    
    
    237
    
    
    
    1,342
    
    
    
    566
    
    
    
    270
    
    
    
    1,875
    
    
    
    2,145
    
    
    
    292
    
    
    1972
    
    (n)2179 Shiloh Road
    
    
    
    Garland, TX
    
    
    
    
    251
    
    
    
    1,424
    
    
    
    115
    
    
    
    256
    
    
    
    1,534
    
    
    
    1,790
    
    
    
    299
    
    
    1982
    
    (n)2159 Shiloh Road
    
    
    
    Garland, TX
    
    
    
    
    108
    
    
    
    610
    
    
    
    55
    
    
    
    110
    
    
    
    663
    
    
    
    773
    
    
    
    127
    
    
    1982
    
    (n)2701 Shiloh Road
    
    
    
    Garland, TX
    
    
    
    
    818
    
    
    
    4,636
    
    
    
    1,293
    
    
    
    923
    
    
    
    5,824
    
    
    
    6,747
    
    
    
    1,074
    
    
    1981
    
    (n)12784 Perimeter Drive
    
    (k)
    
    Dallas, TX
    
    
    
    
    350
    
    
    
    1,986
    
    
    
    509
    
    
    
    396
    
    
    
    2,449
    
    
    
    2,845
    
    
    
    469
    
    
    1981
    
    (n)3000 West Commerce
    
    
    
    Dallas, TX
    
    
    
    
    456
    
    
    
    2,584
    
    
    
    530
    
    
    
    469
    
    
    
    3,101
    
    
    
    3,570
    
    
    
    518
    
    
    1980
    
    (n)3030 Hansboro
    
    
    
    Dallas, TX
    
    
    
    
    266
    
    
    
    1,510
    
    
    
    481
    
    
    
    276
    
    
    
    1,981
    
    
    
    2,257
    
    
    
    387
    
    
    1971
    
    (n)
 S-3




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)5222 Cockrell Hill
    
    
    
    Dallas, TX
    
    
    
    
    296
    
    
    
    1,677
    
    
    
    389
    
    
    
    306
    
    
    
    2,056
    
    
    
    2,362
    
    
    
    339
    
    
    1973
    
    (n)405-407 113th
    
    
    
    Arlington, TX
    
    
    
    
    181
    
    
    
    1,026
    
    
    
    257
    
    
    
    185
    
    
    
    1,279
    
    
    
    1,464
    
    
    
    288
    
    
    1969
    
    (n)816 111th Street
    
    
    
    Arlington, TX
    
    
    
    
    251
    
    
    
    1,421
    
    
    
    62
    
    
    
    258
    
    
    
    1,476
    
    
    
    1,734
    
    
    
    266
    
    
    1972
    
    (n)7341 Dogwood Park
    
    
    
    Richland Hills, TX
    
    
    
    
    79
    
    
    
    435
    
    
    
    251
    
    
    
    84
    
    
    
    681
    
    
    
    765
    
    
    
    113
    
    
    1973
    
    (n)7427 Dogwood Park
    
    
    
    Richland Hills, TX
    
    
    
    
    96
    
    
    
    532
    
    
    
    89
    
    
    
    102
    
    
    
    615
    
    
    
    717
    
    
    
    92
    
    
    1973
    
    (n)7348-54 Tower Street
    
    
    
    Richland Hills, TX
    
    
    
    
    88
    
    
    
    489
    
    
    
    199
    
    
    
    94
    
    
    
    682
    
    
    
    776
    
    
    
    95
    
    
    1978
    
    (n)7370 Dogwood Park
    
    
    
    Richland Hills, TX
    
    
    
    
    91
    
    
    
    503
    
    
    
    100
    
    
    
    96
    
    
    
    598
    
    
    
    694
    
    
    
    103
    
    
    1987
    
    (n)7339-41 Tower Street
    
    
    
    Richland Hills, TX
    
    
    
    
    98
    
    
    
    541
    
    
    
    78
    
    
    
    104
    
    
    
    613
    
    
    
    717
    
    
    
    100
    
    
    1980
    
    (n)7437-45 Tower Street
    
    
    
    Richland Hills, TX
    
    
    
    
    102
    
    
    
    563
    
    
    
    78
    
    
    
    108
    
    
    
    635
    
    
    
    743
    
    
    
    103
    
    
    1977
    
    (n)7331-59 Airport Freeway
    
    
    
    Richland Hills, TX
    
    
    
    
    354
    
    
    
    1,958
    
    
    
    422
    
    
    
    372
    
    
    
    2,362
    
    
    
    2,734
    
    
    
    420
    
    
    1987
    
    (n)7338-60 Dogwood Park
    
    
    
    Richland Hills, TX
    
    
    
    
    106
    
    
    
    587
    
    
    
    107
    
    
    
    112
    
    
    
    688
    
    
    
    800
    
    
    
    130
    
    
    1978
    
    (n)7450-70 Dogwood Park
    
    
    
    Richland Hills, TX
    
    
    
    
    106
    
    
    
    584
    
    
    
    175
    
    
    
    112
    
    
    
    753
    
    
    
    865
    
    
    
    164
    
    
    1985
    
    (n)7423-49 Airport Freeway
    
    
    
    Richland Hills, TX
    
    
    
    
    293
    
    
    
    1,621
    
    
    
    546
    
    
    
    308
    
    
    
    2,152
    
    
    
    2,460
    
    
    
    504
    
    
    1985
    
    (n)7400 Whitehall Street
    
    
    
    Richland Hills, TX
    
    
    
    
    109
    
    
    
    603
    
    
    
    81
    
    
    
    115
    
    
    
    678
    
    
    
    793
    
    
    
    104
    
    
    1994
    
    (n)1602-1654 Terre Colony
    
    
    
    Dallas, TX
    
    
    
    
    458
    
    
    
    2,596
    
    
    
    239
    
    
    
    468
    
    
    
    2,825
    
    
    
    3,293
    
    
    
    378
    
    
    1981
    
    (n)3330 Duncanville Road
    
    
    
    Dallas, TX
    
    
    
    
    197
    
    
    
    1,114
    
    
    
    27
    
    
    
    199
    
    
    
    1,139
    
    
    
    1,338
    
    
    
    130
    
    
    1987
    
    (n)6851-6909 Snowden Road
    
    
    
    Fort Worth, TX
    
    
    
    
    1,025
    
    
    
    5,810
    
    
    
    434
    
    
    
    1,038
    
    
    
    6,231
    
    
    
    7,269
    
    
    
    832
    
    
    1985/86
    
    (n)2351-2355 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    101
    
    
    
    574
    
    
    
    128
    
    
    
    103
    
    
    
    700
    
    
    
    803
    
    
    
    93
    
    
    1986
    
    (n)10575 Vista Park
    
    
    
    Dallas, TX
    
    
    
    
    366
    
    
    
    2,074
    
    
    
    111
    
    
    
    371
    
    
    
    2,180
    
    
    
    2,551
    
    
    
    245
    
    
    1988
    
    (n)701-735 North Plano Road
    
    
    
    Richardson, TX
    
    
    
    
    696
    
    
    
    3,944
    
    
    
    111
    
    
    
    705
    
    
    
    4,046
    
    
    
    4,751
    
    
    
    470
    
    
    1972/94
    
    (n)2259 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    96
    
    
    
    544
    
    
    
    67
    
    
    
    97
    
    
    
    610
    
    
    
    707
    
    
    
    100
    
    
    1986
    
    (n)2260 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    319
    
    
    
    1,806
    
    
    
    54
    
    
    
    323
    
    
    
    1,856
    
    
    
    2,179
    
    
    
    212
    
    
    1986/99
    
    (n)2220 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    352
    
    
    
    1,993
    
    
    
    266
    
    
    
    356
    
    
    
    2,255
    
    
    
    2,611
    
    
    
    243
    
    
    1986/2000
    
    (n)2010 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    350
    
    
    
    1,981
    
    
    
    227
    
    
    
    354
    
    
    
    2,204
    
    
    
    2,558
    
    
    
    364
    
    
    1986
    
    (n)2363 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    73
    
    
    
    412
    
    
    
    61
    
    
    
    74
    
    
    
    472
    
    
    
    546
    
    
    
    51
    
    
    1986
    
    (n)2447 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    70
    
    
    
    395
    
    
    
    12
    
    
    
    71
    
    
    
    406
    
    
    
    477
    
    
    
    46
    
    
    1986
    
    (n)2465-2475 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    91
    
    
    
    514
    
    
    
    14
    
    
    
    92
    
    
    
    527
    
    
    
    619
    
    
    
    60
    
    
    1986
    
    (n)2485-2505 Merritt Drive
    
    
    
    Garland, TX
    
    
    
    
    431
    
    
    
    2,440
    
    
    
    408
    
    
    
    436
    
    
    
    2,843
    
    
    
    3,279
    
    
    
    284
    
    
    1986
    
    (n)2081 Hutton Drive  Bldg 1
    
    (k)
    
    Carrollton, TX
    
    
    
    
    448
    
    
    
    2,540
    
    
    
    451
    
    
    
    453
    
    
    
    2,986
    
    
    
    3,439
    
    
    
    370
    
    
    1981
    
    (n)2150 Hutton Drive
    
    
    
    Carrollton, TX
    
    
    
    
    192
    
    
    
    1,089
    
    
    
    292
    
    
    
    194
    
    
    
    1,379
    
    
    
    1,573
    
    
    
    176
    
    
    1980
    
    (n)2110 Hutton Drive
    
    
    
    Carrollton, TX
    
    
    
    
    374
    
    
    
    2,117
    
    
    
    187
    
    
    
    377
    
    
    
    2,301
    
    
    
    2,678
    
    
    
    260
    
    
    1985
    
    (n)2025 McKenzie Drive
    
    
    
    Carrollton, TX
    
    
    
    
    437
    
    
    
    2,478
    
    
    
    431
    
    
    
    442
    
    
    
    2,904
    
    
    
    3,346
    
    
    
    338
    
    
    1985
    
    (n)2019 McKenzie Drive
    
    
    
    Carrollton, TX
    
    
    
    
    502
    
    
    
    2,843
    
    
    
    206
    
    
    
    507
    
    
    
    3,044
    
    
    
    3,551
    
    
    
    348
    
    
    1985
    
    (n)1420 Valwood Parkway  Bldg 1
    
    (j)
    
    Carrollton, TX
    
    
    
    
    460
    
    
    
    2,608
    
    
    
    558
    
    
    
    466
    
    
    
    3,160
    
    
    
    3,626
    
    
    
    354
    
    
    1986
    
    (n)1620 Valwood Parkway
    
    (k)
    
    Carrollton, TX
    
    
    
    
    1,089
    
    
    
    6,173
    
    
    
    1,133
    
    
    
    1,100
    
    
    
    7,295
    
    
    
    8,395
    
    
    
    847
    
    
    1986
    
    (n)1505 Luna Road  Bldg II
    
    
    
    Carrollton, TX
    
    
    
    
    167
    
    
    
    948
    
    
    
    60
    
    
    
    169
    
    
    
    1,006
    
    
    
    1,175
    
    
    
    111
    
    
    1988
    
    (n)1625 West Crosby Road
    
    
    
    Carrollton, TX
    
    
    
    
    617
    
    
    
    3,498
    
    
    
    784
    
    
    
    631
    
    
    
    4,268
    
    
    
    4,899
    
    
    
    683
    
    
    1988
    
    (n)2029-2035 McKenzie Drive
    
    
    
    Carrollton, TX
    
    
    
    
    330
    
    
    
    1,870
    
    
    
    991
    
    
    
    306
    
    
    
    2,885
    
    
    
    3,191
    
    
    
    425
    
    
    1985
    
    (n)1840 Hutton Drive
    
    (j)
    
    Carrollton, TX
    
    
    
    
    811
    
    
    
    4,597
    
    
    
    539
    
    
    
    819
    
    
    
    5,128
    
    
    
    5,947
    
    
    
    521
    
    
    1986
    
    (n)1420 Valwood Pkwy  Bldg II
    
    
    
    Carrollton, TX
    
    
    
    
    373
    
    
    
    2,116
    
    
    
    358
    
    
    
    377
    
    
    
    2,470
    
    
    
    2,847
    
    
    
    273
    
    
    1986
    
    (n)2015 McKenzie Drive
    
    
    
    Carrollton, TX
    
    
    
    
    510
    
    
    
    2,891
    
    
    
    459
    
    
    
    516
    
    
    
    3,344
    
    
    
    3,860
    
    
    
    375
    
    
    1986
    
    (n)2105 McDaniel Drive
    
    
    
    Carrollton, TX
    
    
    
    
    502
    
    
    
    2,844
    
    
    
    734
    
    
    
    507
    
    
    
    3,573
    
    
    
    4,080
    
    
    
    342
    
    
    1986
    
    (n)2009 McKenzie Drive
    
    
    
    Carrollton, TX
    
    
    
    
    476
    
    
    
    2,699
    
    
    
    350
    
    
    
    481
    
    
    
    3,044
    
    
    
    3,525
    
    
    
    337
    
    
    1987
    
    (n)1505 Luna Road  Bldg I
    
    
    
    Carrollton, TX
    
    
    
    
    521
    
    
    
    2,953
    
    
    
    211
    
    
    
    529
    
    
    
    3,156
    
    
    
    3,685
    
    
    
    278
    
    
    1988
    
    (n)900-1100 Avenue S
    
    
    
    Grand Prairie, TX
    
    
    
    
    623
    
    
    
    3,528
    
    
    
    337
    
    
    
    629
    
    
    
    3,859
    
    
    
    4,488
    
    
    
    295
    
    
    1985
    
    (n)15001 Trinity Blvd
    
    
    
    Ft. Worth, TX
    
    
    
    
    529
    
    
    
    2,998
    
    
    
    44
    
    
    
    534
    
    
    
    3,037
    
    
    
    3,571
    
    
    
    177
    
    
    1984
    
    (n)Plano Crossing
    
    (l)
    
    Plano, TX
    
    
    
    
    1,961
    
    
    
    11,112
    
    
    
    134
    
    
    
    1,981
    
    
    
    11,226
    
    
    
    13,207
    
    
    
    655
    
    
    1998
    
    (n)7413A-C Dogwood Park
    
    
    
    Richland Hills, TX
    
    
    
    
    110
    
    
    
    623
    
    
    
    102
    
    
    
    111
    
    
    
    724
    
    
    
    835
    
    
    
    39
    
    
    1990
    
    (n)7450 Tower Street
    
    
    
    Richland Hills, TX
    
    
    
    
    36
    
    
    
    204
    
    
    
    4
    
    
    
    36
    
    
    
    208
    
    
    
    244
    
    
    
    13
    
    
    1977
    
    (n)7436 Tower Street
    
    
    
    Richland Hills, TX
    
    
    
    
    57
    
    
    
    324
    
    
    
    61
    
    
    
    58
    
    
    
    384
    
    
    
    442
    
    
    
    25
    
    
    1979
    
    (n)7501 Airport Freeway
    
    
    
    Richland Hills, TX
    
    
    
    
    113
    
    
    
    638
    
    
    
    50
    
    
    
    115
    
    
    
    686
    
    
    
    801
    
    
    
    44
    
    
    1983
    
    (n)7426 Tower Street
    
    
    
    Richland Hills, TX
    
    
    
    
    76
    
    
    
    429
    
    
    
    6
    
    
    
    76
    
    
    
    435
    
    
    
    511
    
    
    
    25
    
    
    1978
    
    (n)7427-7429 Tower Street
    
    
    
    Richland Hills, TX
    
    
    
    
    75
    
    
    
    427
    
    
    
    15
    
    
    
    76
    
    
    
    441
    
    
    
    517
    
    
    
    25
    
    
    1981
    
    (n)2840-2842 Handley Ederville Rd
    
    
    
    Richland Hills, TX
    
    
    
    
    112
    
    
    
    635
    
    
    
    15
    
    
    
    113
    
    
    
    649
    
    
    
    762
    
    
    
    38
    
    
    1977
    
    (n)7451-7477 Airport Freeway
    
    
    
    Richland Hills, TX
    
    
    
    
    256
    
    
    
    1,453
    
    
    
    150
    
    
    
    259
    
    
    
    1,600
    
    
    
    1,859
    
    
    
    116
    
    
    1984
    
    (n)7415 Whitehall Street
    
    
    
    Richland Hills, TX
    
    
    
    
    372
    
    
    
    2,107
    
    
    
    88
    
    
    
    375
    
    
    
    2,192
    
    
    
    2,567
    
    
    
    139
    
    
    1986
    
    (n)7450 Whitehall Street
    
    
    
    Richland Hills, TX
    
    
    
    
    104
    
    
    
    591
    
    
    
    10
    
    
    
    105
    
    
    
    600
    
    
    
    705
    
    
    
    34
    
    
    1978
    
    (n)7430 Whitehall Street
    
    
    
    Richland Hills, TX
    
    
    
    
    143
    
    
    
    809
    
    
    
    14
    
    
    
    144
    
    
    
    822
    
    
    
    966
    
    
    
    47
    
    
    1985
    
    (n)7420 Whitehall Street
    
    
    
    Richland Hills, TX
    
    
    
    
    110
    
    
    
    621
    
    
    
    23
    
    
    
    111
    
    
    
    643
    
    
    
    754
    
    
    
    41
    
    
    1985
    
    (n)300 Wesley Way
    
    
    
    Richland Hills, TX
    
    
    
    
    208
    
    
    
    1,181
    
    
    
    18
    
    
    
    211
    
    
    
    1,196
    
    
    
    1,407
    
    
    
    68
    
    
    1995
    
    (n)825-827 Avenue H
    
    (j), (q)
    
    Arlington, TX
    
    
    
    
    600
    
    
    
    3,006
    
    
    
    95
    
    
    
    604
    
    
    
    3,097
    
    
    
    3,701
    
    
    
    53
    
    
    1979
    
    (n)1013-31 Avenue M
    
    (q)
    
    Grand Prairie, TX
    
    
    
    
    300
    
    
    
    1,504
    
    
    
    17
    
    
    
    302
    
    
    
    1,519
    
    
    
    1,821
    
    
    
    26
    
    
    1978
    
    (n)1172-84 113th Street
    
    (j)
    
    Grand Prairie, TX
    
    
    
    
    700
    
    
    
    3,509
    
    
    
    34
    
    
    
    705
    
    
    
    3,538
    
    
    
    4,243
    
    
    
    52
    
    
    1980
    
    (n)1200-16 Avenue H
    
    (j)
    
    Arlington, TX
    
    
    
    
    600
    
    
    
    2,846
    
    
    
    42
    
    
    
    604
    
    
    
    2,884
    
    
    
    3,488
    
    
    
    47
    
    
    1981/82
    
    (n)1322-66 N. Carrier Parkway
    
    (k)
    
    Grand Prairie, TX
    
    
    
    
    1,000
    
    
    
    5,012
    
    
    
    52
    
    
    
    1,006
    
    
    
    5,058
    
    
    
    6,064
    
    
    
    74
    
    
    1979
    
    (n)2401-2407 Centennial Dr.
    
    
    
    Arlington, TX
    
    
    
    
    600
    
    
    
    2,534
    
    
    
    64
    
    
    
    604
    
    
    
    2,594
    
    
    
    3,198
    
    
    
    45
    
    
    1977
    
    (n)3111 West Commerce Street
    
    
    
    Dallas, TX
    
    
    
    
    1,000
    
    
    
    3,364
    
    
    
    43
    
    
    
    1,011
    
    
    
    3,396
    
    
    
    4,407
    
    
    
    17
    
    
    1979
    
    (n)2104 Hutton Drive
    
    
    
    Carrollton, TX
    
    
    
    
    246
    
    
    
    1,393
    
    
    
    59
    
    
    
    249
    
    
    
    1,449
    
    
    
    1,698
    
    
    
    157
    
    
    1990
    
    (n)7451 Dogwood Park
    
    
    
    Richland Hills, TX
    
    
    
    
    133
    
    
    
    753
    
    
    
    195
    
    
    
    134
    
    
    
    947
    
    
    
    1,081
    
    
    
    103
    
    
    1977
    
    (n)2821 Cullen Street
    
    
    
    Fort Worth, TX
    
    
    
    
    71
    
    
    
    404
    
    
    
    6
    
    
    
    72
    
    
    
    409
    
    
    
    481
    
    
    
    23
    
    
    1961
    
    (n)1500 Broad Street
    
    
    
    Mansfield, TX
    
    
    
    
    250
    
    
    
    1,617
    
    
    
    288
    
    
    
    301
    
    
    
    1,854
    
    
    
    2,155
    
    
    
    57
    
    
    1969/92
    
    (n)2301 Centennail Dr.
    
