ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2004
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OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
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Maryland
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23-2413352
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(State or other jurisdiction of
Incorporation or organization) |
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(I.R.S. Employer Identification No.)
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401 Plymouth Road, Plymouth Meeting, Pennsylvania
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19462
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code
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(610) 325-5600
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Title of each class
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Name of each exchange
on which registered |
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Common Shares of Beneficial Interest,
(par value $0.01 per share) |
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New York Stock Exchange
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7.50% Series C Cumulative Redeemable
Preferred Shares of Beneficial Interest (par value $0.01 per share) |
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New York Stock Exchange
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7.375% Series D Cumulative Redeemable
Preferred Shares of Beneficial Interest (par value $0.01 per share) |
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New York Stock Exchange
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Securities registered pursuant to Section 12(g) of the Act:
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None
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(Title of class)
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(Title of class)
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Page
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maximize cash flow through aggressive leasing strategies that we adapt to market conditions and that are designed to continue market outperformance and capture potential rental growth as rental rates increase and as below-market leases are renewed;
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attain a high tenant retention rate by providing a full array of property management and maintenance services and tenant service programs responsive to the varying needs of our diverse tenant base;
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increase the economic diversification of our tenant base while maximizing economies of scale;
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deploy our existing land inventory and seek new land parcels on which to develop high-quality office and industrial properties to service our tenant base, as warranted by market conditions;
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capitalize on our redevelopment expertise to selectively acquire, redevelop and reposition underperforming properties in desirable locations;
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acquire high-quality office and industrial properties and portfolios of such properties at attractive yields in selected submarkets in the Mid-Atlantic region that we expect will experience economic growth and provide barriers to entry;
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objectively assess alternative capital investment strategies including, but not limited to, joint venture opportunities with high-quality partners having attractive real estate holdings or significant financial resources; and
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utilize our reputation as one of our regions largest full-service real estate development and management organizations to identify new business opportunities that will expand our business and create long-term value.
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We expect to continue to concentrate our real estate activities in submarkets within the Mid-Atlantic region where we believe that:
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barriers to entry (such as zoning restrictions, utility availability, infrastructure limitations, development moratoriums and limited developable land) will create supply constraints on office and industrial space;
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current market rents and absorption statistics justify limited new construction activity;
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we can maximize market penetration by accumulating a critical mass of properties and thereby enhance operating efficiencies; and
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there is potential for economic growth.
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downturns in the national, regional and local economic climate;
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competition from other office, industrial and commercial buildings;
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local real estate market conditions, such as oversupply or reduction in demand for office, or other commercial or industrial space;
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changes in interest rates and availability of financing;
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vacancies, changes in market rental rates and the need to periodically repair, renovate and re-lease space;
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increased operating costs, including insurance expense, utilities, real estate taxes, state and local taxes and heightened security costs;
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civil disturbances, earthquakes and other natural disasters, or terrorist acts or acts of war which may result in uninsured or underinsured losses;
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significant expenditures associated with each investment, such as debt service payments, real estate taxes, insurance and maintenance costs which are generally not reduced when circumstances cause a reduction in revenues from a property; and
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declines in the financial condition of our tenants and our ability to collect rents from our tenants.
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the unavailability of favorable financing alternatives in the private and public debt markets;
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construction costs exceeding original estimates due to rising interest rates and increases in the costs of materials and labor;
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construction and lease-up delays resulting in increased debt service, fixed expenses and construction or renovation costs;
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expenditure of funds and devotion of managements time to projects that we do not complete;
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occupancy rates and rents at newly completed properties may fluctuate depending on a number of factors, including market and economic conditions, resulting in lower than projected rental rates and a corresponding lower return on our investment; and
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complications (including building moratoriums and anti-growth legislation) in obtaining necessary zoning, occupancy and other governmental permits.
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we may not be able to obtain financing for acquisitions on favorable terms;
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acquired properties may fail to perform as expected;
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the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates;
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acquired properties may be located in new markets where we may have limited knowledge and understanding of the local economy, an absence of business relationships in the area or unfamiliarity with local governmental and permitting procedures; and
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we may not be able to efficiently integrate acquired properties, particularly portfolios of properties, into our organization and to manage new properties in a way that allows us to realize cost savings and synergies.
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liabilities for clean-up of undisclosed environmental contamination;
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claims by tenants, vendors or other persons arising on account of actions or omissions of the former owners of the properties; and
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liabilities incurred in the ordinary course of business.
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the operational and financial performance of our Properties;
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capital expenditures with respect to existing and newly acquired Properties;
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general and administrative costs associated with our operation as a publicly-held REIT;
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the amount of, and the interest rates on, our debt; and
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the absence of significant expenditures relating to environmental and other regulatory matters.
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consider the transfer to be null and void;
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not reflect the transaction on our books;
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institute legal action to stop the transaction;
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not pay dividends or other distributions with respect to those shares;
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not recognize any voting rights for those shares; and
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consider the shares held in trust for the benefit of a person to whom such shares may be transferred.
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increases in market interest rates, relative to the dividend yield on our shares. If market interest rates go up, prospective purchasers of our securities may require a higher yield. Higher market interest rates would not, however, result in more funds for us to distribute and, to the contrary, would likely increase our borrowing costs and potentially decrease funds available for distribution. Thus, higher market interest rates could cause the market price of our common shares to go down;
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anticipated benefit of an investment in our securities as compared to investment in securities of companies in other industries (including benefits associated with tax treatment of dividends and distributions);
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perception by market professionals of REITs generally and REITs comparable to us in particular;
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perception by market participants of our potential for payment of cash distributions and for growth;
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level of institutional investor interest in our securities;
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relatively low trading volumes in securities of REITs;
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our results of operations and financial condition; and
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investor confidence in the stock market generally.
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Month of
Acquisition |
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Property/Portfolio Name
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Location
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# of
Buildings |
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Rentable Square Feet/ Acres
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Purchase
Price |
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(in 000s)
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Office Properties:
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Jul-04
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Five Greentree
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Marlton, NJ
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1
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169,534
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$
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18,353
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Sep-04
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TRC Properties
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Radnor/ Philadelphia/ Wilmington
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14
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3,511,267
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600,000
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Total Office Properties Acquired
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15
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3,680,801
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$
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618,353
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Land Parcels:
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Sep-04
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Newtown Land
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Newtown, PA
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58.4
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$
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4,500
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Total Land Acquired
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58.4
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$
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4,500
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Month Placed
in Service |
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Property/Portfolio Name
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Location
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# of
Buildings |
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Rentable
Square Feet |
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Office Properties:
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Jul-04
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6990 Snowdrift Road (Bldg A)
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Allentown, PA
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1
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44,200
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Dec-04
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7535 Windsor Drive.
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Allentown, PA
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1
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128,061
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Total Properties Placed in Service
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2
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172,261
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Month of
Sale |
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Property/Portfolio Name
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Location
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# of
Bldgs. |
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Rentable Square
Feet/ Acres |
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Sales/Disposition
Price |
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(in 000s)
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Office Properties:
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Mar-04
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2201 Dabney Road
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Richmond, VA
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1
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45,000
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$
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2,100
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Mar-04
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1255 Broad Street
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Bloomfield, NJ
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1
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37,478
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3,960
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Jun-04
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935 First Avenue
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King of Prussia, PA
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1
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103,090
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17,000
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Dec-04
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55 U.S. Avenue
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Gibbsboro, NJ
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1
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138,982
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5,550
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Total Office Properties Sold
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4
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324,550
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$
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28,610
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Land Parcels:
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May-04
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Twin Hickory Land
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Richmond, VA
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5.3
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$
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1,242
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Aug-04
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East Gate Land
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Mount Laurel, NJ
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19.4
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1,300
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Sep-04
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Dabney Plot B Land
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Richmond, VA
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4.6
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341
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Total Land Sold
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29.3
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$
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2,883
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Project Name
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Location
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Rentable
Square Feet |
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%
Leased as of 12/31/04 |
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Estimated
Project Completion Date |
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Projected
In-Service Date (a) |
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Total Cost
Incurred as of 12/31/04 |
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Estimated
Total Development Cost (b) |
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(in 000s)
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(in 000s)
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Under Development:
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Cira Centre
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Philadelphia, PA
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727,725
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65
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%
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Dec-05
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Dec-06
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$
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89,121
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$
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177,642
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6990 Snowdrift (Bldg B)
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Allentown, PA
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27,900
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0
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%(c)
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Jan-04
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Jan-05
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2,538
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3,337
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1400 Howard Blvd.
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Mount Laurel, NJ
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75,590
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100
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%
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Aug-05
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Sep-05
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3,425
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14,581
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Bishops Gate
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Mount Laurel, NJ
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52,986
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94
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%
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Jul-04
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Jul-05
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7,550
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8,253
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884,201
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102,634
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203,813
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Under Redevelopment:
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855 Springdale Drive
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West Whiteland, PA
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50,750
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0
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%
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Sep-05
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Sep-06
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200
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4,678
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501 Office Center Drive
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Fort Washington, PA
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114,778
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35
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%
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Oct-04
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Oct-05
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9,479
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12,795
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165,528
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9,679
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17,473
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1,049,729
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$
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112,313
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$
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221,286
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(a)
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Projected in-service date represents the earlier of (a) the date at which the property is estimated to be 95% occupied or (b) one year from the project completion date.
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(b)
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Total development cost includes land acquisition costs, land carry costs, hard and soft construction costs, tenant improvements and broker commissions.
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(c)
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A lease was signed in February 2005 for 27,900 square feet that commences in June 2005.
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Property Name
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Location
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State
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Year
Built |
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Net
Rentable Square Feet |
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Percentage
Leased as of December 31, 2004 (a) |
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Total Base Rent
for the Twelve Months Ended December 31, 2004 (b) (000s) |
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Average
Annualized Rental Rate as of December 31, 2004 (c) |
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PENNSYLVANIA NORTH SEGMENT
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100-300 Gundy Drive
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Reading
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PA
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1970
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452,918
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99.9
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%
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$
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7,000
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$
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15.63
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401 Plymouth Road
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Plymouth Meeting
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PA
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2001
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201,528
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100.0
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%
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5,541
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30.36
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300 Corporate Center Drive
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Camp Hill
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PA
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1989
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175,280
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37.6
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%
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2,645
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16.66
|
|
111 Presidential Boulevard
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Bala Cynwyd
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PA
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1997
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172,654
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82.2
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%
|
|
1,933
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14.09
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100 Katchel Blvd
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Reading
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PA
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1970
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131,082
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100.0
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%
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2,960
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21.67
|
|
7535 Windsor Drive
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
1988
|
|
|
128,061
|
|
|
54.5
|
%
|
|
995
|
|
|
16.22
|
|
501 Office Center Drive
|
|
|
(e)
|
|
|
Fort Washington
|
|
|
PA
|
|
|
1974
|
|
|
114,778
|
|
|
|
|
|
|
|
|
|
|
7130 Ambassador Drive
|
|
|
(i)
|
|
|
Allentown
|
|
|
PA
|
|
|
1991
|
|
|
114,049
|
|
|
100.0
|
%
|
|
88
|
|
|
|
|
7350 Tilghman Street
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
1987
|
|
|
111,500
|
|
|
100.0
|
%
|
|
1,976
|
|
|
19.81
|
|
181 Washington Street
|
|
|
(h)
|
|
|
Conshohocken
|
|
|
PA
|
|
|
1999
|
|
|
108,456
|
|
|
94.4
|
%
|
|
2,911
|
|
|
32.90
|
|
920 Harvest Drive
|
|
|
|
|
|
Blue Bell
|
|
|
PA
|
|
|
1990
|
|
|
104,505
|
|
|
100.0
|
%
|
|
2,100
|
|
|
20.87
|
|
500 Office Center Drive
|
|
|
|
|
|
Fort Washington
|
|
|
PA
|
|
|
1974
|
|
|
101,303
|
|
|
83.9
|
%
|
|
1,728
|
|
|
22.34
|
|
7450 Tilghman Street
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
1986
|
|
|
100,000
|
|
|
81.2
|
%
|
|
1,403
|
|
|
19.69
|
|
620 West Germantown Pike
|
|
|
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
1990
|
|
|
90,169
|
|
|
95.1
|
%
|
|
2,006
|
|
|
28.32
|
|
610 West Germantown Pike
|
|
|
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
1987
|
|
|
90,152
|
|
|
100.0
|
%
|
|
2,445
|
|
|
31.42
|
|
630 West Germantown Pike
|
|
|
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
1988
|
|
|
89,925
|
|
|
86.2
|
%
|
|
1,787
|
|
|
19.47
|
|
600 West Germantown Pike
|
|
|
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
1986
|
|
|
89,681
|
|
|
97.8
|
%
|
|
2,161
|
|
|
30.25
|
|
200 Barr Harbour Drive
|
|
|
(h)
|
|
|
Conshohocken
|
|
|
PA
|
|
|
1998
|
|
|
86,422
|
|
|
95.1
|
%
|
|
2,267
|
|
|
31.25
|
|
3331 Street Road -Greenwood Square
|
|
|
|
|
|
Bensalem
|
|
|
PA
|
|
|
1986
|
|
|
81,575
|
|
|
100.0
|
%
|
|
1,686
|
|
|
21.53
|
|
One Progress Avenue
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1986
|
|
|
79,204
|
|
|
100.0
|
%
|
|
841
|
|
|
11.60
|
|
323 Norristown Road
|
|
|
|
|
|
Lower Gwyned
|
|
|
PA
|
|
|
1988
|
|
|
76,287
|
|
|
97.1
|
%
|
|
1,486
|
|
|
17.53
|
|
160 - 180 West Germantown Pike
|
|
|
|
|
|
East Norriton
|
|
|
PA
|
|
|
1982
|
|
|
73,394
|
|
|
93.2
|
%
|
|
926
|
|
|
13.70
|
|
500 Enterprise Road
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1990
|
|
|
66,751
|
|
|
100.0
|
%
|
|
588
|
|
|
11.90
|
|
925 Harvest Drive
|
|
|
|
|
|
Blue Bell
|
|
|
PA
|
|
|
1990
|
|
|
63,663
|
|
|
88.4
|
%
|
|
1,126
|
|
|
21.15
|
|
980 Harvest Drive
|
|
|
|
|
|
Blue Bell
|
|
|
PA
|
|
|
1988
|
|
|
62,379
|
|
|
100.0
|
%
|
|
1,442
|
|
|
25.68
|
|
3329 Street Road -Greenwood Square
|
|
|
|
|
|
Bensalem
|
|
|
PA
|
|
|
1985
|
|
|
60,705
|
|
|
89.0
|
%
|
|
978
|
|
|
20.75
|
|
200 Corporate Center Drive
|
|
|
|
|
|
Camp Hill
|
|
|
PA
|
|
|
1989
|
|
|
60,000
|
|
|
100.0
|
%
|
|
1,059
|
|
|
16.25
|
|
321 Norristown Road
|
|
|
|
|
|
Lower Gwyned
|
|
|
PA
|
|
|
1988
|
|
|
59,994
|
|
|
100.0
|
%
|
|
1,124
|
|
|
19.12
|
|
2240/50 Butler Pike
|
|
|
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
1984
|
|
|
52,229
|
|
|
100.0
|
%
|
|
886
|
|
|
21.26
|
|
1155 Business Center Drive
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1990
|
|
|
51,388
|
|
|
100.0
|
%
|
|
712
|
|
|
18.77
|
|
800 Business Center Drive
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1986
|
|
|
51,236
|
|
|
100.0
|
%
|
|
598
|
|
|
15.33
|
|
7150 Windsor Drive
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
1988
|
|
|
49,420
|
|
|
100.0
|
%
|
|
595
|
|
|
13.66
|
|
520 Virginia Drive
|
|
|
|
|
|
Fort Washington
|
|
|
PA
|
|
|
1987
|
|
|
48,122
|
|
|
100.0
|
%
|
|
902
|
|
|
20.75
|
|
6575 Snowdrift Road
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
1988
|
|
|
47,091
|
|
|
100.0
|
%
|
|
568
|
|
|
13.95
|
|
220 Commerce Drive
|
|
|
|
|
|
Fort Washington
|
|
|
PA
|
|
|
1985
|
|
|
46,080
|
|
|
81.9
|
%
|
|
812
|
|
|
21.21
|
|
6990 Snowdrift Road (A)
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
2003
|
|
|
44,200
|
|
|
100.0
|
%
|
|
630
|
|
|
16.27
|
|
7248 Tilghman Street
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
1987
|
|
|
43,782
|
|
|
84.9
|
%
|
|
568
|
|
|
17.33
|
|
7360 Windsor Drive
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
2001
|
|
|
43,600
|
|
|
100.0
|
%
|
|
935
|
|
|
23.73
|
|
300 Welsh Road - Building I
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1980
|
|
|
40,042
|
|
|
31.0
|
%
|
|
322
|
|
|
18.70
|
|
7310 Tilghman Street
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
1985
|
|
|
40,000
|
|
|
92.6
|
%
|
|
483
|
|
|
15.35
|
|
150 Corporate Center Drive
|
|
|
|
|
|
Camp Hill
|
|
|
PA
|
|
|
1987
|
|
|
39,401
|
|
|
92.0
|
%
|
|
661
|
|
|
17.93
|
|
755 Business Center Drive
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1998
|
|
|
38,050
|
|
|
100.0
|
%
|
|
576
|
|
|
24.45
|
|
7010 Snowdrift Road
|
|
|
|
|
|
Allentown
|
|
|
PA
|
|
|
1991
|
|
|
33,029
|
|
|
80.6
|
%
|
|
438
|
|
|
16.91
|
|
2260 Butler Pike
|
|
|
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
1984
|
|
|
31,892
|
|
|
100.0
|
%
|
|
565
|
|
|
20.76
|
|
Property Name
|
|
|
|
Location
|
|
State
|
|
Year
Built |
|
Net
Rentable Square Feet |
|
Percentage
Leased as of December 31, 2004 (a) |
|
Total Base Rent
for the Twelve Months Ended December 31, 2004 (b) (000s) |
|
Average
Annualized Rental Rate as of December 31, 2004 (c) |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
700 Business Center Drive
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1986
|
|
|
30,773
|
|
|
100.0
|
%
|
|
350
|
|
|
11.29
|
|
120 West Germantown Pike
|
|
|
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
1984
|
|
|
30,574
|
|
|
100.0
|
%
|
|
339
|
|
|
12.82
|
|
650 Dresher Road
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1984
|
|
|
30,071
|
|
|
100.0
|
%
|
|
684
|
|
|
22.25
|
|
655 Business Center Drive
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1997
|
|
|
29,849
|
|
|
100.0
|
%
|
|
376
|
|
|
18.52
|
|
630 Dresher Road
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1987
|
|
|
28,894
|
|
|
100.0
|
%
|
|
689
|
|
|
24.47
|
|
140 West Germantown Pike
|
|
|
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
1984
|
|
|
25,357
|
|
|
90.1
|
%
|
|
437
|
|
|
22.12
|
|
3333 Street Road -Greenwood Square
|
|
|
|
|
|
Bensalem
|
|
|
PA
|
|
|
1988
|
|
|
25,000
|
|
|
100.0
|
%
|
|
539
|
|
|
22.29
|
|
800 Corporate Circle Drive
|
|
|
|
|
|
Harrisburg
|
|
|
PA
|
|
|
1979
|
|
|
24,862
|
|
|
100.0
|
%
|
|
395
|
|
|
16.37
|
|
500 Nationwide Drive
|
|
|
|
|
|
Harrisburg
|
|
|
PA
|
|
|
1977
|
|
|
18,027
|
|
|
100.0
|
%
|
|
324
|
|
|
19.00
|
|
600 Corporate Circle Drive
|
|
|
|
|
|
Harrisburg
|
|
|
PA
|
|
|
1978
|
|
|
17,858
|
|
|
100.0
|
%
|
|
288
|
|
|
16.30
|
|
300 Welsh Road - Building II
|
|
|
|
|
|
Horsham
|
|
|
PA
|
|
|
1980
|
|
|
17,750
|
|
|
100.0
|
%
|
|
385
|
|
|
22.01
|
|
2404 Park Drive
|
|
|
|
|
|
Harrisburg
|
|
|
PA
|
|
|
1983
|
|
|
11,000
|
|
|
100.0
|
%
|
|
107
|
|
|
14.63
|
|
2401 Park Drive
|
|
|
|
|
|
Harrisburg
|
|
|
PA
|
|
|
1984
|
|
|
10,074
|
|
|
100.0
|
%
|
|
102
|
|
|
17.48
|
|
George Kachel Farmhouse
|
|
|
|
|
|
Reading
|
|
|
PA
|
|
|
2000
|
|
|
1,664
|
|
|
100.0
|
%
|
|
22
|
|
|
13.00
|
|
PENNSYLVANIA WEST SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150 Radnor Chester Road
|
|
|
(f)
|
|
|
Radnor
|
|
|
PA
|
|
|
1983
|
|
|
339,544
|
|
|
|
|
|
|
|
|
|
|
201 King of Prussia Road
|
|
|
(f)
|
|
|
Radnor
|
|
|
PA
|
|
|
2001
|
|
|
251,372
|
|
|
|
|
|
|
|
|
|
|
555 Lancaster Avenue
|
|
|
(f)
|
|
|
Radnor
|
|
|
PA
|
|
|
1973
|
|
|
241,892
|
|
|
|
|
|
|
|
|
|
|
One Radnor Corporate Center
|
|
|
|
|
|
Radnor
|
|
|
PA
|
|
|
1998
|
|
|
185,166
|
|
|
94.0
|
%
|
|
1,457
|
|
|
32.56
|
|
Five Radnor Corporate Center
|
|
|
|
|
|
Radnor
|
|
|
PA
|
|
|
1998
|
|
|
164,577
|
|
|
78.9
|
%
|
|
1,289
|
|
|
34.86
|
|
Four Radnor Corporate Center
|
|
|
|
|
|
Radnor
|
|
|
PA
|
|
|
1995
|
|
|
163,517
|
|
|
74.9
|
%
|
|
629
|
|
|
16.93
|
|
751-761 Fifth Avenue
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1967
|
|
|
158,000
|
|
|
100.0
|
%
|
|
499
|
|
|
3.16
|
|
630 Allendale Road
|
|
|
|
|
|
King of Prussia
|
|
|
PA
|
|
|
2000
|
|
|
150,000
|
|
|
100.0
|
%
|
|
3,678
|
|
|
24.80
|
|
640 Freedom Business Center
|
|
|
(d)
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1991
|
|
|
132,000
|
|
|
92.0
|
%
|
|
3,109
|
|
|
26.95
|
|
52 Swedesford Square
|
|
|
|
|
|
East Whiteland Twp.
|
|
|
PA
|
|
|
1988
|
|
|
131,017
|
|
|
100.0
|
%
|
|
2,800
|
|
|
21.08
|
|
400 Berwyn Park
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1999
|
|
|
124,172
|
|
|
65.6
|
%
|
|
1,713
|
|
|
31.46
|
|
Three Radnor Corporate Center
|
|
|
|
|
|
Radnor
|
|
|
PA
|
|
|
1998
|
|
|
119,194
|
|
|
95.5
|
%
|
|
1,042
|
|
|
33.85
|
|
101 Lindenwood Drive
|
|
|
|
|
|
Malvern
|
|
|
PA
|
|
|
1988
|
|
|
118,121
|
|
|
96.2
|
%
|
|
2,515
|
|
|
21.38
|
|
300 Berwyn Park
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1989
|
|
|
109,919
|
|
|
80.1
|
%
|
|
1,906
|
|
|
22.81
|
|
50 Swedesford Square
|
|
|
|
|
|
East Whiteland Twp.