    
    
    Arlington, TX
    
    
    
    
    600
    
    
    
    2,377
    
    
    
    19
    
    
    
    603
    
    
    
    2,393
    
    
    
    2,996
    
    
    
    38
    
    
    1970
    
    (n)
 S-4




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)Denver7100 North Broadway - 1
    
    
    
    Denver, CO
    
    
    
    
    201
    
    
    
    1,141
    
    
    
    418
    
    
    
    215
    
    
    
    1,545
    
    
    
    1,760
    
    
    
    372
    
    
    1978
    
    (n)7100 North Broadway - 2
    
    
    
    Denver, CO
    
    
    
    
    203
    
    
    
    1,150
    
    
    
    353
    
    
    
    204
    
    
    
    1,502
    
    
    
    1,706
    
    
    
    397
    
    
    1978
    
    (n)7100 North Broadway - 3
    
    
    
    Denver, CO
    
    
    
    
    139
    
    
    
    787
    
    
    
    239
    
    
    
    140
    
    
    
    1,025
    
    
    
    1,165
    
    
    
    279
    
    
    1978
    
    (n)7100 North Broadway - 5
    
    
    
    Denver, CO
    
    
    
    
    180
    
    
    
    1,018
    
    
    
    219
    
    
    
    178
    
    
    
    1,239
    
    
    
    1,417
    
    
    
    310
    
    
    1978
    
    (n)7100 North Broadway - 6
    
    
    
    Denver, CO
    
    
    
    
    269
    
    
    
    1,526
    
    
    
    475
    
    
    
    271
    
    
    
    1,999
    
    
    
    2,270
    
    
    
    503
    
    
    1978
    
    (n)20100 East 32nd Avenue Parkway
    
    
    
    Aurora, CO
    
    
    
    
    333
    
    
    
    1,888
    
    
    
    250
    
    
    
    314
    
    
    
    2,157
    
    
    
    2,471
    
    
    
    556
    
    
    1997
    
    (n)5454 Washington
    
    
    
    Denver, CO
    
    
    
    
    154
    
    
    
    873
    
    
    
    252
    
    
    
    156
    
    
    
    1,123
    
    
    
    1,279
    
    
    
    256
    
    
    1985
    
    (n)700 West 48th Street
    
    
    
    Denver, CO
    
    
    
    
    302
    
    
    
    1,711
    
    
    
    309
    
    
    
    307
    
    
    
    2,015
    
    
    
    2,322
    
    
    
    407
    
    
    1984
    
    (n)702 West 48th Street
    
    
    
    Denver, CO
    
    
    
    
    135
    
    
    
    763
    
    
    
    214
    
    
    
    139
    
    
    
    973
    
    
    
    1,112
    
    
    
    268
    
    
    1984
    
    (n)6425 North Washington
    
    
    
    Denver, CO
    
    
    
    
    374
    
    
    
    2,118
    
    
    
    377
    
    
    
    385
    
    
    
    2,484
    
    
    
    2,869
    
    
    
    536
    
    
    1983
    
    (n)3370 North Peoria Street
    
    
    
    Aurora, CO
    
    
    
    
    163
    
    
    
    924
    
    
    
    201
    
    
    
    163
    
    
    
    1,125
    
    
    
    1,288
    
    
    
    343
    
    
    1978
    
    (n)3390 North Peoria Street
    
    
    
    Aurora, CO
    
    
    
    
    145
    
    
    
    822
    
    
    
    100
    
    
    
    147
    
    
    
    920
    
    
    
    1,067
    
    
    
    191
    
    
    1978
    
    (n)3508-3538 North Peoria Street
    
    
    
    Aurora, CO
    
    
    
    
    260
    
    
    
    1,472
    
    
    
    448
    
    
    
    264
    
    
    
    1,916
    
    
    
    2,180
    
    
    
    405
    
    
    1978
    
    (n)3568 North Peoria Street
    
    
    
    Aurora, CO
    
    
    
    
    222
    
    
    
    1,260
    
    
    
    288
    
    
    
    225
    
    
    
    1,545
    
    
    
    1,770
    
    
    
    365
    
    
    1978
    
    (n)4785 Elati
    
    
    
    Denver, CO
    
    
    
    
    173
    
    
    
    981
    
    
    
    249
    
    
    
    175
    
    
    
    1,228
    
    
    
    1,403
    
    
    
    308
    
    
    1972
    
    (n)4770 Fox Street
    
    
    
    Denver, CO
    
    
    
    
    132
    
    
    
    750
    
    
    
    60
    
    
    
    134
    
    
    
    808
    
    
    
    942
    
    
    
    170
    
    
    1972
    
    (n)1550 W. Evans
    
    
    
    Denver, CO
    
    
    
    
    388
    
    
    
    2,200
    
    
    
    434
    
    
    
    385
    
    
    
    2,637
    
    
    
    3,022
    
    
    
    503
    
    
    1975
    
    (n)3751-71 Revere Street
    
    
    
    Denver, CO
    
    
    
    
    262
    
    
    
    1,486
    
    
    
    234
    
    
    
    267
    
    
    
    1,715
    
    
    
    1,982
    
    
    
    330
    
    
    1980
    
    (n)3871 Revere
    
    
    
    Denver, CO
    
    
    
    
    361
    
    
    
    2,047
    
    
    
    422
    
    
    
    368
    
    
    
    2,462
    
    
    
    2,830
    
    
    
    407
    
    
    1980
    
    (n)4570 Ivy Street
    
    
    
    Denver, CO
    
    
    
    
    219
    
    
    
    1,239
    
    
    
    288
    
    
    
    220
    
    
    
    1,526
    
    
    
    1,746
    
    
    
    390
    
    
    1985
    
    (n)5855 Stapleton Drive North
    
    
    
    Denver, CO
    
    
    
    
    288
    
    
    
    1,630
    
    
    
    247
    
    
    
    290
    
    
    
    1,875
    
    
    
    2,165
    
    
    
    364
    
    
    1985
    
    (n)5885 Stapleton Drive North
    
    
    
    Denver, CO
    
    
    
    
    376
    
    
    
    2,129
    
    
    
    246
    
    
    
    380
    
    
    
    2,371
    
    
    
    2,751
    
    
    
    461
    
    
    1985
    
    (n)5977-5995 North Broadway
    
    
    
    Denver, CO
    
    
    
    
    268
    
    
    
    1,518
    
    
    
    241
    
    
    
    271
    
    
    
    1,756
    
    
    
    2,027
    
    
    
    325
    
    
    1978
    
    (n)2952-5978 North Broadway
    
    
    
    Denver, CO
    
    
    
    
    414
    
    
    
    2,346
    
    
    
    733
    
    
    
    422
    
    
    
    3,071
    
    
    
    3,493
    
    
    
    644
    
    
    1978
    
    (n)4721 Ironton Street
    
    
    
    Denver, CO
    
    
    
    
    232
    
    
    
    1,313
    
    
    
    1,518
    
    
    
    236
    
    
    
    2,827
    
    
    
    3,063
    
    
    
    739
    
    
    1969
    
    (n)7100 North Broadway - 7
    
    
    
    Denver, CO
    
    
    
    
    215
    
    
    
    1,221
    
    
    
    266
    
    
    
    217
    
    
    
    1,485
    
    
    
    1,702
    
    
    
    362
    
    
    1985
    
    (n)7100 North Broadway - 8
    
    
    
    Denver, CO
    
    
    
    
    79
    
    
    
    448
    
    
    
    211
    
    
    
    80
    
    
    
    658
    
    
    
    738
    
    
    
    223
    
    
    1985
    
    (n)6804 East 48th Avenue
    
    
    
    Denver, CO
    
    
    
    
    253
    
    
    
    1,435
    
    
    
    266
    
    
    
    256
    
    
    
    1,698
    
    
    
    1,954
    
    
    
    313
    
    
    1973
    
    (n)445 Bryant Street
    
    
    
    Denver, CO
    
    
    
    
    1,831
    
    
    
    10,219
    
    
    
    1,670
    
    
    
    1,829
    
    
    
    11,891
    
    
    
    13,720
    
    
    
    2,064
    
    
    1960
    
    (n)East 47th Drive  A
    
    
    
    Denver, CO
    
    
    
    
    474
    
    
    
    2,689
    
    
    
    112
    
    
    
    441
    
    
    
    2,834
    
    
    
    3,275
    
    
    
    643
    
    
    1997
    
    (n)9500 West 49th Street  A
    
    
    
    Wheatridge, CO
    
    
    
    
    283
    
    
    
    1,625
    
    
    
    279
    
    
    
    286
    
    
    
    1,901
    
    
    
    2,187
    
    
    
    364
    
    
    1997
    
    (n)9500 West 49th Street  B
    
    
    
    Wheatridge, CO
    
    
    
    
    225
    
    
    
    1,272
    
    
    
    33
    
    
    
    226
    
    
    
    1,304
    
    
    
    1,530
    
    
    
    242
    
    
    1997
    
    (n)9500 West 49th Street  C
    
    
    
    Wheatridge, CO
    
    
    
    
    602
    
    
    
    3,409
    
    
    
    98
    
    
    
    600
    
    
    
    3,509
    
    
    
    4,109
    
    
    
    658
    
    
    1997
    
    (n)9500 West 49th Street  D
    
    
    
    Wheatridge, CO
    
    
    
    
    271
    
    
    
    1,537
    
    
    
    181
    
    
    
    246
    
    
    
    1,743
    
    
    
    1,989
    
    
    
    495
    
    
    1997
    
    (n)8100 South Park Way  A
    
    
    
    Littleton, CO
    
    
    
    
    442
    
    
    
    2,507
    
    
    
    71
    
    
    
    423
    
    
    
    2,597
    
    
    
    3,020
    
    
    
    490
    
    
    1997
    
    (n)8100 South Park Way  B
    
    
    
    Littleton, CO
    
    
    
    
    103
    
    
    
    582
    
    
    
    291
    
    
    
    104
    
    
    
    872
    
    
    
    976
    
    
    
    272
    
    
    1984
    
    (n)8100 South Park Way  C
    
    
    
    Littleton, CO
    
    
    
    
    568
    
    
    
    3,219
    
    
    
    223
    
    
    
    575
    
    
    
    3,435
    
    
    
    4,010
    
    
    
    610
    
    
    1984
    
    (n)451-591 East 124th Avenue
    
    
    
    Littleton, CO
    
    
    
    
    383
    
    
    
    2,145
    
    
    
    685
    
    
    
    383
    
    
    
    2,830
    
    
    
    3,213
    
    
    
    501
    
    
    1979
    
    (n)608 Garrison Street
    
    
    
    Lakewood, CO
    
    
    
    
    265
    
    
    
    1,501
    
    
    
    404
    
    
    
    267
    
    
    
    1,903
    
    
    
    2,170
    
    
    
    364
    
    
    1984
    
    (n)610 Garrison Street
    
    
    
    Lakewood, CO
    
    
    
    
    264
    
    
    
    1,494
    
    
    
    404
    
    
    
    266
    
    
    
    1,896
    
    
    
    2,162
    
    
    
    387
    
    
    1984
    
    (n)15000 West 6th Avenue
    
    
    
    Golden, CO
    
    
    
    
    913
    
    
    
    5,174
    
    
    
    876
    
    
    
    916
    
    
    
    6,047
    
    
    
    6,963
    
    
    
    1,242
    
    
    1985
    
    (n)14998 West 6th Avenue Bldg E
    
    
    
    Golden, CO
    
    
    
    
    565
    
    
    
    3,199
    
    
    
    272
    
    
    
    568
    
    
    
    3,468
    
    
    
    4,036
    
    
    
    691
    
    
    1995
    
    (n)14998 West 6th Avenue Bldg F
    
    
    
    Englewood, CO
    
    
    
    
    269
    
    
    
    1,525
    
    
    
    222
    
    
    
    271
    
    
    
    1,745
    
    
    
    2,016
    
    
    
    440
    
    
    1995
    
    (n)12503 East Euclid Drive
    
    
    
    Denver, CO
    
    
    
    
    1,219
    
    
    
    6,905
    
    
    
    676
    
    
    
    1,208
    
    
    
    7,592
    
    
    
    8,800
    
    
    
    1,529
    
    
    1986
    
    (n)6547 South Racine Circle
    
    
    
    Denver, CO
    
    
    
    
    748
    
    
    
    4,241
    
    
    
    313
    
    
    
    739
    
    
    
    4,563
    
    
    
    5,302
    
    
    
    1,095
    
    
    1996
    
    (n)7800 East Iliff Avenue
    
    
    
    Denver, CO
    
    
    
    
    188
    
    
    
    1,067
    
    
    
    96
    
    
    
    190
    
    
    
    1,161
    
    
    
    1,351
    
    
    
    225
    
    
    1983
    
    (n)2369 South Trenton Way
    
    
    
    Denver, CO
    
    
    
    
    292
    
    
    
    1,656
    
    
    
    247
    
    
    
    294
    
    
    
    1,901
    
    
    
    2,195
    
    
    
    446
    
    
    1983
    
    (n)2422 S. Trenton Way
    
    
    
    Denver, CO
    
    
    
    
    241
    
    
    
    1,364
    
    
    
    209
    
    
    
    243
    
    
    
    1,571
    
    
    
    1,814
    
    
    
    301
    
    
    1983
    
    (n)2452 South Trenton Way
    
    
    
    Denver, CO
    
    
    
    
    421
    
    
    
    2,386
    
    
    
    151
    
    
    
    426
    
    
    
    2,532
    
    
    
    2,958
    
    
    
    486
    
    
    1983
    
    (n)1600 South Abilene
    
    
    
    Aurora, CO
    
    
    
    
    465
    
    
    
    2,633
    
    
    
    89
    
    
    
    467
    
    
    
    2,720
    
    
    
    3,187
    
    
    
    511
    
    
    1986
    
    (n)1620 South Abilene
    
    
    
    Aurora, CO
    
    
    
    
    268
    
    
    
    1,520
    
    
    
    123
    
    
    
    270
    
    
    
    1,641
    
    
    
    1,911
    
    
    
    347
    
    
    1986
    
    (n)1640 South Abilene
    
    
    
    Aurora, CO
    
    
    
    
    368
    
    
    
    2,085
    
    
    
    142
    
    
    
    382
    
    
    
    2,213
    
    
    
    2,595
    
    
    
    424
    
    
    1986
    
    (n)13900 East Florida Ave
    
    
    
    Aurora, CO
    
    
    
    
    189
    
    
    
    1,071
    
    
    
    89
    
    
    
    190
    
    
    
    1,159
    
    
    
    1,349
    
    
    
    229
    
    
    1986
    
    (n)14401-14492 East 33rd Place
    
    
    
    Aurora, CO
    
    
    
    
    445
    
    
    
    2,519
    
    
    
    241
    
    
    
    440
    
    
    
    2,765
    
    
    
    3,205
    
    
    
    552
    
    
    1979
    
    (n)11701 East 53rd Avenue
    
    
    
    Denver, CO
    
    
    
    
    416
    
    
    
    2,355
    
    
    
    118
    
    
    
    422
    
    
    
    2,467
    
    
    
    2,889
    
    
    
    447
    
    
    1985
    
    (n)5401 Oswego Street
    
    
    
    Denver, CO
    
    
    
    
    273
    
    
    
    1,547
    
    
    
    397
    
    
    
    278
    
    
    
    1,939
    
    
    
    2,217
    
    
    
    452
    
    
    1985
    
    (n)3811 Joilet
    
    (q)
    
    Denver, CO
    
    
    
    
    735
    
    
    
    4,166
    
    
    
    238
    
    
    
    752
    
    
    
    4,387
    
    
    
    5,139
    
    
    
    793
    
    
    1977
    
    (n)2630 West 2nd Avenue
    
    
    
    Denver, CO
    
    
    
    
    51
    
    
    
    286
    
    
    
    81
    
    
    
    51
    
    
    
    367
    
    
    
    418
    
    
    
    58
    
    
    1970
    
    (n)2650 West 2nd Avenue
    
    
    
    Denver, CO
    
    
    
    
    221
    
    
    
    1,252
    
    
    
    90
    
    
    
    223
    
    
    
    1,340
    
    
    
    1,563
    
    
    
    260
    
    
    1970
    
    (n)14818 West 6th Avenue Bldg A
    
    
    
    Golden, CO
    
    
    
    
    494
    
    
    
    2,799
    
    
    
    327
    
    
    
    468
    
    
    
    3,152
    
    
    
    3,620
    
    
    
    740
    
    
    1985
    
    (n)14828 West 6th Avenue Bldg B
    
    
    
    Golden, CO
    
    
    
    
    519
    
    
    
    2,942
    
    
    
    510
    
    
    
    503
    
    
    
    3,468
    
    
    
    3,971
    
    
    
    683
    
    
    1985
    
    (n)12055 E 49th Ave/4955 Peoria
    
    
    
    Denver, CO
    
    
    
    
    298
    
    
    
    1,688
    
    
    
    559
    
    
    
    305
    
    
    
    2,240
    
    
    
    2,545
    
    
    
    501
    
    
    1984
    
    (n)4940-4950 Paris
    
    
    
    Denver, CO
    
    
    
    
    152
    
    
    
    861
    
    
    
    73
    
    
    
    156
    
    
    
    930
    
    
    
    1,086
    
    
    
    167
    
    
    1984
    
    (n)4970 Paris
    
    
    
    Denver, CO
    
    
    
    
    95
    
    
    
    537
    
    
    
    88
    
    
    
    97
    
    
    
    623
    
    
    
    720
    
    
    
    116
    
    
    1984
    
    (n)5010 Paris
    
    
    
    Denver, CO
    
    
    
    
    89
    
    
    
    505
    
    
    
    224
    
    
    
    91
    
    
    
    727
    
    
    
    818
    
    
    
    122
    
    
    1984
    
    (n)7367 South Revere Parkway
    
    
    
    Englewood, CO
    
    
    
    
    926
    
    
    
    5,124
    
    
    
    208
    
    
    
    934
    
    
    
    5,324
    
    
    
    6,258
    
    
    
    963
    
    
    1997
    
    (n)8200 East Park Meadows Drive
    
    (j)
    
    Lone Tree, CO
    
    
    
    
    1,297
    
    
    
    7,348
    
    
    
    898
    
    
    
    1,304
    
    
    
    8,239
    
    
    
    9,543
    
    
    
    990
    
    
    1984
    
    (n)3250 Quentin
    
    (j)
    
    Aurora, CO
    
    
    
    
    1,220
    
    
    
    6,911
    
    
    
    469
    
    
    
    1,230
    
    
    
    7,370
    
    
    
    8,600
    
    
    
    856
    
    
    1984/2000
    
    (n)11585 E. 53rd Ave.
    
    (j)
    
    Denver, CO
    
    
    
    
    1,770
    
    
    
    10,030
    
    
    
    501
    
    
    
    1,780
    
    
    
    10,521
    
    
    
    12,301
    
    
    
    884
    
    
    1984
    
    (n)10500 East 54th Ave.
    
    (k)
    
    Denver, CO
    
    
    
    
    1,253
    
    
    
    7,098
    
    
    
    544
    
    
    
    1,260
    
    
    
    7,635
    
    
    
    8,895
    
    
    
    680
    
    
    1986
    
    (n)8835 W. 116th Street
    
    
    
    Broomfield, CO
    
    
    
    
    1,151
    
    
    
    6,523
    
    
    
    691
    
    
    
    1,304
    
    
    
    7,061
    
    
    
    8,365
    
    
    
    332
    
    
    2002
    
    (n)3101-3151 S. Platte River Dr.
    
    
    
    Englewood, CO
    
    
    
    
    2,500
    
    
    
    8,549
    
    
    
    89
    
    
    
    2,504
    
    
    
    8,634
    
    
    
    11,138
    
    
    
    202
    
    
    1974
    
    (n)3155-3199 S. Platte River Dr.
    
    
    
    Englewood, CO
    
    
    
    
    1,700
    
    
    
    7,787
    
    
    
    13
    
    
    
    1,702
    
    
    
    7,798
    
    
    
    9,500
    
    
    
    188
    
    
    1974
    
    (n)3201-3273 S. Platte River Dr.
    
    
    
    Englewood, CO
    
    
    
    
    1,600
    
    
    
    6,592
    
    
    
    11
    
    
    
    1,602
    
    
    
    6,601
    
    
    
    8,203
    
    
    
    172
    
    
    1974
    
    (n)18150 E. 32nd Street
    
    
    
    Aurora, CO
    
    
    
    
    563
    
    
    
    3,188
    
    
    
    994
    
    
    
    572
    
    
    
    4,173
    
    
    
    4,745
    
    
    
    445
    
    
    2000
    
    (n)
 S-5




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)8820 W. 116th Street
    
    (q)
    
    Broomfield, CO
    
    
    
    
    338
    
    
    
    1,918
    
    
    
    62
    
    
    
    372
    
    
    
    1,946
    
    
    
    2,318
    
    
    
    88
    
    
    2001
    
    (n)Hilltop Business Center I  Bldg. B
    
    (q)
    
    Littleton, CO
    
    
    
    
    751
    
    
    
    
    
    
    
    3,634
    
    
    
    739
    
    
    
    3,646
    
    
    
    4,385
    
    
    
    220
    
    
    2001
    
    (n)Jeffco Business Center A
    
    (q)
    
    Broomfield, CO
    
    
    
    
    312
    
    
    
    
    
    
    
    1,687
    
    
    
    370
    
    
    
    1,629
    
    
    
    1,999
    
    
    
    135
    
    
    2001
    
    (n)Park Centre A
    
    (q)
    
    Westminister, CO
    
    
    
    
    441
    
    
    
    
    
    
    
    3,999
    
    
    
    441
    
    
    
    3,999
    
    
    
    4,440
    
    
    
    298
    
    
    2001
    
    (n)Park Centre B
    
    (q)
    
    Westminister, CO
    
    
    
    
    374
    
    
    
    
    
    
    
    3,108
    
    
    
    374
    
    
    
    3,108
    
    
    
    3,482
    
    
    
    271
    
    
    2001
    
    (n)Park Centre C
    
    (q)
    
    Westminister, CO
    
    
    
    
    374
    
    
    
    
    
    
    
    3,022
    
    
    
    374
    
    
    
    3,022
    
    
    
    3,396
    
    
    
    237
    
    
    2001
    
    (n)Park Centre D
    
    (q)
    
    Westminister, CO
    
    
    
    
    441
    
    
    
    
    
    
    
    3,757
    
    
    
    441
    
    
    
    3,757
    
    
    
    4,198
    
    
    
    281
    
    
    2001
    
    (n)Des
Moines720
Alexender War
    
    (q)
    
    North Liberty, IA
    
    
    
    
    1,300
    
    
    
    
    
    
    
    16,930
    
    
    
    1,300
    
    
    
    16,930
    
    
    
    18,320
    
    
    
    35
    
    
    2004
    
    (n)Detroit238 Executive Drive
    
    
    
    Troy, MI
    
    
    
    
    52
    
    
    
    173
    
    
    
    562
    
    
    
    100
    
    
    
    687
    
    
    
    787
    
    
    
    513
    
    
    1973
    
    (n)256 Executive Drive
    
    
    
    Troy, MI
    
    
    
    
    44
    
    
    
    146
    
    
    
    442
    
    
    
    85
    
    
    
    547
    
    
    
    632
    
    
    
    414
    
    
    1974
    
    (n)301 Executive Drive
    
    
    
    Troy, MI
    
    
    
    
    71
    
    
    
    293
    
    
    
    762
    
    
    
    133
    
    
    
    993
    
    
    
    1,126
    
    
    
    693
    
    
    1974
    
    (n)449 Executive Drive
    
    
    
    Troy, MI
    
    
    
    
    125
    
    
    
    425
    
    
    
    1,037
    
    
    
    218
    
    
    
    1,369
    
    
    
    1,587
    
    
    
    937
    
    
    1975
    
    (n)501 Executive Drive
    
    
    
    Troy, MI
    
    
    
    
    71
    
    
    
    236
    
    
    
    713
    
    
    
    129
    
    
    
    891
    
    
    
    1,020
    
    
    
    449
    
    
    1984
    
    (n)451 Robbins Drive
    
    
    
    Troy, MI
    
    
    
    
    96
    
    
    
    448
    
    
    
    1,001
    
    
    
    192
    
    
    
    1,353
    
    
    
    1,545
    
    
    
    969
    
    
    1975
    
    (n)1095 Crooks Road
    
    
    
    Troy, MI
    
    
    
    
    331
    
    
    
    1,017
    
    
    
    1,033
    
    
    
    360
    
    
    
    2,021
    
    
    
    2,381
    
    
    
    1,114
    
    
    1986
    
    (n)1416 Meijer Drive
    
    
    
    Troy, MI
    
    
    
    
    94
    
    
    
    394
    
    
    
    391
    
    
    
    121
    
    
    
    758
    
    
    
    879
    
    
    
    504
    
    
    1980
    
    (n)1624 Meijer Drive
    
    
    
    Troy, MI
    
    
    
    
    236
    
    
    
    1,406
    
    
    
    995
    
    
    
    373
    
    
    
    2,264
    
    
    
    2,637
    
    
    
    1,363
    
    
    1984
    
    (n)1972 Meijer Drive
    
    
    
    Troy, MI
    
    
    
    
    315
    
    
    
    1,301
    
    
    
    721
    
    
    
    372
    
    
    
    1,965
    
    
    
    2,337
    
    
    
    1,082
    
    
    1985
    
    (n)1621 Northwood Drive
    
    
    
    Troy, MI
    
    
    
    
    85
    
    
    
    351
    
    
    
    1,040
    
    
    
    215
    
    
    
    1,261
    
    
    
    1,476
    
    
    
    1,012
    
    
    1977
    
    (n)1707 Northwood Drive
    
    
    
    Troy, MI
    
    
    
    
    95
    
    
    
    262
    
    
    
    1,221
    
    
    
    239
    
    
    
    1,339
    
    
    
    1,578
    
    
    
    781
    
    
    1983
    
    (n)1788 Northwood Drive
    
    
    
    Troy, MI
    
    
    
    
    50
    
    
    
    196
    
    
    
    599
    
    
    
    103
    
    
    
    742
    
    
    
    845
    
    
    
    497
    
    
    1977
    
    (n)1821 Northwood Drive
    
    
    
    Troy, MI
    
    
    
    
    132
    
    
    
    523
    
    
    
    743
    
    
    
    220
    
    
    
    1,178
    
    
    
    1,398
    
    
    
    915
    
    
    1977
    
    (n)1826 Northwood Drive
    
    
    
    Troy, MI
    
    
    
    
    55
    
    
    
    208
    
    
    
    395
    
    
    
    103
    
    
    
    555
    
    
    
    658
    
    
    
    431
    
    
    1977
    
    (n)1864 Northwood Drive
    
    
    
    Troy, MI
    
    
    
    
    57
    
    
    
    190
    
    
    
    470
    
    
    
    107
    
    
    
    610
    
    
    
    717
    
    
    
    482
    
    
    1977
    
    (n)2277 Elliott Avenue
    
    
    
    Troy, MI
    
    
    
    
    48
    
    
    
    188
    
    
    
    533
    
    
    
    104
    
    
    
    665
    
    
    
    769
    
    
    
    475
    
    
    1975
    
    (n)2451 Elliott Avenue
    
    
    
    Troy, MI
    
    
    
    
    78
    
    
    
    319
    
    
    
    839
    
    
    
    164
    
    
    
    1,072
    
    
    
    1,236
    
    
    
    834
    
    
    1974
    
    (n)2730 Research Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    915
    
    
    
    4,215
    
    
    
    747
    
    
    
    903
    
    
    
    4,974
    
    
    
    5,877
    
    
    
    2,754
    
    
    1988
    
    (n)2791 Research Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    557
    
    
    
    2,731
    
    
    
    443
    
    
    
    560
    
    
    
    3,171
    
    
    
    3,731
    
    
    
    1,503
    
    
    1991
    
    (n)2871 Research Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    324
    
    
    
    1,487
    
    
    
    378
    
    
    
    327
    
    
    
    1,862
    
    
    
    2,189
    
    
    
    887
    
    
    1991
    
    (n)2911 Research Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    505
    
    
    
    2,136
    
    
    
    539
    
    
    
    504
    
    
    
    2,676
    
    
    
    3,180
    
    
    
    1,271
    
    
    1992
    
    (n)3011 Research Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    457
    
    
    
    2,104
    
    
    
    349
    
    
    
    457
    
    
    
    2,453
    
    
    
    2,910
    
    
    
    1,318
    
    
    1988
    
    (n)2870 Technology Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    275
    
    
    
    1,262
    
    
    
    237
    
    
    
    279
    
    
    
    1,495
    
    
    
    1,774
    
    
    
    804
    
    
    1988
    
    (n)2900 Technology Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    214
    
    
    
    977
    
    
    
    438
    
    
    
    219
    
    
    
    1,410
    
    
    
    1,629
    
    
    
    710
    
    
    1992
    
    (n)2920 Technology Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    159
    
    
    
    671
    
    
    
    144
    
    
    
    153
    
    
    
    821
    
    
    
    974
    
    
    
    398
    
    
    1992
    
    (n)2930 Technology Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    131
    
    
    
    594
    
    
    
    441
    
    
    
    138
    
    
    
    1,028
    
    
    
    1,166
    
    
    
    474
    
    
    1991
    
    (n)2950 Technology Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    178
    
    
    
    819
    
    
    
    303
    
    
    
    185
    
    
    
    1,115
    
    
    
    1,300
    
    
    
    575
    
    
    1991
    
    (n)23014 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    39
    
    
    
    203
    
    
    
    211
    
    
    
    56
    
    
    
    397
    
    
    
    453
    
    
    
    234
    
    
    1983
    
    (n)23028 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    98
    
    
    
    507
    
    
    
    439
    
    
    
    125
    
    
    
    919
    
    
    
    1,044
    
    
    
    601
    
    
    1983
    
    (n)23035 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    71
    
    
    
    355
    
    
    
    270
    
    
    
    93
    
    
    
    603
    
    
    
    696
    
    
    
    321
    
    
    1983
    
    (n)23042 Commerce Drive
    
    
    
    Farmintgon Hills, MI
    
    
    
    
    67
    
    
    
    277
    
    
    
    375
    
    
    
    89
    
    
    
    630
    
    
    
    719
    
    
    
    371
    
    
    1983
    
    (n)23065 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    71
    
    
    
    408
    
    
    
    217
    
    
    
    93
    
    
    
    603
    
    
    
    696
    
    
    
    358
    
    
    1983
    
    (n)23070 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    112
    
    
    
    442
    
    
    
    735
    
    
    
    125
    
    
    
    1,164
    
    
    
    1,289
    
    
    
    713
    
    
    1983
    
    (n)23079 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    68
    
    
    
    301
    
    
    
    290
    
    
    
    79
    
    
    
    580
    
    
    
    659
    
    
    
    303
    
    
    1983
    
    (n)23093 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    211
    
    
    
    1,024
    
    
    
    788
    
    
    
    295
    
    
    
    1,728
    
    
    
    2,023
    
    
    
    1,017
    
    
    1983
    
    (n)23135 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    146
    
    
    
    701
    
    
    
    283
    
    
    
    158
    
    
    
    972
    
    
    
    1,130
    
    
    
    526
    
    
    1986
    
    (n)23163 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    111
    
    
    
    513
    
    
    
    327
    
    
    
    138
    
    
    
    813
    
    
    
    951
    
    
    
    440
    
    
    1986
    
    (n)23177 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    175
    
    
    
    1,007
    
    
    
    603
    
    
    
    254
    
    
    
    1,531
    
    
    
    1,785
    
    
    
    788
    
    
    1986
    
    (n)23206 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    125
    
    
    
    531
    
    
    
    364
    
    
    
    137
    
    
    
    883
    
    
    
    1,020
    
    
    
    482
    
    
    1985
    
    (n)23370 Commerce Drive
    
    
    
    Farmington Hills, MI
    
    
    
    
    59
    
    
    
    233
    
    
    
    334
    
    
    
    66
    
    
    
    560
    
    
    
    626
    
    
    
    286
    
    
    1980
    
    (n)32450 N Avis Drive
    
    
    
    Madison Heights, MI
    
    
    
    
    281
    
    
    
    1,590
    
    
    
    458
    
    
    
    286
    
    
    
    2,043
    
    
    
    2,329
    
    
    
    641
    
    
    1974
    
    (n)38300 Plymouth Road
    
    
    
    Livonia, MI
    
    
    
    
    729
    
    
    
    
    
    
    
    4,846
    
    
    
    878
    
    
    
    4,697
    
    
    
    5,575
    
    
    
    801
    
    
    1997
    
    (n)12707 Eckles Road
    
    
    
    Plymouth Township, MI
    
    
    
    
    255
    
    
    
    1,445
    
    
    
    110
    
    
    
    267
    
    
    
    1,543
    
    
    
    1,810
    
    
    
    325
    
    
    1990
    
    (n)9300-9328 Harrison Rd
    
    
    
    Romulus, MI
    
    
    
    
    147
    
    
    
    834
    
    
    
    378
    
    
    
    154
    
    
    
    1,205
    
    
    
    1,359
    
    
    
    275
    
    
    1978
    
    (n)9330-9358 Harrison Rd
    
    
    
    Romulus, MI
    
    
    
    
    81
    
    
    
    456
    
    
    
    430
    
    
    
    85
    
    
    
    882
    
    
    
    967
    
    
    
    283
    
    
    1978
    
    (n)28420-28448 Highland Rd
    
    
    
    Romulus, MI
    
    
    
    
    143
    
    
    
    809
    
    
    
    277
    
    
    
    149
    
    
    
    1,080
    
    
    
    1,229
    
    
    
    289
    
    
    1979
    
    (n)28450-28478 Highland Rd
    
    
    
    Romulus, MI
    
    
    
    
    81
    
    
    
    461
    
    
    
    391
    
    
    
    85
    
    
    
    848
    
    
    
    933
    
    
    
    282
    
    
    1979
    
    (n)28421-28449 Highland Rd
    
    
    
    Romulus, MI
    
    
    
    
    109
    
    
    
    617
    
    
    
    374
    
    
    
    114
    
    
    
    986
    
    
    
    1,100
    
    
    
    298
    
    
    1980
    
    (n)28451-28479 Highland Rd
    
    
    
    Romulus, MI
    
    
    
    
    107
    
    
    
    608
    
    
    
    224
    
    
    
    112
    
    
    
    827
    
    
    
    939
    
    
    
    225
    
    
    1980
    
    (n)28825-28909 Highland Rd
    
    
    
    Romulus, MI
    
    
    
    
    70
    
    
    
    395
    
    
    
    280
    
    
    
    73
    
    
    
    672
    
    
    
    745
    
    
    
    176
    
    
    1981
    
    (n)28933-29017 Highland Rd
    
    
    
    Romulus, MI
    
    
    
    
    112
    
    
    
    634
    
    
    
    256
    
    
    
    117
    
    
    
    885
    
    
    
    1,002
    
    
    
    274
    
    
    1982
    
    (n)28824-28908 Highland Rd
    
    
    
    Romulus, MI
    
    
    
    
    134
    
    
    
    760
    
    
    
    428
    
    
    
    140
    
    
    
    1,182
    
    
    
    1,322
    
    
    
    375
    
    
    1982
    
    (n)28932-29016 Highland Rd
    
    
    
    Romulus, MI
    
    
    
    
    123
    
    
    
    694
    
    
    
    447
    
    
    
    128
    
    
    
    1,136
    
    
    
    1,264
    
    
    
    309
    
    
    1982
    
    (n)9710-9734 Harrison Rd
    
    
    
    Romulus, MI
    
    
    
    
    125
    
    
    
    706
    
    
    
    196
    
    
    
    130
    
    
    
    897
    
    
    
    1,027
    
    
    
    218
    
    
    1987
    
    (n)9740-9772 Harrison Rd
    
    
    
    Romulus, MI
    
    
    
    
    132
    
    
    
    749
    
    
    
    243
    
    
    
    138
    
    
    
    986
    
    
    
    1,124
    
    
    
    283
    
    
    1987
    
    (n)9840-9868 Harrison Rd
    
    
    
    Romulus, MI
    
    
    
    
    144
    
    
    
    815
    
    
    
    202
    
    
    
    151
    
    
    
    1,010
    
    
    
    1,161
    
    
    
    256
    
    
    1987
    
    (n)9800-9824 Harrison Rd
    
    
    
    Romulus, MI
    
    
    
    
    117
    
    
    
    664
    
    
    
    200
    
    
    
    123
    
    
    
    858
    
    
    
    981
    
    
    
    255
    
    
    1987
    
    (n)29265-29285 Airport Dr
    
    
    
    Romulus, MI
    
    
    
    
    140
    
    
    
    794
    
    
    
    294
    
    
    
    147
    
    
    
    1,081
    
    
    
    1,228
    
    
    
    299
    
    
    1983
    
    (n)29185-29225 Airport Dr
    
    
    
    Romulus, MI
    
    
    
    
    140
    
    
    
    792
    
    
    
    349
    
    
    
    146
    
    
    
    1,135
    
    
    
    1,281
    
    
    
    303
    
    
    1983
    
    (n)29149-29165 Airport Dr
    
    
    
    Romulus, MI
    
    
    
    
    216
    
    
    
    1,225
    
    
    
    340
    
    
    
    226
    
    
    
    1,555
    
    
    
    1,781
    
    
    
    405
    
    
    1984
    
    (n)29101-29115 Airport Dr
    
    
    
    Romulus, MI
    
    
    
    
    130
    
    
    
    738
    
    
    
    291
    
    
    
    136
    
    
    
    1,023
    
    
    
    1,159
    
    
    
    258
    
    
    1985
    
    (n)29031-29045 Airport Dr
    
    
    
    Romulus, MI
    
    
    
    
    124
    
    
    
    704
    
    
    
    162
    
    
    
    130
    
    
    
    860
    
    
    
    990
    
    
    
    208
    
    
    1985
    
    (n)29050-29062 Airport Dr
    
    
    
    Romulus, MI
    
    
    
    
    127
    
    
    
    718
    
    
    
    218
    
    
    
    133
    
    
    
    930
    
    
    
    1,063
    
    
    
    260
    
    
    1986
    
    (n)29120-29134 Airport Dr
    
    
    
    Romulus, MI
    
    
    
    
    161
    
    
    
    912
    
    
    
    500
    
    
    
    169
    
    
    
    1,404
    
    
    
    1,573
    
    
    
    465
    
    
    1986
    
    (n)
 S-6




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)29200-29214 Airport Dr
    
    
    
    Romulus, MI
    
    
    
    
    170
    
    
    
    963
    
    
    
    348
    
    
    
    178
    
    
    
    1,303
    
    
    
    1,481
    
    
    
    310
    
    
    1985
    
    (n)9301-9339 Middlebelt Rd
    
    
    
    Romulus, MI
    
    
    
    
    124
    
    
    
    703
    
    
    
    213
    
    
    
    130
    
    
    
    910
    
    
    
    1,040
    
    
    
    205
    
    
    1983
    
    (n)26980 Trolley Industrial Drive
    
    
    
    Taylor, MI
    
    
    
    
    450
    
    
    
    2,550
    
    
    
    1,015
    
    
    
    463
    
    
    
    3,552
    
    
    
    4,015
    
    
    
    670
    
    
    1997
    
    (n)32975 Capitol Avenue
    
    
    
    Livonia, MI
    
    
    
    
    135
    
    
    
    748
    
    
    
    344
    
    
    
    144
    
    
    
    1,083
    
    
    
    1,227
    
    
    
    176
    
    
    1978
    
    (n)2725 S. Industrial Highway
    
    
    
    Ann Arbor, MI
    
    
    
    
    660
    
    
    
    3,654
    
    
    
    543
    
    
    
    704
    
    
    
    4,153
    
    
    
    4,857
    
    
    
    872
    
    
    1997
    
    (n)32920 Capitol Avenue
    
    
    
    Livonia, MI
    
    
    
    
    76
    
    
    
    422
    
    
    
    86
    
    
    
    82
    
    
    
    502
    
    
    
    584
    
    
    
    89
    
    
    1973
    
    (n)11923 Brookfield Avenue
    
    
    
    Livonia, MI
    
    
    
    
    120
    
    
    
    665
    
    
    
    459
    
    
    
    128
    
    
    
    1,116
    
    
    
    1,244
    
    
    
    327
    
    
    1973
    
    (n)11965 Brookfield Avenue
    
    
    
    Livonia, MI
    
    
    
    
    120
    
    
    
    665
    
    
    
    78
    
    
    
    128
    
    
    
    735
    
    
    
    863
    
    
    
    130
    
    
    1973
    
    (n)13405 Stark Road
    
    
    
    Livonia, MI
    
    
    
    
    46
    
    
    
    254
    
    
    
    136
    
    
    
    49
    
    
    
    387
    
    
    
    436
    
    
    