|
|
|
PA
|
|
|
1986
|
|
|
109,800
|
|
|
100.0
|
%
|
|
1,928
|
|
|
18.87
|
|
442 Creamery Way
|
|
|
(i)
|
|
|
Exton
|
|
|
PA
|
|
|
1991
|
|
|
104,500
|
|
|
100.0
|
%
|
|
598
|
|
|
6.64
|
|
Two Radnor Corporate Center
|
|
|
|
|
|
Radnor
|
|
|
PA
|
|
|
1998
|
|
|
100,973
|
|
|
67.1
|
%
|
|
609
|
|
|
32.10
|
|
301 Lindenwood Drive
|
|
|
|
|
|
Malvern
|
|
|
PA
|
|
|
1984
|
|
|
97,624
|
|
|
85.5
|
%
|
|
1,763
|
|
|
20.51
|
|
555 Croton Road
|
|
|
|
|
|
King of Prussia
|
|
|
PA
|
|
|
1999
|
|
|
96,909
|
|
|
97.3
|
%
|
|
2,732
|
|
|
30.58
|
|
500 North Gulph Road
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1979
|
|
|
93,082
|
|
|
82.8
|
%
|
|
1,396
|
|
|
19.93
|
|
630 Freedom Business Center
|
|
|
(d)
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1989
|
|
|
86,683
|
|
|
100.0
|
%
|
|
2,011
|
|
|
26.41
|
|
620 Freedom Business Center
|
|
|
(d)
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1986
|
|
|
86,570
|
|
|
72.7
|
%
|
|
796
|
|
|
23.21
|
|
1200 Swedsford Road
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1994
|
|
|
86,000
|
|
|
100.0
|
%
|
|
2,000
|
|
|
27.64
|
|
595 East Swedesford Road
|
|
|
|
|
|
Wayne
|
|
|
PA
|
|
|
1998
|
|
|
81,890
|
|
|
100.0
|
%
|
|
2,117
|
|
|
26.34
|
|
1050 Westlakes Drive
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1984
|
|
|
80,000
|
|
|
100.0
|
%
|
|
2,415
|
|
|
32.85
|
|
1060 First Avenue
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1987
|
|
|
77,718
|
|
|
51.9
|
%
|
|
871
|
|
|
21.76
|
|
|
741 First Avenue
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1966
|
|
|
77,184
|
|
|
100.0
|
%
|
|
580
|
|
|
8.00
|
|
1040 First Avenue
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1985
|
|
|
75,488
|
|
|
64.0
|
%
|
|
1,128
|
|
|
23.44
|
|
|
200 Berwyn Park
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1987
|
|
|
75,025
|
|
|
75.6
|
%
|
|
1,690
|
|
|
27.72
|
|
1020 First Avenue
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1984
|
|
|
74,556
|
|
|
100.0
|
%
|
|
1,642
|
|
|
22.03
|
|
Property Name
|
|
|
|
Location
|
|
State
|
|
Year
Built |
|
Net
Rentable Square Feet |
|
Percentage
Leased as of December 31, 2004 (a) |
|
Total Base Rent
for the Twelve Months Ended December 31, 2004 (b) (000s) |
|
Average
Annualized Rental Rate as of December 31, 2004 (c) |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1000 First Avenue
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1980
|
|
|
74,139
|
|
|
100.0
|
%
|
|
1,598
|
|
|
23.43
|
|
|
436 Creamery Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1991
|
|
|
72,300
|
|
|
89.1
|
%
|
|
603
|
|
|
10.64
|
|
130 Radnor Chester Road
|
|
|
(f)
|
|
|
Radnor
|
|
|
PA
|
|
|
1983
|
|
|
69,548
|
|
|
|
|
|
|
|
|
|
|
14 Campus Boulevard
|
|
|
|
|
|
Newtown Square
|
|
|
PA
|
|
|
1998
|
|
|
69,542
|
|
|
100.0
|
%
|
|
1,460
|
|
|
23.42
|
|
170 Radnor Chester Road
|
|
|
(f)
|
|
|
Radnor
|
|
|
PA
|
|
|
1983
|
|
|
67,869
|
|
|
|
|
|
|
|
|
|
|
575 East Swedesford Road
|
|
|
|
|
|
Wayne
|
|
|
PA
|
|
|
1985
|
|
|
66,503
|
|
|
100.0
|
%
|
|
1,750
|
|
|
30.16
|
|
429 Creamery Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1996
|
|
|
63,420
|
|
|
100.0
|
%
|
|
760
|
|
|
14.03
|
|
610 Freedom Business Center
|
|
|
(d)
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1985
|
|
|
62,991
|
|
|
92.0
|
%
|
|
1,350
|
|
|
26.47
|
|
426 Lancaster Avenue
|
|
|
|
|
|
Devon
|
|
|
PA
|
|
|
1990
|
|
|
61,102
|
|
|
100.0
|
%
|
|
1,107
|
|
|
18.34
|
|
1180 Swedesford Road
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1987
|
|
|
60,371
|
|
|
100.0
|
%
|
|
1,728
|
|
|
29.74
|
|
1160 Swedesford Road
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1986
|
|
|
60,099
|
|
|
100.0
|
%
|
|
1,374
|
|
|
23.21
|
|
100 Berwyn Park
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1986
|
|
|
57,731
|
|
|
85.3
|
%
|
|
725
|
|
|
16.52
|
|
440 Creamery Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1991
|
|
|
57,218
|
|
|
100.0
|
%
|
|
517
|
|
|
12.04
|
|
640 Allendale Road
|
|
|
(i)
|
|
|
King of Prussia
|
|
|
PA
|
|
|
2000
|
|
|
56,034
|
|
|
100.0
|
%
|
|
350
|
|
|
8.16
|
|
565 East Swedesford Road
|
|
|
|
|
|
Wayne
|
|
|
PA
|
|
|
1984
|
|
|
55,789
|
|
|
76.8
|
%
|
|
1,094
|
|
|
28.79
|
|
650 Park Avenue
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1968
|
|
|
54,338
|
|
|
49.2
|
%
|
|
54
|
|
|
2.81
|
|
680 Allendale Road
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1962
|
|
|
52,528
|
|
|
100.0
|
%
|
|
544
|
|
|
12.27
|
|
486 Thomas Jones Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1990
|
|
|
51,372
|
|
|
82.7
|
%
|
|
791
|
|
|
17.68
|
|
855 Springdale Drive
|
|
|
(e)
|
|
|
Exton
|
|
|
PA
|
|
|
1986
|
|
|
50,750
|
|
|
|
|
|
|
|
|
|
|
660 Allendale Road
|
|
|
(i)
|
|
|
King of Prussia
|
|
|
PA
|
|
|
1962
|
|
|
50,635
|
|
|
100.0
|
%
|
|
365
|
|
|
8.86
|
|
15 Campus Boulevard
|
|
|
|
|
|
Newtown Square
|
|
|
PA
|
|
|
2002
|
|
|
50,000
|
|
|
100.0
|
%
|
|
1,338
|
|
|
26.43
|
|
875 First Avenue
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1966
|
|
|
50,000
|
|
|
100.0
|
%
|
|
1,038
|
|
|
19.16
|
|
630 Clark Avenue
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1960
|
|
|
50,000
|
|
|
100.0
|
%
|
|
301
|
|
|
7.17
|
|
620 Allendale Road
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1961
|
|
|
50,000
|
|
|
79.8
|
%
|
|
893
|
|
|
19.26
|
|
479 Thomas Jones Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1988
|
|
|
49,264
|
|
|
87.3
|
%
|
|
643
|
|
|
17.01
|
|
17 Campus Boulevard
|
|
|
|
|
|
Newtown Square
|
|
|
PA
|
|
|
2001
|
|
|
48,565
|
|
|
100.0
|
%
|
|
1,224
|
|
|
26.40
|
|
11 Campus Boulevard
|
|
|
|
|
|
Newtown Square
|
|
|
PA
|
|
|
1998
|
|
|
47,700
|
|
|
100.0
|
%
|
|
1,077
|
|
|
23.93
|
|
456 Creamery Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1987
|
|
|
47,604
|
|
|
100.0
|
%
|
|
364
|
|
|
7.87
|
|
110 Summit Drive
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1985
|
|
|
43,660
|
|
|
100.0
|
%
|
|
395
|
|
|
12.32
|
|
585 East Swedesford Road
|
|
|
|
|
|
Wayne
|
|
|
PA
|
|
|
1998
|
|
|
43,635
|
|
|
100.0
|
%
|
|
1,259
|
|
|
29.81
|
|
1100 Cassett Road
|
|
|
|
|
|
Berwyn
|
|
|
PA
|
|
|
1997
|
|
|
43,480
|
|
|
100.0
|
%
|
|
1,106
|
|
|
26.81
|
|
467 Creamery Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1988
|
|
|
42,000
|
|
|
100.0
|
%
|
|
521
|
|
|
16.94
|
|
1336 Enterprise Drive
|
|
|
|
|
|
West Goshen
|
|
|
PA
|
|
|
1989
|
|
|
39,330
|
|
|
100.0
|
%
|
|
796
|
|
|
21.00
|
|
600 Park Avenue
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1964
|
|
|
39,000
|
|
|
100.0
|
%
|
|
530
|
|
|
15.84
|
|
412 Creamery Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1999
|
|
|
38,098
|
|
|
77.3
|
%
|
|
508
|
|
|
8.87
|
|
18 Campus Boulevard
|
|
|
|
|
|
Newtown Square
|
|
|
PA
|
|
|
1990
|
|
|
37,374
|
|
|
100.0
|
%
|
|
758
|
|
|
22.42
|
|
457 Creamery Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1990
|
|
|
36,019
|
|
|
47.5
|
%
|
|
178
|
|
|
|
|
100 Arrandale Boulevard
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1997
|
|
|
34,931
|
|
|
100.0
|
%
|
|
550
|
|
|
19.52
|
|
300 Lindenwood Drive
|
|
|
|
|
|
Malvern
|
|
|
PA
|
|
|
1991
|
|
|
33,000
|
|
|
100.0
|
%
|
|
747
|
|
|
23.17
|
|
468 Thomas Jones Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1990
|
|
|
28,934
|
|
|
100.0
|
%
|
|
543
|
|
|
18.79
|
|
1700 Paoli Pike
|
|
|
|
|
|
Malvern
|
|
|
PA
|
|
|
2000
|
|
|
28,000
|
|
|
100.0
|
%
|
|
505
|
|
|
18.28
|
|
2490 Boulevard of the Generals
|
|
|
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
1975
|
|
|
20,600
|
|
|
100.0
|
%
|
|
431
|
|
|
20.40
|
|
481 John Young Way
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1997
|
|
|
19,275
|
|
|
100.0
|
%
|
|
405
|
|
|
21.95
|
|
100 Lindenwood Drive
|
|
|
|
|
|
Malvern
|
|
|
PA
|
|
|
1985
|
|
|
18,400
|
|
|
100.0
|
%
|
|
255
|
|
|
9.00
|
|
748 Springdale Drive
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1986
|
|
|
13,950
|
|
|
100.0
|
%
|
|
256
|
|
|
19.32
|
|
200 Lindenwood Drive
|
|
|
|
|
|
Malvern
|
|
|
PA
|
|
|
1984
|
|
|
12,600
|
|
|
65.3
|
%
|
|
71
|
|
|
17.00
|
|
Property Name
|
|
|
|
Location
|
|
State
|
|
Year
Built |
|
Net
Rentable Square Feet |
|
Percentage
Leased as of December 31, 2004 (a) |
|
Total Base Rent
for the Twelve Months Ended December 31, 2004 (b) (000s) |
|
Average
Annualized Rental Rate as of December 31, 2004 (c) |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
111 Arrandale Road
|
|
|
|
|
|
Exton
|
|
|
PA
|
|
|
1996
|
|
|
10,479
|
|
|
100.0
|
%
|
|
191
|
|
|
23.64
|
|
NEW JERSEY SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 East State Street
|
|
|
|
|
|
Trenton
|
|
|
NJ
|
|
|
1989
|
|
|
305,884
|
|
|
92.3
|
%
|
|
5,195
|
|
|
27.07
|
|
1009 Lenox Drive
|
|
|
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
1989
|
|
|
180,460
|
|
|
96.0
|
%
|
|
4,674
|
|
|
26.83
|
|
10000 Midlantic Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1990
|
|
|
179,098
|
|
|
100.0
|
%
|
|
3,028
|
|
|
23.75
|
|
525 Lincoln Drive West
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1986
|
|
|
169,534
|
|
|
68.9
|
%
|
|
1,007
|
|
|
21.58
|
|
33 West State Street
|
|
|
|
|
|
Trenton
|
|
|
NJ
|
|
|
1988
|
|
|
167,774
|
|
|
100.0
|
%
|
|
2,981
|
|
|
28.89
|
|
Main Street - Plaza 1000
|
|
|
|
|
|
Voorhees
|
|
|
NJ
|
|
|
1988
|
|
|
162,364
|
|
|
96.5
|
%
|
|
3,513
|
|
|
23.18
|
|
105 / 140 Terry Drive
|
|
|
|
|
|
Newtown
|
|
|
PA
|
|
|
1982
|
|
|
128,666
|
|
|
90.2
|
%
|
|
1,754
|
|
|
15.80
|
|
457 Haddonfield Road
|
|
|
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
1990
|
|
|
121,737
|
|
|
99.9
|
%
|
|
2,664
|
|
|
23.95
|
|
2000 Midlantic Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1989
|
|
|
121,658
|
|
|
97.3
|
%
|
|
1,909
|
|
|
22.03
|
|
2000 Lenox Drive
|
|
|
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
2000
|
|
|
119,114
|
|
|
100.0
|
%
|
|
3,200
|
|
|
28.37
|
|
700 East Gate Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1984
|
|
|
118,899
|
|
|
100.0
|
%
|
|
2,372
|
|
|
22.83
|
|
989 Lenox Drive
|
|
|
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
1984
|
|
|
112,055
|
|
|
96.6
|
%
|
|
2,712
|
|
|
28.70
|
|
993 Lenox Drive
|
|
|
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
1985
|
|
|
111,124
|
|
|
100.0
|
%
|
|
2,866
|
|
|
25.87
|
|
1000 Howard Boulevard
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1988
|
|
|
105,312
|
|
|
100.0
|
%
|
|
2,124
|
|
|
22.74
|
|
100 Brandywine Boulevard
|
|
|
|
|
|
Newtown
|
|
|
PA
|
|
|
2002
|
|
|
102,000
|
|
|
100.0
|
%
|
|
2,681
|
|
|
23.72
|
|
One South Union Place
|
|
|
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
1982
|
|
|
99,573
|
|
|
90.4
|
%
|
|
1,550
|
|
|
19.96
|
|
997 Lenox Drive
|
|
|
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
1987
|
|
|
97,277
|
|
|
100.0
|
%
|
|
2,335
|
|
|
25.05
|
|
1000 Atrium Way
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1989
|
|
|
97,158
|
|
|
62.6
|
%
|
|
1,564
|
|
|
23.17
|
|
1120 Executive Boulevard
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1987
|
|
|
95,278
|
|
|
100.0
|
%
|
|
2,081
|
|
|
25.86
|
|
15000 Midlantic Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1991
|
|
|
84,056
|
|
|
96.5
|
%
|
|
1,476
|
|
|
23.02
|
|
220 Lake Drive East
|
|
|
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
1988
|
|
|
78,509
|
|
|
100.0
|
%
|
|
1,789
|
|
|
23.82
|
|
1007 Laurel Oak Road
|
|
|
|
|
|
Voorhees
|
|
|
NJ
|
|
|
1996
|
|
|
78,205
|
|
|
100.0
|
%
|
|
621
|
|
|
7.94
|
|
10 Lake Center Drive
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1989
|
|
|
76,359
|
|
|
100.0
|
%
|
|
1,701
|
|
|
23.90
|
|
200 Lake Drive East
|
|
|
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
1989
|
|
|
76,352
|
|
|
100.0
|
%
|
|
1,604
|
|
|
22.14
|
|
Three Greentree Centre
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1984
|
|
|
69,300
|
|
|
81.4
|
%
|
|
1,292
|
|
|
22.11
|
|
King & Harvard Avenue
|
|
|
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
1974
|
|
|
67,444
|
|
|
100.0
|
%
|
|
1,365
|
|
|
20.60
|
|
9000 Midlantic Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1989
|
|
|
67,299
|
|
|
100.0
|
%
|
|
836
|
|
|
21.12
|
|
6 East Clementon Road
|
|
|
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1980
|
|
|
66,236
|
|
|
92.7
|
%
|
|
1,015
|
|
|
16.96
|
|
701 East Gate Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1986
|
|
|
61,794
|
|
|
100.0
|
%
|
|
1,102
|
|
|
21.12
|
|
210 Lake Drive East
|
|
|
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
1986
|
|
|
60,604
|
|
|
100.0
|
%
|
|
1,307
|
|
|
21.81
|
|
308 Harper Drive
|
|
|
|
|
|
Moorestown
|
|
|
NJ
|
|
|
1976
|
|
|
59,500
|
|
|
100.0
|
%
|
|
1,080
|
|
|
19.54
|
|
305 Fellowship Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1980
|
|
|
56,824
|
|
|
100.0
|
%
|
|
1,117
|
|
|
24.55
|
|
Two Greentree Centre
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1983
|
|
|
56,075
|
|
|
100.0
|
%
|
|
1,039
|
|
|
21.96
|
|
309 Fellowship Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1982
|
|
|
55,911
|
|
|
100.0
|
%
|
|
1,208
|
|
|
24.05
|
|
One Greentree Centre
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1982
|
|
|
55,838
|
|
|
95.7
|
%
|
|
987
|
|
|
21.30
|
|
8000 Lincoln Drive
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1997
|
|
|
54,923
|
|
|
67.1
|
%
|
|
720
|
|
|
20.84
|
|
307 Fellowship Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1981
|
|
|
54,485
|
|
|
86.9
|
%
|
|
1,088
|
|
|
23.27
|
|
303 Fellowship Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1979
|
|
|
53,848
|
|
|
99.9
|
%
|
|
904
|
|
|
21.23
|
|
1000 Lenox Drive
|
|
|
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
1982
|
|
|
52,264
|
|
|
100.0
|
%
|
|
1,656
|
|
|
23.25
|
|
2 Foster Avenue
|
|
|
(i)
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1974
|
|
|
50,761
|
|
|
100.0
|
%
|
|
224
|
|
|
3.37
|
|
4000 Midlantic Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1998
|
|
|
46,945
|
|
|
100.0
|
%
|
|
905
|
|
|
21.54
|
|
Five Eves Drive
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1986
|
|
|
45,564
|
|
|
100.0
|
%
|
|
767
|
|
|
18.33
|
|
161 Gaither Drive
|
|
|
|
|
|
Mount Laurel
|
|
|
NJ
|
|
|
1987
|
|
|
44,739
|
|
|
68.2
|
%
|
|
845
|
|
|
21.73
|
|
Property Name
|
|
|
|
Location
|
|
State
|
|
Year
Built |
|
Net
Rentable Square Feet |
|
Percentage
Leased as of December 31, 2004 (a) |
|
Total Base Rent
for the Twelve Months Ended December 31, 2004 (b) (000s) |
|
Average
Annualized Rental Rate as of December 31, 2004 (c) |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Main Street - Piazza
|
|
|
|
|
|
Voorhees
|
|
|
NJ
|
|
|
1990
|
|
|
44,708
|
|
|
100.0
|
%
|
|
679
|
|
|
16.52
|
|
30 Lake Center Drive
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1986
|
|
|
40,287
|
|
|
100.0
|
%
|
|
802
|
|
|
20.73
|
|
20 East Clementon Road
|
|
|
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1986
|
|
|
38,260
|
|
|
84.4
|
%
|
|
661
|
|
|
18.99
|
|
Two Eves Drive
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1987
|
|
|
37,532
|
|
|
100.0
|
%
|
|
661
|
|
|
18.42
|
|
304 Harper Drive
|
|
|
|
|
|
Moorestown
|
|
|
NJ
|
|
|
1975
|
|
|
32,978
|
|
|
100.0
|
%
|
|
621
|
|
|
21.15
|
|
Main Street - Promenade
|
|
|
|
|
|
Voorhees
|
|
|
NJ
|
|
|
1988
|
|
|
31,445
|
|
|
86.0
|
%
|
|
420
|
|
|
17.03
|
|
Four B Eves Drive
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1987
|
|
|
27,011
|
|
|
82.8
|
%
|
|
315
|
|
|
19.13
|
|
815 East Gate Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1986
|
|
|
25,500
|
|
|
33.3
|
%
|
|
166
|
|
|
18.91
|
|
817 East Gate Drive
|
|
|
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1986
|
|
|
25,351
|
|
|
38.5
|
%
|
|
190
|
|
|
14.24
|
|
Four A Eves Drive
|
|
|
|
|
|
Marlton
|
|
|
NJ
|
|
|
1987
|
|
|
24,687
|
|
|
100.0
|
%
|
|
349
|
|
|
16.10
|
|
1 Foster Avenue
|
|
|
(i)
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1972
|
|
|
24,255
|
|
|
100.0
|
%
|
|
31
|
|
|
2.65
|
|
4 Foster Avenue
|
|
|
(i)
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1974
|
|
|
23,372
|
|
|
100.0
|
%
|
|
139
|
|
|
6.06
|
|
7 Foster Avenue
|
|
|
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1983
|
|
|
22,158
|
|
|
94.1
|
%
|
|
348
|
|
|
18.88
|
|
10 Foster Avenue
|
|
|
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1983
|
|
|
18,651
|
|
|
97.1
|
%
|
|
218
|
|
|
14.70
|
|
305 Harper Drive
|
|
|
|
|
|
Moorestown
|
|
|
NJ
|
|
|
1979
|
|
|
14,980
|
|
|
100.0
|
%
|
|
124
|
|
|
8.98
|
|
5 U.S. Avenue
|
|
|
(i)
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1987
|
|
|
5,000
|
|
|
100.0
|
%
|
|
22
|
|
|
4.40
|
|
50 East Clementon Road
|
|
|
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1986
|
|
|
3,080
|
|
|
100.0
|
%
|
|
145
|
|
|
47.01
|
|
5 Foster Avenue
|
|
|
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
1968
|
|
|
2,000
|
|
|
100.0
|
%
|
|
7
|
|
|
|
|
URBAN SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 North 18th Street
|
|
|
(g)
|
|
|
Philadelphia
|
|
|
PA
|
|
|
1988
|
|
|
696,477
|
|
|
92.3
|
%
|
|
5,163
|
|
|
29.77
|
|
130 North 18th Street
|
|
|
|
|
|
Philadelphia
|
|
|
PA
|
|
|
1998
|
|
|
594,095
|
|
|
99.6
|
%
|
|
3,335
|
|
|
25.75
|
|
Philadelphia Marine Center
|
|
|
(d)
|
|
|
Philadelphia
|
|
|
PA
|
|
|
Various
|
|
|
181,900
|
|
|
100.0
|
%
|
|
1,390
|
|
|
5.79
|
|
300 Delaware Avenue
|
|
|
|
|
|
Wilmington
|
|
|
DE
|
|
|
1989
|
|
|
310,652
|
|
|
80.9
|
%
|
|
911
|
|
|
14.62
|
|
920 North King Street
|
|
|
|
|
|
Wilmington
|
|
|
DE
|
|
|
1989
|
|
|
203,088
|
|
|
99.1
|
%
|
|
1,223
|
|
|
24.76
|
|
400 Commerce Drive
|
|
|
|
|
|
Newark
|
|
|
DE
|
|
|
1997
|
|
|
154,086
|
|
|
100.0
|
%
|
|
2,268
|
|
|
15.32
|
|
One Righter Parkway
|
|
|
(d)
|
|
|
Wilmington
|
|
|
DE
|
|
|
1989
|
|
|
104,828
|
|
|
100.0
|
%
|
|
2,293
|
|
|
24.82
|
|
Two Righter Parkway
|
|
|
(d)
|
|
|
Wilmington
|
|
|
DE
|
|
|
1987
|
|
|
95,514
|
|
|
100.0
|
%
|
|
1,919
|
|
|
22.15
|
|
200 Commerce Drive
|
|
|
|
|
|
Newark
|
|
|
DE
|
|
|
1998
|
|
|
68,034
|
|
|
100.0
|
%
|
|
988
|
|
|
4.52
|
|
100 Commerce Drive
|
|
|
|
|
|
Newark
|
|
|
DE
|
|
|
1989
|
|
|
62,787
|
|
|
96.6
|
%
|
|
875
|
|
|
14.43
|
|
111/113 Pencader Drive
|
|
|
|
|
|
Newark
|
|
|
DE
|
|
|
1990
|
|
|
52,665
|
|
|
86.9
|
%
|
|
386
|
|
|
11.62
|
|
VIRGINIA SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600 East Main Street
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1986
|
|
|
424,618
|
|
|
85.4
|
%
|
|
5,775
|
|
|
18.92
|
|
300 Arboretum Place
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1988
|
|
|
212,647
|
|
|
100.0
|
%
|
|
3,646
|
|
|
10.63
|
|
6802 Paragon Place
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1989
|
|
|
143,450
|
|
|
78.6
|
%
|
|
1,749
|
|
|
15.31
|
|
2511 Brittons Hill Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1987
|
|
|
132,103
|
|
|
85.6
|
%
|
|
396
|
|
|
4.98
|
|
2100-2116 West Laburnam Avenue
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1976
|
|
|
126,809
|
|
|
100.0
|
%
|
|
1,741
|
|
|
15.30
|
|
1957 Westmoreland Street
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1975
|
|
|
121,815
|
|
|
100.0
|
%
|
|
533
|
|
|
5.18
|
|
2201-2245 Tomlynn Street
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1989
|
|
|
85,860
|
|
|
98.0
|
%
|
|
579
|
|
|
7.21
|
|
100 Gateway Centre Parkway
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
2001
|
|
|
74,585
|
|
|
100.0
|
%
|
|
1,470
|
|
|
20.62
|
|
9011 Arboretum Parkway
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1991
|
|
|
72,932
|
|
|
100.0
|
%
|
|
1,245
|
|
|
17.18
|
|
4805 Lake Brooke Drive
|
|
|
|
|
|
Glen Allen
|
|
|
VA
|
|
|
1996
|
|
|
61,836
|
|
|
94.0
|
%
|
|
953
|
|
|
15.07
|
|
9100 Arboretum Parkway
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1988
|
|
|
57,611
|
|
|
87.7
|
%
|
|
1,046
|
|
|
18.42
|
|
2812 Emerywood Parkway
|
|
|
|
|
|
Henrico
|
|
|
VA
|
|
|
1980
|
|
|
57,147
|
|
|
100.0
|
%
|
|
574
|
|
|
14.66
|
|
2277 Dabney Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1986
|
|
|
50,400
|
|
|
100.0
|
%
|
|
259
|
|
|
6.71
|
|
9200 Arboretum Parkway
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1988
|
|
|
49,542
|
|
|
90.3
|
%
|
|
540
|
|
|
11.72
|
|
9210 Arboretum Parkway
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1988
|
|
|
48,012
|
|
|
89.5
|
%
|
|
544
|
|
|
12.26
|
|
Property Name
|
|
|
|
Location
|
|
State
|
|
Year
Built |
|
Net
Rentable Square Feet |
|
Percentage
Leased as of December 31, 2004 (a) |
|
Total Base Rent
for the Twelve Months Ended December 31, 2004 (b) (000s) |
|
Average
Annualized Rental Rate as of December 31, 2004 (c) |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2212-2224 Tomlynn Street
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1985
|
|
|
45,353
|
|
|
100.0
|
%
|
|
220
|
|
|
6.88
|
|
2221-2245 Dabney Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1994
|
|
|
45,250
|
|
|
100.0
|
%
|
|
273
|
|
|
7.74
|
|
2251 Dabney Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1983
|
|
|
42,000
|
|
|
100.0
|
%
|
|
216
|
|
|
6.55
|
|
2161-2179 Tomlynn Street
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1985
|
|
|
41,550
|
|
|
100.0
|
%
|
|
187
|
|
|
7.10
|
|
2256 Dabney Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1982
|
|
|
33,600
|
|
|
100.0
|
%
|
|
182
|
|
|
6.87
|
|
2246 Dabney Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1987
|
|
|
33,271
|
|
|
100.0
|
%
|
|
284
|
|
|
9.75
|
|
2244 Dabney Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1993
|
|
|
33,050
|
|
|
100.0
|
%
|
|
298
|
|
|
10.00
|
|
9211 Arboretum Parkway
|
|
|
|
|
|
Richmond
|
|
|
VA
|
|
|
1991
|
|
|
30,791
|
|
|
100.0
|
%
|
|
385
|
|
|
12.38
|
|
2248 Dabney Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1989
|
|
|
30,184
|
|
|
100.0
|
%
|
|
199
|
|
|
8.74
|
|
2130-2146 Tomlynn Street
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1988
|
|
|
29,700
|
|
|
100.0
|
%
|
|
261
|
|
|
10.16
|
|
2120 Tomlyn Street
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1986
|
|
|
23,850
|
|
|
100.0
|
%
|
|
141
|
|
|
7.72
|
|
2240 Dabney Road
|
|
|
(i)
|
|
|
Richmond
|
|
|
VA
|
|
|
1984
|
|
|
15,389
|
|
|
100.0
|
%
|
|
139
|
|
|
10.32
|
|
4364 South Alston Avenue
|
|
|
|
|
|
Durham
|
|
|
NC
|
|
|
1985
|
|
|
56,601
|
|
|
100.0
|
%
|
|
1,132
|
|
|
19.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ALL PROPERTIES / WEIGHTED AVG.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,344,537
|
|
|
92.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Calculated by dividing net rentable square feet included in leases signed on or before December 31, 2004 at the property by the aggregate net rentable square feet of the Property.
|
|
|
(b)
|
Total Base Rent for the twelve months ended December 31, 2004 represents base rents received during such period, excluding tenant reimbursements, calculated in accordance with generally accepted accounting principles (GAAP) determined on a straight-line basis. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.
|
|
|
(c)
|
Average Annualized Rental Rate is calculated as follows: (i) for office leases written on a triple net basis, the sum of the annualized contracted base rental rates payable for all space leased as of December 31, 2004 (without giving effect to free rent or scheduled rent increases that would be taken into account under GAAP) plus the 2004 budgeted operating expenses excluding tenant electricity; and (ii) for office leases written on a full service basis, the annualized contracted base rent payable for all space leased as of December 31, 2004. In both cases, the annualized rental rate is divided by the total square footage leased as of December 31, 2004 without giving effect to free rent or scheduled rent increases that would be taken into account under GAAP.
|
|
|
(d)
|
This Property is subject to a ground lease with a third party.
|
|
|
(e)
|
These properties are under redevelopment and are excluded from the percentages for Weighted Average Percentage Leased and Average Annualized Rental Rate information.
|
|
|
(f)
|
These Properties represent lease-up assets that were acquired in September 2004 as part of the TRC acquisition. The assets have an expected stabilization date of September 2007. These properties are excluded from the percentages for Weighted Average Percentage Leased and Average Annualized Rental Rate information.
|
|
|
(g)
|
We hold our interest in Two Logan Square (100 North 18th Street) primarily through our ownership of second and third mortgages that are secured by this property and that are junior to a first mortgage. Our ownership of these two mortgages currently provides us with all of the cash flows from Two Logan Square after the payment of operating expenses and debt service on the first mortgage.
|
|
|
(h)
|
Effective March 31, 2004, we consolidated these properties under the provisions of Financial Interpretation No. 46R. See Real Estate Ventures below. These properties are excluded from the percentage for Weighted Average Percentage Leased.
|
|
|
(i)
|
These properties are industrial facilities.
|
Year of
Lease Expiration December 31, |
|
Number of
Leases Expiring Within the Year |
|
Rentable
Square Footage Subject to Expiring Leases |
|
Final
Annualized Base Rent Under Expiring Leases (a) |
|
Final
Annualized Base Rent Per Square Foot Under Expiring Leases |
|
Percentage
of Total Final Annualized Base Rent Under Expiring Leases |
|
Cumulative
Total |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005
|
|
|
366
|
|
|
2,671,416
|
|
|
51,979,927
|
|
$
|
19.46
|
|
|
15.5
|
%
|
|
15.5
|
%
|
2006
|
|
|
249
|
|
|
1,969,249
|
|
|
36,252,324
|
|
|
18.41
|
|
|
10.8
|
%
|
|
26.3
|
%
|
2007
|
|
|
214
|
|
|
2,055,113
|
|
|
39,889,883
|
|
|
19.41
|
|
|
11.9
|
%
|
|
38.2
|
%
|
2008
|
|
|
196
|
|
|
2,056,274
|
|
|
44,104,922
|
|
|
21.45
|
|
|
13.2
|
%
|
|
51.4
|
%
|
2009
|
|
|
186
|
|
|
2,214,250
|
|
|
45,809,034
|
|
|
20.69
|
|
|
13.6
|
%
|
|
65.0
|
%
|
2010
|
|
|
81
|
|
|
1,588,802
|
|
|
37,917,785
|
|
|
23.87
|
|
|
11.3
|
%
|
|
76.3
|
%
|
2011
|
|
|
35
|
|
|
825,332
|
|
|
14,132,910
|
|
|
17.12
|
|
|
4.2
|
%
|
|
80.5
|
%
|
2012
|
|
|
21
|
|
|
780,586
|
|
|
16,568,805
|
|
|
21.23
|
|
|
4.9
|
%
|
|
85.4
|
%
|
2013
|
|
|
14
|
|
|
305,945
|
|
|
7,742,204
|
|
|
25.31
|
|
|
2.3
|
%
|
|
87.7
|
%
|
2014
|
|
|
30
|
|
|
779,856
|
|
|
12,793,333
|
|
|
16.40
|
|
|
3.8
|
%
|
|
91.5
|
%
|
2015 and thereafter
|
|
|
25
|
|
|
1,297,030
|
|
|
28,438,401
|
|
|
21.93
|
|
|
8.5
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,417
|
|
|
16,543,853
|
|
$
|
335,629,528
|
|
$
|
20.29
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Final Annualized Base Rent for each lease scheduled to expire represents the cash rental rate of base rents, excluding tenant reimbursements, in the final month prior to expiration multiplied by 12. Tenant reimbursements generally include payment of real estate taxes, operating expenses and common area maintenance and utility charges.
|
Tenant Name (a)
|
|
Number
of Leases |
|
Weighted
Average Remaining Lease Term in Months |
|
Aggregate
Square Feet Leased |
|
Percentage
of Aggregate Leased Square Feet |
|
Annualized
Escalated Rent (in 000) (b) |
|
Percentage of
Aggregate Annualized Escalated Rent |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State of New Jersey
|
|
|
7
|
|
|
56
|
|
|
454,347
|
|
|
2.7
|
%
|
$
|
13,610
|
|
|
3.7
|
%
|
Pepper Hamilton LLP
|
|
|
5
|
|
|
112
|
|
|
291,431
|
|
|
1.7
|
%
|
|
9,889
|
|
|
2.7
|
%
|
Penske Truck Leasing
|
|
|
1
|
|
|
192
|
|
|
337,925
|
|
|
2.0
|
%
|
|
5,971
|
|
|
1.6
|
%
|
Computer Sciences
|
|
|
5
|
|
|
27
|
|
|
277,250
|
|
|
1.7
|
%
|
|
5,868
|
|
|
1.6
|
%
|
Drinker Biddle & Reath
|
|
|
3
|
|
|
109
|
|
|
200,437
|
|
|
1.2
|
%
|
|
5,346
|
|
|
1.5
|
%
|
Blank Rome LLP
|
|
|
2
|
|
|
40
|
|
|
220,941
|
|
|
1.3
|
%
|
|
5,291
|
|
|
1.4
|
%
|
Verizon
|
|
|
5
|
|
|
32
|
|
|
237,126
|
|
|
1.4
|
%
|
|
5,269
|
|
|
1.4
|
%
|
Marsh USA, Inc.
|
|
|
2
|
|
|
55
|
|
|
145,566
|
|
|
0.9
|
%
|
|
4,705
|
|
|
1.3
|
%
|
Lockheed Martin
|
|
|
7
|
|
|
11
|
|
|
332,950
|
|
|
2.0
|
%
|
|
4,282
|
|
|
1.2
|
%
|
Omnicare Clinical Research
|
|
|
1
|
|
|
67
|
|
|
150,000
|
|
|
0.9
|
%
|
|
4,047
|
|
|
1.1
|
%
|
KPMG LLP
|
|
|
4
|
|
|
63
|
|
|
108,475
|
|
|
0.6
|
%
|
|
4,023
|
|
|
1.1
|
%
|
First Consulting Group
|
|
|
1
|
|
|
40
|
|
|
118,138
|
|
|
0.7
|
%
|
|
3,843
|
|
|
1.0
|
%
|
Hartford Life
|
|
|
4
|
|
|
32
|
|
|
169,170
|
|
|
1.0
|
%
|
|
3,755
|
|
|
1.0
|
%
|
Parsons
|
|
|
1
|
|
|
63
|
|
|
172,939
|
|
|
1.0
|
%
|
|
3,575
|
|
|
1.0
|
%
|
Aventis Behring
|
|
|
1
|
|
|
34
|
|
|
143,025
|
|
|
0.9
|
%
|
|
3,453
|
|
|
0.9
|
%
|
Gemstar - T.V. Guide
|
|
|
1
|
|
|
91
|
|
|
163,517
|
|
|
1.0
|
%
|
|
3,076
|
|
|
0.8
|
%
|
ICT Group
|
|
|
2
|
|
|
122
|
|
|
121,651
|
|
|
0.7
|
%
|
|
3,042
|
|
|
0.8
|
%
|
General Electric
|
|
|
4
|
|
|
10
|
|
|
120,758
|
|
|
0.7
|
%
|
|
2,998
|
|
|
0.8
|
%
|
Automotive Rentals
|
|
|
5
|
|
|
68
|
|
|
131,554
|
|
|
0.8
|
%
|
|
2,956
|
|
|
0.8
|
%
|
Covance Periapproval Services
|
|
|
2
|
|
|
7
|
|
|
87,224
|
|
|
0.5
|
%
|
|
2,829
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Total/Weighted Average
|
|
|
63
|
|
|
66
|
|
|
3,984,424
|
|
|
23.7
|
%
|
$
|
97,828
|
|
|
26.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The identified tenant includes affiliates in certain circumstances.
|
|
|
(b)
|
Annualized Escalated Rent represents the monthly Escalated Rent for each lease in effect at December 31, 2004 multiplied by 12. Escalated Rent represents fixed base rental amounts plus tenant reimbursements which include payment of real estate taxes, operating expenses and common area maintenance and utility charges. The Company estimates operating expense reimbursements based on historical amounts and comparable market data.
|
Year ended December 31,
|
|
Occupancy %
|
|
|
|
|
|
|
|
2004
|
|
|
91.8
|
%
|
2003
|
|
|
90.7
|
%
|
2002
|
|
|
91.0
|
%
|
2001
|
|
|
92.2
|
%
|
2000
|
|
|
95.6
|
%
|
|
|
Share Price
High |
|
Share Price
Low |
|
Distributions
Declared For Quarter |
|
|||
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2003
|
|
$
|
22.00
|
|
$
|
19.32
|
|
$
|
0.44
|
|
Second Quarter 2003
|
|
$
|
24.84
|
|
$
|
21.00
|
|
$
|
0.44
|
|
Third Quarter 2003
|
|
$
|
25.72
|
|
$
|
23.87
|
|
$
|
0.44
|
|
Fourth Quarter 2003
|
|
$
|
27.74
|
|
$
|
24.63
|
|
$
|
0.44
|
|
First Quarter 2004
|
|
$
|
30.55
|
|
$
|
26.50
|
|
$
|
0.44
|
|
Second Quarter 2004
|
|
$
|
30.81
|
|
$
|
24.30
|
|
$
|
0.44
|
|
Third Quarter 2004
|
|
$
|
29.81
|
|
$
|
26.08
|
|
$
|
0.44
|
|
Fourth Quarter 2004
|
|
$
|
30.31
|
|
$
|
28.15
|
|
$
|
0.44
|
|
|
|
|
(a)
|
|
|
(b)
|
|
|
(c)
|
|
Plan category
|
|
Number of securities to be
issued upon exercise of outstanding options, warrants and rights |
|
Weighted-average exercise
price of outstanding options, warrants and rights |
|
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a) |
|
|||
|
|
|
|
|
|
|
|
|
|
|
Equity compensation plans approved by security holders (1)
|
|
|
2,278,060
|
|
$
|
26.70 (2
|
)
|
|
1,228,681
|
|
Equity compensation plans not approved by security holders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
2,278,060
|
|
$
|
26.70 (2
|
)
|
|
1,228,681
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Relates to our 1997 Long-Term Incentive Plan. Under our 1997 Long-Term Incentive Plan, our Compensation Committee may make awards of restricted Common Shares, options to acquire Common Shares and performance units or other instruments that have a value tied to our Common Shares. Subject to the maximum number of shares that may be issued or made the subject of awards under the Plan, the Plan does not limit the number of any specific type of award that may be made under the Plan.
|
|
|
(2)
|
Weighted-average exercise price of outstanding options; excludes restricted Common Shares.
|
Year Ended December 31,
|
|
2004
|
|
2003
|
|
2002
|
|
2001
|
|
2000
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
323,592
|
|
$
|
301,464
|
|
$
|
286,712
|
|
$
|
265,838
|
|
$
|
249,141
|
|
Net income
|
|
|
60,303
|
|
|
86,678
|
|
|
62,984
|
|
|
33,722
|
|
|
52,158
|
|
Income allocated to Common Shares
|
|
|
55,083
|
|
|
54,174
|
|
|
51,078
|
|
|
21,816
|
|
|
40,252
|
|
Earnings per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.15
|
|
$
|
1.43
|
|
$
|
1.40
|
|
$
|
0.57
|
|
$
|
1.12
|
|
Diluted
|
|
$
|
1.15
|
|
$
|
1.43
|
|
$
|
1.39
|
|
$
|
0.57
|
|
$
|
1.12
|
|
Cash distributions declared per Common Share
|
|
$
|
1.76
|
|
$
|
1.76
|
|
$
|
1.76
|
|
$
|
1.70
|
|
$
|
1.62
|
|
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate investments, net of accumulated depreciation
|
|
$
|
2,363,865
|
|
$
|
1,695,355
|
|
$
|
1,745,981
|
|
$
|
1,812,909
|
|
$
|
1,674,341
|
|
Total assets
|
|
|
2,633,984
|
|
|
1,855,776
|
|
|
1,919,288
|
|
|
1,960,203
|
|
|
1,821,103
|
|
Total indebtedness
|
|
|
1,306,669
|
|
|
867,659
|
|
|
1,004,729
|
|
|
1,009,165
|
|
|
866,202
|
|
Total liabilities
|
|
|
1,444,116
|
|
|
950,431
|
|
|
1,097,793
|
|
|
1,108,213
|
|
|
923,961
|
|
Minority interest
|
|
|
42,866
|
|
|
133,488
|
|
|
135,052
|
|
|
143,834
|
|
|
144,974
|
|
Beneficiaries' equity
|
|
|
1,147,002
|
|
|
771,857
|
|
|
686,443
|
|
|
708,156
|
|
|
752,168
|
|
Other Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
153,183
|
|
|
118,793
|
|
|
128,836
|
|
|
152,040
|
|
|
103,123
|
|
Investing activities
|
|
|
(682,945
|
)
|
|
(34,068
|
)
|
|
5,038
|
|
|
(123,682
|
)
|
|
(32,372
|
)
|
Financing activities
|
|
|
536,556
|
|
|
(102,974
|
)
|
|
(120,532
|
)
|
|
(30,939
|
)
|
|
(60,403
|
)
|
Property Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of properties owned at year end
|
|
|
246
|
|
|
234
|
|
|
238
|
|
|
270
|
|
|
250
|
|
Net rentable square feet owned at year end
|
|
|
19,150
|
|
|
15,733
|
|
|
16,052
|
|
|
17,312
|
|
|
16,471
|
|
|
|
Same Store Property Portfolio
|
|
Properties
Acquired |
|
Properties
Sold (a) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
(dollars in thousands)
|
|
2004
|
|
2003
|
|
Increase/
(Decrease) |
|
%
Change |
|
2004
|
|
2003
|
|
2004
|
|
2003
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents
|
|
$
|
240,248
|
|
$
|
240,165
|
|
$
|
83
|
|
|
0
|
%
|
$
|
32,615
|
|
$
|
1,308
|
|
|
|
|
$
|
12,286
|
|
Tenant reimbursements
|
|
|
32,803
|
|
|
31,021
|
|
|
1,782
|
|
|
6
|
%
|
|
4,511
|
|
|
174
|
|
|
|
|
|
6,086
|
|
Other
|
|
|
2,337
|
|
|
2,900
|
|
|
(563
|
)
|
|
-19
|
%
|
|
332
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
275,388
|
|
|
274,086
|
|
|
1,302
|
|
|
0
|
%
|
|
37,458
|
|
|
1,486
|
|
|
|
|
|
18,372
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
85,302
|
|
|
83,506
|
|
|
1,796
|
|
|
2
|
%
|
|
11,542
|
|
|
590
|
|
|
|
|
|
6,705
|
|
Real estate taxes
|
|
|
26,493
|
|
|
24,975
|
|
|
1,518
|
|
|
6
|
%
|
|
3,699
|
|
|
363
|
|
|
|
|
|
1,655
|
|
Depreciation and amortization
|
|
|
61,166
|
|
|
55,854
|
|
|
5,312
|
|
|
10
|
%
|
|
16,157
|
|
|
449
|
|
|
|
|
|
1,808
|
|
Administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property operating expenses
|
|
|
172,961
|
|
|
164,335
|
|
|
8,626
|
|
|
5
|
%
|
|
31,398
|
|
|
1,402
|
|
|
|
|
|
10,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
102,427
|
|
|
109,751
|
|
|
(7,324
|
)
|
|
-7
|
%
|
|
6,060
|
|
|
84
|
|
|
|
|
|
8,204
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in income of real estate ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on sales of interest in real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before minority interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest attributable to continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Properties |
|
Administrative/
Eliminations (b) |
|
Total Portfolio
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
(dollars in thousands)
|
|
2004
|
|
2003
|
|
2004
|
|
2003
|
|
2004
|
|
2003
|
|
Increase/
(Decrease) |
|
%
Change |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents
|
|
$
|
2,768
|
|
$
|
2,857
|
|
|
|
|
|
|
|
$
|
275,631
|
|
$
|
256,616
|
|
$
|
19,015
|
|
|
7
|
%
|
Tenant reimbursements
|
|
|
258
|
|
|
237
|
|
|
|
|
|
|
|
|
37,572
|
|
|
37,518
|
|
|
54
|
|
|
0
|
%
|
Other
|
|
|
54
|
|
|
5
|
|
|
7,666
|
|
|
4,421
|
|
|
10,389
|
|
|
7,330
|
|
|
3,059
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
3,080
|
|
|
3,099
|
|
|
7,666
|
|
|
4,421
|
|
|
323,592
|
|
|
301,464
|
|
|
22,128
|
|
|
7
|
%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
1,504
|
|
|
1,398
|
|
|
(8,491
|
)
|
|
(11,955
|
)
|
|
89,857
|
|
|
80,244
|
|
|
9,613
|
|
|
12
|
%
|
Real estate taxes
|
|
|
870
|
|
|
688
|
|
|
|
|
|
|
|
|
31,062
|
|
|
27,681
|
|
|
3,381
|
|
|
12
|
%
|
Depreciation and amortization
|
|
|
1,312
|
|
|
912
|
|
|
1,269
|
|
|
1,309
|
|
|
79,904
|
|
|
60,332
|
|
|
19,572
|
|
|
32
|
%
|
Administrative expenses
|
|
|
|
|
|
|
|
|
15,100
|
|
|
14,464
|
|
|
15,100
|
|
|
14,464
|
|
|
636
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property operating expenses
|
|
|
3,686
|
|
|
2,998
|
|
|
7,878
|
|
|
3,818
|
|
|
215,923
|
|
|
182,721
|
|
|
33,202
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
(606
|
)
|
|
101
|
|
|
(212
|
)
|
|
603
|
|
|
107,669
|
|
|
118,743
|
|
|
(11,074
|
)
|
|
-9
|
%
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,469
|
|
|
3,629
|
|
|
(1,160
|
)
|
|
-32
|
%
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(55,061
|
)
|
|
(57,835
|
)
|
|
2,774
|
|
|
5
|
%
|
Equity in income of real estate ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,024
|
|
|
52
|
|
|
1,972
|
|
|
100
|
%
|
Net gain on sales of interest in real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,975
|
|
|
20,537
|
|
|
(17,562
|
)
|
|
86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before minority interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,076
|
|
|
85,126
|
|
|
(25,050
|
)
|
|
-29
|
%
|
Minority interest attributable to continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,472
|
)
|
|
(9,294
|
)
|
|
6,822
|
|
|
73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,604
|
|
|
75,832
|
|
|
(18,228
|
)
|
|
-24
|
%
|
Income from discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,699
|
|
|
10,846
|
|
|
(8,147
|
)
|
|
-75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,303
|
|
|
86,678
|
|
|
(26,375
|
)
|
|
-30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) -
|
Includes properties sold during the period that are not included in discontinued operations as they did not meet the critieria under SFAS No. 144 (SFAS 144), Accounting for the Impairment or Disposal of Long-Lived Assets.