    53
    
    
    1980
    
    (n)1170 Chicago Road
    
    
    
    Troy, MI
    
    
    
    
    249
    
    
    
    1,380
    
    
    
    160
    
    
    
    266
    
    
    
    1,523
    
    
    
    1,789
    
    
    
    252
    
    
    1983
    
    (n)1200 Chicago Road
    
    
    
    Troy, MI
    
    
    
    
    268
    
    
    
    1,483
    
    
    
    142
    
    
    
    286
    
    
    
    1,607
    
    
    
    1,893
    
    
    
    265
    
    
    1984
    
    (n)450 Robbins Drive
    
    
    
    Troy, MI
    
    
    
    
    166
    
    
    
    920
    
    
    
    139
    
    
    
    178
    
    
    
    1,047
    
    
    
    1,225
    
    
    
    200
    
    
    1976
    
    (n)1230 Chicago Road
    
    
    
    Troy, MI
    
    
    
    
    271
    
    
    
    1,498
    
    
    
    142
    
    
    
    289
    
    
    
    1,622
    
    
    
    1,911
    
    
    
    267
    
    
    1996
    
    (n)12886 Westmore Avenue
    
    
    
    Livonia, MI
    
    
    
    
    190
    
    
    
    1,050
    
    
    
    199
    
    
    
    202
    
    
    
    1,237
    
    
    
    1,439
    
    
    
    209
    
    
    1981
    
    (n)12898 Westmore Avenue
    
    
    
    Livonia, MI
    
    
    
    
    190
    
    
    
    1,050
    
    
    
    227
    
    
    
    202
    
    
    
    1,265
    
    
    
    1,467
    
    
    
    216
    
    
    1981
    
    (n)33025 Industrial Road
    
    
    
    Livonia, MI
    
    
    
    
    80
    
    
    
    442
    
    
    
    92
    
    
    
    85
    
    
    
    529
    
    
    
    614
    
    
    
    84
    
    
    1980
    
    (n)47711 Clipper Street
    
    
    
    Plymouth Township, MI
    
    
    
    
    539
    
    
    
    2,983
    
    
    
    265
    
    
    
    575
    
    
    
    3,212
    
    
    
    3,787
    
    
    
    531
    
    
    1996
    
    (n)32975 Industrial Road
    
    
    
    Livonia, MI
    
    
    
    
    160
    
    
    
    887
    
    
    
    357
    
    
    
    171
    
    
    
    1,233
    
    
    
    1,404
    
    
    
    201
    
    
    1984
    
    (n)32985 Industrial Road
    
    
    
    Livonia, MI
    
    
    
    
    137
    
    
    
    761
    
    
    
    149
    
    
    
    147
    
    
    
    900
    
    
    
    1,047
    
    
    
    141
    
    
    1985
    
    (n)32995 Industrial Road
    
    
    
    Livonia, MI
    
    
    
    
    160
    
    
    
    887
    
    
    
    180
    
    
    
    171
    
    
    
    1,056
    
    
    
    1,227
    
    
    
    179
    
    
    1983
    
    (n)12874 Westmore Avenue
    
    
    
    Livonia, MI
    
    
    
    
    137
    
    
    
    761
    
    
    
    158
    
    
    
    147
    
    
    
    909
    
    
    
    1,056
    
    
    
    145
    
    
    1984
    
    (n)33067 Industrial Road
    
    
    
    Livonia, MI
    
    
    
    
    160
    
    
    
    887
    
    
    
    250
    
    
    
    171
    
    
    
    1,126
    
    
    
    1,297
    
    
    
    174
    
    
    1984
    
    (n)1775 Bellingham
    
    
    
    Troy, MI
    
    
    
    
    344
    
    
    
    1,902
    
    
    
    315
    
    
    
    367
    
    
    
    2,194
    
    
    
    2,561
    
    
    
    429
    
    
    1987
    
    (n)1785 East Maple
    
    
    
    Troy, MI
    
    
    
    
    92
    
    
    
    507
    
    
    
    88
    
    
    
    98
    
    
    
    589
    
    
    
    687
    
    
    
    97
    
    
    1985
    
    (n)1807 East Maple
    
    
    
    Troy, MI
    
    
    
    
    321
    
    
    
    1,775
    
    
    
    199
    
    
    
    342
    
    
    
    1,953
    
    
    
    2,295
    
    
    
    325
    
    
    1984
    
    (n)980 Chicago
    
    
    
    Troy, MI
    
    
    
    
    206
    
    
    
    1,141
    
    
    
    103
    
    
    
    220
    
    
    
    1,230
    
    
    
    1,450
    
    
    
    203
    
    
    1985
    
    (n)1840 Enterprise Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    573
    
    
    
    3,170
    
    
    
    283
    
    
    
    611
    
    
    
    3,415
    
    
    
    4,026
    
    
    
    564
    
    
    1990
    
    (n)1885 Enterprise Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    209
    
    
    
    1,158
    
    
    
    110
    
    
    
    223
    
    
    
    1,254
    
    
    
    1,477
    
    
    
    207
    
    
    1990
    
    (n)1935-55 Enterprise Drive
    
    
    
    Rochester Hills, MI
    
    
    
    
    1,285
    
    
    
    7,144
    
    
    
    874
    
    
    
    1,371
    
    
    
    7,932
    
    
    
    9,303
    
    
    
    1,454
    
    
    1990
    
    (n)5500 Enterprise Court
    
    
    
    Warren, MI
    
    
    
    
    675
    
    
    
    3,737
    
    
    
    447
    
    
    
    721
    
    
    
    4,138
    
    
    
    4,859
    
    
    
    680
    
    
    1989
    
    (n)750 Chicago Road
    
    
    
    Troy, MI
    
    
    
    
    323
    
    
    
    1,790
    
    
    
    278
    
    
    
    345
    
    
    
    2,046
    
    
    
    2,391
    
    
    
    366
    
    
    1986
    
    (n)800 Chicago Road
    
    
    
    Troy, MI
    
    
    
    
    283
    
    
    
    1,567
    
    
    
    525
    
    
    
    302
    
    
    
    2,073
    
    
    
    2,375
    
    
    
    404
    
    
    1985
    
    (n)850 Chicago Road
    
    
    
    Troy, MI
    
    
    
    
    183
    
    
    
    1,016
    
    
    
    174
    
    
    
    196
    
    
    
    1,177
    
    
    
    1,373
    
    
    
    187
    
    
    1984
    
    (n)2805 S. Industrial Highway
    
    
    
    Ann Arbor, MI
    
    
    
    
    318
    
    
    
    1,762
    
    
    
    267
    
    
    
    340
    
    
    
    2,007
    
    
    
    2,347
    
    
    
    362
    
    
    1990
    
    (n)6833 Center Drive
    
    
    
    Sterling Heights, MI
    
    
    
    
    467
    
    
    
    2,583
    
    
    
    220
    
    
    
    493
    
    
    
    2,777
    
    
    
    3,270
    
    
    
    478
    
    
    1998
    
    (n)32201 North Avis Drive
    
    
    
    Madison Heights, MI
    
    
    
    
    345
    
    
    
    1,911
    
    
    
    447
    
    
    
    349
    
    
    
    2,354
    
    
    
    2,703
    
    
    
    483
    
    
    1974
    
    (n)1100 East Mandoline Road
    
    
    
    Madison Heights, MI
    
    
    
    
    888
    
    
    
    4,915
    
    
    
    1,670
    
    
    
    897
    
    
    
    6,576
    
    
    
    7,473
    
    
    
    1,148
    
    
    1967
    
    (n)30081 Stephenson Highway
    
    
    
    Madison Heights, MI
    
    
    
    
    271
    
    
    
    1,499
    
    
    
    365
    
    
    
    274
    
    
    
    1,861
    
    
    
    2,135
    
    
    
    312
    
    
    1967
    
    (n)1120 John A. Papalas Drive
    
    (k)
    
    Lincoln Park, MI
    
    
    
    
    586
    
    
    
    3,241
    
    
    
    755
    
    
    
    593
    
    
    
    3,989
    
    
    
    4,582
    
    
    
    782
    
    
    1985
    
    (n)4872 S. Lapeer Road
    
    
    
    Lake Orion Twsp, MI
    
    
    
    
    1,342
    
    
    
    5,441
    
    
    
    1,905
    
    
    
    1,412
    
    
    
    7,276
    
    
    
    8,688
    
    
    
    1,149
    
    
    1999
    
    (n)1400 Allen Drive
    
    
    
    Troy, MI
    
    
    
    
    209
    
    
    
    1,154
    
    
    
    120
    
    
    
    212
    
    
    
    1,271
    
    
    
    1,483
    
    
    
    128
    
    
    1979
    
    (n)1408 Allen Drive
    
    
    
    Troy, MI
    
    
    
    
    151
    
    
    
    834
    
    
    
    171
    
    
    
    153
    
    
    
    1,003
    
    
    
    1,156
    
    
    
    137
    
    
    1979
    
    (n)1305 Stephenson Hwy
    
    
    
    Troy, MI
    
    
    
    
    345
    
    
    
    1,907
    
    
    
    78
    
    
    
    350
    
    
    
    1,980
    
    
    
    2,330
    
    
    
    201
    
    
    1979
    
    (n)32505 Industrial Drive
    
    
    
    Madison Heights, MI
    
    
    
    
    345
    
    
    
    1,910
    
    
    
    419
    
    
    
    351
    
    
    
    2,323
    
    
    
    2,674
    
    
    
    227
    
    
    1979
    
    (n)1799-1813 Northfield Drive
    
    (j)
    
    Rochester Hills, MI
    
    
    
    
    481
    
    
    
    2,665
    
    
    
    139
    
    
    
    490
    
    
    
    2,795
    
    
    
    3,285
    
    
    
    304
    
    
    1980
    
    (n)28435
Automation Blud.
    
    (q)
    
    Wixon, MI
    
    
    
    
    621
    
    
    
    
    
    
    
    3,569
    
    
    
    621
    
    
    
    3,569
    
    
    
    4,190
    
    
    
    7
    
    
    2004
    
    (n)Grand Rapids5050 Kendrick Court
    
    (q)
    
    Grand Rapids, MI
    
    
    
    
    1,721
    
    
    
    11,433
    
    
    
    4,581
    
    
    
    1,721
    
    
    
    16,014
    
    
    
    17,735
    
    
    
    4,116
    
    
    1988/94
    
    (n)5015 52nd Street SE
    
    
    
    Grand Rapids, MI
    
    
    
    
    234
    
    
    
    1,321
    
    
    
    144
    
    
    
    234
    
    
    
    1,465
    
    
    
    1,699
    
    
    
    381
    
    
    1987
    
    (n)Houston2102-2314 Edwards Street
    
    
    
    Houston, TX
    
    
    
    
    348
    
    
    
    1,973
    
    
    
    978
    
    
    
    382
    
    
    
    2,917
    
    
    
    3,299
    
    
    
    716
    
    
    1961
    
    (n)4545 Eastpark Drive
    
    
    
    Houston, TX
    
    
    
    
    235
    
    
    
    1,331
    
    
    
    700
    
    
    
    240
    
    
    
    2,026
    
    
    
    2,266
    
    
    
    349
    
    
    1972
    
    (n)3351 Rauch St
    
    
    
    Houston, TX
    
    
    
    
    272
    
    
    
    1,541
    
    
    
    251
    
    
    
    278
    
    
    
    1,786
    
    
    
    2,064
    
    
    
    371
    
    
    1970
    
    (n)3851 Yale St
    
    
    
    Houston, TX
    
    
    
    
    413
    
    
    
    2,343
    
    
    
    686
    
    
    
    425
    
    
    
    3,017
    
    
    
    3,442
    
    
    
    542
    
    
    1971
    
    (n)3337-3347 Rauch Street
    
    
    
    Houston, TX
    
    
    
    
    227
    
    
    
    1,287
    
    
    
    316
    
    
    
    233
    
    
    
    1,597
    
    
    
    1,830
    
    
    
    375
    
    
    1970
    
    (n)8505 N Loop East
    
    
    
    Houston, TX
    
    
    
    
    439
    
    
    
    2,489
    
    
    
    506
    
    
    
    449
    
    
    
    2,985
    
    
    
    3,434
    
    
    
    523
    
    
    1981
    
    (n)4749-4799 Eastpark Dr
    
    
    
    Houston, TX
    
    
    
    
    594
    
    
    
    3,368
    
    
    
    1,061
    
    
    
    611
    
    
    
    4,412
    
    
    
    5,023
    
    
    
    782
    
    
    1979
    
    (n)4851 Homestead Road
    
    
    
    Houston, TX
    
    
    
    
    491
    
    
    
    2,782
    
    
    
    989
    
    
    
    504
    
    
    
    3,758
    
    
    
    4,262
    
    
    
    727
    
    
    1973
    
    (n)3365-3385 Rauch Street
    
    
    
    Houston, TX
    
    
    
    
    284
    
    
    
    1,611
    
    
    
    195
    
    
    
    290
    
    
    
    1,800
    
    
    
    2,090
    
    
    
    383
    
    
    1970
    
    (n)5050 Campbell Road
    
    
    
    Houston, TX
    
    
    
    
    461
    
    
    
    2,610
    
    
    
    355
    
    
    
    470
    
    
    
    2,956
    
    
    
    3,426
    
    
    
    539
    
    
    1970
    
    (n)4300 Pine Timbers
    
    
    
    Houston, TX
    
    
    
    
    489
    
    
    
    2,769
    
    
    
    595
    
    
    
    499
    
    
    
    3,354
    
    
    
    3,853
    
    
    
    613
    
    
    1980
    
    (n)7901 Blankenship
    
    
    
    Houston, TX
    
    
    
    
    136
    
    
    
    772
    
    
    
    420
    
    
    
    140
    
    
    
    1,188
    
    
    
    1,328
    
    
    
    297
    
    
    1972
    
    (n)2500-2530 Fairway Park Drive
    
    
    
    Houston, TX
    
    
    
    
    766
    
    
    
    4,342
    
    
    
    633
    
    
    
    792
    
    
    
    4,949
    
    
    
    5,741
    
    
    
    906
    
    
    1974
    
    (n)6550 Longpointe
    
    
    
    Houston, TX
    
    
    
    
    362
    
    
    
    2,050
    
    
    
    491
    
    
    
    370
    
    
    
    2,533
    
    
    
    2,903
    
    
    
    493
    
    
    1980
    
    (n)1815 Turning Basin Dr
    
    
    
    Houston, TX
    
    
    
    
    487
    
    
    
    2,761
    
    
    
    505
    
    
    
    531
    
    
    
    3,222
    
    
    
    3,753
    
    
    
    558
    
    
    1980
    
    (n)1819 Turning Basin Dr
    
    
    
    Houston, TX
    
    
    
    
    231
    
    
    
    1,308
    
    
    
    522
    
    
    
    251
    
    
    
    1,810
    
    
    
    2,061
    
    
    
    290
    
    
    1980
    
    (n)1805 Turning Basin Drive
    
    
    
    Houston, TX
    
    
    
    
    564
    
    
    
    3,197
    
    
    
    674
    
    
    
    616
    
    
    
    3,819
    
    
    
    4,435
    
    
    
    678
    
    
    1980
    
    (n)7000 Empire Drive
    
    
    
    Houston, TX
    
    
    
    
    450
    
    
    
    2,552
    
    
    
    1,147
    
    
    
    452
    
    
    
    3,697
    
    
    
    4,149
    
    
    
    893
    
    
    1980
    
    (n)9777 West Gulfbank Drive
    
    
    
    Houston, TX
    
    
    
    
    1,217
    
    
    
    6,899
    
    
    
    1,525
    
    
    
    1,216
    
    
    
    8,425
    
    
    
    9,641
    
    
    
    1,726
    
    
    1980
    
    (n)9835A Genard Road
    
    
    
    Houston, TX
    
    
    
    
    1,505
    
    
    
    8,333
    
    
    
    3,307
    
    
    
    1,581
    
    
    
    11,564
    
    
    
    13,145
    
    
    
    1,438
    
    
    1980
    
    (n)9835B Genard Road
    
    
    
    Houston, TX
    
    
    
    
    245
    
    
    
    1,357
    
    
    
    488
    
    
    
    256
    
    
    
    1,834
    
    
    
    2,090
    
    
    
    237
    
    
    1980
    
    (n)10161 Harwin Drive
    
    
    
    Houston, TX
    
    
    
    
    505
    
    
    
    2,861
    
    
    
    749
    
    
    
    511
    
    
    
    3,604
    
    
    
    4,115
    
    
    
    482
    
    
    1979/1981
    
    (n)
 S-7




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)10165 Harwin Drive
    
    
    
    Houston, TX
    
    
    
    
    218
    
    
    
    1,234
    
    
    
    785
    
    
    
    220
    
    
    
    2,017
    
    
    
    2,237
    
    
    
    321
    
    
    1979/1981
    
    (n)10175 Harwin Drive
    
    
    
    Houston, TX
    
    
    
    
    267
    
    
    
    1,515
    
    
    
    404
    
    
    
    270
    
    
    
    1,916
    
    
    
    2,186
    
    
    
    399
    
    
    1979/1981
    
    (n)10325-10415 Landsbury Drive
    
    (k)
    
    Houston, TX
    
    
    
    
    696
    
    
    
    3,854
    
    
    
    312
    
    
    
    704
    
    
    
    4,158
    
    
    
    4,862
    
    
    
    264
    
    
    1982
    
    (n)8705 City Park Loop
    
    
    
    Houston, TX
    
    
    
    
    710
    
    
    
    2,983
    
    
    
    199
    
    
    
    714
    
    
    
    3,178
    
    
    
    3,892
    
    
    
    200
    
    
    1982
    
    (n)600 Kenrick
    
    (q)
    
    Houston, TX
    
    
    
    
    900
    
    
    
    1,791
    
    
    
    32
    
    
    
    913
    
    
    
    1,810
    
    
    
    2,723
    
    
    
    15
    
    
    1981
    
    (n)Indianapolis2400 North Shadeland
    
    
    
    Indianapolis, IN
    
    
    
    
    142
    
    
    
    802
    
    
    
    139
    
    
    
    149
    
    
    
    934
    
    
    
    1,083
    
    
    
    177
    
    
    1970
    
    (n)2402 North Shadeland
    
    
    
    Indianapolis, IN
    
    
    
    
    466
    
    
    
    2,640
    
    
    
    664
    
    
    
    489
    
    
    
    3,281
    
    
    
    3,770
    
    
    
    659
    
    
    1970
    
    (n)7901 West 21st St.
    