|
(b) -
|
Represents certain revenue and expenses at the corporate level as well as various intercompany costs that are eliminated in consolidation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Property Portfolio
|
|
Properties
Acquired |
|
Properties
Sold (a) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
(dollars in thousands)
|
|
2003
|
|
2002
|
|
Increase/
(Decrease) |
|
%
Change |
|
2003
|
|
2002
|
|
2003
|
|
2002
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents
|
|
$
|
213,143
|
|
$
|
211,079
|
|
$
|
2,064
|
|
|
1
|
%
|
$
|
28,195
|
|
$
|
19,408
|
|
|
12,286
|
|
$
|
13,127
|
|
Tenant reimbursements
|
|
|
28,945
|
|
|
25,304
|
|
|
3,641
|
|
|
14
|
%
|
|
2,224
|
|
|
1,212
|
|
|
6,086
|
|
|
6,235
|
|
Other
|
|
|
2,743
|
|
|
2,896
|
|
|
(153
|
)
|
|
-5
|
%
|
|
159
|
|
|
73
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
244,831
|
|
|
239,279
|
|
|
5,552
|
|
|
2
|
%
|
|
30,578
|
|
|
20,693
|
|
|
18,372
|
|
|
19,365
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
76,047
|
|
|
70,470
|
|
|
5,577
|
|
|
8
|
%
|
|
7,929
|
|
|
5,370
|
|
|
6,705
|
|
|
7,485
|
|
Real estate taxes
|
|
|
22,638
|
|
|
21,611
|
|
|
1,027
|
|
|
5
|
%
|
|
2,674
|
|
|
1,279
|
|
|
1,655
|
|
|
1,627
|
|
Depreciation and amortization
|
|
|
48,090
|
|
|
47,038
|
|
|
1,052
|
|
|
2
|
%
|
|
8,092
|
|
|
4,707
|
|
|
1,808
|
|
|
1,949
|
|
Administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property operating expenses
|
|
|
146,775
|
|
|
139,119
|
|
|
7,656
|
|
|
6
|
%
|
|
18,695
|
|
|
11,356
|
|
|
10,168
|
|
|
11,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
98,056
|
|
|
100,160
|
|
|
(2,104
|
)
|
|
-2
|
%
|
|
11,883
|
|
|
9,337
|
|
|
8,204
|
|
|
8,304
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in income of real estate ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on sales of interest in real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before minority interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest attributable to continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
Properties |
|
Administrative/
Eliminations (b) |
|
Total Portfolio
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||
(dollars in thousands)
|
|
2003
|
|
2002
|
|
2003
|
|
2002
|
|
2003
|
|
2002
|
|
Increase/
(Decrease) |
|
%
Change |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents
|
|
$
|
2,992
|
|
$
|
3,736
|
|
|
|
|
|
|
|
$
|
256,616
|
|
$
|
247,350
|
|
$
|
9,266
|
|
|
4
|
%
|
Tenant reimbursements
|
|
|
2/63
|
|
|
310
|
|
|
|
|
|
|
|
|
37,518
|
|
|
33,061
|
|
|
4,457
|
|
|
13
|
%
|
Other
|
|
|
6
|
|
|
131
|
|
|
4,422
|
|
|
3,198
|
|
|
7,330
|
|
|
6,301
|
|
|
1,029
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
3,261
|
|
|
4,177
|
|
|
4,422
|
|
|
3,198
|
|
|
301,464
|
|
|
286,712
|
|
|
14,752
|
|
|
5
|
%
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
1,519
|
|
|
1,558
|
|
|
(11,956
|
)
|
|
(10,068
|
)
|
|
80,244
|
|
|
74,815
|
|
|
5,429
|
|
|
7
|
%
|
Real estate taxes
|
|
|
714
|
|
|
502
|
|
|
|
|
|
|
|
|
27,681
|
|
|
25,019
|
|
|
2,662
|
|
|
11
|
%
|
Depreciation and amortization
|
|
|
1,006
|
|
|
1,200
|
|
|
1,336
|
|
|
1,031
|
|
|
60,332
|
|
|
55,925
|
|
|
4,407
|
|
|
8
|
%
|
Administrative expenses
|
|
|
|
|
|
|
|
|
14,464
|
|
|
14,804
|
|
|
14,464
|
|
|
14,804
|
|
|
(340
|
)
|
|
-2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property operating expenses
|
|
|
3,239
|
|
|
3,260
|
|
|
3,844
|
|
|
5,767
|
|
|
182,721
|
|
|
170,563
|
|
|
12,158
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
22
|
|
|
917
|
|
|
578
|
|
|
(2,569
|
)
|
|
118,743
|
|
|
116,149
|
|
|
2,594
|
|
|
2
|
%
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,629
|
|
|
3,399
|
|
|
230
|
|
|
7
|
%
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(57,835
|
)
|
|
(63,522
|
)
|
|
5,687
|
|
|
9
|
%
|
Equity in income of real estate ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52
|
|
|
987
|
|
|
(935
|
)
|
|
-95
|
%
|
Net gain on sales of interest in real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,537
|
|
|
5
|
|
|
20,532
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before minority interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85,126
|
|
|
57,018
|
|
|
28,108
|
|
|
49
|
%
|
Minority interest attributable to continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,294
|
)
|
|
(9,375
|
)
|
|
81
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,832
|
|
|
47,643
|
|
|
28,189
|
|
|
59
|
%
|
Income from discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,846
|
|
|
15,341
|
|
|
(4,495
|
)
|
|
-29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,678
|
|
|
62,984
|
|
|
23,694
|
|
|
38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) -
|
Includes properties sold during the period that are not included in discontinued operations as they did not meet the critieria under SFAS No. 144 (SFAS 144), Accounting for the Impairment or Disposal of Long-Lived Assets.
|
|
|
(b) -
|
Represents certain revenue and expenses at the corporate level as well as various intercompany costs that are eliminated in consolidation.
|
|
fund normal recurring expenses,
|
|
meet debt service requirements,
|
|
fund capital expenditures, including capital and tenant improvements and leasing costs,
|
|
fund current development costs, including $88 million expected to fund continued development of Cira Centre in University City, Philadelphia, and
|
|
fund distributions declared by our Board of Trustees.
|
Activity
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
$
|
153,183
|
|
$
|
118,793
|
|
$
|
128,836
|
|
Investing
|
|
|
(682,945
|
)
|
|
(34,068
|
)
|
|
5,038
|
|
Financing
|
|
|
536,556
|
|
|
(102,974
|
)
|
|
(120,532
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows
|
|
$
|
6,794
|
|
$
|
(18,249
|
)
|
$
|
13,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31
|
|
||||
|
|
|
|
||||
|
|
2004
|
|
2003
|
|
||
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
||||
Balance:
|
|
|
|
|
|
|
|
Fixed rate
(a)
|
|
$
|
1,133,513
|
|
$
|
605,321
|
|
Variable rate
|
|
|
173,156
|
|
|
262,338
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
1,306,669
|
|
$
|
867,659
|
|
|
|
|
|
|
|
|
|
Percent of Total Debt:
|
|
|
|
|
|
|
|
Fixed rate (a)
|
|
|
87
|
%
|
|
70
|
%
|
Variable rate
|
|
|
13
|
%
|
|
30
|
%
|
|
|
|
|
|
|
|
|
Total
|
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
Weighted-average interest rate at period end:
|
|
|
|
|
|
|
|
Fixed rate (a)
|
|
5.9
|
%
|
|
7.0
|
%
|
|
Variable rate
|
|
|
3.5
|
%
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
Total
|
|
|
5.6
|
%
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
(a) | Amounts include the hedged portions of our variable rate debt in 2003. |
|
On October 22, 2004, our Operating Partnership completed a public offering of $525 million in unsecured notes. The offering was completed through the issuance of $275 million in aggregate principal amount 4.5% unsecured notes due November 1, 2009 (the 2009 Notes) and $250 million in aggregate principal amount 5.4% unsecured notes due November 1, 2014 (the 2014 Notes). The 2009 Notes were priced at 99.87% of their principal amount to yield 4.5% and the 2014 Notes were priced at 99.50% of their principal amount to yield 5.4%. The net proceeds of the Notes were used to repay the $320 million 2007 Term Loan, to settle the treasury lock agreements for $3.2 million and to reduce borrowings outstanding under the Credit Facility.
|
|
|
|
On December 26, 2004, our Operating Partnership sold $113 million in aggregate principal amount of 4.34% unsecured notes (the 2008 Notes) due December 31, 2008 to a group of qualified institutional investors. The proceeds from these notes were used to repay the Companys $113 million Term Loan.
|
|
|
Carrying value (in 000s)
|
|
|
|
|
|
|
|
||||
|
|
|
|
Effective
Interest Rate(a) |
|
|
|
||||||
Property / Location
|
|
December 31,
2004 |
|
December 31,
2003 |
|
|
Maturity
Date |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grande B
|
|
$
|
80,429
|
|
$
|
81,704
|
|
|
7.48
|
%
|
|
Jul-27
|
|
Two Logan Square
|
|
|
78,793
|
|
|
|
|
|
5.78
|
%
|
|
Jul-09
|
|
Newtown Square/Berwyn Park/Libertyview
|
|
|
65,442
|
|
|
66,000
|
|
|
7.25
|
%
|
|
May-13
|
|
Midlantic Drive/Lenox Drive/DCC I
|
|
|
64,942
|
|
|
65,993
|
|
|
8.05
|
%
|
|
Oct-11
|
|
Grande A
|
|
|
62,177
|
|
|
63,526
|
|
|
7.48
|
%
|
|
Jul-27
|
|
Plymouth Meeting Exec.
|
|
|
47,513
|
|
|
48,299
|
|
|
7.00
|
%
|
|
Dec-10
|
|
Arboretum I, II, III & V
|
|
|
23,690
|
|
|
24,109
|
|
|
7.59
|
%
|
|
Jul-11
|
|
Grande
A (a)
|
|
|
17,157
|
|
|
20,000
|
|
|
5.17
|
%
|
|
Jul-27
|
|
Six Tower Bridge
|
|
|
15,394
|
|
|
|
|
|
7.79
|
%
|
|
Aug-12
|
|
400 Commerce Drive
|
|
|
12,175
|
|
|
12,346
|
|
|
7.12
|
%
|
|
Jun-08
|
|
Four Tower Bridge
|
|
|
10,890
|
|
|
|
|
|
6.62
|
%
|
|
Feb-11
|
|
Croton Road
|
|
|
6,100
|
|
|
6,209
|
|
|
7.81
|
%
|
|
Jan-06
|
|
200 Commerce Drive
|
|
|
6,051
|
|
|
6,165
|
|
|
7.12
|
%
|
|
Jan-10
|
|
Southpoint III
|
|
|
5,877
|
|
|
6,257
|
|
|
7.75
|
%
|
|
Apr-14
|
|
440 & 442 Creamery Way
|
|
|
5,728
|
|
|
5,862
|
|
|
8.55
|
%
|
|
Jul-07
|
|
Norriton Office Center
|
|
|
5,270
|
|
|
5,342
|
|
|
8.50
|
%
|
|
Sep-07
|
|
429 Creamery Way
|
|
|
3,087
|
|
|
3,235
|
|
|
8.30
|
%
|
|
Sep-06
|
|
Grande A (a)
|
|
|
3,040
|
|
|
3,684
|
|
|
5.34
|
%
|
|
Jul-27
|
|
481 John Young Way
|
|
|
2,420
|
|
|
2,475
|
|
|
8.40
|
%
|
|
Nov-07
|
|
111 Arrandale Blvd
|
|
|
1,100
|
|
|
1,152
|
|
|
8.65
|
%
|
|
Aug-06
|
|
Interstate Center (a)
|
|
|
959
|
|
|
1,131
|
|
|
3.94
|
%
|
|
Mar-07
|
|
630 Allendale Road
|
|
|
|
|
|
19,797
|
|
|
|
|
|
|
|
400 Berwyn Park
|
|
|
|
|
|
15,726
|
|
|
|
|
|
|
|
1000 Howard Boulevard
|
|
|
|
|
|
3,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage indebtedness
|
|
$
|
518,234
|
|
$
|
462,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
For loans that bear interest at a variable rate, the rates in effect at December 31, 2004 have been presented.
|
|
|
Year ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Repurchased amount (shares)
|
|
|
|
|
|
|
|
|
491,074
|
|
Repurchased amount ($, in thousands)
|
|
$
|
|
|
$
|
|
|
$
|
11,053
|
|
Average price per share
|
|
$
|
|
|
$
|
|
|
$
|
22.51
|
|
|
|
Payments by Period (in thousands)
|
|
|||||||||||||
|
|
|
|
|||||||||||||
|
|
Total
|
|
Less than 1 Year |
| 1-3 Years
|
|
3-5 Years
|
|
More than 5 Years | | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage notes payable (a)
|
|
$
|
510,526
|
|
$
|
8,643
|
|
$
|
43,078
|
|
$
|
99,645
|
|
$
|
359,160
|
|
Revolving credit facility
|
|
|
152,000
|
|
|
|
|
|
152,000
|
|
|
|
|
|
|
|
Unsecured debt (a)
|
|
|
638,000
|
|
|
|
|
|
|
|
|
388,000
|
|
|
250,000
|
|
Purchase commitments
|
|
|
11,000
|
|
|
11,000
|
|
|
|
|
|
|
|
|
|
|
Ground Leases
|
|
|
107,505
|
|
|
1,435
|
|
|
2,870
|
|
|
2,870
|
|
|
100,330
|
|
Other liabilities
|
|
|
1,525
|
|
|
837
|
|
|
|
|
|
|
|
|
688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,420,556
|
|
$
|
21,915
|
|
$
|
197,948
|
|
$
|
490,515
|
|
$
|
710,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Amounts do not include unamortized discounts and/or premiums.
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibits No.
|
|
Description
|
|
|
|
3.1.1
|
|
Amended and Restated Declaration of Trust of the Company (amended and restated as of May 12, 1997) (Previously filed as an exhibit to the Companys Form 8-K dated June 9, 1997 and incorporated herein by reference)
|
3.1.2
|
|
Articles of Amendment to Declaration of Trust of the Company (September 4, 1997) (Previously filed as an exhibit to the Companys Form 8-K dated September 10, 1997 and incorporated herein by reference)
|
3.1.3
|
|
Articles of Amendment to Declaration of Trust of the Company (Previously filed as an exhibit to the Companys Form 8-K dated June 3, 1998 and incorporated herein by reference)
|
3.1.4
|
|
Articles Supplementary to Declaration of Trust of the Company (September 28, 1998) (Previously filed as an exhibit to the Companys Form 8-K dated October 13, 1998 and incorporated herein by reference)
|
3.1.5
|
|
Articles of Amendment to Declaration of Trust of the Company (March 19, 1999) (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 1998 and incorporated herein by reference)
|
3.1.6
|
|
Articles Supplementary to Declaration of Trust of the Company (April 19, 1999) (Previously filed as an exhibit to the Companys Form 8-K dated April 26, 1999 and incorporated herein by reference)
|
3.1.7
|
|
Articles Supplementary to Declaration of Trust of the Company (December 30, 2003) (Previously filed as an exhibit to the Companys Form 8-A dated December 29, 2003 and incorporated herein by reference)
|
3.1.8
|
|
Articles Supplementary to Declaration of Trust of the Company (February 5, 2004) (Previously filed as an exhibit to the Companys Form 8-A dated February 5, 2004 and incorporated herein by reference)
|
3.2
|
|
Amended and Restated Bylaws of the Company (Previously filed as an exhibit to the Companys Form 8-K dated October 14, 2003 and incorporated herein by reference)
|
4.1
|
|
Form of 7.50% Series C Cumulative Redeemable Preferred Share Certificate (previously filed as an exhibit to the Companys Form 8-A dated December 29, 2003 and incorporated herein by reference)
|
4.2
|
|
Form of 7.375% Series D Cumulative Redeemable Preferred Share Certificate (previously filed as an exhibit to the Companys Form 8-A dated February 5, 2004 and incorporated herein by reference)
|
4.3
|
|
Indenture dated October 22, 2004 by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust, certain wholly-owned subsidiaries of Brandywine Operating Partnership, L.P. named therein and The Bank of New York, as Trustee (previously filed as an exhibit to the Companys Form 8-K dated October 22, 2004 and incorporated herein by reference)
|
4.4
|
|
Form of $275,000,000 4.50% Guaranteed Note due 2009 (Previously filed as an exhibit to the Companys Form 8-K dated October 22, 2004 and incorporated herein by reference)
|
Exhibits No.
|
|
Description
|
|
|
|
4.5
|
|
Form of $250,000,000 5.40% Guaranteed Note due 2014 (Previously filed as an exhibit to the Companys Form 8-K dated October 22, 2004 and incorporated herein by reference)
|
10.1
|
|
Second Amended and Restated Partnership Agreement of Brandywine Realty Services Partnership (Previously filed as an exhibit to the Companys Registration statement of Form S-11 (File No. 33-4175) and incorporated herein by reference)
|
10.2
|
|
Amended and Restated Articles of Incorporation of Brandywine Realty Services Corporation (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference)
|
10.3
|
|
Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (the Operating Partnership) (Previously filed as an exhibit to the Companys Form 8-K dated December 17, 1997 and incorporated herein by reference)
|
10.4
|
|
First Amendment to Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 8-K dated December 17, 1997 and incorporated herein by reference)
|
10.5
|
|
Second Amendment to the Amended and Restated Agreement of Limited Partnership Agreement of the Operating Partnership (Previously filed as an exhibit to the Companys Form 8-K dated April 13, 1998 and incorporated herein by reference)
|
10.6
|
|
Third Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 8-K dated May 14, 1998 and incorporated herein by reference)
|
10.7
|
|
Fourth Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 8-K dated October 13, 1998 and incorporated herein by reference)
|
10.8
|
|
Fifth Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 8-K dated October 13, 1998 and incorporated herein by reference)
|
10.9
|
|
Sixth Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 8-K dated October 13, 1998 and incorporated herein by reference)
|
10.10
|
|
Seventh Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)
|
10.11
|
|
Eighth Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)
|
10.12
|
|
Ninth Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)
|
10.13
|
|
Tenth Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)
|
10.14
|
|
Eleventh Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)
|
10.15
|
|
Twelfth Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)
|
10.16
|
|
Thirteenth Amendment to the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (Previously filed as an exhibit to the Companys Form 8-K dated September 21, 2004 and incorporated herein by reference)
|
10.17
|
|
Tax Indemnification Agreement dated May 8, 1998, by and between the Operating Partnership and the parties identified on the signature page (Previously filed as an exhibit to the Companys Form 8-K dated May 14, 1998 and incorporated herein by reference)
|
10.18
|
|
Contribution Agreement dated as of July 10, 1998 (Axinn) (Previously filed as an exhibit to the Companys Form 8-K dated July 30, 1998 and incorporated herein by reference)
|
10.19
|
|
Form of Donald E. Axinn Options ** (Previously filed as an exhibit to the Companys Form 8-K dated July 30, 1998 and incorporated herein by reference)
|
10.20
|
|
First Amendment to Contribution Agreement (Axinn) (Previously filed as an exhibit to the Companys Form 8-K dated October 13, 1998 and incorporated herein by reference)
|
10.21
|
|
Agreement dated as of December 31, 2001 with Anthony A. Nichols, Sr. ** (Previously filed as an exhibit to the Companys Form 8-K dated October 14, 2003 and incorporated herein by reference)
|
10.22
|
|
Amended and Restated Employment Agreement dated as of February 9, 2005 of Gerard H. Sweeney** (Previously filed as an exhibit to the Companys Form 8-K dated February 11, 2005 and incorporated herein by reference)
|
Exhibits No.
|
|
Description
|
|
|
|
10.23
|
|
Amended and Restated Non-Qualified Stock Option Award to Anthony A. Nichols, Sr. ** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 1998 and incorporated herein by reference)
|
10.24
|
|
Amended and Restated Non-Qualified Stock Option Award to Gerard H. Sweeney ** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 1998 and incorporated herein by reference)
|
10.25
|
|
Third Amendment to Restricted Share Award to Gerard H. Sweeney.** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 1998 and incorporated herein by reference)
|
10.26
|
|
Restricted Share Award to Anthony S. Rimikis.** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 1998 and incorporated herein by reference)
|
10.27
|
|
Restricted Share Award to Gerard H. Sweeney ** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 1997 and incorporated herein by reference)
|
10.28
|
|
Fourth Amendment to Restricted Share Award to Gerard H. Sweeney** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2000 and incorporated herein by reference)
|
10.29
|
|
Restricted Share Award to Gerard H. Sweeney** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2000 and incorporated herein by reference)
|
10.30
|
|
Restricted Share Award to Anthony S. Rimikis** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2000 and incorporated herein by reference)
|
10.31
|
|
Restricted Share Award to H. Jeffrey De Vuono** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2000 and incorporated herein by reference)
|
10.32
|
|
Restricted Share Award to George Sowa** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2000 and incorporated herein by reference)
|
10.33
|
|
2002 Restricted Share Award for Gerard H. Sweeney** (Previously filed as an exhibit to the Companys Form 10-Q for the quarter ended June 30, 2002 and incorporated herein by reference)
|
10.34
|
|
2002 Form of Restricted Share Award for Executive Officers (other than the President and Chief Executive Officer)** (Previously filed as an exhibit to the Companys Form 10-Q for the quarter ended June 30, 2002 and incorporated herein by reference)
|
10.35
|
|
Credit Agreement dated as of May 24, 2004 (Previously filed as an exhibit to the Companys Form 8-K dated May 24, 2004 and incorporated herein by reference)
|
10.36
|
|
Amendment No. 1 to Credit Agreement dated as of September 10, 2004 (Previously filed as an exhibit to the Companys Form 8-K dated September 13, 2004 and incorporated herein by reference)
|
10.37
|
|
2002 Restricted Share Award to Christopher P. Marr** (Previously filed as an exhibit to the Companys Form 8-K dated August 27, 2002 and incorporated herein by reference)
|
10.38
|
|
2002 Non-Qualified Option to Gerard H. Sweeney** (Previously filed as an exhibit to the Companys Form 10-Q for the quarter ended September 30, 2002 and incorporated herein by reference)
|
10.39
|
|
Executive Deferred Compensation Plan** (Previously filed as an exhibit to the Companys Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference)
|
10.40
|
|
Executive Deferred Compensation Plan** (Previously filed as an exhibit to the Companys Form 8-K dated ended December 22, 2004 and incorporated herein by reference)
|
10.41
|
|
2003 Restricted Share Award to Gerard H. Sweeney** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference)
|
10.42
|
|
2003 Restricted Share Award to Anthony S. Rimikis** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference)
|
10.43
|
|
2003 Restricted Share Award to H. Jeffrey DeVuono** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference)
|
10.44
|
|
2003 Restricted Share Award to George D. Sowa** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference)
|
10.45
|
|
2003 Restricted Share Award to Brad A. Molotsky** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference)
|
10.46
|
|
2003 Restricted Share Award to Christopher P. Marr** (Previously filed as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2002 and incorporated herein by reference)
|
10.47
|
|
Letter to Cohen & Steers Capital Management, Inc. (Previously filed as an exhibit to the Companys Form 10-Q for the quarter ended June 30, 2003 and incorporated herein by reference)
|
10.48
|
|
Redemption and Conversion Agreement with Five Arrows Realty Securities III L.L.C. (Previously filed as an exhibit to the Companys Form 8-K dated December 29, 2003 and incorporated herein by reference)
|
10.49
|
|
Purchase Agreement with Commonwealth Atlantic Operating Properties Inc. (Previously filed as an exhibit to the Companys Form 8-K dated February 3, 2004 and incorporated herein by reference)
|
10.50
|
|
Contribution Agreement dated August 18, 2004 with TRC Realty, Inc.-GP, TRC-LB LLC and TRC Associates Limited Partnership (Previously filed as an exhibit to the Companys Form 8-K dated August 19, 2004 and incorporated herein by reference)
|
10.51
|
|
Registration Rights Agreement (Previously filed as an exhibit to the Companys Form 8-K dated September 21, 2004 and incorporated herein by reference)
|
10.52
|
|
Tax Protection Agreement (Previously filed as an exhibit to the Companys Form 8-K dated September 21, 2004 and incorporated herein by reference)
|
10.53
|
|
Term Loan Credit Agreement (2007) (previously filed as an exhibit to the Companys Form 8-K dated September 21, 2004 and incorporated herein by reference)
|
Exhibits No.
|
|
Description
|
|
|
|
10.54
|
|
Term Loan Credit Agreement (2008) (previously filed as an exhibit to the Companys Form 8-K dated September 21, 2004 and incorporated herein by reference)
|
10.55
|
|
Note Purchase Agreement dated as of November 15, 2004 (previously filed as an exhibit to the Companys Form 8-K dated November 15, 2004 and incorporated herein by reference)
|
10.56
|
|
Sales Agreement with Brinson Patrick Securities Corporation (previously filed as an exhibit to the Companys Form 8-K dated November 29, 2004 and incorporated herein by reference)
|
10.57
|
|
2004 Restricted Share Award to Gerard H. Sweeney**(previously filed as an exhibit to the Companys Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference)
|
10.58
|
|
Form of 2004 Restricted Share Award to executive officers (other than the President and Chief Executive Officer)** (previously filed as an exhibit to the Companys Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference)
|
10.59
|
|
Form of 2004 Restricted Share Award to non-executive trustees**(previously filed as an exhibit to the Companys Form 10-Q for the quarter ended June 30, 2004 and incorporated herein by reference)
|
10.60
|
|
Form of 2004 Restricted Share Award to non-executive trustee (Wyche Fowler)**(previously filed as an exhibit to the Companys Form 8-K dated December 22, 2004 and incorporated herein by reference)
|
10.61
|
|
Amended and Restated Agreement dated as of March 25, 2004 with Anthony A. Nichols, Sr.**(previously filed as an exhibit to the Companys Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference)
|
10.62
|
|
2005 Restricted Share Award to Gerard H. Sweeney**(previously filed as an exhibit to the Companys Form 8-K dated February 11, 2005 and incorporated herein by reference)
|
10.63
|
|
Form of 2005 Restricted Share Award to executive officers (other than the President and Chief Executive Officer)** (previously filed as an exhibit to the Companys Form 8-K dated February 11, 2005 and incorporated herein by reference)
|
10.64
|
|
Form of Severance Agreement for executive officers** (previously filed as an exhibit to the Companys Form 8-K dated February 11, 2005 and incorporated herein by reference)
|
10.65
|
|
Summary of Trustee Compensation**
|
12.1
|
|
Statement re Computation of Ratios
|
14.1
|
|
Code of Business Conduct and Ethics (Previously filed as an exhibit to the Companys Form 8-K dated December 22, 2004 and incorporated herein by reference)
|
21.1
|
|
List of Subsidiaries of the Company
|
23.1
|
|
Consent of PricewaterhouseCoopers LLP
|
31.1
|
|
Certification Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
|
31.2
|
|
Certification Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
|
32.1
|
|
Certification Pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934
|
32.2
|
|
Certification Pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934
|
|
BRANDYWINE REALTY TRUST
|
|
|
|
By: /s/ GERARD H. SWEENEY
|
|
|
|
Gerard H. Sweeney
President and Chief Executive Officer |
Date: March 14, 2005
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ WALTER DALESSIO
|
|
Chairman of the Board and Trustee
|
|
March
14, 2005
|
|
|
|
|
|
Walter DAlessio
|
|
|
|
|
|
|
|
|
|
/s/ GERARD H. SWEENEY
|
|
President, Chief Executive Officer and Trustee
(Principal Executive Officer) |
|
March
14, 2005
|
|
|
|
|
|
Gerard H. Sweeney
|
|
|
|
|
|
|
|
|
|
/s/ CHRISTOPHER P. MARR
|
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
March
14, 2005
|
|
|
|
|
|
Christopher P. Marr
|
|
|
|
|
|
|
|
|
|
/s/ TIMOTHY M. MARTIN
|
|
Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
|
March
14, 2005
|
|
|
|
|
|
Timothy M. Martin
|
|
|
|
|
|
|
|
|
|
/s/ D. PIKE ALOIAN
|
|
Trustee
|
|
March
14, 2005
|
|
|
|
|
|
D. Pike Aloian
|
|
|
|
|
|
|
|
|
|
/s/ DONALD E. AXINN
|
|
Trustee
|
|
March
14, 2005
|
|
|
|
|
|
Donald E. Axinn
|
|
|
|
|
|
|
|
|
|
/s/ WYCHE FOWLER
|
|
Trustee
|
|
March
14, 2005
|
|
|
|
|
|
Wyche Fowler
|
|
|
|
|
|
|
|
|
|
/s/ MICHAEL J. JOYCE
|
|
Trustee
|
|
March
14, 2005
|
|
|
|
|
|
Michael J. Joyce
|
|
|
|
|
|
|
|
|
|
/s/ ANTHONY A. NICHOLS, SR.
|
|
Trustee
|
|
March
14, 2005
|
|
|
|
|
|
Anthony A. Nichols, Sr.
|
|
|
|
|
|
|
|
|
|
/s/ CHARLES P. PIZZI
|
|
Trustee
|
|
March
14, 2005
|
|
|
|
|
|
Charles P. Pizzi
|
|
|
|
|
|
|
December 31,
|
|
||||
|
|
|
|
||||
|
|
2004
|
|
2003
|
|
||
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Real estate investments:
|
|
|
|
|
|
|
|
Operating properties
|
|
$
|
2,483,134
|
|
$
|
1,869,744
|
|
Accumulated depreciation
|
|
|
(325,802
|
)
|
|
(268,091
|
)
|
|
|
|
|
|
|
|
|
Operating real estate investments, net
|
|
|
2,157,332
|
|
|
1,601,653
|
|
Construction-in-progress
|
|
|
145,016
|
|
|
29,787
|
|
Land held for development
|
|
|
61,517
|
|
|
63,915
|
|
|
|
|
|
|
|
|
|
Total real estate investments, net
|
|
|
2,363,865
|
|
|
1,695,355
|
|
Cash and cash equivalents
|
|
|
15,346
|
|
|
8,552
|
|
Escrowed cash
|
|
|
17,980
|
|
|
14,388
|
|
Accounts receivable, net
|
|
|
11,999
|
|
|
5,206
|
|
Accrued rent receivable, net
|
|
|
32,641
|
|
|
26,652
|
|
Marketable securities
|
|
|
423
|
|
|
12,052
|
|
Assets held for sale
|
|
|
|
|
|
5,317
|
|
Investment in real estate ventures, at equity
|
|
|
12,754
|
|
|
15,853
|
|
Deferred costs, net
|
|
|
34,449
|
|
|
26,071
|
|
Intangible assets, net
|
|
|
101,056
|
|
|
7,433
|
|
Other assets
|
|
|
43,471
|
|
|
38,897
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
2,633,984
|
|
$
|
1,855,776
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND BENEFICIARIES EQUITY
|
|
|
|
|
|
|
|
Mortgage notes payable
|
|
$
|
518,234
|
|
$
|
462,659
|
|
Unsecured notes
|
|
|
636,435
|
|
|
|
|
Unsecured credit facility
|
|
|
152,000
|
|
|
305,000
|
|
Unsecured term loan
|
|
|
|
|
|
100,000
|
|
Accounts payable and accrued expenses
|
|
|
49,242
|
|
|
30,290
|
|
Distributions payable
|
|
|
27,363
|
|
|
20,947
|
|
Tenant security deposits and deferred rents
|
|
|
20,046
|
|
|
16,123
|
|
Acquired below market leases, net of accumulated amortization of $2,341 and $869
|
|
|
39,271
|
|
|
1,305
|
|
Other liabilities
|
|
|
1,525
|
|
|
14,055
|
|
Liabilities related to assets held for sale
|
|
|
|
|
|
52
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
1,444,116
|
|
|
950,431
|
|
Minority interest
|
|
|
42,866
|
|
|
133,488
|
|
Commitments and contingencies (Note 23)
|
|
|
|
|
|
|
|
Beneficiaries equity:
|
|
|
|
|
|
|
|
Preferred Shares (shares authorized-10,000,000):
|
|
|
|
|
|
|
|
7.25% Series A Preferred Shares, $0.01 par value; issued and outstanding- no shares in 2004 and 750,000 in 2003
|
|
|
|
|
|
8
|
|
7.50% Series C Preferred Shares, $0.01 par value; issued and outstanding- 2,000,000 in 2004 and 2003
|
|
|
20
|
|
|
20
|
|
7.375% Series D Preferred Shares, $0.01 par value; issued and outstanding- 2,300,000 in 2004 and no shares in 2003
|
|
|
23
|
|
|
|
|
Common Shares of beneficial interest, $0.01 par value; shares authorized 100,000,000; issued and outstanding-55,292,752 in 2004 and 41,040,710 in 2003
|
|
|
553
|
|
|
410
|
|
Additional paid-in capital
|
|
|
1,346,651
|
|
|
936,730
|
|
Share warrants
|
|
|
|
|
|
401
|
|
Cumulative earnings
|
|
|
370,515
|
|
|
310,212
|
|
Accumulated other comprehensive loss
|
|
|
(3,130
|
)
|
|
(2,158
|
)
|
Cumulative distributions
|
|
|
(567,630
|
)
|
|
(473,766
|
)
|
|
|
|
|
|
|
|
|
Total beneficiaries equity
|
|
|
1,147,002
|
|
|
771,857
|
|
|
|
|
|
|
|
|
|
Total liabilities and beneficiaries equity
|
|
$
|
2,633,984
|
|
$
|
1,855,776
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Rents
|
|
$
|
275,631
|
|
$
|
256,616
|
|
$
|
247,350
|
|
Tenant reimbursements
|
|
|
37,572
|
|
|
37,518
|
|
|
33,061
|
|
Other
|
|
|
10,389
|
|
|
7,330
|
|
|
6,301
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
323,592
|
|
|
301,464
|
|
|
286,712
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
89,857
|
|
|
80,244
|
|
|
74,815
|
|
Real estate taxes
|
|
|
31,062
|
|
|
27,681
|
|
|
25,019
|
|
Depreciation and amortization
|
|
|
79,904
|
|
|
60,332
|
|
|
55,925
|
|
Administrative expenses
|
|
|
15,100
|
|
|
14,464
|
|
|
14,804
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
215,923
|
|
|
182,721
|
|
|
170,563
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
107,669
|
|
|
118,743
|
|
|
116,149
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
2,469
|
|
|
3,629
|
|
|
3,399
|
|
Interest expense
|
|
|
(55,061
|
)
|
|
(57,835
|
)
|
|
(63,522
|
)
|
Equity in income of real estate ventures
|
|
|
2,024
|
|
|
52
|
|
|
987
|
|
Net gains on sales of interest in real estate
|
|
|
2,975
|
|
|
20,537
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before minority interest
|
|
|
60,076
|
|
|
85,126
|
|
|
57,018
|
|
Minority interest attributable to continuing operations
|
|
|
(2,472
|
)
|
|
(9,294
|
)
|
|
(9,375
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
|
57,604
|
|
|
75,832
|
|
|
47,643
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
(336
|
)
|
|
1,651
|
|
|
7,561
|
|
Net gain on disposition of discontinued operations
|
|
|
3,136
|
|
|
9,690
|
|
|
8,557
|
|
Minority interest
|
|
|
(101
|
)
|
|
(495
|
)
|
|
(777
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
2,699
|
|
|
10,846
|
|
|
15,341
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
60,303
|
|
|
86,678
|
|
|
62,984
|
|
Income allocated to Preferred Shares
|
|
|
(9,720
|
)
|
|
(11,906
|
)
|
|
(11,906
|
)
|
Preferred Share redemption/conversion benefit (charge)
|
|
|
4,500
|
|
|
(20,598
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to Common Shares
|
|
$
|
55,083
|
|
$
|
54,174
|
|
$
|
51,078
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per Common Share:
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
1.09
|
|
$
|
1.14
|
|
$
|
0.97
|
|
Discontinued operations
|
|
|
0.06
|
|
|
0.29
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1.15
|
|
$
|
1.43
|
|
$
|
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per Common Share:
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
1.09
|
|
$
|
1.14
|
|
$
|
0.96
|
|
Discontinued operations
|
|
|
0.06
|
|
|
0.29
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1.15
|
|
$
|
1.43
|
|
$
|
1.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
60,303
|
|
$
|
86,678
|
|
$
|
62,984
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on derivative financial instruments
|
|
|
309
|
|
|
(1,117
|
)
|
|
(7,954
|
)
|
Settlement of treasury locks
|
|
|
(3,238
|
)
|
|
|
|
|
|
|
Reclassification of realized losses on derivative financial instruments to operations
|
|
|
2,809
|
|
|
5,311
|
|
|
5,406
|
|
Unrealized gain on available-for-sale securities
|
|
|
(696
|
)
|
|
|
|
|
|
|
Reclassification of realized (gains) losses on available for sale securities to operations
|
|
|
(156
|
)
|
|
50
|
|
|
733
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income
|
|
|
(972
|
)
|
|
4,244
|
|
|
(1,815
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income
|
|
$
|
59,331
|
|
$
|
90,922
|
|
$
|
61,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Preferred A Shares |
|
Par Value of
Preferred A Shares |
|
Number of
Preferred B Shares |
|
Par Value of
Preferred B Shares |
|
Number of
Preferred C Shares |
|
Par Value of
Preferred C Shares |
|
Number of
Preferred D Shares |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2001
|
|
|
750,000
|
|
$
|
8
|
|
|
4,375,000
|
|
$
|
44
|
|
|
|
|
$
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting of Restricted Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase of Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment/forgiveness of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion of Preferred Share discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of warrants/options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2002
|
|
|
750,000
|
|
$
|
8
|
|
|
4,375,000
|
|
$
|
44
|
|
|
|
|
$
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting of Restricted Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
|
20
|
|
|
|
|
Conversion of Preferred Shares
|
|
|
|
|
|
|
|
|
(1,093,750
|
)
|
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
Redemption of Preferred Shares
|
|
|
|
|
|
|
|
|
(3,281,250
|
)
|
|
(33
|
)
|
|
|
|
|
|
|
|
|
|
Issuance of Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of Class A minority interest units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment/forgiveness of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion of Preferred Share discount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2003
|
|
|
750,000
|
|
$
|
8
|
|
|
|
|
$
|
|
|
|
2,000,000
|
|
$
|
20
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting of Restricted Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,300,000
|
|
Conversion of Preferred Series A Shares
|
|
|
(750,000
|
)
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of Preferred Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of trustee/bonus shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of warrants/options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2004
|
|
|
|
|
$
|
|
|
|
|
|
$
|
|
|
|
2,000,000
|
|
$
|
20
|
|
|
2,300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par Value of
Preferred D Shares |
|
Number of
Common Shares |
|
Par Value of
Common Shares |
|
Additional Paid
in Capital |
|
Employee
Stock Loans |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2001
|
|
$
|
|
|
|
35,640,935
|
|
$
|
356
|
|
$
|
853,912
|
|
$
|
(5,699
|
)
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting of Restricted Stock
|
|
|
|
|
|
76,454
|
|
|
1
|
|
|
1,895
|
|
|
|
|
Repurchase of Common Shares
|
|
|
|
|
|
(491,074
|
)
|
|
(5
|
)
|
|
(11,048
|
)
|
|
|
|
Payment/forgiveness of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,658
|
|
Accretion of Preferred Share discount
|
|
|
|
|
|
|
|
|
|
|
|
1,476
|
|
|
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
43
|
|
|
|
|
Exercise of warrants/options
|
|
|
|
|
|
|
|
|
|
|
|
(578
|
)
|
|
|
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2002
|
|
$
|
|
|
|
35,226,315
|
|
$
|
352
|
|
$
|
845,700
|
|
$
|
(4,041
|
)
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting of Restricted Stock
|
|
|
|
|
|
82,912
|
|
|
1
|
|
|
1,767
|
|
|
|
|
Issuance of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
47,892
|
|
|
|
|
Conversion of Preferred Shares
|
|
|
|
|
|
1,093,750
|
|
|
11
|
|
|
3,828
|
|
|
|
|
Redemption of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
(74,647
|
)
|
|
|
|
Issuance of Common Shares
|
|
|
|
|
|
4,587,500
|
|
|
46
|
|
|
110,936
|
|
|
|
|
Conversion of Class A minority interest units
|
|
|
|
|
|
50,233
|
|
|
|
|
|
1,206
|
|
|
|
|
Payment/forgiveness of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,509
|
|
Accretion of Preferred Share discount
|
|
|
|
|
|
|
|
|
|
|
|
1,476
|
|
|
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
104
|
|
|
|
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2003
|
|
$
|
|
|
|
41,040,710
|
|
$
|
410
|
|
$
|
938,262
|
|
$
|
(1,532
|
)
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting of Restricted Stock
|
|
|
|
|
|
88,406
|
|
|
1
|
|
|
1,642
|
|
|
|
|
Issuance of Preferred Shares
|
|
|
23
|
|
|
|
|
|
|
|
|
55,515
|
|
|
|
|
Conversion of Preferred Series A Shares
|
|
|
|
|
|
1,339,286
|
|
|
13
|
|
|
(6
|
)
|
|
|
|
Redemption of Preferred Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Common Shares
|
|
|
|
|
|
12,235,000
|
|
|
122
|
|
|
336,562
|
|
|
|
|
Issuance of trustee/bonus shares
|
|
|
|
|
|
2,191
|
|
|
|
|
|
55
|
|
|
|
|
Payment of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,112
|
|
Exercise of warrants/options
|
|
|
|
|
|
587,159
|
|
|
6
|
|
|
14,940
|
|
|
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
102
|
|
|
|
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2004
|
|
$
|
23
|
|
|
55,292,752
|
|
$
|
552
|
|
$
|
1,347,072
|
|
$
|
(420
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Warrants
|
|
Cumulative
Earnings |
|
Accumulated Other
Comprehensive Income (Loss) |
|
Cumulative
Distributions |
|
Total
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2001
|
|
$
|
401
|
|
$
|
163,502
|
|
$
|
(4,587
|
)
|
$
|
(299,781
|
)
|
$
|
708,156
|
|
Net income
|
|
|
|
|
|
62,984
|
|
|
|
|
|
|
|
|
62,984
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
(1,815
|
)
|
|
|
|
|
(1,815
|
)
|
Vesting of Restricted Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,896
|
|
Repurchase of Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,053
|
)
|
Payment/forgiveness of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,658
|
|
Accretion of Preferred Share discount
|
|
|
|
|
|
(1,476
|
)
|
|
|
|
|
|
|
|
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43
|
|
Exercise of warrants/options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(578
|
)
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
(11,906
|
)
|
|
(11,906
|
)
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
(62,942
|
)
|
|
(62,942
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2002
|
|
$
|
401
|
|
$
|
225,010
|
|
$
|
(6,402
|
)
|
$
|
(374,629
|
)
|
$
|
686,443
|
|
Net income
|
|
|
|
|
|
86,678
|
|
|
|
|
|
|
|
|
86,678
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
4,244
|
|
|
|
|
|
4,244
|
|
Vesting of Restricted Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,768
|
|
Issuance of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47,912
|
|
Conversion of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
(3,828
|
)
|
|
|
|
Redemption of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
(16,770
|
)
|
|
(91,450
|
)
|
Issuance of Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,982
|
|
Conversion of Class A minority interest units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,206
|
|
Payment/forgiveness of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,509
|
|
Accretion of Preferred Share discount
|
|
|
|
|
|
(1,476
|
)
|
|
|
|
|
|
|
|
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104
|
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
(11,906
|
)
|
|
(11,906
|
)
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
(66,633
|
)
|
|
(66,633
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2003
|
|
$
|
401
|
|
$
|
310,212
|
|
$
|
(2,158
|
)
|
$
|
(473,766
|
)
|
$
|
771,857
|
|
Net income
|
|
|
|
|
|
60,303
|
|
|
|
|
|
|
|
|
60,303
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
(972
|
)
|
|
|
|
|
(972
|
)
|
Vesting of Restricted Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,643
|
|
Issuance of Preferred Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,538
|
|
Conversion of Preferred Series A Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
Redemption of Preferred Units
|
|
|
|
|
|
|
|
|
|
|
|
4,500
|
|
|
4,500
|
|
Issuance of Common Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
336,684
|
|
Issuance of trustee/bonus shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55
|
|
Payment of employee stock loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,112
|
|
Exercise of warrants/options
|
|
|
(401
|
)
|
|
|
|
|
|
|
|
|
|
|
14,545
|
|
Amortization of stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102
|
|
Preferred Share distributions
|
|
|
|
|
|
|
|
|
|
|
|
(9,720
|
)
|
|
(9,720
|
)
|
Distributions ($1.76 per share)
|
|
|
|
|
|
|
|
|
|
|
|
(88,644
|
)
|
|
(88,644
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, December 31, 2004
|
|
$
|
|
|
$
|
370,515
|
|
$
|
(3,130
|
)
|
$
|
(567,630
|
)
|
$
|
1,147,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
60,303
|
|
$
|
86,678
|
|
$
|
62,984
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
64,175
|
|
|
54,353
|
|
|
52,944
|
|
Amortization:
|
|
|
|
|
|
|
|
|
|
|
Deferred financing costs
|
|
|
5,088
|
|
|
2,304
|
|
|
1,795
|
|
Deferred leasing costs
|
|
|
7,841
|
|
|
7,032
|
|
|
5,820
|
|
Deferred market rents
|
|
|
(406
|
)
|
|
(287
|
)
|
|
(459
|
)
|
Assumed lease intangibles
|
|
|
8,112
|
|
|
177
|
|
|
256
|
|
Deferred compensation costs
|
|
|
2,114
|
|
|
2,869
|
|
|
3,182
|
|
Straight-line rental income
|
|
|
(6,023
|
)
|
|
(5,917
|
)
|
|
(5,930
|
)
|
Provision for doubtful accounts
|
|
|
467
|
|
|
189
|
|
|
894
|
|
Net gain on sales of interests in real estate
|
|
|
(6,111
|
)
|
|
(30,227
|
)
|
|
(8,562
|
)
|
Impairment loss on assets held-for-sale
|
|
|
|
|
|
|
|
|
665
|
|
Minority interest
|
|
|
2,573
|
|
|
9,789
|
|
|
10,152
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(1,769
|
)
|
|
(1,462
|
)
|
|
2,582
|
|
Other assets
|
|
|
9,840
|
|
|
(4,674
|
)
|
|
10,674
|
|
Accounts payable and accrued expenses
|
|
|
3,199
|
|
|
1,911
|
|
|
(6,040
|
)
|
Tenant security deposits and deferred rents
|
|
|
3,750
|
|
|
(2,432
|
)
|
|
(521
|
)
|
Other liabilities
|
|
|
30
|
|
|
(1,510
|
)
|
|
(1,600
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash from operating activities
|
|
|
153,183
|
|
|
118,793
|
|
|
128,836
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Acquisition of properties
|
|
|
(569,343
|
)
|
|
(67,490
|
)
|
|
(25,146
|
)
|
Sales of properties, net
|
|
|
22,283
|
|
|
87,461
|
|
|
78,019
|
|
Capital expenditures and real estate development costs
|
|
|
(131,998
|
)
|
|
(50,885
|
)
|
|
(38,787
|
)
|
Investment in real estate ventures
|
|
|
(233
|
)
|
|
(521
|
)
|
|
(446
|
)
|
Increase in escrowed cash
|
|
|
(1,320
|
)
|
|
1,930
|
|
|
2,553
|
|
Cash distributions from real estate ventures in excess of income
|
|
|
1,109
|
|
|
3,258
|
|
|
1,969
|
|
Increase in cash due to consolidation of VIEs
|
|
|
426
|
|
|
|
|
|
|
|
Proceeds from repayment of mortgage notes receivable
|
|
|
6,470
|
|
|
|
|
|
|
|
Leasing costs
|
|
|
(10,339
|
)
|
|
(7,821
|
)
|
|
(13,124
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash from investing activities
|
|
|
(682,945
|
)
|
|
(34,068
|
)
|
|
5,038
|
|
Cash flows from financing activites:
|
|
|
|
|
|
|
|
|
|
|
Proceeds (repayments) of Credit Facilities, net
|
|
|
(153,000
|
)
|
|
(2,000
|
)
|
|
(87,325
|
)
|
Proceeds from Unsecured Term Loans
|
|
|
433,000
|
|
|
|
|
|
100,000
|
|
Repayments of Unsecured Term Loans
|
|
|
(533,000
|
)
|
|
|
|
|
|
|
Proceeds from mortgage notes payable
|
|
|
|
|
|
|
|
|
20,186
|
|
Repayment of mortgage notes payable
|
|
|
(50,165
|
)
|
|
(82,131
|
)
|
|
(48,646
|
)
|
Proceeds from Unsecured Notes
|
|
|
636,398
|
|
|
|
|
|
|
|
Debt financing costs
|
|
|
(13,580
|
)
|
|
(112
|
)
|
|
(658
|
)
|
Repayments on employee stock loans
|
|
|
1,112
|
|
|
2,509
|
|
|
1,658
|
|
Proceeds from issuances of shares, net
|
|
|
406,767
|
|
|
159,107
|
|
|
|
|
Redemption of Preferred Shares
|
|
|
|
|
|
(91,422
|
)
|
|
|
|
Repurchases of Common Shares and minority interest units
|
|
|
(95,436
|
)
|
|
|
|
|
(20,165
|
)
|
Distributions paid to shareholders
|
|
|
(90,457
|
)
|
|
(78,754
|
)
|
|
(75,022
|
)
|
Distributions to minority interest holders
|
|
|
(5,083
|
)
|
|
(10,171
|
)
|
|
(10,560
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash from financing activities
|
|
|
536,556
|
|
|
(102,974
|
)
|
|
(120,532
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
6,794
|
|
|
(18,249
|
)
|
|
13,342
|
|
Cash and cash equivalents at beginning of year
|
|
|
8,552
|
|
|
26,801
|
|
|
13,459
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year
|
|
$
|
15,346
|
|
$
|
8,552
|
|
$
|
26,801
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure:
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest, net of capitalized interest
|
|
$
|
43,281
|
|
$
|
52,645
|
|
$
|
61,814
|
|
Debt assumed in asset acquisitions
|
|
|
79,330
|
|
|
|
|
|
68,431
|
|
Class A Units issued in asset acquisitions
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
Year ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Net income allocated to Common Shares, as reported
|
|
$
|
55,083
|
|
$
|
54,174
|
|
$
|
51,078
|
|
Add: Stock based compensation expense included in reported net income
|
|
|
2,114
|
|
|
2,740
|
|
|
2,553
|
|
Deduct: Total stock based compensation expense determined under fair value recognition method for all awards
|
|
|
(2,670
|
)
|
|
(3,191
|
)
|
|
(3,231
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma net income allocated to Common Shares
|
|
$
|
54,527
|
|
$
|
53,723
|
|
$
|
50,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share
|
|
|
|
|
|
|
|
|
|
|
Basic - as reported
|
|
$
|
1.15
|
|
$
|
1.43
|
|
$
|
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic - pro forma
|
|
$
|
1.14
|
|
$
|
1.41
|
|
$
|
1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted - as reported
|
|
$
|
1.15
|
|
$
|
1.43
|
|
$
|
1.39
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted - pro forma
|
|
$
|
1.14
|
|
$
|
1.41
|
|
$
|
1.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
||||
|
|
|
|
||||
|
|
2004
|
|
2003
|
|
||
|
|
|
|
|
|
|
|
|
|
(amounts in thousands)
|
|
||||
Land
|
|
$
|
452,602
|
|
$
|
342,424
|
|
Building and improvements
|
|
|
1,892,153
|
|
|
1,426,925
|
|
Tenant improvements
|
|
|
138,379
|
|
|
100,395
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,483,134
|
|
$
|
1,869,744
|
|
|
|
|
|
|
|
|
|
|
|
At September 21,
2004 |
|
|
|
|
|
|
|
Real estate investments
|
|
|
|
|
Land
|
|
$
|
104,810
|
|
Building and improvements
|
|
|
430,174
|
|
Tenant improvements
|
|
|
21,103
|
|
|
|
|
|
|
Total real estate investments acquired
|
|
|
556,087
|
|
Rent receivables
|
|
|
5,300
|
|
Other assets acquired:
|
|
|
|
|
Intangible assets:
|
|
|
|
|
In-Place leases
|
|
|
50,597
|
|
Relationship values
|
|
|
37,890
|
|
Above-market leases
|
|
|
13,612
|
|
|
|
|
|
|
Total intangible assets acquired
|
|
|
102,099
|
|
Other assets
|
|
|
6,291
|
|
|
|
|
|
|
Total Other assets
|
|
|
108,390
|
|
|
|
|
|
|
Total assets acquired
|
|
|
669,777
|
|
Liabilities assumed:
|
|
|
|
|
Mortgage notes payable
|
|
|
79,330
|
|
Security deposits and deferred rent
|
|
|
618
|
|
Other liabilities:
|
|
|
|
|
Below-market leases
|
|
|
39,253
|
|
Other liabilities
|
|
|
945
|
|
|
|
|
|
|
Total other liabilities assumed
|
|
|
40,198
|
|
|
|
|
|
|
Total liabilities assumed
|
|
|
120,146
|
|
|
|
|
|
|
Net assets acquired
|
|
$
|
549,631
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
||||
|
|
|
|
||||
|
|
2004
|
|
2003
|
|
||
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
||||
Pro forma revenue
|
|
$
|
381,906
|
|
$
|
382,121
|
|
Pro forma income from continuing operations
|
|
|
45,950
|
|
|
59,757
|
|
Earnings per share from continuing operations
|
|
|
|
|
|
|
|
Basic -- as reported
|
|
$
|
1.09
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
Basic -- as pro forma
|
|
$
|
0.90
|
|
$
|
0.58
|
|
|
|
|
|
|
|
|
|
Diluted - as reported
|
|
$
|
1.09
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
Diluted - as pro forma
|
|
$
|
0.89
|
|
$
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
Ownership
Percentage (1) |
|
Carrying
Amount |
|
Companys Share
of Real Estate Venture Income (Loss) |
|
Real Estate
Venture Debt at 100% |
|
Current
Interest Rate |
|
Debt
Maturity |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Tower Bridge Associates
|
|
|
35
|
%
|
$
|
2,145
|
|
$
|
231
|
|
$
|
10,401
|
|
|
6.82
|
%
|
|
May-08
|
|
Four Tower Bridge Associates (2)
|
|
|
65
|
%
|
|
|
|
|
(5
|
)
|
|
|
|
|
N/A
|
|
|
N/A
|
|
Five Tower Bridge Associates
|
|
|
15
|
%
|
|
232
|
|
|
231
|
|
|
30,331
|
|
|
6.77
|
%
|
|
Feb-09
|
|
Six Tower Bridge Associates (2)
|
|
|
63
|
%
|
|
|
|
|
(34
|
)
|
|
|
|
|
N/A
|
|
|
N/A
|
|
Eight Tower Bridge Associates (3)
|
|
|
6
|
%
|
|
1,218
|
|
|
(144
|
)
|
|
39,857
|
|
|
3.52
|
%
|
|
Feb-05
|
|
Tower Bridge Inn Associates
|
|
|
50
|
%
|
|
2,138
|
|
|
(41
|
)
|
|
11,035
|
|
|
8.50
|
%
|
|
Apr-07
|
|
1000 Chesterbrook Boulevard
|
|
|
50
|
%
|
|
3,270
|
|
|
541
|
|
|
27,516
|
|
|
6.88
|
%
|
|
Nov-11
|
|
PJP Building Two, LC
|
|
|
30
|
%
|
|
76
|
|
|
61
|
|
|
5,591
|
|
|
6.12
|
%
|
|
Nov-23
|
|
PJP Building Three, LC
|
|
|
25
|
%
|
|
37
|
|
|
|
|
|
3,677
|
|
|
3.07
|
%
|
|
Jul-07
|
|
PJP Building Five, LC
|
|
|
25
|
%
|
|
105
|
|
|
76
|
|
|
6,716
|
|
|
6.47
|
%
|
|
Aug-19
|
|
Macquarie BDN Christina LLC
|
|
|
20
|
%
|
|
3,533
|
|
|
968
|
|
|
74,500
|
|
|
4.62
|
%
|
|
Jan-09
|
|
Florig, LP
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
N/A
|
|
Invesco Partnership, L.P. (4)
|
|
|
35
|
%
|
|
|
|
|
140
|
|
|
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,754
|
|
$
|
2,024
|
|
$
|
209,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Ownership percentage represents the Companys entitlement to residual distributions after payments of priority returns.