    
    
    Indianapolis, IN
    
    
    
    
    1,063
    
    
    
    6,027
    
    
    
    365
    
    
    
    1,048
    
    
    
    6,407
    
    
    
    7,455
    
    
    
    1,230
    
    
    1985
    
    (n)1445 Brookville Way
    
    
    
    Indianapolis, IN
    
    
    
    
    459
    
    
    
    2,603
    
    
    
    766
    
    
    
    476
    
    
    
    3,352
    
    
    
    3,828
    
    
    
    798
    
    
    1989
    
    (n)1440 Brookville Way
    
    
    
    Indianapolis, IN
    
    
    
    
    665
    
    
    
    3,770
    
    
    
    521
    
    
    
    685
    
    
    
    4,271
    
    
    
    4,956
    
    
    
    925
    
    
    1990
    
    (n)1240 Brookville Way
    
    
    
    Indianapolis, IN
    
    
    
    
    247
    
    
    
    1,402
    
    
    
    347
    
    
    
    258
    
    
    
    1,738
    
    
    
    1,996
    
    
    
    455
    
    
    1990
    
    (n)1220 Brookville Way
    
    
    
    Indianapolis, IN
    
    
    
    
    223
    
    
    
    40
    
    
    
    61
    
    
    
    226
    
    
    
    98
    
    
    
    324
    
    
    
    16
    
    
    1990
    
    (n)1345 Brookville Way
    
    
    
    Indianapolis, IN
    
    (s)
    
    
    586
    
    
    
    3,321
    
    
    
    878
    
    
    
    601
    
    
    
    4,184
    
    
    
    4,785
    
    
    
    994
    
    
    1992
    
    (n)1350 Brookville Way
    
    
    
    Indianapolis, IN
    
    
    
    
    205
    
    
    
    1,161
    
    
    
    204
    
    
    
    212
    
    
    
    1,358
    
    
    
    1,570
    
    
    
    324
    
    
    1994
    
    (n)1341 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    131
    
    
    
    743
    
    
    
    449
    
    
    
    136
    
    
    
    1,187
    
    
    
    1,323
    
    
    
    290
    
    
    1971/1992
    
    (n)1322-1438 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    145
    
    
    
    822
    
    
    
    356
    
    
    
    152
    
    
    
    1,171
    
    
    
    1,323
    
    
    
    363
    
    
    1971/1992
    
    (n)1327-1441 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    218
    
    
    
    1,234
    
    
    
    402
    
    
    
    225
    
    
    
    1,629
    
    
    
    1,854
    
    
    
    436
    
    
    1992
    
    (n)1304 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    71
    
    
    
    405
    
    
    
    178
    
    
    
    75
    
    
    
    579
    
    
    
    654
    
    
    
    153
    
    
    1971/1992
    
    (n)1402 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    165
    
    
    
    934
    
    
    
    472
    
    
    
    171
    
    
    
    1,400
    
    
    
    1,571
    
    
    
    333
    
    
    1970/1992
    
    (n)1504 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    219
    
    
    
    1,238
    
    
    
    267
    
    
    
    226
    
    
    
    1,498
    
    
    
    1,724
    
    
    
    313
    
    
    1971/1992
    
    (n)1311 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    54
    
    
    
    304
    
    
    
    159
    
    
    
    57
    
    
    
    460
    
    
    
    517
    
    
    
    142
    
    
    1971/1992
    
    (n)1365 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    121
    
    
    
    688
    
    
    
    240
    
    
    
    126
    
    
    
    923
    
    
    
    1,049
    
    
    
    236
    
    
    1971/1992
    
    (n)1352-1354 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    178
    
    
    
    1,008
    
    
    
    442
    
    
    
    184
    
    
    
    1,444
    
    
    
    1,628
    
    
    
    332
    
    
    1970/1992
    
    (n)1335 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    81
    
    
    
    460
    
    
    
    131
    
    
    
    85
    
    
    
    587
    
    
    
    672
    
    
    
    145
    
    
    1971/1992
    
    (n)1327 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    52
    
    
    
    295
    
    
    
    72
    
    
    
    55
    
    
    
    364
    
    
    
    419
    
    
    
    89
    
    
    1971/1992
    
    (n)1425 Sadlier Circle E Dr
    
    
    
    Indianapolis, IN
    
    (c)
    
    
    21
    
    
    
    117
    
    
    
    35
    
    
    
    23
    
    
    
    150
    
    
    
    173
    
    
    
    32
    
    
    1971/1992
    
    (n)1230 Brookville Way
    
    
    
    Indianapolis, IN
    
    
    
    
    103
    
    
    
    586
    
    
    
    54
    
    
    
    109
    
    
    
    634
    
    
    
    743
    
    
    
    141
    
    
    1995
    
    (n)6951 E 30th St
    
    
    
    Indianapolis, IN
    
    
    
    
    256
    
    
    
    1,449
    
    
    
    292
    
    
    
    265
    
    
    
    1,732
    
    
    
    1,997
    
    
    
    466
    
    
    1995
    
    (n)6701 E 30th St
    
    
    
    Indianapolis, IN
    
    
    
    
    78
    
    
    
    443
    
    
    
    43
    
    
    
    82
    
    
    
    482
    
    
    
    564
    
    
    
    107
    
    
    1995
    
    (n)6737 E 30th St
    
    
    
    Indianapolis, IN
    
    
    
    
    385
    
    
    
    2,181
    
    
    
    417
    
    
    
    398
    
    
    
    2,585
    
    
    
    2,983
    
    
    
    660
    
    
    1995
    
    (n)1225 Brookville Way
    
    
    
    Indianapolis, IN
    
    
    
    
    60
    
    
    
    
    
    
    
    418
    
    
    
    68
    
    
    
    410
    
    
    
    478
    
    
    
    84
    
    
    1997
    
    (n)6555 E 30th St
    
    
    
    Indianapolis, IN
    
    
    
    
    840
    
    
    
    4,760
    
    
    
    1,377
    
    
    
    484
    
    
    
    6,493
    
    
    
    6,977
    
    
    
    1,726
    
    
    1969/1981
    
    (n)2432-2436 Shadeland
    
    
    
    Indianapolis, IN
    
    
    
    
    212
    
    
    
    1,199
    
    
    
    438
    
    
    
    230
    
    
    
    1,619
    
    
    
    1,849
    
    
    
    413
    
    
    1968
    
    (n)8402-8440 E 33rd St
    
    
    
    Indianapolis, IN
    
    
    
    
    222
    
    
    
    1,260
    
    
    
    790
    
    
    
    230
    
    
    
    2,042
    
    
    
    2,272
    
    
    
    511
    
    
    1977
    
    (n)8520-8630 E 33rd St
    
    
    
    Indianapolis, IN
    
    
    
    
    326
    
    
    
    1,848
    
    
    
    646
    
    
    
    336
    
    
    
    2,484
    
    
    
    2,820
    
    
    
    587
    
    
    1976
    
    (n)8710-8768 E 33rd St
    
    
    
    Indianapolis, IN
    
    
    
    
    175
    
    
    
    993
    
    
    
    466
    
    
    
    187
    
    
    
    1,447
    
    
    
    1,634
    
    
    
    351
    
    
    1979
    
    (n)3316-3346 N. Pagosa Court
    
    
    
    Indianapolis, IN
    
    
    
    
    325
    
    
    
    1,842
    
    
    
    594
    
    
    
    335
    
    
    
    2,426
    
    
    
    2,761
    
    
    
    561
    
    
    1977
    
    (n)3331 Raton Court
    
    
    
    Indianapolis, IN
    
    
    
    
    138
    
    
    
    802
    
    
    
    222
    
    
    
    138
    
    
    
    1,024
    
    
    
    1,162
    
    
    
    247
    
    
    1979
    
    (n)6751 E 30th St
    
    
    
    Indianapolis, IN
    
    
    
    
    728
    
    
    
    2,837
    
    
    
    272
    
    
    
    741
    
    
    
    3,096
    
    
    
    3,837
    
    
    
    572
    
    
    1997
    
    (n)8525 E. 33rd Street
    
    
    
    Indianapolis, IN
    
    
    
    
    1,300
    
    
    
    2,091
    
    
    
    878
    
    
    
    1,308
    
    
    
    2,961
    
    
    
    4,269
    
    
    
    379
    
    
    1978
    
    (n)5705-97 Park Plaza Ct.
    
    (q)
    
    Indianapolis, IN
    
    t
    
    
    600
    
    
    
    2,194
    
    
    
    851
    
    
    
    609
    
    
    
    3,036
    
    
    
    3,645
    
    
    
    351
    
    
    1977
    
    (n)9319-9341 Castlegate Drive
    
    (q)
    
    Indianapolis, IN
    
    
    
    
    530
    
    
    
    1,235
    
    
    
    821
    
    
    
    544
    
    
    
    2,042
    
    
    
    2,586
    
    
    
    162
    
    
    1983
    
    (n)9332-9350 Castlegate Drive
    
    
    
    Indianapolis, IN
    
    
    
    
    420
    
    
    
    646
    
    
    
    680
    
    
    
    429
    
    
    
    1,317
    
    
    
    1,746
    
    
    
    95
    
    
    1983
    
    (n)9210 East 146th Street
    
    
    
    Noblesville, IN
    
    
    
    
    552
    
    
    
    684
    
    
    
    282
    
    
    
    66
    
    
    
    1,452
    
    
    
    1,518
    
    
    
    367
    
    
    1978
    
    (n)6101-6119 Guion Road
    
    (q)
    
    Indianapolis, IN
    
    
    
    
    400
    
    
    
    661
    
    
    
    325
    
    
    
    405
    
    
    
    981
    
    
    
    1,386
    
    
    
    90
    
    
    1976
    
    (n)Los Angeles6407-6419 Alondra Blvd.
    
    
    
    Paramount, CA
    
    
    
    
    137
    
    
    
    774
    
    
    
    100
    
    
    
    140
    
    
    
    871
    
    
    
    1,011
    
    
    
    91
    
    
    1985
    
    (n)6423-6431 Alondra Blvd.
    
    
    
    Paramount, CA
    
    
    
    
    115
    
    
    
    650
    
    
    
    53
    
    
    
    118
    
    
    
    700
    
    
    
    818
    
    
    
    83
    
    
    1985
    
    (n)15101-15141 S. Figueroa St.
    
    (j)
    
    Los Angeles, CA
    
    
    
    
    1,163
    
    
    
    6,588
    
    
    
    459
    
    
    
    1,175
    
    
    
    7,035
    
    
    
    8,210
    
    
    
    762
    
    
    1982
    
    (n)21136 South Wilmington Ave
    
    
    
    Carson, CA
    
    
    
    
    1,234
    
    
    
    6,994
    
    
    
    261
    
    
    
    1,246
    
    
    
    7,243
    
    
    
    8,489
    
    
    
    670
    
    
    1989
    
    (n)19914 Via Baron Way
    
    
    
    Rancho Dominguez, CA
    
    (d)
    
    
    1,590
    
    
    
    9,010
    
    
    
    226
    
    
    
    1,616
    
    
    
    9,210
    
    
    
    10,826
    
    
    
    584
    
    
    1973
    
    (n)14141 Alondra Blvd.
    
    
    
    Santa Fe Springs, CA
    
    
    
    
    2,570
    
    
    
    14,565
    
    
    
    3,102
    
    
    
    2,598
    
    
    
    17,639
    
    
    
    20,237
    
    
    
    962
    
    
    1969
    
    (n)12616 Yukon Ave.
    
    
    
    Hawthorne, CA
    
    
    
    
    685
    
    
    
    3,884
    
    
    
    94
    
    
    
    696
    
    
    
    3,967
    
    
    
    4,663
    
    
    
    246
    
    
    1987
    
    (n)3355 El Segundo Blvd
    
    (k)
    
    Hawthorne, CA
    
    
    
    
    267
    
    
    
    1,510
    
    
    
    1,177
    
    
    
    418
    
    
    
    2,536
    
    
    
    2,954
    
    
    
    173
    
    
    1959
    
    (n)12621 Cerise
    
    
    
    Hawthorne, CA
    
    
    
    
    413
    
    
    
    2,344
    
    
    
    (920
    )
    
    
    265
    
    
    
    1,572
    
    
    
    1,837
    
    
    
    111
    
    
    1959
    
    (n)333 Turnbull Canyon Road
    
    
    
    City of Industry, CA
    
    
    
    
    2,700
    
    
    
    1,824
    
    
    
    316
    
    
    
    2,700
    
    
    
    2,140
    
    
    
    4,840
    
    
    
    131
    
    
    1968/1985
    
    (n)350-390 Manville St.
    
    
    
    Compton, CA
    
    
    
    
    2,300
    
    
    
    3,768
    
    
    
    36
    
    
    
    2,314
    
    
    
    3,790
    
    
    
    6,104
    
    
    
    15
    
    
    1979
    
    (n)42374 Avenida Alvarado
    
    (k)
    
    Temecula, CA
    
    
    
    
    797
    
    
    
    4,514
    
    
    
    308
    
    
    
    812
    
    
    
    4,807
    
    
    
    5,619
    
    
    
    247
    
    
    1987
    
    (n)3131 E. Harcourt Street
    
    (j)
    
    Rancho Dominguez, CA
    
    
    
    
    1,200
    
    
    
    2,780
    
    
    
    56
    
    
    
    1,212
    
    
    
    2,824
    
    
    
    4,036
    
    
    
    52
    
    
    1970
    
    (n)200 West Artesia Blvd.
    
    
    
    Compton, CA
    
    
    
    
    2,200
    
    
    
    2,018
    
    
    
    110
    
    
    
    2,213
    
    
    
    2,115
    
    
    
    4,328
    
    
    
    8
    
    
    1985
    
    (n)Louisville9001 Cane Run Road
    
    
    
    Louisville, KY
    
    
    
    
    524
    
    
    
    
    
    
    
    5,577
    
    
    
    560
    
    
    
    5,541
    
    
    
    6,101
    
    
    
    1,201
    
    
    1998
    
    (n)9101 Cane Run Road
    
    
    
    Louisville, KY
    
    
    
    
    973
    
    
    
    
    
    
    
    5,753
    
    
    
    608
    
    
    
    6,118
    
    
    
    6,726
    
    
    
    586
    
    
    2000
    
    (n)Miami9400 NW 104th Street
    
    
    
    Medley, FL
    
    
    
    
    3,900
    
    
    
    8,472
    
    
    
    56
    
    
    
    3,918
    
    
    
    8,510
    
    
    
    12,428
    
    
    
    23
    
    
    1995
    
    (n)
 S-8




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)Milwaukee6523 N Sydney Place
    
    
    
    Glendale, WI
    
    
    
    
    172
    
    
    
    976
    
    
    
    210
    
    
    
    176
    
    
    
    1,182
    
    
    
    1,358
    
    
    
    274
    
    
    1978
    
    (n)8800 W Bradley
    
    
    
    Milwaukee, WI
    
    
    
    
    375
    
    
    
    2,125
    
    
    
    206
    
    
    
    388
    
    
    
    2,318
    
    
    
    2,706
    
    
    
    482
    
    
    1982
    
    (n)4560 N 124th Street
    
    
    
    Wauwatosa, WI
    
    
    
    
    118
    
    
    
    667
    
    
    
    85
    
    
    
    129
    
    
    
    741
    
    
    
    870
    
    
    
    140
    
    
    1976
    
    (n)4410-80 North 132nd Street
    
    
    
    Butler, WI
    
    
    
    
    355
    
    
    
    
    
    
    
    4,023
    
    
    
    359
    
    
    
    4,019
    
    
    
    4,378
    
    
    
    458
    
    
    1999
    
    (n)5355 South Westridge Drive
    
    
    
    New Berlin, WI
    
    
    
    
    1,630
    
    
    
    7,058
    
    
    
    96
    
    
    
    1,649
    
    
    
    7,135
    
    
    
    8,784
    
    
    
    98
    
    
    1997
    
    (n)N120W18485 Freistadt Road
    
    
    
    Germantown, WI
    
    
    
    
    700
    
    
    
    3,183
    
    
    
    49
    
    
    
    704
    
    
    
    3,228
    
    
    
    3,932
    
    
    
    82
    
    
    1996
    
    (n)140 N. 9000 Lilly Road
    
    
    
    Menmonee, WI
    
    
    
    
    700
    
    
    
    2,445
    
    
    
    44
    
    
    
    712
    
    
    
    2,477
    
    
    
    3,189
    
    
    
    59
    
    
    1990
    
    (n)Minneapolis/St. Paul6507-6545 Cecilia Circle
    
    
    
    Bloomington, MN
    
    
    
    
    357
    
    
    
    1,320
    
    
    
    1,146
    
    
    
    386
    
    
    
    2,437
    
    
    
    2,823
    
    
    
    1,325
    
    
    1980
    
    (n)6201 West 111th Street
    
    
    
    Bloomington, MN
    
    (e)
    
    
    1,358
    
    
    
    8,622
    
    
    
    3,756
    
    
    
    1,499
    
    
    
    12,237
    
    
    
    13,736
    
    
    
    5,265
    
    
    1987
    
    (n)6403-6545 Cecilia Drive
    
    
    
    Bloomington, MN
    
    
    
    
    366
    
    
    
    1,363
    
    
    
    1,009
    
    
    
    395
    
    
    
    2,343
    
    
    
    2,738
    
    
    
    1,310
    
    
    1980
    
    (n)6925-6943 Washington Avenue
    
    
    
    Edina, MN
    
    
    
    
    117
    
    
    
    504
    
    
    
    992
    
    
    
    237
    
    
    
    1,376
    
    
    
    1,613
    
    
    
    1,081
    
    
    1972
    
    (n)6955-6973 Washington Avenue
    
    
    
    Edina, MN
    
    
    
    
    117
    
    
    
    486
    
    
    
    619
    
    
    
    207
    
    
    
    1,015
    
    
    
    1,222
    
    
    
    902
    
    
    1972
    
    (n)7251-7267 Washington Avenue
    
    
    
    Edina, MN
    
    
    
    
    129
    
    
    
    382
    
    
    
    686
    
    
    
    182
    
    
    
    1,015
    
    
    
    1,197
    
    
    
    766
    
    
    1972
    
    (n)7301-7325 Washington Avenue
    
    
    
    Edina, MN
    
    
    
    
    174
    
    
    
    391
    
    
    
    35
    
    
    
    193
    
    
    
    407
    
    
    
    600
    
    
    
    35
    
    
    1972
    
    (n)7101 Winnetka Avenue North
    
    
    
    Brooklyn Park, MN
    
    
    
    
    2,195
    
    
    
    6,084
    
    
    
    2,928
    
    
    
    2,228
    
    
    
    8,979
    
    
    
    11,207
    
    
    
    4,637
    
    
    1990
    
    (n)7600 Golden Triangle Drive
    
    
    
    Eden Prairie, MN
    
    
    
    
    566
    
    
    
    1,394
    
    
    
    1,157
    
    
    
    615
    
    
    
    2,502
    
    
    
    3,117
    
    
    
    1,335
    
    
    1989
    
    (n)9901 West 74th Street
    
    
    
    Eden Prairie, MN
    
    
    
    
    621
    
    
    
    3,289
    
    
    
    2,832
    
    
    
    639
    
    
    
    6,103
    
    
    
    6,742
    
    
    
    2,813
    
    
    1983/88
    
    (n)12220-12222 Nicollet Avenue
    
    
    
    Burnsville, MN
    
    
    
    
    105
    
    
    
    425
    
    
    
    381
    
    
    
    114
    
    
    
    797
    
    
    
    911
    
    
    
    414
    
    
    1989/90
    
    (n)12250-12268 Nicollet Avenue
    
    
    
    Burnsville, MN
    
    
    
    
    260
    
    
    
    1,054
    
    
    
    517
    
    
    
    296
    
    
    
    1,535
    
    
    
    1,831
    
    
    
    677
    
    
    1989/90
    
    (n)12224-12226 Nicollet Avenue
    
    
    
    Burnsville, MN
    
    
    
    
    190
    
    
    
    770
    
    
    
    367
    
    
    
    207
    
    
    
    1,120
    
    
    
    1,327
    
    
    
    499
    
    
    1989/90
    
    (n)1030 Lone Oak Road
    
    
    
    Eagan, MN
    
    
    
    
    456
    
    
    
    2,703
    
    
    
    678
    
    
    
    456
    
    
    
    3,381
    
    
    
    3,837
    
    
    
    865
    
    
    1988
    
    (n)1060 Lone Oak Road
    
    
    
    Eagan, MN
    
    
    
    
    624
    
    
    
    3,700
    
    
    
    775
    
    
    
    624
    
    
    
    4,475
    
    
    
    5,099
    
    
    
    1,311
    
    
    1988
    
    (n)5400 Nathan Lane
    
    
    
    Plymouth, MN
    
    
    
    
    749
    
    
    
    4,461
    
    
    
    771
    
    
    
    757
    
    
    
    5,224
    
    
    
    5,981
    
    
    
    1,519
    
    
    1990
    
    (n)10120 W 76th Street
    
    
    
    Eden Prairie, MN
    
    
    
    
    315
    
    
    
    1,804
    
    
    
    1,353
    
    
    
    315
    
    
    
    3,157
    
    
    
    3,472
    
    
    
    1,054
    
    
    1987
    
    (n)7615 Golden Triangle
    
    
    
    Eden Prairie, MN
    
    
    
    
    268
    
    
    
    1,532
    
    
    
    541
    
    
    
    268
    
    
    
    2,073
    
    
    
    2,341
    
    
    
    464
    
    
    1987
    
    (n)7625 Golden Triangle
    
    
    
    Eden Prairie, MN
    
    
    
    
    415
    
    
    
    2,375
    
    
    
    1,060
    
    
    
    415
    
    
    
    3,435
    
    
    
    3,850
    
    
    
    813
    
    
    1987
    
    (n)2605 Fernbrook Lane North
    
    
    
    Plymouth, MN
    
    
    
    
    443
    
    
    
    2,533
    
    
    
    616
    
    
    
    445
    
    
    
    3,147
    
    
    
    3,592
    
    
    
    694
    
    
    1987
    
    (n)12155 Nicollet Ave.
    