|
(2)
|
These real estate ventures were consolidated effective March 31, 2004 under FIN 46R. The amounts reflected above represent the Companys share of the real estate ventures loss during the period from January 1, 2004 through March 31, 2004.
|
(3)
|
The parties are preparing documents, that, if executed, would extend the maturity date on the debt for this venture to February 2006 and the current interest rate would be changed to LIBOR plus 2.35%.
|
(4)
|
The Companys interest consists solely of a residual profits interest.
|
|
|
December 31,
|
|
||||
|
|
|
|
||||
|
|
2004
|
|
2003
|
|
||
|
|
|
|
|
|
|
|
Net property
|
|
$
|
294,378
|
|
$
|
322,196
|
|
Other assets
|
|
|
29,944
|
|
|
29,982
|
|
Liabilities
|
|
|
26,989
|
|
|
27,900
|
|
Debt
|
|
|
209,624
|
|
|
231,401
|
|
Equity
|
|
|
87,709
|
|
|
92,877
|
|
Companys share of equity (Company basis)
|
|
|
12,754
|
|
|
15,853
|
|
|
|
Year ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
46,906
|
|
$
|
29,703
|
|
$
|
27,219
|
|
Operating expenses
|
|
|
19,395
|
|
|
11,576
|
|
|
10,406
|
|
Interest expense, net
|
|
|
11,843
|
|
|
9,585
|
|
|
9,212
|
|
Depreciation and amortization
|
|
|
9,514
|
|
|
8,085
|
|
|
5,531
|
|
Net income
|
|
|
6,154
|
|
|
457
|
|
|
2,070
|
|
Companys share of income (Company basis)
|
|
|
2,024
|
|
|
52
|
|
|
987
|
|
2005
|
|
$
|
1,346
|
|
2006
|
|
|
41,290
|
|
2007
|
|
|
15,401
|
|
2008
|
|
|
7,830
|
|
2009 and thereafter
|
|
|
143,757
|
|
|
|
|
|
|
|
|
$
|
209,624
|
|
|
|
|
|
|
|
|
December 31, 2004
|
|
|||||||
|
|
|
|
|||||||
|
|
Total Cost
|
|
Accumulated
Amortization |
|
Deferred Costs,
net |
|
|||
|
|
|
|
|
|
|
|
|
|
|
Leasing costs
|
|
$
|
46,458
|
|
$
|
(19,768
|
)
|
$
|
26,690
|
|
Financing Costs
|
|
|
9,070
|
|
|
(1,311
|
)
|
|
7,759
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$55,528
|
|
$
|
(21,079
|
)
|
$
|
34,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2003
|
|
|||||||
|
|
|
|
|||||||
|
|
Total Cost
|
|
Accumulated
Amortization |
|
Deferred Costs,
net |
|
|||
|
|
|
|
|
|
|
|
|
|
|
Leasing costs
|
|
$
|
38,781
|
|
$
|
(15,090
|
)
|
$
|
23,691
|
|
Financing Costs
|
|
|
7,360
|
|
|
(4,980
|
)
|
|
2,380
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
46,141
|
|
$
|
(20,070
|
)
|
$
|
26,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2004
|
|
|||||||
|
|
|
|
|||||||
|
|
Total Cost
|
|
Accumulated
Amortization |
|
Deferred Costs,
net |
|
|||
|
|
|
|
|
|
|
|
|
|
|
In-place lease value
|
|
$
|
55,165
|
|
$
|
(6,117
|
)
|
$
|
49,048
|
|
Tenant relationship value
|
|
|
40,570
|
|
|
(2,377
|
)
|
|
38,193
|
|
Above market leases acquired
|
|
|
15,685
|
|
|
(1,870
|
)
|
|
13,815
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
111,420
|
|
$
|
(10,364
|
)
|
$
|
101,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2003
|
|
|||||||
|
|
|
|
|||||||
|
|
Total Cost
|
|
Accumulated
Amortization |
|
Deferred Costs,
net |
|
|||
|
|
|
|
|
|
|
|
|
|
|
In-place lease value
|
|
$
|
4,097
|
|
$
|
(563
|
)
|
$
|
3,534
|
|
Tenant relationship value
|
|
|
2,117
|
|
|
(84
|
)
|
|
2,033
|
|
Above market leases acquired
|
|
|
2,211
|
|
|
(345
|
)
|
|
1,866
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
8,425
|
|
$
|
(992
|
)
|
$
|
7,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying Value
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Property / Location
|
|
December 31,
2004 |
|
December 31,
2003 |
|
Effective
Interest Rate (a) |
|
Maturity
Date |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grande B
|
|
$
|
80,429
|
|
$
|
81,704
|
|
|
7.48
|
%
|
|
Jul-27
|
|
|
Two Logan Square
|
|
|
78,793
|
|
|
|
|
|
5.78
|
%
|
|
Jul-09
|
|
|
Newtown Square/Berwyn Park/Libertyview
|
|
|
65,442
|
|
|
66,000
|
|
|
7.25
|
%
|
|
May-13
|
|
|
Midlantic Drive/Lenox Drive/DCC I
|
|
|
64,942
|
|
|
65,993
|
|
|
8.05
|
%
|
|
Oct-11
|
|
|
Grande A
|
|
|
62,177
|
|
|
63,526
|
|
|
7.48
|
%
|
|
Jul-27
|
|
|
Plymouth Meeting Exec.
|
|
|
47,513
|
|
|
48,299
|
|
|
7.00
|
%
|
|
Dec-10
|
|
|
Arboretum I, II, III & V
|
|
|
23,690
|
|
|
24,109
|
|
|
7.59
|
%
|
|
Jul-11
|
|
|
Grande A (a)
|
|
|
17,157
|
|
|
20,000
|
|
|
5.17
|
%
|
|
Jul-27
|
|
|
Six Tower Bridge
|
|
|
15,394
|
|
|
|
|
|
7.79
|
%
|
|
Aug-12
|
|
|
400 Commerce Drive
|
|
|
12,175
|
|
|
12,346
|
|
|
7.12
|
%
|
|
Jun-08
|
|
|
Four Tower Bridge
|
|
|
10,890
|
|
|
|
|
|
6.62
|
%
|
|
Feb-11
|
|
|
Croton Road
|
|
|
6,100
|
|
|
6,209
|
|
|
7.81
|
%
|
|
Jan-06
|
|
|
200 Commerce Drive
|
|
|
6,051
|
|
|
6,165
|
|
|
7.12
|
%
|
|
Jan-10
|
|
|
Southpoint III
|
|
|
5,877
|
|
|
6,257
|
|
|
7.75
|
%
|
|
Apr-14
|
|
|
440 & 442 Creamery Way
|
|
|
5,728
|
|
|
5,862
|
|
|
8.55
|
%
|
|
Jul-07
|
|
|
Norriton Office Center
|
|
|
5,270
|
|
|
5,342
|
|
|
8.50
|
%
|
|
Oct-07
|
|
|
429 Creamery Way
|
|
|
3,087
|
|
|
3,235
|
|
|
8.30
|
%
|
|
Sep-06
|
|
|
Grande A (a)
|
|
|
3,040
|
|
|
3,684
|
|
|
5.34
|
%
|
|
Jul-27
|
|
|
481 John Young Way
|
|
|
2,420
|
|
|
2,475
|
|
|
8.40
|
%
|
|
Nov-07
|
|
|
111 Arrandale Blvd
|
|
|
1,100
|
|
|
1,152
|
|
|
8.65
|
%
|
|
Aug-06
|
|
|
Interstate Center (a)
|
|
|
959
|
|
|
1,131
|
|
|
3.94
|
%
|
|
Mar-07
|
|
|
630 Allendale Road
|
|
|
|
|
|
19,797
|
|
|
|
|
|
|
|
|
400 Berwyn Park
|
|
|
|
|
|
15,726
|
|
|
|
|
|
|
|
|
1000 Howard Boulevard
|
|
|
|
|
|
3,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage indebtedness
|
|
$
|
518,234
|
|
$
|
462,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
For loans that bear interest at a variable rate, the rates in effect at December 31, 2004 have been presented.
|
2005
|
|
$
|
8,643
|
|
2006
|
|
|
18,928
|
|
2007
|
|
|
22,495
|
|
2008
|
|
|
21,160
|
|
2009
|
|
|
77,790
|
|
2010 and thereafter
|
|
|
361,510
|
|
|
|
|
|
|
Total mortgage payments
|
|
|
510,526
|
|
Plus: Unamortized debt premiums
|
|
|
7,708
|
|
|
|
|
|
|
Total mortgage indebtedness
|
|
$
|
518,234
|
|
|
|
|
|
|
Year
|
|
|
Face
Amount |
|
|
Unamortized
Discount |
|
|
Net
|
|
|
Maturity
|
|
|
Stated
Interest Rate |
|
|
Effective
Interest Rate (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
$
|
113,000
|
|
$
|
|
|
$
|
113,000
|
|
|
Dec-08
|
|
|
4.34
|
%
|
|
4.34
|
%
|
2009
|
|
|
275,000
|
|
|
(344
|
)
|
|
274,656
|
|
|
Nov-09
|
|
|
4.50
|
%
|
|
4.62
|
%
|
2014
|
|
|
250,000
|
|
|
(1,221
|
)
|
|
248,779
|
|
|
Nov-14
|
|
|
5.40
|
%
|
|
5.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
638,000
|
|
$
|
(1,565
|
)
|
$
|
636,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Rates include the effect of amortization related to discounts and costs related to settlement of treasury lock agreements.
|
|
|
December 31, 2003
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
Real Estate Investments:
|
|
|
|
|
Operating Properties
|
|
$
|
6,143
|
|
Accumulated depreciation
|
|
|
(906
|
)
|
|
|
|
|
|
|
|
|
5,237
|
|
Construction-in-progress
|
|
|
|
|
|
|
|
|
|
|
|
|
5,237
|
|
Accrued rent receivable
|
|
|
65
|
|
Deferred costs, net
|
|
|
15
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,317
|
|
|
|
|
|
|
Tenant security deposits and deferred rents
|
|
$
|
52
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Rents
|
|
$
|
415
|
|
$
|
5,418
|
|
$
|
15,291
|
|
Tenant reimbursements
|
|
|
397
|
|
|
1,018
|
|
|
2,346
|
|
Other
|
|
|
17
|
|
|
34
|
|
|
665
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
829
|
|
|
6,470
|
|
|
18,302
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses
|
|
|
667
|
|
|
2,668
|
|
|
4,817
|
|
Real estate taxes
|
|
|
274
|
|
|
1,098
|
|
|
2,420
|
|
Depreciation and amortization
|
|
|
224
|
|
|
1,053
|
|
|
2,839
|
|
Impairment loss on assets held-for-sale
|
|
|
|
|
|
|
|
|
665
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
1,165
|
|
|
4,819
|
|
|
10,741
|
|
Income from discontinued operations before net gain on sale of interests in real estate and minority interest
|
|
|
(336
|
)
|
|
1,651
|
|
|
7,561
|
|
Net gain on sales of interest in real estate
|
|
|
3,136
|
|
|
9,690
|
|
|
8,557
|
|
Minority interest
|
|
|
(101
|
)
|
|
(495
|
)
|
|
(777
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
$
|
2,699
|
|
$
|
10,846
|
|
$
|
15,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
||||
|
|
|
|
||||
|
|
2004
|
|
2003
|
|
||
|
|
|
|
|
|
|
|
Class A Units
|
|
|
2,061,459
|
|
|
1,737,203
|
|
Series B Preferred Units
|
|
|
|
|
|
1,950,000
|
|
|
|
Year ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Repurchased amount (shares)
|
|
|
|
|
|
|
|
|
491,074
|
|
Repurchased amount ($, in thousands)
|
|
$
|
|
|
$
|
|
|
$
|
11,053
|
|
Average price per share
|
|
$
|
|
|
$
|
|
|
$
|
22.51
|
|
|
|
For the years ended December 31,
|
|
||||||||||||||||
|
|
|
|
||||||||||||||||
|
|
2004
|
|
2003
|
|
2002
|
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
57,604
|
|
$
|
57,604
|
|
$
|
75,832
|
|
$
|
75,832
|
|
$
|
47,643
|
|
$
|
47,643
|
|
Income from discontinued operations
|
|
|
2,699
|
|
|
2,699
|
|
|
10,846
|
|
|
10,846
|
|
|
15,341
|
|
|
15,341
|
|
Income allocated to Preferred Shares
|
|
|
(9,720
|
)
|
|
(9,720
|
)
|
|
(11,906
|
)
|
|
(11,906
|
)
|
|
(11,906
|
)
|
|
(11,906
|
)
|
Preferred Share redemption/conversion benefit (charge)
|
|
|
4,500
|
|
|
4,500
|
|
|
(20,598
|
)
|
|
(20,598
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,083
|
|
|
55,083
|
|
|
54,174
|
|
|
54,174
|
|
|
51,078
|
|
|
51,078
|
|
Preferred Share discount amortization
|
|
|
|
|
|
|
|
|
(1,476
|
)
|
|
(1,476
|
)
|
|
(1,476
|
)
|
|
(1,476
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to common shareholders
|
|
$
|
55,083
|
|
$
|
55,083
|
|
$
|
52,698
|
|
$
|
52,698
|
|
$
|
49,602
|
|
$
|
49,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding
|
|
|
47,781,789
|
|
|
47,781,789
|
|
|
36,937,467
|
|
|
36,937,467
|
|
|
35,513,813
|
|
|
35,513,813
|
|
Options, warrants and unvested restricted stock
|
|
|
|
|
|
236,915
|
|
|
|
|
|
150,402
|
|
|
|
|
|
131,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total weighted-average shares outstanding
|
|
|
47,781,789
|
|
|
48,018,704
|
|
|
36,937,467
|
|
|
37,087,869
|
|
|
35,513,813
|
|
|
35,645,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
1.09
|
|
$
|
1.09
|
|
$
|
1.14
|
|
$
|
1.14
|
|
$
|
0.97
|
|
$
|
0.96
|
|
Discontinued operations
|
|
|
0.06
|
|
|
0.06
|
|
|
0.29
|
|
|
0.29
|
|
|
0.43
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
1.15
|
|
$
|
1.15
|
|
$
|
1.43
|
|
$
|
1.43
|
|
$
|
1.40
|
|
$
|
1.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Common Share Distributions:
|
|
|
|
|
|
|
|
|
|
|
Ordinary income
|
|
$
|
1.48
|
|
$
|
1.43
|
|
$
|
1.65
|
|
Capital gain
|
|
|
0.28
|
|
|
0.33
|
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions per share
|
|
$
|
1.76
|
|
$
|
1.76
|
|
$
|
1.76
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage classified as ordinary income
|
|
|
84.1
|
%
|
|
81.3
|
%
|
|
93.8
|
%
|
Percentage classified as capital gain
|
|
|
15.9
|
%
|
|
18.7
|
%
|
|
6.2
|
%
|
Preferred Share Distributions:
|
|
|
|
|
|
|
|
|
|
|
Total distributions declared
|
|
$
|
9,720,000
|
|
$
|
11,906,000
|
|
$
|
11,906,000
|
|
|
|
Unrealized Gains
(Losses on Securities) |
|
Cash Flow
Hedges |
|
Accumulated Other
Comprehensive Loss |
|
|||
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2002
|
|
$
|
85
|
|
$
|
(4,672
|
)
|
$
|
(4,587
|
)
|
Change during year
|
|
|
733
|
|
|
(7,954
|
)
|
|
(7,221
|
)
|
Reclassification adjustments for losses reclassified into operations
|
|
|
|
|
|
5,406
|
|
|
5,406
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2002
|
|
$
|
818
|
|
$
|
(7,220
|
)
|
|
(6,402
|
)
|
Change during year
|
|
|
51
|
|
|
(1,118
|
)
|
|
(1,067
|
)
|
Reclassification adjustments for losses reclassified into operations
|
|
|
|
|
|
5,311
|
|
|
5,311
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2003
|
|
$
|
869
|
|
$
|
(3,027
|
)
|
$
|
(2,158
|
)
|
Change during year
|
|
|
(696
|
)
|
|
309
|
|
|
(387
|
)
|
Settlement of treasury locks
|
|
|
|
|
|
(3,238
|
)
|
|
(3,238
|
)
|
Reclassification adjustments for losses reclassified into operations
|
|
|
(156
|
)
|
|
2,809
|
|
|
2,653
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2004
|
|
$
|
17
|
|
$
|
(3,147
|
)
|
$
|
(3,130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Shares Under Option |
|
Weighted-
Average Exercise Price |
|
Grant Price Range
|
|
||||||
|
|||||||||||||
|
|
||||||||||||
From
|
|
To
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||
Balance at January 1, 2002
|
|
|
2,478,799
|
|
$
|
26.56
|
|
$
|
6.21
|
|
$
|
29.04
|
|
Granted
|
|
|
100,000
|
|
|
19.50
|
|
|
19.50
|
|
|
19.50
|
|
Exercised
|
|
|
(55,000
|
)
|
|
19.50
|
|
|
19.50
|
|
|
19.50
|
|
Canceled
|
|
|
(151,172
|
)
|
|
22.22
|
|
|
19.50
|
|
|
29.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2002
|
|
|
2,372,627
|
|
|
26.70
|
|
|
6.21
|
|
|
29.04
|
|
Exercised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canceled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2003
|
|
|
2,372,627
|
|
|
26.70
|
|
|
6.21
|
|
|
29.04
|
|
Exercised
|
|
|
(337,161
|
)
|
|
25.39
|
|
|
24.00
|
|
|
27.78
|
|
Canceled
|
|
|
(27,444
|
)
|
|
28.93
|
|
|
27.78
|
|
|
29.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2004
|
|
|
2,008,022
|
|
$
|
26.89
|
|
$
|
6.21
|
|
$
|
29.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Range of Exercise Prices
|
|
Number of
Options Outstanding |
|
Weighted-
Average Remaining Contractual Life |
|
Weighted-
Average Exercise Price |
|
Number of
Options Exercisable |
|
Weighted-
Average Exercise Price |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$6.21 to $14.31
|
|
|
46,667
|
|
|
(a)
|
|
$
|
12.00
|
|
|
46,667
|
|
$
|
12.00
|
|
$19.50
|
|
|
100,000
|
|
|
0.6
|
|
|
19.50
|
|
|
66,660
|
|
|
19.50
|
|
$24.00 to $29.04
|
|
|
1,861,355
|
|
|
3.1
|
|
|
27.66
|
|
|
1,861,355
|
|
|
27.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$6.21 to $29.04
|
|
|
2,008,022
|
|
|
3.0
|
|
|
26.89
|
|
|
1,974,682
|
|
|
27.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
These options outstanding do not have an expiration date and have been excluded from the weighted-average remaining contractual life presented above.
|
|
|
Pennsylvania --
West |
|
Pennsylvania --
North |
|
New Jersey
|
|
Urban
|
|
Virginia
|
|
Corporate
|
|
Total
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate investments, at cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating properties
|
|
$
|
830,621
|
|
$
|
533,142
|
|
$
|
553,969
|
|
$
|
349,911
|
|
$
|
215,490
|
|
$
|
|
|
$
|
2,483,133
|
|
Construction-in-progress
|
|
|
13,140
|
|
|
24,591
|
|
|
10,994
|
|
|
3,581
|
|
|
3,789
|
|
|
88,921
|
|
|
145,016
|
|
Land held for development
|
|
|
9,820
|
|
|
22,065
|
|
|
14,585
|
|
|
516
|
|
|
7,959
|
|
|
6,572
|
|
|
61,517
|
|
Assets held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
86,433
|
|
$
|
76,794
|
|
$
|
99,321
|
|
$
|
26,319
|
|
$
|
27,099
|
|
$
|
7,626
|
|
$
|
323,592
|
|
Property operating expenses and real estate taxes
|
|
|
26,074
|
|
|
33,087
|
|
|
37,860
|
|
|
12,126
|
|
|
11,772
|
|
|
|
|
|
120,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income
|
|
$
|
60,359
|
|
$
|
43,707
|
|
$
|
61,461
|
|
$
|
14,193
|
|
$
|
15,327
|
|
$
|
7,626
|
|
$
|
202,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate investments, at cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating properties
|
|
$
|
573,300
|
|
$
|
480,469
|
|
$
|
536,264
|
|
$
|
65,223
|
|
$
|
214,488
|
|
$
|
|
|
$
|
1,869,744
|
|
Construction-in-progress
|
|
|
4,546
|
|
|
20,115
|
|
|
4,081
|
|
|
446
|
|
|
582
|
|
|
17
|
|
|
29,787
|
|
Land held for development
|
|
|
11,469
|
|
|
21,764
|
|
|
13,378
|
|
|
515
|
|
|
8,576
|
|
|
8,213
|
|
|
63,915
|
|
Assets held for sale, at cost
|
|
|
|
|
|
|
|
|
3,649
|
|
|
|
|
|
1,668
|
|
|
|
|
|
5,317
|
|
Total revenue
|
|
$
|
93,225
|
|
$
|
72,648
|
|
$
|
91,695
|
|
$
|
11,633
|
|
$
|
27,644
|
|
$
|
4,619
|
|
$
|
301,464
|
|
Property operating expenses and real estate taxes
|
|
|
27,101
|
|
|
29,398
|
|
|
33,761
|
|
|
6,699
|
|
|
10,966
|
|
|
|
|
|
107,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income
|
|
$
|
66,124
|
|
$
|
43,250
|
|
$
|
57,934
|
|
$
|
4,934
|
|
$
|
16,678
|
|
$
|
4,619
|
|
$
|
193,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2002:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
91,872
|
|
$
|
69,084
|
|
$
|
86,704
|
|
$
|
9,554
|
|
$
|
26,244
|
|
$
|
3,254
|
|
$
|
286,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses and real estate taxes
|
|
|
26,525
|
|
|
27,396
|
|
|
30,286
|
|
|
5,690
|
|
|
9,937
|
|
|
|
|
|
99,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income
|
|
$
|
65,347
|
|
$
|
41,688
|
|
$
|
56,418
|
|
$
|
3,864
|
|
$
|
16,307
|
|
$
|
3,254
|
|
$
|
186,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|||||||
|
|
|
|
|||||||
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
(amounts in thousands)
|
|
|||||||
Consolidated net operating income
|
|
$
|
202,673
|
|
$
|
193,539
|
|
$
|
186,878
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
55,061
|
|
|
57,835
|
|
|
63,522
|
|
Depreciation and amortization
|
|
|
79,904
|
|
|
60,332
|
|
|
55,925
|
|
Administrative expenses
|
|
|
15,100
|
|
|
14,464
|
|
|
14,804
|
|
Minority interest attributable to continuing operations
|
|
|
2,472
|
|
|
9,294
|
|
|
9,375
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
2,469
|
|
|
3,629
|
|
|
3,399
|
|
Equity in income of real estate ventures
|
|
|
2,024
|
|
|
52
|
|
|
987
|
|
Net gains on sales of interests in real estate
|
|
|
2,975
|
|
|
20,537
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated income from continuing operations
|
|
$
|
57,604
|
|
$
|
75,832
|
|
$
|
47,643
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Minimum Rent
|
|
|
|
|
|
|
|
2005
|
|
$
|
303,771
|
|
2006
|
|
|
270,827
|
|
2007
|
|
|
237,752
|
|
2008
|
|
|
194,576
|
|
2009
|
|
|
153,109
|
|
2010 and thereafter
|
|
|
453,052
|
|
|
|
1st
Quarter |
|
2nd
Quarter |
|
3rd
Quarter |
|
4th
Quarter |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
73,199
|
|
$
|
76,214
|
|
$
|
78,695
|
|
$
|
95,484
|
|
Net income
|
|
|
12,450
|
|
|
18,160
|
|
|
21,166
|
|
|
8,527
|
|
Income allocated to Common Shares
|
|
|
14,932
|
|
|
15,483
|
|
|
18,489
|
|
|
6,179
|
|
Basic earnings per Common Share
|
|
$
|
0.34
|
|
$
|
0.34
|
|
$
|
0.39
|
|
$
|
0.11
|
|
Diluted earnings per Common Share
|
|
$
|
0.34
|
|
$
|
0.34
|
|
$
|
0.39
|
|
$
|
0.11
|
|
2003:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
74,368
|
|
$
|
73,626
|
|
$
|
76,339
|
|
$
|
77,131
|
|
Net income
|
|
|
13,917
|
|
|
13,524
|
|
|
17,400
|
|
|
41,837
|
|
Income allocated to Common Shares
|
|
|
10,941
|
|
|
10,548
|
|
|
14,424
|
|
|
18,261
|
|
Basic earnings per Common Share
|
|
$
|
0.30
|
|
$
|
0.29
|
|
$
|
0.38
|
|
$
|
0.46
|
|
Diluted earnings per Common Share
|
|
$
|
0.30
|
|
$
|
0.29
|
|
$
|
0.37
|
|
$
|
0.46
|
|
Description
|
|
Balance at
Beginning of Period |
|
Additions
|
|
Deductions
|
|
Balance
at End of Period |
|
||||
|
|
|
|
|
|
||||||||
|
|
Charged to
expense |
|
|
|
||||||||
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2004
|
|
$
|
4,031
|
|
$
|
467
|
|
$
|
413
|
|
$
|
4,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2003
|
|
$
|
4,576
|
|
$
|
189
|
|
$
|
734
|
|
$
|
4,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2002
|
|
$
|
4,532
|
|
$
|
894
|
|
$
|
850
|
|
$
|
4,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
City
|
|
State
|
|
Encumberances at
December 31, 2004 (2) |
|
Land
|
|
Building and
Improvements |
|
Net
Improvements (Retirements) Since Acquisition |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Greentree Centre
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
345
|
|
|
4,440
|
|
|
673
|
|
Three Greentree Centre
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
323
|
|
|
6,024
|
|
|
154
|
|
Two Greentree Centre
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
264
|
|
|
4,693
|
|
|
158
|
|
110 Summit Drive
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
403
|
|
|
1,647
|
|
|
160
|
|
1155 Business Center Drive
|
|
|
Horsham
|
|
|
PA
|
|
|
2,497
|
|
|
1,029
|
|
|
4,124
|
|
|
9
|
|
120 West Germantown Pike
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
|
|
|
685
|
|
|
2,773
|
|
|
869
|
|
140 West Germantown Pike
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
|
|
|
481
|
|
|
1,976
|
|
|
295
|
|
18 Campus Boulevard
|
|
|
Newtown Square
|
|
|
PA
|
|
|
3,340
|
|
|
787
|
|
|
3,312
|
|
|
(28
|
)
|
2240/50 Butler Pike
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
|
|
|
1,104
|
|
|
4,627
|
|
|
791
|
|
2260 Butler Pike
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
|
|
|
661
|
|
|
2,727
|
|
|
81
|
|
3329 Street Road -Greenwood Square
|
|
|
Bensalem
|
|
|
PA
|
|
|
|
|
|
350
|
|
|
1,401
|
|
|
100
|
|
3331 Street Road -Greenwood Square
|
|
|
Bensalem
|
|
|
PA
|
|
|
|
|
|
1,126
|
|
|
4,511
|
|
|
817
|
|
3333 Street Road -Greenwood Square
|
|
|
Bensalem
|
|
|
PA
|
|
|
|
|
|
851
|
|
|
3,407
|
|
|
675
|
|
456 Creamery Way
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
635
|
|
|
2,548
|
|
|
(48
|
)
|
457 Haddonfield Road
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
11,063
|
|
|
2,142
|
|
|
9,120
|
|
|
2,224
|
|
468 Thomas Jones Way
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
526
|
|
|
2,112
|
|
|
(54
|
)
|
486 Thomas Jones Way
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
806
|
|
|
3,256
|
|
|
(52
|
)
|
500 Enterprise Road
|
|
|
Horsham
|
|
|
PA
|
|
|
|
|
|
1,303
|
|
|
5,188
|
|
|
(333
|
)
|
500 North Gulph Road
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
1,303
|
|
|
5,201
|
|
|
712
|
|
650 Dresher Road
|
|
|
Horsham
|
|
|
PA
|
|
|
1,669
|
|
|
636
|
|
|
2,501
|
|
|
313
|
|
6575 Snowdrift Road
|
|
|
Allentown
|
|
|
PA
|
|
|
|
|
|
601
|
|
|
2,411
|
|
|
459
|
|
700 Business Center Drive
|
|
|
Horsham
|
|
|
PA
|
|
|
1,685
|
|
|
550
|
|
|
2,201
|
|
|
733
|
|
7248 Tilghman Street
|
|
|
Allentown
|
|
|
PA
|
|
|
|
|
|
731
|
|
|
2,969
|
|
|
106
|
|
7310 Tilghman Street
|
|
|
Allentown
|
|
|
PA
|
|
|
|
|
|
553
|
|
|
2,246
|
|
|
575
|
|
800 Business Center Drive
|
|
|
Horsham
|
|
|
PA
|
|
|
2,176
|
|
|
896
|
|
|
3,585
|
|
|
18
|
|
8000 Lincoln Drive
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
606
|
|
|
2,887
|
|
|
(170
|
)
|
One Progress Avenue
|
|
|
Horsham
|
|
|
PA
|
|
|
|
|
|
1,399
|
|
|
5,629
|
|
|
232
|
|
One Righter Parkway
|
|
|
Wilmington
|
|
|
DE
|
|
|
10,440
|
|
|
2,545
|
|
|
10,195
|
|
|
278
|
|
1 Foster Avenue
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
93
|
|
|
364
|
|
|
35
|
|
10 Foster Avenue
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
244
|
|
|
971
|
|
|
174
|
|
100 Berwyn Park
|
|
|
Berwyn
|
|
|
PA
|
|
|
7,125
|
|
|
1,180
|
|
|
7,290
|
|
|
215
|
|
100 Commerce Drive
|
|
|
Newark
|
|
|
DE
|
|
|
|
|
|
1,160
|
|
|
4,633
|
|
|
796
|
|
100 Katchel Blvd
|
|
|
Reading
|
|
|
PA
|
|
|
|
|
|
1,881
|
|
|
7,423
|
|
|
64
|
|
1000 Atrium Way
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
|
|
|
2,061
|
|
|
8,180
|
|
|
581
|
|
1000 Howard Boulevard
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
|
|
|
2,297
|
|
|
9,288
|
|
|
431
|
|
10000 Midlantic Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
|
|
|
3,206
|
|
|
12,857
|
|
|
1,150
|
|
100-300 Gundy Drive
|
|
|
Reading
|
|
|
PA
|
|
|
|
|
|
6,495
|
|
|
25,180
|
|
|
6,128
|
|
1007 Laurel Oak Road
|
|
|
Voorhees
|
|
|
NJ
|
|
|
|
|
|
1,563
|
|
|
6,241
|
|
|
15
|
|
111 Presidential Boulevard
|
|
|
Bala Cynwyd
|
|
|
PA
|
|
|
|
|
|
5,419
|
|
|
21,612
|
|
|
2,597
|
|
1120 Executive Boulevard
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
2,074
|
|
|
8,415
|
|
|
979
|
|
1336 Enterprise Drive
|
|
|
West Goshen
|
|
|
PA
|
|
|
|
|
|
731
|
|
|
2,946
|
|
|
41
|
|
15000 Midlantic Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
|
|
|
3,061
|
|
|
12,254
|
|
|
128
|
|
17 Campus Boulevard
|
|
|
Newtown Square
|
|
|
PA
|
|
|
5,177
|
|
|
1,108
|
|
|
5,155
|
|
|
48
|
|
2 Foster Avenue
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
185
|
|
|
730
|
|
|
41
|
|
20 East Clementon Road
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
769
|
|
|
3,055
|
|
|
284
|
|
200 Berwyn Park
|
|
|
Berwyn
|
|
|
PA
|
|
|
9,744
|
|
|
1,533
|
|
|
9,460
|
|
|
885
|
|
2000 Midlantic Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
9,491
|
|
|
2,202
|
|
|
8,823
|
|
|
810
|
|
220 Commerce Drive
|
|
|
Fort Washington
|
|
|
PA
|
|
|
|
|
|
1,086
|
|
|
4,338
|
|
|
508
|
|
300 Berwyn Park
|
|
|
Berwyn
|
|
|
PA
|
|
|
13,034
|
|
|
2,206
|
|
|
13,422
|
|
|
261
|
|
300 Welsh Road - Building I
|
|
|
Horsham
|
|
|
PA
|
|
|
2,458
|
|
|
894
|
|
|
3,572
|
|
|
615
|
|
321 Norristown Road
|
|
|
Lower Gwyned
|
|
|
PA
|
|
|
|
|
|
1,290
|
|
|
5,176
|
|
|
1,766
|
|
323 Norristown Road
|
|
|
Lower Gwyned
|
|
|
PA
|
|
|
|
|
|
1,685
|
|
|
6,751
|
|
|
4,206
|
|
4 Foster Avenue
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
183
|
|
|
726
|
|
|
75
|
|
4000 Midlantic Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
3,088
|
|
|
714
|
|
|
5,085
|
|
|
(1,949
|
)
|
5 Foster Avenue
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
9
|
|
|
32
|
|
|
25
|
|
5 U.S. Avenue
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
21
|
|
|
81
|
|
|
2
|
|
50 East Clementon Road
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
114
|
|
|
964
|
|
|
3
|
|
500 Office Center Drive
|
|
|
Fort Washington
|
|
|
PA
|
|
|
|
|
|
1,617
|
|
|
6,480
|
|
|
1,101
|
|
501 Office Center Drive
|
|
|
Fort Washington
|
|
|
PA
|
|
|
|
|
|
1,796
|
|
|
7,192
|
|
|
614
|
|
6 East Clementon Road
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
1,345
|
|
|
5,366
|
|
|
398
|
|
655 Business Center Drive
|
|
|
Horsham
|
|
|
PA
|
|
|
1,761
|
|
|
544
|
|
|
2,529
|
|
|
567
|
|
7 Foster Avenue
|
|
|
Gibbsboro
|
|
|
NJ
|
|
|
|
|
|
231
|
|
|
921
|
|
|
134
|
|
748 Springdale Drive
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
236
|
|
|
931
|
|
|
163
|
|
|
|
Gross Amount at Which Carried
December 31, 2004 |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Land
|
|
Building and
Improvements |
|
Total (a)
|
|
Accumulated
Depreciation at December 31, 2004 (b) |
|
Year of
Construction |
|
Year
Acquired |
|
Depreciable
Life |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Greentree Centre
|
|
|
345
|
|
|
5,113
|
|
|
5,458
|
|
|
2,823
|
|
|
1982
|
|
|
1986
|
|
|
40
|
|
Three Greentree Centre
|
|
|
323
|
|
|
6,178
|
|
|
6,501
|
|
|
4,006
|
|
|
1984
|
|
|
1986
|
|
|
40
|
|
Two Greentree Centre
|
|
|
264
|
|
|
4,851
|
|
|
5,115
|
|
|
3,076
|
|
|
1983
|
|
|
1986
|
|
|
40
|
|
110 Summit Drive
|
|
|
403
|
|
|
1,807
|
|
|
2,210
|
|
|
476
|
|
|
1985
|
|
|
1996
|
|
|
40
|
|
1155 Business Center Drive
|
|
|
1,029
|
|
|
4,133
|
|
|
5,162
|
|
|
1,476
|
|
|
1990
|
|
|
1996
|
|
|
40
|
|
120 West Germantown Pike
|
|
|
685
|
|
|
3,642
|
|
|
4,327
|
|
|
1,029
|
|
|
1984
|
|
|
1996
|
|
|
40
|
|
140 West Germantown Pike
|
|
|
481
|
|
|
2,271
|
|
|
2,752
|
|
|
708
|
|
|
1984
|
|
|
1996
|
|
|
40
|
|
18 Campus Boulevard
|
|
|
787
|
|
|
3,284
|
|
|
4,071
|
|
|
973
|
|
|
1990
|
|
|
1996
|
|
|
40
|
|
2240/50 Butler Pike
|
|
|
1,104
|
|
|
5,418
|
|
|
6,522
|
|
|
2,007
|
|
|
1984
|
|
|
1996
|
|
|
40
|
|
2260 Butler Pike
|
|
|
661
|
|
|
2,808
|
|
|
3,469
|
|
|
795
|
|
|
1984
|
|
|
1996
|
|
|
40
|
|
3329 Street Road -Greenwood Square
|
|
|
350
|
|
|
1,501
|
|
|
1,851
|
|
|
406
|
|
|
1985
|
|
|
1996
|
|
|
40
|
|
3331 Street Road -Greenwood Square
|
|
|
1,126
|
|
|
5,328
|
|
|
6,454
|
|
|
1,732
|
|
|
1986
|
|
|
1996
|
|
|
40
|
|
3333 Street Road -Greenwood Square
|
|
|
851
|
|
|
4,082
|
|
|
4,933
|
|
|
1,205
|
|
|
1988
|
|
|
1996
|
|
|
40
|
|
456 Creamery Way
|
|
|
635
|
|
|
2,500
|
|
|
3,135
|
|
|
697
|
|
|
1987
|
|
|
1996
|
|
|
40
|
|
457 Haddonfield Road
|
|
|
2,142
|
|
|
11,344
|
|
|
13,486
|
|
|
4,264
|
|
|
1990
|
|
|
1996
|
|
|
40
|
|
468 Thomas Jones Way
|
|
|
526
|
|
|
2,058
|
|
|
2,584
|
|
|
605
|
|
|
1990
|
|
|
1996
|
|
|
40
|
|
486 Thomas Jones Way
|
|
|
806
|
|
|
3,204
|
|
|
4,010
|
|
|
939
|
|
|
1990
|
|
|
1996
|
|
|
40
|
|
500 Enterprise Road
|
|
|
1,303
|
|
|
4,855
|
|
|
6,158
|
|
|
1,277
|
|
|
1990
|
|
|
1996
|
|
|
40
|
|
500 North Gulph Road
|
|
|
1,303
|
|
|
5,913
|
|
|
7,216
|
|
|
1,744
|
|
|
1979
|
|
|
1996
|
|
|
40
|
|
650 Dresher Road
|
|
|
636
|
|
|
2,814
|
|
|
3,450
|
|
|
855
|
|
|
1984
|
|
|
1996
|
|
|
40
|
|
6575 Snowdrift Road
|
|
|
601
|
|
|
2,870
|
|
|
3,471
|
|
|
1,214
|
|
|
1988
|
|
|
1996
|
|
|
40
|
|
700 Business Center Drive
|
|
|
550
|
|
|
2,934
|
|
|
3,484
|
|
|
784
|
|
|
1986
|
|
|
1996
|
|
|
40
|
|
7248 Tilghman Street
|
|
|
731
|
|
|
3,075
|
|
|
3,806
|
|
|
967
|
|
|
1987
|
|
|
1996
|
|
|
40
|
|
7310 Tilghman Street
|
|
|
553
|
|
|
2,821
|
|
|
3,374
|
|
|
1,033
|
|
|
1985
|
|
|
1996
|
|
|
40
|
|
800 Business Center Drive
|
|
|
896
|
|
|
3,603
|
|
|
4,499
|
|
|
982
|
|
|
1986
|
|
|
1996
|
|
|
40
|
|
8000 Lincoln Drive
|
|
|
606
|
|
|
2,717
|
|
|
3,323
|
|
|
772
|
|
|
1997
|
|
|
1996
|
|
|
40
|
|
One Progress Avenue
|
|
|
1,399
|
|
|
5,861
|
|
|
7,260
|
|
|
1,646
|
|
|
1986
|
|
|
1996
|
|
|
40
|
|
One Righter Parkway
|
|
|
2,545
|
|
|
10,473
|
|
|
13,018
|
|
|
2,887
|
|
|
1989
|
|
|
1996
|
|
|
40
|
|
1 Foster Avenue
|
|
|
93
|
|
|
399
|
|
|
492
|
|
|
93
|
|
|
1972
|
|
|
1997
|
|
|
40
|
|
10 Foster Avenue
|
|
|
244
|
|
|
1,145
|
|
|
1,389
|
|
|
261
|
|
|
1983
|
|
|
1997
|
|
|
40
|
|
100 Berwyn Park
|
|
|
1,180
|
|
|
7,505
|
|
|
8,685
|
|
|
1,837
|
|
|
1986
|
|
|
1997
|
|
|
40
|
|
100 Commerce Drive
|
|
|
1,160
|
|
|
5,429
|
|
|
6,589
|
|
|
1,380
|
|
|
1989
|
|
|
1997
|
|
|
40
|
|
100 Katchel Blvd
|
|
|
1,881
|
|
|
7,487
|
|
|
9,368
|
|
|
1,868
|
|
|
1970
|
|
|
1997
|
|
|
40
|
|
1000 Atrium Way
|
|
|
2,061
|
|
|
8,761
|
|
|
10,822
|
|
|
2,187
|
|
|
1989
|
|
|
1997
|
|
|
40
|
|
1000 Howard Boulevard
|
|
|
2,297
|
|
|
9,719
|
|
|
12,016
|
|
|
2,728
|
|
|
1988
|
|
|
1997
|
|
|
40
|
|
10000 Midlantic Drive
|
|
|
3,206
|
|
|
14,007
|
|
|
17,213
|
|
|
3,721
|
|
|
1990
|
|
|
1997
|
|
|
40
|
|
100-300 Gundy Drive
|
|
|
6,495
|
|
|
31,308
|
|
|
37,803
|
|
|
7,942
|
|
|
1970
|
|
|
1997
|
|
|
40
|
|
1007 Laurel Oak Road
|
|
|
1,563
|
|
|
6,256
|
|
|
7,819
|
|
|
1,459
|
|
|
1996
|
|
|
1997
|
|
|
40
|
|
111 Presidential Boulevard
|
|
|
5,419
|
|
|
24,209
|
|
|
29,628
|
|
|
5,356
|
|
|
1997
|
|
|
1997
|
|
|
40
|
|
1120 Executive Boulevard
|
|
|
2,074
|
|
|
9,394
|
|
|
11,468
|
|
|
2,643
|
|
|
1987
|
|
|
1997
|
|
|
40
|
|
1336 Enterprise Drive
|
|
|
731
|
|
|
2,987
|
|
|
3,718
|
|
|
782
|
|
|
1989
|
|
|
1997
|
|
|
40
|
|
15000 Midlantic Drive
|
|
|
3,061
|
|
|
12,382
|
|
|
15,443
|
|
|
3,108
|
|
|
1991
|
|
|
1997
|
|
|
40
|
|
17 Campus Boulevard
|
|
|
1,108
|
|
|
5,203
|
|
|
6,311
|
|
|
867
|
|
|
2001
|
|
|
1997
|
|
|
40
|
|
2 Foster Avenue
|
|
|
185
|
|
|
771
|
|
|
956
|
|
|
180
|
|
|
1974
|
|
|
1997
|
|
|
40
|
|
20 East Clementon Road
|
|
|
769
|
|
|
3,339
|
|
|
4,108
|
|
|
871
|
|
|
1986
|
|
|
1997
|
|
|
40
|
|
200 Berwyn Park
|
|
|
1,533
|
|
|
10,345
|
|
|
11,878
|
|
|
2,576
|
|
|
1987
|
|
|
1997
|
|
|
40
|
|
2000 Midlantic Drive
|
|
|
2,202
|
|
|
9,633
|
|
|
11,835
|
|
|
2,608
|
|
|
1989
|
|
|
1997
|
|
|
40
|
|
220 Commerce Drive
|
|
|
1,010
|
|
|
4,846
|
|
|
5,856
|
|
|
1,247
|
|
|
1985
|
|
|
1997
|
|
|
40
|
|
300 Berwyn Park
|
|
|
2,206
|
|
|
13,683
|
|
|
15,889
|
|
|
3,374
|
|
|
1989
|
|
|
1997
|
|
|
40
|
|
300 Welsh Road - Building I
|
|
|
894
|
|
|
4,187
|
|
|
5,081
|
|
|
957
|
|
|
1980
|
|
|
1997
|
|
|
40
|
|
321 Norristown Road
|
|
|
1,290
|
|
|
6,942
|
|
|
8,232
|
|
|
1,885
|
|
|
1988
|
|
|
1997
|
|
|
40
|
|
323 Norristown Road
|
|