    
    
    Burnsville, MN
    
    
    
    
    286
    
    
    
    
    
    
    
    1,902
    
    
    
    288
    
    
    
    1,900
    
    
    
    2,188
    
    
    
    555
    
    
    1995
    
    (n)73rd Avenue North
    
    
    
    Brooklyn Park, MN
    
    
    
    
    504
    
    
    
    2,856
    
    
    
    465
    
    
    
    512
    
    
    
    3,313
    
    
    
    3,825
    
    
    
    710
    
    
    1995
    
    (n)2720 Arthur Street
    
    
    
    Roseville, MN
    
    
    
    
    824
    
    
    
    4,671
    
    
    
    500
    
    
    
    832
    
    
    
    5,163
    
    
    
    5,995
    
    
    
    1,114
    
    
    1995
    
    (n)4100 Peavey Road
    
    
    
    Chaska, MN
    
    
    
    
    399
    
    
    
    2,261
    
    
    
    913
    
    
    
    415
    
    
    
    3,158
    
    
    
    3,573
    
    
    
    746
    
    
    1988
    
    (n)11300 Hamshire Ave South
    
    
    
    Bloomington, MN
    
    
    
    
    527
    
    
    
    2,985
    
    
    
    1,620
    
    
    
    541
    
    
    
    4,591
    
    
    
    5,132
    
    
    
    868
    
    
    1983
    
    (n)375 Rivertown Drive
    
    
    
    Woodbury, MN
    
    
    
    
    1,083
    
    
    
    6,135
    
    
    
    2,689
    
    
    
    1,503
    
    
    
    8,404
    
    
    
    9,907
    
    
    
    1,560
    
    
    1996
    
    (n)5205 Highway 169
    
    
    
    Plymouth, MN
    
    
    
    
    446
    
    
    
    2,525
    
    
    
    1,129
    
    
    
    740
    
    
    
    3,360
    
    
    
    4,100
    
    
    
    884
    
    
    1960
    
    (n)6451-6595 Citywest Parkway
    
    
    
    Eden Prairie, MN
    
    
    
    
    525
    
    
    
    2,975
    
    
    
    1,259
    
    
    
    538
    
    
    
    4,221
    
    
    
    4,759
    
    
    
    919
    
    
    1984
    
    (n)7100-7198 Shady Oak Road
    
    
    
    Eden Prairie, MN
    
    
    
    
    715
    
    
    
    4,054
    
    
    
    1,130
    
    
    
    736
    
    
    
    5,163
    
    
    
    5,899
    
    
    
    1,269
    
    
    1982/2002
    
    (n)7500-7546 Washington Square
    
    
    
    Eden Prairie, MN
    
    
    
    
    229
    
    
    
    1,300
    
    
    
    730
    
    
    
    235
    
    
    
    2,024
    
    
    
    2,259
    
    
    
    343
    
    
    1975
    
    (n)7550-7558 Washington Square
    
    
    
    Eden Prairie, MN
    
    
    
    
    153
    
    
    
    867
    
    
    
    180
    
    
    
    157
    
    
    
    1,043
    
    
    
    1,200
    
    
    
    198
    
    
    1975
    
    (n)5240-5300 Valley Industrial Blvd S
    
    
    
    Shakopee, MN
    
    
    
    
    362
    
    
    
    2,049
    
    
    
    902
    
    
    
    371
    
    
    
    2,942
    
    
    
    3,313
    
    
    
    634
    
    
    1973
    
    (n)7125 Northland Terrace
    
    
    
    Brooklyn Park, MN
    
    
    
    
    660
    
    
    
    3,740
    
    
    
    896
    
    
    
    767
    
    
    
    4,529
    
    
    
    5,296
    
    
    
    889
    
    
    1996
    
    (n)6900 Shady Oak Road
    
    
    
    Eden Prairie, MN
    
    
    
    
    310
    
    
    
    1,756
    
    
    
    438
    
    
    
    340
    
    
    
    2,164
    
    
    
    2,504
    
    
    
    402
    
    
    1980
    
    (n)6477-6525 City West Parkway
    
    
    
    Eden Prairie, MN
    
    
    
    
    810
    
    
    
    4,590
    
    
    
    959
    
    
    
    819
    
    
    
    5,540
    
    
    
    6,359
    
    
    
    1,009
    
    
    1984
    
    (n)1157 Valley Park Drive
    
    
    
    Shakopee, MN
    
    
    
    
    760
    
    
    
    
    
    
    
    6,143
    
    
    
    888
    
    
    
    6,015
    
    
    
    6,903
    
    
    
    810
    
    
    1997
    
    (n)500-530 Kasota Avenue SE
    
    
    
    Minneapolis, MN
    
    
    
    
    415
    
    
    
    2,354
    
    
    
    1,003
    
    
    
    432
    
    
    
    3,340
    
    
    
    3,772
    
    
    
    640
    
    
    1976
    
    (n)770-786 Kasota Avenue SE
    
    
    
    Minneapolis, MN
    
    
    
    
    333
    
    
    
    1,888
    
    
    
    535
    
    
    
    347
    
    
    
    2,409
    
    
    
    2,756
    
    
    
    418
    
    
    1976
    
    (n)800 Kasota Avenue SE
    
    
    
    Minneapolis, MN
    
    
    
    
    524
    
    
    
    2,971
    
    
    
    736
    
    
    
    597
    
    
    
    3,634
    
    
    
    4,231
    
    
    
    650
    
    
    1976
    
    (n)2530-2570 Kasota Avenue
    
    
    
    St. Paul, MN
    
    
    
    
    407
    
    
    
    2,308
    
    
    
    817
    
    
    
    465
    
    
    
    3,067
    
    
    
    3,532
    
    
    
    720
    
    
    1976
    
    (n)1280 Energy Park Drive
    
    
    
    St. Paul, MN
    
    
    
    
    700
    
    
    
    2,779
    
    
    
    23
    
    
    
    705
    
    
    
    2,797
    
    
    
    3,502
    
    
    
    39
    
    
    1984
    
    (n)9600 West 76th Street
    
    (q)
    
    Eden Prairie, MN
    
    
    
    
    1,000
    
    
    
    2,450
    
    
    
    101
    
    
    
    1,034
    
    
    
    2,517
    
    
    
    3,551
    
    
    
    16
    
    
    1997
    
    (n)9700 West 76th Street
    
    
    
    Eden Prairie, MN
    
    
    
    
    1,000
    
    
    
    2,709
    
    
    
    124
    
    
    
    1,038
    
    
    
    2,795
    
    
    
    3,833
    
    
    
    10
    
    
    1984/97
    
    (n)7600 69th Avenue
    
    
    
    Greenfield, MN
    
    
    
    
    1,500
    
    
    
    8,328
    
    
    
    1,808
    
    
    
    1,510
    
    
    
    10,126
    
    
    
    11,636
    
    
    
    214
    
    
    2004
    
    (n)2041 Wooddale Drive
    
    
    
    Woodbury, MN
    
    
    
    
    800
    
    
    
    1,142
    
    
    
    70
    
    
    
    832
    
    
    
    1,180
    
    
    
    2,012
    
    
    
    7
    
    
    1973
    
    (n)14755 27th Avenue North
    
    (q)
    
    Plymouth, MN
    
    
    
    
    1,300
    
    
    
    1,408
    
    
    
    312
    
    
    
    1,335
    
    
    
    1,685
    
    
    
    3,020
    
    
    
    86
    
    
    1989
    
    (n)Park 2000 III
    
    (q)
    
    Shakopee, MN
    
    
    
    
    590
    
    
    
    
    
    
    
    4,602
    
    
    
    590
    
    
    
    4,602
    
    
    
    5,192
    
    
    
    278
    
    
    2001
    
    (n)Nashville3099 Barry Drive
    
    
    
    Portland, TN
    
    
    
    
    418
    
    
    
    2,368
    
    
    
    89
    
    
    
    421
    
    
    
    2,454
    
    
    
    2,875
    
    
    
    513
    
    
    1995
    
    (n)3150 Barry Drive
    
    
    
    Portland, TN
    
    
    
    
    941
    
    
    
    5,333
    
    
    
    309
    
    
    
    981
    
    
    
    5,602
    
    
    
    6,583
    
    
    
    1,156
    
    
    1993
    
    (n)5599 Highway 31 West
    
    
    
    Portland, TN
    
    
    
    
    564
    
    
    
    3,196
    
    
    
    211
    
    
    
    571
    
    
    
    3,400
    
    
    
    3,971
    
    
    
    707
    
    
    1995
    
    (n)1650 Elm Hill Pike
    
    
    
    Nashville, TN
    
    
    
    
    329
    
    
    
    1,867
    
    
    
    172
    
    
    
    332
    
    
    
    2,036
    
    
    
    2,368
    
    
    
    428
    
    
    1984
    
    (n)1931 Air Lane Drive
    
    
    
    Nashville, TN
    
    
    
    
    489
    
    
    
    2,785
    
    
    
    311
    
    
    
    493
    
    
    
    3,092
    
    
    
    3,585
    
    
    
    656
    
    
    1984
    
    (n)470 Metroplex Drive
    
    (j)
    
    Nashville, TN
    
    
    
    
    619
    
    
    
    3,507
    
    
    
    1,181
    
    
    
    626
    
    
    
    4,681
    
    
    
    5,307
    
    
    
    1,046
    
    
    1986
    
    (n)1150 Antiock Pike
    
    
    
    Nashville, TN
    
    
    
    
    661
    
    
    
    3,748
    
    
    
    347
    
    
    
    669
    
    
    
    4,087
    
    
    
    4,756
    
    
    
    768
    
    
    1987
    
    (n)4640 Cummings Park
    
    
    
    Nashville, TN
    
    
    
    
    360
    
    
    
    2,040
    
    
    
    239
    
    
    
    365
    
    
    
    2,274
    
    
    
    2,639
    
    
    
    344
    
    
    1986
    
    (n)556 Metroplex Drive
    
    
    
    Nashville, TN
    
    
    
    
    227
    
    
    
    1,285
    
    
    
    285
    
    
    
    231
    
    
    
    1,566
    
    
    
    1,797
    
    
    
    219
    
    
    1983
    
    (n)1706 Heil Quaker Boulevard
    
    
    
    Laverne, TN
    
    
    
    
    1,120
    
    
    
    9,674
    
    
    
    15
    
    
    
    1,120
    
    
    
    9,689
    
    
    
    10,809
    
    
    
    581
    
    
    1986
    
    (n)375 Belvedere Drive
    
    
    
    Gallatin, TN
    
    
    
    
    320
    
    
    
    3,179
    
    
    
    24
    
    
    
    323
    
    
    
    3,200
    
    
    
    3,523
    
    
    
    18
    
    
    1979/85
    
    (n)
 S-9




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)Northern New Jersey220 Hanover Avenue
    
    
    
    Hanover, NJ
    
    
    
    
    1,361
    
    
    
    7,715
    
    
    
    590
    
    
    
    1,420
    
    
    
    8,246
    
    
    
    9,666
    
    
    
    1,603
    
    
    1987
    
    (n)14 Worlds Fair Drive
    
    
    
    Franklin, NJ
    
    
    
    
    483
    
    
    
    2,735
    
    
    
    551
    
    
    
    503
    
    
    
    3,266
    
    
    
    3,769
    
    
    
    701
    
    
    1980
    
    (n)18 Worlds Fair Drive
    
    
    
    Franklin, NJ
    
    
    
    
    123
    
    
    
    699
    
    
    
    83
    
    
    
    129
    
    
    
    776
    
    
    
    905
    
    
    
    141
    
    
    1982
    
    (n)23 Worlds Fair Drive
    
    
    
    Franklin, NJ
    
    
    
    
    134
    
    
    
    758
    
    
    
    113
    
    
    
    140
    
    
    
    865
    
    
    
    1,005
    
    
    
    185
    
    
    1982
    
    (n)12 Worlds Fair Drive
    
    
    
    Franklin, NJ
    
    
    
    
    572
    
    
    
    3,240
    
    
    
    413
    
    
    
    593
    
    
    
    3,632
    
    
    
    4,225
    
    
    
    683
    
    
    1981
    
    (n)22 Worlds Fair Drive
    
    
    
    Franklin, NJ
    
    
    
    
    364
    
    
    
    2,064
    
    
    
    469
    
    
    
    375
    
    
    
    2,522
    
    
    
    2,897
    
    
    
    592
    
    
    1983
    
    (n)26 Worlds Fair Drive
    
    
    
    Franklin, NJ
    
    
    
    
    361
    
    
    
    2,048
    
    
    
    232
    
    
    
    377
    
    
    
    2,264
    
    
    
    2,641
    
    
    
    450
    
    
    1984
    
    (n)24 Worlds Fair Drive
    
    
    
    Franklin, NJ
    
    
    
    
    347
    
    
    
    1,968
    
    
    
    430
    
    
    
    362
    
    
    
    2,383
    
    
    
    2,745
    
    
    
    498
    
    
    1984
    
    (n)20 Worlds Fair Drive Lot 13
    
    
    
    Sumerset, NJ
    
    
    
    
    9
    
    
    
    
    
    
    
    2,818
    
    
    
    691
    
    
    
    2,136
    
    
    
    2,827
    
    
    
    467
    
    
    1999
    
    (n)10 New Maple Road
    
    
    
    Pine Brook, NJ
    
    
    
    
    2,250
    
    
    
    12,750
    
    
    
    396
    
    
    
    2,272
    
    
    
    13,124
    
    
    
    15,396
    
    
    
    1,417
    
    
    1973/1999
    
    (n)45 Route 46
    
    
    
    Pine Brook, NJ
    
    
    
    
    969
    
    
    
    5,491
    
    
    
    437
    
    
    
    978
    
    
    
    5,919
    
    
    
    6,897
    
    
    
    765
    
    
    1974/1987
    
    (n)43 Route 46
    
    
    
    Pine Brook, NJ
    
    
    
    
    474
    
    
    
    2,686
    
    
    
    426
    
    
    
    479
    
    
    
    3,107
    
    
    
    3,586
    
    
    
    380
    
    
    1974/1987
    
    (n)39 Route 46
    
    
    
    Pine Brook, NJ
    
    
    
    
    260
    
    
    
    1,471
    
    
    
    160
    
    
    
    262
    
    
    
    1,629
    
    
    
    1,891
    
    
    
    189
    
    
    1970
    
    (n)26 Chapin Road
    
    
    
    Pine Brook, NJ
    
    
    
    
    956
    
    
    
    5,415
    
    
    
    301
    
    
    
    965
    
    
    
    5,707
    
    
    
    6,672
    
    
    
    631
    
    
    1983
    
    (n)30 Chapin Road
    
    
    
    Pine Brook, NJ
    
    
    
    
    960
    
    
    
    5,440
    
    
    
    244
    
    
    
    969
    
    
    
    5,675
    
    
    
    6,644
    
    
    
    632
    
    
    1983
    
    (n)20 Hook Mountain Road
    
    
    
    Pine Brook, NJ
    
    
    
    
    1,507
    
    
    
    8,542
    
    
    
    1,000
    
    
    
    1,534
    
    
    
    9,515
    
    
    
    11,049
    
    
    
    972
    
    
    1972/1984
    
    (n)30 Hook Mountain Road
    
    
    
    Pine Brook, NJ
    
    
    
    
    389
    
    
    
    2,206
    
    
    
    313
    
    
    
    396
    
    
    
    2,512
    
    
    
    2,908
    
    
    
    276
    
    
    1972/1987
    
    (n)55 Route 46
    
    
    
    Pine Brook, NJ
    
    
    
    
    396
    
    
    
    2,244
    
    
    
    116
    
    
    
    403
    
    
    
    2,353
    
    
    
    2,756
    
    
    
    260
    
    
    1978/1994
    
    (n)16 Chapin Rod
    
    
    
    Pine Brook, NJ
    
    
    
    
    885
    
    
    
    5,015
    
    
    
    300
    
    
    
    901
    
    
    
    5,299
    
    
    
    6,200
    
    
    
    556
    
    
    1987
    
    (n)20 Chapin Road
    
    
    
    Pine Brook, NJ
    
    
    
    
    1,134
    
    
    
    6,426
    
    
    
    333
    
    
    
    1,154
    
    
    
    6,739
    
    
    
    7,893
    
    
    
    742
    
    
    1987
    
    (n)Sayreville Lot 3
    
    
    
    Sayreville, NJ
    
    
    
    
    996
    
    
    
    
    
    
    
    5,295
    
    
    
    996
    
    
    
    5,295
    
    
    
    6,291
    
    
    
    46
    
    
    2002
    
    (n)Sayreville Lot 4
    
    
    
    Sayreville, NJ
    
    
    
    
    944
    
    
    
    
    
    
    
    4,623
    
    
    
    944
    
    
    
    4,623
    
    
    
    5,567
    
    
    
    212
    
    
    2001
    
    (n)400 Raritan Center Parkway
    
    
    
    Edison, NJ
    
    
    
    
    829
    
    
    
    4,722
    
    
    
    367
    
    
    
    836
    
    
    
    5,082
    
    
    
    5,918
    
    
    
    415
    
    
    1983
    
    (n)300 Columbus Circle
    
    
    
    Edison, NJ
    
    
    
    
    1,257
    
    
    
    7,122
    
    
    
    504
    
    
    
    1,269
    
    
    
    7,614
    
    
    
    8,883
    
    
    
    631
    
    
    1983
    
    (n)400 Apgar
    
    
    
    Franklin Township, NJ
    
    
    
    
    780
    
    
    
    4,420
    
    
    
    433
    
    
    
    796
    
    
    
    4,837
    
    
    
    5,633
    
    
    
    337
    
    
    1987
    
    (n)500 Apgar
    
    
    
    Franklin Township, NJ
    
    
    
    
    361
    
    
    
    2,044
    
    
    
    257
    
    
    
    368
    
    
    
    2,294
    
    
    
    2,662
    
    
    
    206
    
    
    1987
    
    (n)201 Circle Dr. North
    
    
    
    Piscataway, NJ
    
    
    
    
    840
    
    
    
    4,760
    
    
    
    440
    
    
    
    857
    
    
    
    5,183
    
    
    
    6,040
    
    
    
    358
    
    
    1987
    
    (n)1 Pearl Ct.
    
    
    
    Allendale, NJ
    
    
    
    
    623
    
    
    
    3,528
    
    
    
    253
    
    
    
    649
    
    
    
    3,755
    
    
    
    4,404
    
    
    
    211
    
    
    1978
    
    (n)2 Pearl Ct.
    
    
    
    Allendale, NJ
    
    
    
    
    255
    
    
    
    1,445
    
    
    
    1,178
    
    
    
    403
    
    
    
    2,475
    
    
    
    2,878
    
    
    
    129
    
    
    1979
    
    (n)3 Pearl Ct.
    
    
    
    Allendale, NJ
    
    
    
    
    440
    
    
    
    2,491
    
    
    
    200
    
    
    
    458
    
    
    
    2,673
    
    
    
    3,131
    
    
    
    168
    
    
    1978
    
    (n)4 Pearl Ct.
    
    
    
    Allendale, NJ
    
    
    
    
    450
    
    
    
    2,550
    
    
    
    499
    
    
    
    469
    
    
    
    3,030
    
    
    
    3,499
    
    
    
    188
    
    
    1979
    
    (n)5 Pearl Ct.
    
    
    
    Allendale, NJ
    
    
    
    
    505
    
    
    
    2,860
    
    
    
    348
    
    
    
    526
    
    
    
    3,187
    
    
    
    3,713
    
    
    
    217
    
    
    1977
    
    (n)59 Route 17
    
    
    
    Allendale, NJ
    
    
    
    
    518
    
    
    
    2,933
    
    
    
    1,016
    
    
    
    539
    
    
    
    3,928
    
    
    
    4,467
    
    
    
    205
    
    
    1979
    
    (n)309-319 Pierce Street
    
    
    
    Somerset, NJ
    
    
    
    
    1,300
    
    
    
    4,628
    
    
    
    40
    
    
    
    1,309
    
    
    
    4,659
    
    
    
    5,968
    
    
    
    66
    
    
    1986
    
    (n)160 Pierce Street
    
    
    
    Somerset, NJ
    
    
    
    
    1,510
    
    
    
    
    
    
    
    6,011
    
    
    
    1,526
    
    
    
    5,995
    
    
    
    7,521
    
    
    
    51
    
    
    2004
    
    (n)12 Thornton Road
    
    
    
    Oakland, NJ
    
    
    
    
    1,300
    
    
    
    3,652
    
    
    
    54
    
    
    
    1,316
    
    
    
    3,690
    
    
    
    5,006
    
    
    
    61
    
    
    1981
    
    (n)147 Clinton Road
    
    
    
    West Caldwell, NJ
    
    
    
    
    2,900
    
    
    
    8,726
    
    
    
    83
    
    
    
    2,922
    
    
    
    8,787
    
    
    
    11,709
    
    
    
    213
    
    
    1967/83
    
    (n)200 Maltese Drive
    
    
    
    Totowa, NJ
    
    
    
    
    1,800
    
    
    
    11,830
    
    
    
    92
    
    
    
    1,813
    
    
    
    11,909
    
    
    
    13,722
    
    
    
    178
    
    
    1965/75
    
    (n)Phoenix1045 South Edward Drive
    
    
    
    Tempe, AZ
    
    
    
    
    390
    
    
    
    2,160
    
    
    
    86
    
    
    
    394
    
    
    
    2,242
    
    
    
    2,636
    
    
    
    309
    
    
    1976
    
    (n)46 N. 49th Ave.
    
    
    
    Phoenix, AZ
    
    
    
    
    301
    
    
    
    1,704
    
    
    
    696
    
    
    
    283
    
    
    
    2,418
    
    
    
    2,701
    
    
    
    226
    
    
    1986
    
    (n)240 N. 48th Ave.
    
    
    
    Phoenix, AZ
    
    
    
    
    510
    
    
    
    1,913
    
    
    
    272
    
    
    
    481
    
    
    
    2,214
    
    
    
    2,695
    
    
    
    150
    
    
    1977
    
    (n)220 N. 48th Ave.
    
    
    
    Phoenix, AZ
    
    
    
    
    530
    
    
    
    1,726
    
    
    
    131
    
    
    
    530
    
    
    
    1,857
    
    
    
    2,387
    
    
    
    114
    
    
    1977
    
    (n)54 N. 48th Ave.
    
    
    
    Phoenix, AZ
    
    
    
    
    130
    
    
    
    625
    
    
    
    40
    
    
    
    131
    
    
    
    664
    
    
    
    795
    
    
    
    40
    
    
    1977
    
    (n)64 N. 48th Ave.
    
    
    
    Phoenix, AZ
    
    
    
    
    180
    
    
    
    458
    
    
    
    53
    
    
    
    180
    
    
    
    511
    
    
    
    691
    
    
    
    35
    
    
    1977
    
    (n)236 N. 48th Ave.
    
    
    
    Phoenix, AZ
    
    
    
    
    120
    
    
    
    322
    
    
    
    33
    
    
    
    120
    
    
    
    355
    
    
    
    475
    
    
    
    23
    
    
    1977
    
    (n)10 S. 48th Ave.
    
    
    
    Phoenix, AZ
    
    
    
    
    510
    
    
    
    1,687
    
    
    
    168
    
    
    
    512
    
    
    
    1,853
    
    
    
    2,365
    
    
    
    118
    
    
    1977
    
    (n)115 E. Watkins St.
    
    
    
    Phoenix, AZ
    
    
    
    
    170
    
    
    
    816
    
    
    
    81
    
    
    
    171
    
    
    
    896
    
    
    
    1,067
    
    
    
    55
    
    
    1979
    
    (n)135 E. Watkins St.
    
    
    
    Phoenix, AZ
    
    
    
    
    380
    
    
    
    1,962
    
    
    
    127
    
    
    
    382
    
    
    
    2,087
    
    
    
    2,469
    
    
    
    124
    
    
    1977
    
    (n)10220 S. 51st Street
    
    
    
    Phoenix, AZ
    
    
    
    
    400
    
    
    
    1,493
    
    
    
    27
    
    
    
    406
    
    
    
    1,514
    
    
    
    1,920
    
    
    
    42
    
    
    1985
    
    (n)50 South 56th Street
    
    
    
    Chandler, AZ
    
    
    
    
    1,200
    
    
    
    3,333
    
    
    
    (105
    )
    
    
    1,207
    
    
    
    3,221
    
    
    
    4,428
    
    
    
    10
    
    
    1991/97
    
    (n)4625 W. McDowell Road
    
    
    
    Phoenix, AZ
    
    
    
    
    250
    
    
    
    
    
    
    
    2,786
    
    
    
    273
    
    
    
    2,763
    
    
    
    3,036
    
    
    
    133
    
    
    2001
    
    (n)4635 W. McDowell Road
    
    
    
    Phoenix, AZ
    
    
    
    
    309
    
    
    
    
    
    
    
    3,139
    
    
    
    336
    
    
    
    3,112
    
    
    
    3,448
    
    
    
    156
    
    
    2001
    
    (n)405 North 75th Avenue, Bldg. 1
    
    
    
    Phoenix, AZ
    
    (h)
    
    
    700
    
    
    
    5,038
    
    
    
    (8
    )
    
    
    704
    
    
    
    5,026
    
    
    
    5,730
    
    
    
    56
    
    
    2001
    
    (n)405 North 75th Avenue, Bldg. 2
    
    
    
    Phoenix, AZ
    
    (h)
    
    
    800
    
    
    
    5,285
    
    
    
    30
    
    
    
    804
    
    
    
    5,311
    
    
    
    6,115
    
    
    
    61
    
    
    2001
    
    (n)405 North 75th Avenue, Bldg. 3
    
    
    
    Phoenix, AZ
    
    (h)
    
    
    1,100
    
    
    
    5,581
    
    
    
    58
    
    
    
    1,106
    
    
    
    5,633
    
    
    
    6,739
    
    
    
    61
    
    
    2001
    
    (n)Salt Lake City512 Lawndale Drive
    
    (m)
    
    Salt Lake City, UT
    
    
    
    
    2,779
    
    
    
    15,749
    
    
    
    2,654
    
    
    
    2,705
    
    
    
    18,477
    
    
    
    21,182
    
    
    
    3,767
    
    
    1981
    
    (n)1270 West 2320 South
    
    
    
    West Valley, UT
    
    
    
    
    138
    
    
    
    784
    
    
    
    178
    
    
    
    143
    
    
    
    957
    
    
    
    1,100
    
    
    
    187
    
    
    1986/92
    
    (n)1275 West 2240 South
    
    
    
    West Valley, UT
    
    
    
    
    395
    
    
    
    2,241
    
    
    
    411
    
    
    
    408
    
    
    
    2,639
    
    
    
    3,047
    
    
    
    446
    
    
    1986/92
    
    (n)1288 West 2240 South
    
    
    
    West Valley, UT
    
    
    
    
    119
    
    
    
    672
    
    
    
    157
    
    
    
    123
    
    
    
    825
    
    
    
    948
    
    
    
    169
    
    
    1986/92
    
    (n)2235 South 1300 West
    
    
    
    West Valley, UT
    
    
    
    
    198
    
    
    
    1,120
    
    
    
    271
    
    
    
    204
    
    
    
    1,385
    
    
    
    1,589
    
    
    
    300
    
    
    1986/92
    
    (n)1293 West 2200 South
    
    
    
    West Valley, UT
    
    
    
    
    158
    
    
    
    896
    
    
    
    210
    
    
    
    163
    
    
    
    1,101
    
    
    
    1,264
    
    
    
    279
    
    
    1986/92
    
    (n)1279 West 2200 South
    
    
    
    West Valley, UT
    
    
    
    
    198
    
    
    
    1,120
    
    
    
    68
    
    
    
    204
    
    
    
    1,182
    
    
    
    1,386
    
    
    
    214
    
    
    1986/92
    
    (n)1272 West 2240 South
    
    
    
    West Valley, UT
    
    
    
    
    336
    
    
    
    1,905
    
    
    
    436
    
    
    
    347
    
    
    
    2,330
    
    
    
    2,677
    
    
    
    525
    
    
    1986/92
    
    (n)1149 West 2240 South
    
    
    
    West Valley, UT
    
    
    
    
    217
    
    
    
    1,232
    
    
    
    58
    
    
    
    225
    
    
    
    1,282
    
    
    
    1,507
    
    
    
    223
    
    
    1986/92
    
    (n)1142 West 2320 South
    
    
    
    West Valley, UT
    
    
    
    
    217
    
    
    
    1,232
    
    
    
    305
    
    
    
    225
    
    
    
    1,529
    
    
    
    1,754
    
    
    
    401
    
    
    1997
    
    (n)1152 West 2240 South
    
    
    
    West Valley, UT
    
    
    
    
    2,067
    
    
    
    
    
    
    
    3,905
    
    
    
    2,114
    
    
    
    3,858
    
    
    
    5,972
    
    
    
    965
    
    
    1999
    
    (n)369 Orange Street
    
    
    
    Salt Lake City, UT
    
    
    
    
    600
    
    
    
    2,855
    
    
    
    146
    
    
    
    602
    
    
    
    2,999
    
    
    
    3,601
    
    
    
    163
    
    
    1980
    
    (n)1330 W. 3300 South Avenue
    
    
    
    Ogden, UT
    
    
    
    
    1,100
    
    
    
    2,353
    
    
    
    419
    
    
    
    1,100
    
    
    
    2,772
    
    
    
    3,872
    
    
    
    228
    
    
    1982
    
    (n)
 S-10




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)12577 South 265 West Bldg. A
    
    (q)
    
    Draper, UT
    
    
    
    
    167
    
    
    
    535
    
    
    
    5
    
    
    
    166
    
    
    
    541
    
    
    
    707
    
    
    
    18
    
    
    1996
    
    (n)12577 South 265 West Bldg. B
    
    
    
    Draper, UT
    
    
    
    
    470
    
    
    
    1,520
    
    
    
    13
    
    
    
    471
    
    
    
    1,532
    
    
    
    2,003
    
    
    
    50
    
    
    1996
    
    (n)12577 South 265 West Bldg. C
    
    (q)
    
    Draper, UT
    
    
    
    
    226
    
    
    
    716
    
    
    
    8
    
    
    
    228
    
    
    
    722
    
    
    
    950
    
    
    
    23
    
    
    1996
    
    (n)12577 South 265 West Bldg. D
    
    (q)
    
    Draper, UT
    
    
    
    
    237
    
    
    
    752
    
    
    
    10
    
    
    
    239
    
    
    
    760
    
    
    
    999
    
    
    
    22
    
    
    1996
    
    (n)San Diego9051 Siempre Viva Rd.
    
    (q)
    
    San Diego, CA
    
    
    
    
    540
    
    
    
    1,598
    
    
    
    201
    
    
    
    541
    
    
    
    1,798
    
    
    
    2,339
    
    
    
    117
    
    
    1989
    
    (n)9163 Siempre Viva Rd.
    
    
    
    San Diego, CA
    
    
    
    
    430
    
    
    
    1,621
    
    
    
    115
    
    
    
    431
    
    
    
    1,735
    
    
    
    2,166
    
    
    
    98
    
    
    1989
    
    (n)9295 Siempre Viva Rd.
    
    
    
    San Diego, CA
    
    
    
    
    540
    
    
    
    1,569
    
    
    
    151
    
    
    
    541
    
    
    
    1,719
    
    
    
    2,260
    
    
    
    108
    
    
    1989
    
    (n)9255 Customhouse Plaza
    
    
    
    San Diego, CA
    
    
    
    
    3,230
    
    
    
    11,030
    
    
    
    870
    
    
    
    3,234
    
    
    
    11,896
    
    
    
    15,130
    
    
    
    754
    
    
    1989
    
    (n)9375 Customhouse Plaza
    
    
    
    San Diego, CA
    
    
    
    
    430
    
    
    
    1,384
    
    
    
    176
    
    
    
    431
    
    
    
    1,559
    
    
    
    1,990
    
    
    
    111
    
    
    1989
    
    (n)9465 Customhouse Plaza
    
    
    
    San Diego, CA
    
    
    
    
    430
    
    
    
    1,437
    
    
    
    149
    
    
    
    431
    
    
    
    1,585
    
    
    
    2,016
    
    
    
    115
    
    
    1989
    
    (n)9485 Customhouse Plaza
    
    
    
    San Diego, CA
    
    
    
    
    1,200
    
    
    
    2,792
    
    
    
    245
    
    
    
    1,201
    
    
    
    3,036
    
    
    
    4,237
    
    
    
    176
    
    
    1989
    
    (n)2675 Customhouse Court
    
    
    
    San Diego, CA
    
    
    
    
    590
    
    
    
    2,082
    
    
    
    138
    
    
    
    591
    
    
    
    2,219
    
    
    
    2,810
    
    
    
    131
    
    
    1989
    
    (n)Southern New Jersey2-5 North Olnev Ave.
    
    
    
    Cherry Hill, NJ
    
    
    
    
    284
    
    
    
    1,524
    
    
    
    148
    
    
    
    282
    
    
    
    1,674
    
    
    
    1,956
    
    
    
    271
    
    
    1963/85
    
    (n)2 Springdale Road
    
    
    
    Cherry Hill, NJ
    
    
    
    
    127
    
    
    
    701
    
    
    
    111
    
    
    
    126
    
    
    
    813
    
    
    
    939
    
    
    
    132
    
    
    1968
    
    (n)4 Springdale Road
    
    (j)
    
    Cherry Hill, NJ
    
    
    
    
    335
    
    
    
    1,853
    
    
    
    752
    
    
    
    332
    
    
    
    2,608
    
    
    
    2,940
    
    
    
    382
    
    
    1963/85
    
    (n)8 Springdale Road
    
    
    
    Cherry Hill, NJ
    
    
    
    
    259
    
    
    
    1,436
    
    
    
    691
    
    
    
    258
    
    
    
    2,128
    
    
    
    2,386
    
    
    
    330
    
    
    1966
    
    (n)2050 Springdale Road
    
    
    
    Cherry Hill, NJ
    
    
    
    
    279
    
    
    
    1,545
    
    
    
    1,194
    
    
    
    277
    
    
    
    2,741
    
    
    
    3,018
    
    
    
    496
    
    
    1965
    
    (n)16 Springdale Road
    
    
    
    Cherry Hill, NJ
    
    
    
    
    241
    
    
    
    1,336
    
    
    
    129
    
    
    
    240
    
    
    
    1,466
    
    
    
    1,706
    
    
    
    240
    
    
    1967
    
    (n)5 Esterbrook Lane
    
    
    
    Cherry Hill, NJ
    
    
    
    
    241
    
    
    
    1,336
    
    
    
    235
    
    
    
    240
    
    
    
    1,572
    
    
    
    1,812
    
    
    
    250
    
    
    1966/88
    
    (n)2 Pin Oak Lane
    
    
    
    Cherry Hill, NJ
    
    
    
    
    317
    
    
    
    1,757
    
    
    
    715
    
    
    
    314
    
    
    
    2,475
    
    
    
    2,789
    
    
    
    397
    
    
    1968
    
    (n)28 Springdale Road
    
    
    
    Cherry Hill, NJ
    
    
    
    
    192
    
    
    
    1,060
    
    
    
    207
    
    
    
    190
    
    
    
    1,269
    
    
    
    1,459
    
    
    
    201
    
    
    1967
    
    (n)3 Esterbrook Lane
    
    
    
    Cherry Hill, NJ
    
    
    
    
    199
    
    
    
    1,102
    
    
    
    464
    
    
    
    198
    
    
    
    1,567
    
    
    
    1,765
    
    
    
    248
    
    
    1968
    
    (n)4 Esterbrook Lane
    
    
    
    Cherry Hill, NJ
    
    
    
    
    234
    
    
    
    1,294
    
    
    
    35
    
    
    
    232
    
    
    
    1,331
    
    
    
    1,563
    
    
    
    223
    
    
    1969
    
    (n)26 Springdale Road
    
    
    
    Cherry Hill, NJ
    
    
    
    
    227
    
    
    
    1,257
    
    
    
    408
    
    
    
    226
    
    
    
    1,666
    
    
    
    1,892
    
    
    
    259
    
    
    1968
    
    (n)1 Keystone Ave.
    
    
    
    Cherry Hill, NJ
    
    
    
    
    227
    
    
    
    1,223
    
    
    
    978
    
    
    
    218
    
    
    
    2,210
    
    
    
    2,428
    
    
    
    385
    
    
    1969
    
    (n)21 Olnev Ave.
    
    
    
    Cherry Hill, NJ
    
    
    
    
    69
    
    
    
    380
    
    
    
    64
    
    
    
    68
    
    
    
    445
    
    
    
    513
    
    
    
    71
    
    
    1969
    
    (n)19 Olnev Ave.
    
    
    
    Cherry Hill, NJ
    
    
    
    
    202
    
    
    
    1,119
    
    
    
    1,143
    
    
    
    200
    
    
    
    2,264
    
    
    
    2,464
    
    
    
    402
    
    
    1971
    
    (n)2 Keystone Ave.
    
    
    
    Cherry Hill, NJ
    
    
    
    
    216
    
    
    
    1,194
    
    
    
    577
    
    
    
    214
    
    
    
    1,773
    
    
    
    1,987
    
    
    
    305
    
    
    1970
    
    (n)18 Olnev Ave.
    
    
    
    Cherry Hill, NJ
    
    
    
    
    250
    
    
    
    1,382
    
    
    
    97
    
    
    
    247
    
    
    
    1,482
    
    
    
    1,729
    
    
    
    244
    
    
    1974
    
    (n)2030 Springdale Rod
    
    
    
    Cherry Hill, NJ
    
    
    
    
    526
    
    
    
    2,914
    
    
    
    1,485
    
    
    
    523
    
    
    
    4,402
    
    
    
    4,925
    
    
    
    757
    
    
    1977
    
    (n)111 Whittendale Drive
    
    
    
    Morrestown, NJ
    
    
    
    
    515
    
    
    
    2,916
    
    
    
    116
    
    
    
    522
    
    
    
    3,025
    
    
    
    3,547
    
    
    
    370
    
    
    1991/96
    
    (n)9 Whittendale
    
    
    
    Morrestown, NJ
    
    
    
    
    337
    
    
    
    1,911
    
    
    
    68
    
    
    
    343
    
    
    
    1,973
    
    
    
    2,316
    
    
    
    175
    
    
    2000
    
    (n)7851 Airport
    
    
    
    Pennsauken, NJ
    
    
    
    
    160
    
    
    
    508
    
    
    
    388
    
    
    
    163
    
    
    
    893
    
    
    
    1,056
    
    
    
    58
    
    
    1966
    
    (n)103 Central
    
    (q)
    
    Mt. Laurel, NJ
    
    
    
    
    610
    
    
    
    1,847
    
    
    
    347
    
    
    
    619
    
    
    
    2,185
    
    
    
    2,804
    
    
    
    130
    
    
    1970
    
    (n)7860-7870 Airport
    
    
    
    Pennsauken, NJ
    
    
    
    
    120
    
    
    
    366
    
    
    
    271
    
    
    
    122
    
    
    
    635
    
    
    
    757
    
    
    
    42
    
    
    1968
    
    (n)7110-7112 Airport
    
    
    
    Pennsauken, NJ
    
    
    
    
    110
    
    
    
    178
    
    
    
    193
    
    
    
    112
    
    
    
    369
    
    
    
    481
    
    
    
    29
    
    
    1963
    
    (n)St. Louis2121 Chapin Industrial Drive
    
    
    
    Vinita Park, MO
    
    
    
    
    606
    
    
    
    4,384
    
    
    
    (3,914
    )
    
    
    614
    
    
    
    462
    
    
    
    1,076
    
    
    
    277
    
    
    1969/94
    
    (n)10431-10449 Midwest Industrial Blvd
    
    
    
    Olivette, MO
    
    
    
    
    237
    
    
    
    1,360
    
    
    
    612
    
    
    
    237
    
    
    
    1,972
    
    
    
    2,209
    
    
    
    618
    
    
    1967
    
    (n)10751 Midwest Industrial Boulevard
    
    
    
    Olivette, MO
    
    
    
    
    193
    
    
    
    1,119
    
    
    
    397
    
    
    
    194
    
    
    
    1,515
    
    
    
    1,709
    
    
    
    416
    
    
    1965
    
    (n)6951 N Hanley
    
    (j)
    
    Hazelwood, MO
    
    
    
    
    405
    
    
    
    2,295
    
    
    
    1,337
    
    
    
    419
    
    
    
    3,618
    
    
    
    4,037
    
    
    
    790
    
    
    1965
    
    (n)1037 Warson  Bldg A
    
    
    
    St. Louis, MO
    
    
    
    
    246
    
    
    
    1,359
    
    
    
    95
    
    
    
    251
    
    
    
    1,449
    
    
    
    1,700
    
    
    
    96
    
    
    1968
    
    (n)1037 Warson  Bldg B
    
    
    
    St. Louis, MO
    
    
    
    
    380
    
    
    
    2,103
    
    
    
    102
    
    
    
    388
    
    
    
    2,197
    
    
    
    2,585
    
    
    
    145
    
    
    1968
    
    (n)1037 Warson  Bldg C
    
    
    
    St. Louis, MO
    
    
    
    
    303
    
    
    
    1,680
    
    
    
    144
    
    
    
    310
    
    
    
    1,817
    
    
    
    2,127
    
    
    
    120
    
    
    1968
    
    (n)1037 Warson  Bldg D
    
    
    
    St. Louis, MO
    
    
    
    
    353
    
    
    
    1,952
    
    
    
    96
    
    
    
    360
    
    
    
    2,041
    
    
    
    2,401
    
    
    
    138
    
    
    1968
    
    (n)6821-6857 Hazelwood Ave.
    
    
    
    Berkeley, MO
    
    
    
    
    1,095
    
    
    
    6,205
    
    
    
    585
    
    
    
    985
    
    
    
    6,900
    
    
    
    7,885
    
    
    
    469
    
    
    2001
    
    (n)13701 Rider Trail North
    
    
    
    Earth City, MO
    
    
    
    
    800
    
    
    
    2,099
    
    
    
    544
    
    
    
    804
    
    
    
    2,639
    
    
    
    3,443
    
    
    
    260
    
    
    1985
    
    (n)1908-2000 Innerbelt
    
    (j)
    
    Overland, MO
    
    
    
    
    1,590
    
    
    
    9,026
    
    
    
    502
    
    
    
    1,591
    
    
    
    9,527
    
    
    
    11,118
    
    
    
    510
    
    
    1987
    
    (n)8449-95 Mid-County Industrial
    
    
    
    Vinita Park, MO
    
    
    
    
    520
    
    
    
    1,590
    
    
    
    68
    
    
    
    520
    
    
    
    1,658
    
    
    
    2,178
    
    
    
    104
    
    
    1988
    
    (n)84104-76 Mid County Industrial
    
    
    
    Vinita Park, MO
    
    
    
    
    540
    
    
    
    2,109
    
    
    
    11
    
    
    
    540
    
    
    
    2,120
    
    
    
    2,660
    
    
    
    134
    
    
    1989
    
    (n)2001 Innerbelt Business Center
    
    
    
    Overland, MO
    
    
    
    
    1,050
    
    
    
    4,451
    
    
    
    329
    
    
    
    1,050
    
    
    
    4,780
    
    
    
    5,830
    
    
    
    293
    
    
    1987
    
    (n)4774 Park 36 Boulevard
    
    
    
    St. Louis, MO
    
    
    
    
    1,074
    
    
    
    
    
    
    
    6,065
    
    
    
    1,075
    
    
    
    6,064
    
    
    
    7,139
    
    
    
    169
    
    
    2001
    
    (n)1010 Turner Boulevard
    
    
    
    St. Peters, MO
    
    
    
    
    2,520
    
    
    
    3,152
    
    
    
    15
    
    
    
    2,520
    
    
    
    3,167
    
    
    
    5,687
    
    
    
    194
    
    
    1989
    
    (n)1600 Park 370 Place
    
    (q)
    
    Hazelwood, MO
    
    
    
    
    892
    
    
    
    
    
    
    
    5,699
    
    
    
    892
    
    
    
    5,699
    
    
    
    6,591
    
    
    
    344
    
    
    2001
    
    (n)Tampa6614 Adamo Drive
    
    
    
    Tampa, FL
    
    
    
    
    177
    
    
    
    1,005
    
    
    
    193
    
    
    
    181
    
    
    
    1,194
    
    
    
    1,375
    
    
    
    201
    
    
    1967
    
    (n)6202 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    203
    
    
    
    1,151
    
    
    
    335
    
    
    
    211
    
    
    
    1,478
    
    
    
    1,689
    
    
    
    333
    
    
    1981
    
    (n)6204 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    432
    
    
    
    2,445
    
    
    
    364
    
    
    
    454
    
    
    
    2,787
    
    
    
    3,241
    
    
    
    535
    
    
    1982
    
    (n)6206 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    397
    
    
    
    2,251
    
    
    
    306
    
    
    
    416
    
    
    
    2,538
    
    
    
    2,954
    
    
    
    502
    
    
    1983
    
    (n)6302 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    214
    
    
    
    1,212
    
    
    
    216
    
    
    
    224
    
    
    
    1,418
    
    
    
    1,642
    
    
    
    285
    
    
    1983
    
    (n)6304 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    201
    
    
    
    1,138
    
    
    
    244
    
    
    
    209
    
    
    
    1,374
    
    
    
    1,583
    
    
    
    309
    
    
    1984
    
    (n)6306 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    257
    
    
    
    1,457
    
    
    
    206
    
    
    
    269
    
    
    
    1,651
    
    
    
    1,920
    
    
    
    320
    
    
    1984
    
    (n)6308 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    345
    
    
    
    1,958
    
    
    
    293
    
    
    
    362
    
    
    
    2,234
    
    
    
    2,596
    
    
    
    422
    
    
    1984
    
    (n)5313 Johns Road
    
    
    
    Tampa, FL
    
    
    
    
    204
    
    
    
    1,159
    
    
    
    152
    
    
    
    257
    
    
    
    1,258
    
    
    
    1,515
    
    
    
    237
    
    
    1991
    
    (n)5602 Thompson Center Court
    
    
    
    Tampa, FL
    
    
    
    
    115
    
    
    
    652
    
    
    
    204
    
    
    
    120
    
    
    
    851
    
    
    
    971
    
    
    
    198
    
    
    1972
    
    (n)
 S-11




---



##### Table of Contents



(r)CostsCapitalizedSubsequent toAcquisition or
    
    
    Gross Amount Carried(b)
    
    
    Completion
    
    
    At Close of Period 12/31/04
    
    
    AccumulatedLocation
    
    (a)
    
    Initial Cost
    
    
    and Valuation
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Depreciation
    
    
    Year Built/
    
    DepreciableBuilding Address
    
    
    
    (City/State)
    
    Encumbrances
    
    Land
    
    
    Buildings
    
    
    Provision
    
    
    Land
    
    
    Improvements
    
    
    Total
    
    
    12/31/04
    
    
    Renovated
    
    Lives (Years)5411 Johns Road
    
    
    
    Tampa, FL
    
    
    
    
    230
    
    
    
    1,304
    
    
    
    168
    
    
    
    241
    
    
    
    1,461
    
    
    
    1,702
    
    
    
    271
    
    
    1997
    
    (n)5525 Johns Road
    
    
    
    Tampa, FL
    
    
    
    
    192
    
    
    
    1,086
    
    
    
    77
    
    
    
    200
    
    
    
    1,155
    
    
    
    1,355
    
    
    
    203
    
    
    1993
    
    (n)5607 Johns Road
    
    
    
    Tampa, FL
    
    
    
    
    102
    
    
    
    579
    
    
    
    84
    
    
    
    110
    
    
    
    655
    
    
    
    765
    
    
    
    117
    
    
    1991
    
    (n)5709 Johns Road
    
    
    
    Tampa, FL
    
    
    
    
    192
    
    
    
    1,086
    
    
    
    165
    
    
    
    200
    
    
    
    1,243
    
    
    
    1,443
    
    
    
    244
    
    
    1990
    
    (n)5711 Johns Road
    
    
    
    Tampa, FL
    
    
    
    
    243
    
    
    
    1,376
    
    
    
    185
    
    
    
    255
    
    
    
    1,549
    
    
    
    1,804
    
    
    
    329
    
    
    1990
    
    (n)5453 W Waters Avenue
    
    
    
    Tampa, FL
    
    
    
    
    71
    
    
    
    402
    
    
    
    107
    
    
    
    82
    
    
    
    498
    
    
    
    580
    
    
    
    95
    
    
    1987
    
    (n)5455 W Waters Avenue
    
    
    
    Tampa, FL
    
    
    
    
    307
    
    
    
    1,742
    
    
    
    230
    
    
    
    326
    
    
    
    1,953
    
    
    
    2,279
    
    
    
    373
    
    
    1987
    
    (n)5553 W Waters Avenue
    
    
    
    Tampa, FL
    
    
    
    
    307
    
    
    
    1,742
    
    
    
    226
    
    
    
    326
    
    
    
    1,949
    
    
    
    2,275
    
    
    
    380
    
    
    1987
    
    (n)5501 W Waters Avenue
    
    
    
    Tampa, FL
    
    
    
    
    154
    
    
    
    871
    
    
    
    161
    
    
    
    162
    
    
    
    1,024
    
    
    
    1,186
    
    
    
    185
    
    
    1990
    
    (n)5503 W Waters Avenue
    
    
    
    Tampa, FL
    
    
    
    
    71
    
    
    
    402
    
    
    
    67
    
    
    
    75
    
    
    
    465
    
    
    
    540
    
    
    
    98
    
    
    1990
    
    (n)5555 W Waters Avenue
    
    
    
    Tampa, FL
    
    
    
    
    213
    
    
    
    1,206
    
    
    
    126
    
    
    
    221
    
    
    
    1,324
    
    
    
    1,545
    
    
    
    243
    
    
    1990
    
    (n)5557 W Waters Avenue
    
    
    
    Tampa, FL
    
    
    
    
    59
    
    
    
    335
    
    
    
    39
    
    
    
    62
    
    
    
    371
    
    
    
    433
    
    
    
    68
    
    
    1990
    
    (n)5461 W Waters
    
    
    
    Tampa, FL
    
    
    
    
    261
    
    
    
    
    
    
    
    1,197
    
    
    
    265
    
    
    
    1,193
    
    
    
    1,458
    
    
    
    179
    
    
    1998
    
    (n)5505 Johns Road #7
    
    
    
    Tampa, FL
    
    
    
    
    228
    
    
    
    
    
    
    
    1,452
    
    
    
    228
    
    
    
    1,452
    
    
    
    1,680
    
    
    
    234
    
    
    1999
    
    (n)5481 W. Waters Avenue
    
    
    
    Tampa, FL
    
    
    
    
    558
    
    
    
    
    
    
    
    2,302
    
    
    
    561
    
    
    
    2,299
    
    
    
    2,860
    
    
    
    334
    
    
    1999
    
    (n)5905 Breckenridge Parkway
    
    
    
    Tampa, FL
    
    
    
    
    189
    
    
    
    1,070
    
    
    
    133
    
    
    
    191
    
    
    
    1,201
    
    
    
    1,392
    
    
    
    118
    
    
    1982
    
    (n)5907 Breckenridge Parkway
    
    
    
    Tampa, FL
    
    
    
    
    61
    
    
    
    345
    
    
    
    11
    
    
    
    61
    
    
    
    356
    
    
    
    417
    
    
    
    36
    
    
    1982
    
    (n)5909 Breckenridge Parkway
    
    
    
    Tampa, FL
    
    
    
    
    173
    
    
    
    980
    
    
    
    70
    
    
    
    174
    
    
    
    1,049
    
    
    
    1,223
    
    
    
    119
    
    
    1982
    
    (n)5911 Breckenridge Parkway
    
    
    
    Tampa, FL
    
    
    
    
    308
    
    
    
    1,747
    
    
    
    69
    
    
    
    311
    
    
    
    1,813
    
    
    
    2,124
    
    
    
    193
    
    
    1982
    
    (n)5910 Breckenridge Parkway
    
    
    
    Tampa, FL
    
    
    
    
    436
    
    
    
    2,472
    
    
    
    150
    
    
    
    440
    
    
    
    2,618
    
    
    
    3,058
    
    
    
    299
    
    
    1982
    
    (n)5912 Breckenridge Parkway
    
    
    
    Tampa, FL
    
    
    
    
    460
    
    
    
    2,607
    
    
    
    58
    
    
    
    464
    
    
    
    2,661
    
    
    
    3,125
    
    
    
    276
    
    
    1982
    
    (n)4515-4519 George Road
    
    
    
    Tampa, FL
    
    
    
    
    633
    
    
    
    3,587
    
    
    
    457
    
    
    
    640
    
    
    
    4,037
    
    
    
    4,677
    
    
    
    368
    
    
    1985
    
    (n)6301 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    292
    
    
    
    1,657
    
    
    
    74
    
    
    
    295
    
    
    
    1,728
    
    
    
    2,023
    
    
    
    158
    
    
    1986
    
    (n)5723 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    406
    
    
    
    2,301
    
    
    
    54
    
    
    
    409
    
    
    
    2,352
    
    
    
    2,761
    
    
    
    205
    
    
    1986
    
    (n)6313 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    229
    
    
    
    1,296
    
    
    
    129
    
    
    
    231
    
    
    
    1,423
    
    
    
    1,654
    
    
    
    140
    
    
    1986
    
    (n)5801 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    564
    
    
    
    3,197
    
    
    
    75
    
    
    
    569
    
    
    
    3,267
    
    
    
    3,836
    
    
    
    287
    
    
    1986
    
    (n)5802 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    686
    
    
    
    3,889
    
    
    
    443
    
    
    
    692
    
    
    
    4,326
    
    
    
    5,018
    
    
    
    377
    
    
    1986
    
    (n)5925 Benjamin Road
    
    
    
    Tampa, FL
    
    
    
    
    328
    
    
    
    1,859
    
    
    
    76
    
    
    
    331
    
    
    
    1,932
    
    
    
    2,263
    
    
    
    178
    
    
    1986
    
    (n)6089 Johns Road
    
    
    
    Tampa, FL
    
    (i)
    
    
    180
    
    
    
    987
    
    
    
    15
    
    
    
    186
    
    
    
    996
    
    
    
    1,182
    
    
    
    4
    
    
    1985
    
    (n)6091 Johns Road
    
    (q)
    
    Tampa, FL
    
    (i)
    
    
    140
    
    
    
    730
    
    
    
    10
    
    
    
    144
    
    
    
    736
    
    
    
    880
    
    
    
    3
    
    
    1986
    
    (n)6103 Johns Road
    
    
    
    Tampa, FL
    
    (i)
    
    
    220
    
    
    
    1,160
    
    
    
    19
    
    
    
    226
    
    
    
    1,173
    
    
    
    1,399
    
    
    
    5
    
    
    1986
    
    (n)6201 Johns Road
    
    (q)
    
    Tampa, FL
    
    (i)
    
    
    200
    
    
    
    1,107
    
    
    
    15
    
    
    
    205
    
    
    
    1,117
    
    
    
    1,322
    
    
    
    5
    
    
    1981
    
    (n)6203 Johns Road
    
    (q)
    
    Tampa, FL
    
    (i)
    
    
    300
    
    
    
    1,460
    
    
    
    24
    
    
    
    311
    
    
    
    1,473
    
    
    
    1,784
    
    
    
    8
    
    
    1987
    
    (n)6205 Johns Road
    
    (q)
    
    Tampa, FL
    

    (i)
    
    
    270
    
    
    
    1,363
    
    
    
    22
    
    
    
    278
    
    
    
    1,377
    
    
    
    1,655
    
    
    
    5
    
    
    2000
    
    (n)6101 Johns Road
    
    (q)
    
    Tampa, FL
    
    
    
    
    210
    
    
    
    833
    
    
    
    15
    
    
    
    216
    
    
    
    842
    
    
    
    1,058
    
    
    
    4
    
    
    1981
    
    (n)2904 Falkenburg Rd.
    
    (q)
    
    Brandon, FL
    
    
    
    
    372
    
    
    
    
    
    
    
    1,639
    
    
    
    404
    
    
    
    1,607
    
    
    
    2,011
    
    
    
    9
    
    
    2004
    
    (n)3002 S. Falkenburg
    
    (q)
    
    Brandon, FL
    
    
    
    
    452
    
    
    
    
    
    
    
    841
    
    
    
    325
    
    
    
    968
    
    
    
    1,293
    
    
    
    6
    
    
    2004
    
    (n)Other4200 West Harry Street
    
    (k)
    
    Wichita, KS
    
    
    
    
    193
    
    
    
    2,224
    
    
    
    1,777
    
    
    
    532
    
    
    
    3,662
    
    
    
    4,194
    
    
    
    1,795
    
    
    1972
    
    (n)6601 S. 33rd Street
    
    
    
    McAllen, TX
    
    
    
    
    231
    
    
    
    1,276
    
    
    
    244
    
    
    
    233
    
    
    
    1,518
    
    
    
    1,751
    
    
    
    321
    
    
    1975
    
    (n)3501 Maple Street
    
    (q)
    
    Abilene, TX
    
    
    
    
    67
    
    
    
    1,057
    
    
    
    1,126
    
    
    
    266
    
    
    
    1,984
    
    
    
    2,250
    
    
    
    898
    
    
    1980
    
    (n)6266
Hurt Road
    
    (q)
    
    Horn Lake, MS
    
    
    
    
    1,825
    
    
    
    
    
    
    
    668
    
    
    
    367
    
    
    
    2,126
    
    
    
    2,493
    
    
    
    101
    
    
    1963
    
    (n)6266
Hurt Road Building B
    
    (q)
    
    Horn Lake, MS
    
    
    
    
    
    
    
    
    
    
    
    
    7
    
    
    
    
    
    
    
    7
    
    
    
    7
    
    
    
    
    
    
    1963
    
    (n)6266
Hurt Road Building C
    
    (q)
    
    Horn Lake, MS
    
    
    
    
    
    
    
    
    
    
    
    
    14
    
    
    
    
    
    
    
    14
    
    
    
    14
    
    
    
    
    
    
    1963
    
    (n)Redevelopments / Developments / Developable Land
    
    
    
    
    46,859
    
    
    
    2,665
    
    
    
    18,273
    
    
    
    63,559
    
    
    
    4,238
    
    
    
    67,797
    
    
    
    61
    (o)$
    407,602
    
    
    $
    1,613,746
    
    
    $
    493,073
    
    
    $
    431,857
    
    
    $
    2,082,564
    
    
    $
    2,514,421
    
    
    $
    323,493
    (p)
 S-12




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##### Table of Contents



NOTES:  (a)
    See description of encumbrances in Note 6 to Notes to Consolidated Financial Statements.(b)
    Initial cost for each respective property is tangible purchase price allocated in accordance with SFAS No. 141.(c)
    These properties collateralize the Assumed Loan I.(d)
    This property collateralizes the Acquisition Mortgage Loan VIII.(e)
    This property collateralizes the Acquisition Mortgage Loan IX.(f)
    This property collateralizes the Acquisition Mortgage Loan IV.(g)
    This property collateralizes the Acquisition Mortgage Loan X.(h)
    These properties collateralize the Acquisition Mortgage Loan
XIII.(i)
    These properties collateralize the Acquisition Mortgage Loan XIV.(j)
    Comprised of two properties.(k)
    Comprised of three properties.(l)
    Comprised of four properties.(m)
    Comprised of 28 properties.(n)
    Depreciation is computed based upon the following estimated lives: Buildings, Improvements
    
    20 to 50 yearsTenant Improvements, Leasehold Improvements
    
    Life of leaseFurniture, Fixtures and Equipment
    
    5 to 10 years
  (o)
    These properties represent developable land and redevelopments that have not been placed in service.(p)
    Excludes $23,092 of Construction in Progress, and includes real estate held for sale of $8,021 (Land), $43,078 (Buildings and Improvements), and $2,490 (Accumulated Depreciation).(q)
    Property is not in-service as of 12/31/04.(r)
    Improvements are net of write-off of fully depreciated assets.(s)
    This property collateralizes the Assumed Loan II.(t)
    This property collateralizes the Acquisition Mortgage Loan XII.At December 31, 2004, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $2.2 billion (excluding construction in progress.) S-13




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##### Table of Contents



FIRST INDUSTRIAL LP
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)
As Of December 31, 2004
(Dollars in thousands) The changes in total real estate assets for the three years ended December 31, 2004 are as follows: 2004
    
    
    2003
    
    
    2002Balance, Beginning of Year
    
    $
    2,352,026
    
    
    $
    2,325,826
    
    
    $
    2,343,698Acquisition, Construction Costs and Improvements
    
    
    493,012
    
    
    
    302,720
    
    
    
    308,763Disposition of Assets
    
    
    (288,433
    )
    
    
    (276,520
    )
    
    
    (326,635
    )Write-off of Fully Depreciated Assets
    
    
    (19,092
    )
    
    
    
    
    
    
    Balance, End of Year
    
    $
    2,537,513
    
    
    $
    2,352,026
    
    
    $
    2,325,826
 The changes in accumulated depreciation for the three years ended December 31, 2004 are as follows: 2004
    
    
    2003
    
    
    2002Balance, Beginning of Year
    
    $
    295,688
    
    
    $
    263,404
    
    
    $
    232,889Depreciation for Year
    
    
    71,779
    
    
    
    63,281
    
    
    
    56,762Disposition of Assets
    
    
    (24,882
    )
    
    
    (30,997
    )
    
    
    (26,247
    )Write-off of Fully Depreciated Assets
    
    
    (19,092
    )
    
    
    
    
    
    
    Balance, End of Year
    
    $
    323,493
    
    
    $
    295,688
    
    
    $
    263,404
 S-14