|
1,685
|
|
|
10,957
|
|
|
12,642
|
|
|
2,248
|
|
|
1988
|
|
|
1997
|
|
|
40
|
|
4 Foster Avenue
|
|
|
183
|
|
|
801
|
|
|
984
|
|
|
194
|
|
|
1974
|
|
|
1997
|
|
|
40
|
|
4000 Midlantic Drive
|
|
|
714
|
|
|
3,136
|
|
|
3,850
|
|
|
793
|
|
|
1998
|
|
|
1997
|
|
|
40
|
|
5 Foster Avenue
|
|
|
9
|
|
|
57
|
|
|
66
|
|
|
11
|
|
|
1968
|
|
|
1997
|
|
|
40
|
|
5 U.S. Avenue
|
|
|
21
|
|
|
83
|
|
|
104
|
|
|
19
|
|
|
1987
|
|
|
1997
|
|
|
40
|
|
50 East Clementon Road
|
|
|
114
|
|
|
967
|
|
|
1,081
|
|
|
225
|
|
|
1986
|
|
|
1997
|
|
|
40
|
|
500 Office Center Drive
|
|
|
1,617
|
|
|
7,581
|
|
|
9,198
|
|
|
2,360
|
|
|
1974
|
|
|
1997
|
|
|
40
|
|
501 Office Center Drive
|
|
|
1,796
|
|
|
7,806
|
|
|
9,602
|
|
|
2,072
|
|
|
1974
|
|
|
1997
|
|
|
40
|
|
6 East Clementon Road
|
|
|
1,345
|
|
|
5,764
|
|
|
7,109
|
|
|
1,374
|
|
|
1980
|
|
|
1997
|
|
|
40
|
|
655 Business Center Drive
|
|
|
544
|
|
|
3,096
|
|
|
3,640
|
|
|
993
|
|
|
1997
|
|
|
1997
|
|
|
40
|
|
7 Foster Avenue
|
|
|
231
|
|
|
1,055
|
|
|
1,286
|
|
|
286
|
|
|
1983
|
|
|
1997
|
|
|
40
|
|
748 Springdale Drive
|
|
|
236
|
|
|
1,094
|
|
|
1,330
|
|
|
358
|
|
|
1986
|
|
|
1997
|
|
|
40
|
|
|
|
|
|
|
|
|
|
Initial Cost
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
City
|
|
State
|
|
Encumberances at
December 31, 2004 (2) |
|
Land
|
|
Building and
Improvements |
|
Net
Improvements (Retirements) Since Acquisition |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
855 Springdale Drive
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
838
|
|
|
3,370
|
|
|
79
|
|
9000 Midlantic Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
5,998
|
|
|
1,472
|
|
|
5,895
|
|
|
112
|
|
Five Eves Drive
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
703
|
|
|
2,819
|
|
|
840
|
|
Four A Eves Drive
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
539
|
|
|
2,168
|
|
|
215
|
|
Four B Eves Drive
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
588
|
|
|
2,369
|
|
|
37
|
|
King & Harvard Avenue
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
|
|
|
1,726
|
|
|
1,069
|
|
|
2,132
|
|
Main Street - Piazza
|
|
|
Voorhees
|
|
|
NJ
|
|
|
|
|
|
696
|
|
|
2,802
|
|
|
199
|
|
Main Street - Plaza 1000
|
|
|
Voorhees
|
|
|
NJ
|
|
|
|
|
|
2,732
|
|
|
10,942
|
|
|
2,905
|
|
Main Street - Promenade
|
|
|
Voorhees
|
|
|
NJ
|
|
|
|
|
|
531
|
|
|
2,052
|
|
|
207
|
|
One South Union Place
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
|
|
|
771
|
|
|
8,047
|
|
|
478
|
|
Two Eves Drive
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
818
|
|
|
3,461
|
|
|
105
|
|
100 Gateway Centre Parkway
|
|
|
Richmond
|
|
|
VA
|
|
|
|
|
|
391
|
|
|
5,410
|
|
|
1,254
|
|
1000 First Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
4,226
|
|
|
2,772
|
|
|
10,936
|
|
|
274
|
|
1009 Lenox Drive
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
|
|
|
4,876
|
|
|
19,284
|
|
|
3,247
|
|
1020 First Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
3,378
|
|
|
2,168
|
|
|
8,576
|
|
|
432
|
|
1040 First Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
4,534
|
|
|
2,860
|
|
|
11,282
|
|
|
858
|
|
105 / 140 Terry Drive
|
|
|
Newtown
|
|
|
PA
|
|
|
|
|
|
2,299
|
|
|
8,238
|
|
|
2,119
|
|
1060 First Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
4,131
|
|
|
2,712
|
|
|
10,953
|
|
|
2
|
|
14 Campus Boulevard
|
|
|
Newtown Square
|
|
|
PA
|
|
|
5,296
|
|
|
2,244
|
|
|
4,217
|
|
|
(5
|
)
|
150 Corporate Center Drive
|
|
|
Camp Hill
|
|
|
PA
|
|
|
|
|
|
964
|
|
|
3,871
|
|
|
406
|
|
160 - 180 West Germantown Pike
|
|
|
East Norriton
|
|
|
PA
|
|
|
5,270
|
|
|
1,603
|
|
|
6,418
|
|
|
679
|
|
1957 Westmoreland Street
|
|
|
Richmond
|
|
|
VA
|
|
|
2,701
|
|
|
1,061
|
|
|
4,241
|
|
|
282
|
|
200 Corporate Center Drive
|
|
|
Camp Hill
|
|
|
PA
|
|
|
|
|
|
1,647
|
|
|
6,606
|
|
|
49
|
|
2100-2116 West Laburnam Avenue
|
|
|
Richmond
|
|
|
VA
|
|
|
959
|
|
|
2,482
|
|
|
8,846
|
|
|
1,888
|
|
2130-2146 Tomlynn Street
|
|
|
Richmond
|
|
|
VA
|
|
|
1,022
|
|
|
353
|
|
|
1,416
|
|
|
343
|
|
2161-2179 Tomlynn Street
|
|
|
Richmond
|
|
|
VA
|
|
|
1,078
|
|
|
423
|
|
|
1,695
|
|
|
111
|
|
2201-2245 Tomlynn Street
|
|
|
Richmond
|
|
|
VA
|
|
|
2,672
|
|
|
1,020
|
|
|
4,067
|
|
|
437
|
|
2212-2224 Tomlynn Street
|
|
|
Richmond
|
|
|
VA
|
|
|
1,256
|
|
|
502
|
|
|
2,014
|
|
|
80
|
|
2221-2245 Dabney Road
|
|
|
Richmond
|
|
|
VA
|
|
|
1,297
|
|
|
530
|
|
|
2,123
|
|
|
27
|
|
2240 Dabney Road
|
|
|
Richmond
|
|
|
VA
|
|
|
640
|
|
|
264
|
|
|
1,059
|
|
|
|
|
2244 Dabney Road
|
|
|
Richmond
|
|
|
VA
|
|
|
1,340
|
|
|
550
|
|
|
2,203
|
|
|
16
|
|
2246 Dabney Road
|
|
|
Richmond
|
|
|
VA
|
|
|
1,102
|
|
|
455
|
|
|
1,822
|
|
|
|
|
2248 Dabney Road
|
|
|
Richmond
|
|
|
VA
|
|
|
1,386
|
|
|
512
|
|
|
2,049
|
|
|
305
|
|
2251 Dabney Road
|
|
|
Richmond
|
|
|
VA
|
|
|
1,008
|
|
|
387
|
|
|
1,552
|
|
|
145
|
|
2256 Dabney Road
|
|
|
Richmond
|
|
|
VA
|
|
|
879
|
|
|
356
|
|
|
1,427
|
|
|
33
|
|
2277 Dabney Road
|
|
|
Richmond
|
|
|
VA
|
|
|
1,229
|
|
|
507
|
|
|
2,034
|
|
|
|
|
2401 Park Drive
|
|
|
Harrisburg
|
|
|
PA
|
|
|
|
|
|
182
|
|
|
728
|
|
|
187
|
|
2404 Park Drive
|
|
|
Harrisburg
|
|
|
PA
|
|
|
|
|
|
167
|
|
|
668
|
|
|
48
|
|
2490 Boulevard of the Generals
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
348
|
|
|
1,394
|
|
|
44
|
|
2511 Brittons Hill Road
|
|
|
Richmond
|
|
|
VA
|
|
|
2,925
|
|
|
1,202
|
|
|
4,820
|
|
|
24
|
|
2812 Emerywood Parkway
|
|
|
Henrico
|
|
|
VA
|
|
|
3,274
|
|
|
1,069
|
|
|
4,281
|
|
|
1,417
|
|
300 Arboretum Place
|
|
|
Richmond
|
|
|
VA
|
|
|
14,403
|
|
|
5,450
|
|
|
21,892
|
|
|
1,412
|
|
300 Corporate Center Drive
|
|
|
Camp Hill
|
|
|
PA
|
|
|
|
|
|
4,823
|
|
|
19,301
|
|
|
144
|
|
303 Fellowship Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
2,476
|
|
|
1,493
|
|
|
6,055
|
|
|
644
|
|
304 Harper Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
1,076
|
|
|
657
|
|
|
2,674
|
|
|
228
|
|
305 Fellowship Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
2,237
|
|
|
1,421
|
|
|
5,768
|
|
|
212
|
|
305 Harper Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
343
|
|
|
223
|
|
|
913
|
|
|
|
|
307 Fellowship Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
2,437
|
|
|
1,565
|
|
|
6,342
|
|
|
155
|
|
308 Harper Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
|
|
|
1,643
|
|
|
6,663
|
|
|
435
|
|
309 Fellowship Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
2,599
|
|
|
1,518
|
|
|
6,154
|
|
|
926
|
|
33 West State Street
|
|
|
Trenton
|
|
|
NJ
|
|
|
|
|
|
6,016
|
|
|
24,091
|
|
|
98
|
|
426 Lancaster Avenue
|
|
|
Devon
|
|
|
PA
|
|
|
|
|
|
1,689
|
|
|
6,756
|
|
|
33
|
|
4364 South Alston Avenue
|
|
|
Durham
|
|
|
NC
|
|
|
2,650
|
|
|
1,622
|
|
|
6,419
|
|
|
768
|
|
4805 Lake Brooke Drive
|
|
|
Glen Allen
|
|
|
VA
|
|
|
4,108
|
|
|
1,640
|
|
|
6,567
|
|
|
284
|
|
50 East State Street
|
|
|
Trenton
|
|
|
NJ
|
|
|
|
|
|
8,926
|
|
|
35,735
|
|
|
534
|
|
50 Swedesford Square
|
|
|
East Whiteland Twp.
|
|
|
PA
|
|
|
5,899
|
|
|
3,902
|
|
|
15,254
|
|
|
360
|
|
500 Nationwide Drive
|
|
|
Harrisburg
|
|
|
PA
|
|
|
|
|
|
173
|
|
|
850
|
|
|
798
|
|
52 Swedesford Square
|
|
|
East Whiteland Twp.
|
|
|
PA
|
|
|
6,450
|
|
|
4,241
|
|
|
16,579
|
|
|
518
|
|
520 Virginia Drive
|
|
|
Fort Washington
|
|
|
PA
|
|
|
|
|
|
845
|
|
|
3,455
|
|
|
379
|
|
600 Corporate Circle Drive
|
|
|
Harrisburg
|
|
|
PA
|
|
|
|
|
|
363
|
|
|
1,452
|
|
|
81
|
|
600 East Main Street
|
|
|
Richmond
|
|
|
VA
|
|
|
15,507
|
|
|
9,808
|
|
|
38,255
|
|
|
3,238
|
|
600 Park Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
1,012
|
|
|
4,048
|
|
|
|
|
610 Freedom Business Center
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
5,201
|
|
|
2,017
|
|
|
8,070
|
|
|
665
|
|
|
|
Gross Amount at Which Carried
December 31, 2004 |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Land
|
|
Building and
Improvements |
|
Total (a)
|
|
Accumulated
Depreciation at December 31, 2004 (b) |
|
Year of
Construction |
|
Year
Acquired |
|
Depreciable
Life |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
855 Springdale Drive
|
|
|
838
|
|
|
3,449
|
|
|
4,287
|
|
|
879
|
|
|
1986
|
|
|
1997
|
|
|
40
|
|
9000 Midlantic Drive
|
|
|
1,472
|
|
|
6,007
|
|
|
7,479
|
|
|
1,512
|
|
|
1989
|
|
|
1997
|
|
|
40
|
|
Five Eves Drive
|
|
|
703
|
|
|
3,659
|
|
|
4,362
|
|
|
1,105
|
|
|
1986
|
|
|
1997
|
|
|
40
|
|
Four A Eves Drive
|
|
|
539
|
|
|
2,383
|
|
|
2,922
|
|
|
611
|
|
|
1987
|
|
|
1997
|
|
|
40
|
|
Four B Eves Drive
|
|
|
588
|
|
|
2,406
|
|
|
2,994
|
|
|
649
|
|
|
1987
|
|
|
1997
|
|
|
40
|
|
King & Harvard Avenue
|
|
|
1,726
|
|
|
3,201
|
|
|
4,927
|
|
|
1,106
|
|
|
1974
|
|
|
1997
|
|
|
40
|
|
Main Street - Piazza
|
|
|
696
|
|
|
3,001
|
|
|
3,697
|
|
|
839
|
|
|
1990
|
|
|
1997
|
|
|
40
|
|
Main Street - Plaza 1000
|
|
|
2,732
|
|
|
13,847
|
|
|
16,579
|
|
|
3,691
|
|
|
1988
|
|
|
1997
|
|
|
40
|
|
Main Street - Promenade
|
|
|
531
|
|
|
2,259
|
|
|
2,790
|
|
|
683
|
|
|
1988
|
|
|
1997
|
|
|
40
|
|
One South Union Place
|
|
|
771
|
|
|
8,525
|
|
|
9,296
|
|
|
3,059
|
|
|
1982
|
|
|
1997
|
|
|
40
|
|
Two Eves Drive
|
|
|
818
|
|
|
3,566
|
|
|
4,384
|
|
|
1,043
|
|
|
1987
|
|
|
1997
|
|
|
40
|
|
100 Gateway Centre Parkway
|
|
|
391
|
|
|
6,664
|
|
|
7,055
|
|
|
1,089
|
|
|
2001
|
|
|
1998
|
|
|
40
|
|
1000 First Avenue
|
|
|
2,772
|
|
|
11,210
|
|
|
13,982
|
|
|
2,259
|
|
|
1980
|
|
|
1998
|
|
|
40
|
|
1009 Lenox Drive
|
|
|
4,876
|
|
|
22,531
|
|
|
27,407
|
|
|
5,811
|
|
|
1989
|
|
|
1998
|
|
|
40
|
|
1020 First Avenue
|
|
|
2,168
|
|
|
9,008
|
|
|
11,176
|
|
|
1,820
|
|
|
1984
|
|
|
1998
|
|
|
40
|
|
1040 First Avenue
|
|
|
2,860
|
|
|
12,140
|
|
|
15,000
|
|
|
2,787
|
|
|
1985
|
|
|
1998
|
|
|
40
|
|
105 / 140 Terry Drive
|
|
|
2,299
|
|
|
10,357
|
|
|
12,656
|
|
|
2,852
|
|
|
1982
|
|
|
1998
|
|
|
40
|
|
1060 First Avenue
|
|
|
2,712
|
|
|
10,955
|
|
|
13,667
|
|
|
2,200
|
|
|
1987
|
|
|
1998
|
|
|
40
|
|
14 Campus Boulevard
|
|
|
2,244
|
|
|
4,212
|
|
|
6,456
|
|
|
1,219
|
|
|
1998
|
|
|
1998
|
|
|
40
|
|
150 Corporate Center Drive
|
|
|
964
|
|
|
4,277
|
|
|
5,241
|
|
|
994
|
|
|
1987
|
|
|
1998
|
|
|
40
|
|
160 - 180 West Germantown Pike
|
|
|
1,603
|
|
|
7,097
|
|
|
8,700
|
|
|
1,780
|
|
|
1982
|
|
|
1998
|
|
|
40
|
|
1957 Westmoreland Street
|
|
|
1,061
|
|
|
4,523
|
|
|
5,584
|
|
|
1,046
|
|
|
1975
|
|
|
1998
|
|
|
40
|
|
200 Corporate Center Drive
|
|
|
1,647
|
|
|
6,655
|
|
|
8,302
|
|
|
1,452
|
|
|
1989
|
|
|
1998
|
|
|
40
|
|
2100-2116 West Laburnam Avenue
|
|
|
2,482
|
|
|
10,734
|
|
|
13,216
|
|
|
2,219
|
|
|
1976
|
|
|
1998
|
|
|
40
|
|
2130-2146 Tomlynn Street
|
|
|
353
|
|
|
1,759
|
|
|
2,112
|
|
|
364
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
2161-2179 Tomlynn Street
|
|
|
423
|
|
|
1,806
|
|
|
2,229
|
|
|
355
|
|
|
1985
|
|
|
1998
|
|
|
40
|
|
2201-2245 Tomlynn Street
|
|
|
1,020
|
|
|
4,504
|
|
|
5,524
|
|
|
1,020
|
|
|
1989
|
|
|
1998
|
|
|
40
|
|
2212-2224 Tomlynn Street
|
|
|
502
|
|
|
2,094
|
|
|
2,596
|
|
|
429
|
|
|
1985
|
|
|
1998
|
|
|
40
|
|
2221-2245 Dabney Road
|
|
|
530
|
|
|
2,150
|
|
|
2,680
|
|
|
440
|
|
|
1994
|
|
|
1998
|
|
|
40
|
|
2240 Dabney Road
|
|
|
264
|
|
|
1,059
|
|
|
1,323
|
|
|
213
|
|
|
1984
|
|
|
1998
|
|
|
40
|
|
2244 Dabney Road
|
|
|
550
|
|
|
2,219
|
|
|
2,769
|
|
|
446
|
|
|
1993
|
|
|
1998
|
|
|
40
|
|
2246 Dabney Road
|
|
|
455
|
|
|
1,822
|
|
|
2,277
|
|
|
366
|
|
|
1987
|
|
|
1998
|
|
|
40
|
|
2248 Dabney Road
|
|
|
512
|
|
|
2,354
|
|
|
2,866
|
|
|
544
|
|
|
1989
|
|
|
1998
|
|
|
40
|
|
2251 Dabney Road
|
|
|
387
|
|
|
1,697
|
|
|
2,084
|
|
|
378
|
|
|
1983
|
|
|
1998
|
|
|
40
|
|
2256 Dabney Road
|
|
|
356
|
|
|
1,460
|
|
|
1,816
|
|
|
310
|
|
|
1982
|
|
|
1998
|
|
|
40
|
|
2277 Dabney Road
|
|
|
507
|
|
|
2,034
|
|
|
2,541
|
|
|
409
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
2401 Park Drive
|
|
|
182
|
|
|
915
|
|
|
1,097
|
|
|
186
|
|
|
1984
|
|
|
1998
|
|
|
40
|
|
2404 Park Drive
|
|
|
167
|
|
|
716
|
|
|
883
|
|
|
151
|
|
|
1983
|
|
|
1998
|
|
|
40
|
|
2490 Boulevard of the Generals
|
|
|
348
|
|
|
1,438
|
|
|
1,786
|
|
|
341
|
|
|
1975
|
|
|
1998
|
|
|
40
|
|
2511 Brittons Hill Road
|
|
|
1,202
|
|
|
4,844
|
|
|
6,046
|
|
|
972
|
|
|
1987
|
|
|
1998
|
|
|
40
|
|
2812 Emerywood Parkway
|
|
|
1,069
|
|
|
5,698
|
|
|
6,767
|
|
|
1,162
|
|
|
1980
|
|
|
1998
|
|
|
40
|
|
300 Arboretum Place
|
|
|
5,450
|
|
|
23,304
|
|
|
28,754
|
|
|
4,980
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
300 Corporate Center Drive
|
|
|
4,823
|
|
|
19,445
|
|
|
24,268
|
|
|
4,232
|
|
|
1989
|
|
|
1998
|
|
|
40
|
|
303 Fellowship Drive
|
|
|
1,493
|
|
|
6,699
|
|
|
8,192
|
|
|
1,522
|
|
|
1979
|
|
|
1998
|
|
|
40
|
|
304 Harper Drive
|
|
|
657
|
|
|
2,902
|
|
|
3,559
|
|
|
648
|
|
|
1975
|
|
|
1998
|
|
|
40
|
|
305 Fellowship Drive
|
|
|
1,421
|
|
|
5,980
|
|
|
7,401
|
|
|
1,325
|
|
|
1980
|
|
|
1998
|
|
|
40
|
|
305 Harper Drive
|
|
|
223
|
|
|
913
|
|
|
1,136
|
|
|
183
|
|
|
1979
|
|
|
1998
|
|
|
40
|
|
307 Fellowship Drive
|
|
|
1,565
|
|
|
6,497
|
|
|
8,062
|
|
|
1,341
|
|
|
1981
|
|
|
1998
|
|
|
40
|
|
308 Harper Drive
|
|
|
1,643
|
|
|
7,098
|
|
|
8,741
|
|
|
1,515
|
|
|
1976
|
|
|
1998
|
|
|
40
|
|
309 Fellowship Drive
|
|
|
1,518
|
|
|
7,080
|
|
|
8,598
|
|
|
1,684
|
|
|
1982
|
|
|
1998
|
|
|
40
|
|
33 West State Street
|
|
|
6,016
|
|
|
24,189
|
|
|
30,205
|
|
|
5,411
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
426 Lancaster Avenue
|
|
|
1,689
|
|
|
6,789
|
|
|
8,478
|
|
|
1,564
|
|
|
1990
|
|
|
1998
|
|
|
40
|
|
4364 South Alston Avenue
|
|
|
1,581
|
|
|
7,187
|
|
|
8,768
|
|
|
1,510
|
|
|
1985
|
|
|
1998
|
|
|
40
|
|
4805 Lake Brooke Drive
|
|
|
1,640
|
|
|
6,851
|
|
|
8,491
|
|
|
1,383
|
|
|
1996
|
|
|
1998
|
|
|
40
|
|
50 East State Street
|
|
|
8,926
|
|
|
36,269
|
|
|
45,195
|
|
|
8,121
|
|
|
1989
|
|
|
1998
|
|
|
40
|
|
50 Swedesford Square
|
|
|
3,902
|
|
|
15,614
|
|
|
19,516
|
|
|
3,138
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
500 Nationwide Drive
|
|
|
173
|
|
|
1,648
|
|
|
1,821
|
|
|
456
|
|
|
1977
|
|
|
1998
|
|
|
40
|
|
52 Swedesford Square
|
|
|
4,241
|
|
|
17,097
|
|
|
21,338
|
|
|
3,423
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
520 Virginia Drive
|
|
|
845
|
|
|
3,834
|
|
|
4,679
|
|
|
1,132
|
|
|
1987
|
|
|
1998
|
|
|
40
|
|
600 Corporate Circle Drive
|
|
|
363
|
|
|
1,533
|
|
|
1,896
|
|
|
340
|
|
|
1978
|
|
|
1998
|
|
|
40
|
|
600 East Main Street
|
|
|
9,808
|
|
|
41,493
|
|
|
51,301
|
|
|
8,643
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
600 Park Avenue
|
|
|
1,012
|
|
|
4,048
|
|
|
5,060
|
|
|
905
|
|
|
1964
|
|
|
1998
|
|
|
40
|
|
610 Freedom Business Center
|
|
|
2,017
|
|
|
8,735
|
|
|
10,752
|
|
|
2,277
|
|
|
1985
|
|
|
1998
|
|
|
40
|
|
|
|
|
|
|
|
|
|
Initial Cost
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
City
|
|
State
|
|
Encumberances at
December 31, 2004 (2) |
|
Land
|
|
Building and
Improvements |
|
Net
Improvements (Retirements) Since Acquisition |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
620 Allendale Road
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
1,020
|
|
|
3,839
|
|
|
991
|
|
620 Freedom Business Center
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
7,002
|
|
|
2,770
|
|
|
11,014
|
|
|
689
|
|
630 Clark Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
547
|
|
|
2,190
|
|
|
|
|
630 Freedom Business Center
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
6,904
|
|
|
2,773
|
|
|
11,144
|
|
|
354
|
|
640 Freedom Business Center
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
10,933
|
|
|
4,222
|
|
|
16,891
|
|
|
1,486
|
|
650 Park Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
1,916
|
|
|
4,378
|
|
|
902
|
|
660 Allendale Road
|
|
|
King of Prussia
|
|
|
PA
|
|
|
|
|
|
396
|
|
|
3,343
|
|
|
(1,636
|
)
|
680 Allendale Road
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
689
|
|
|
2,756
|
|
|
677
|
|
6990 Snowdrift Road
|
|
|
Allentown
|
|
|
PA
|
|
|
|
|
|
|
|
|
1,962
|
|
|
|
|
700 East Gate Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
5,676
|
|
|
3,569
|
|
|
14,436
|
|
|
772
|
|
701 East Gate Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
2,834
|
|
|
1,736
|
|
|
6,877
|
|
|
763
|
|
7010 Snowdrift Road
|
|
|
Allentown
|
|
|
PA
|
|
|
1,272
|
|
|
818
|
|
|
3,324
|
|
|
67
|
|
7150 Windsor Drive
|
|
|
Allentown
|
|
|
PA
|
|
|
1,644
|
|
|
1,035
|
|
|
4,219
|
|
|
184
|
|
7350 Tilghman Street
|
|
|
Allentown
|
|
|
PA
|
|
|
|
|
|
3,414
|
|
|
13,716
|
|
|
1,083
|
|
741 First Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
1,287
|
|
|
5,151
|
|
|
209
|
|
7450 Tilghman Street
|
|
|
Allentown
|
|
|
PA
|
|
|
4,818
|
|
|
2,867
|
|
|
11,631
|
|
|
1,441
|
|
751-761 Fifth Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
1,097
|
|
|
4,391
|
|
|
|
|
7535 Windsor Drive
|
|
|
Allentown
|
|
|
PA
|
|
|
6,246
|
|
|
3,376
|
|
|
13,400
|
|
|
3,888
|
|
755 Business Center Drive
|
|
|
Horsham
|
|
|
PA
|
|
|
2,100
|
|
|
1,362
|
|
|
2,334
|
|
|
645
|
|
800 Corporate Circle Drive
|
|
|
Harrisburg
|
|
|
PA
|
|
|
|
|
|
414
|
|
|
1,653
|
|
|
103
|
|
815 East Gate Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
973
|
|
|
636
|
|
|
2,584
|
|
|
|
|
817 East Gate Drive
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
964
|
|
|
611
|
|
|
2,426
|
|
|
153
|
|
875 First Avenue
|
|
|
King Of Prussia
|
|
|
PA
|
|
|
|
|
|
618
|
|
|
2,473
|
|
|
3,257
|
|
9011 Arboretum Parkway
|
|
|
Richmond
|
|
|
VA
|
|
|
4,795
|
|
|
1,857
|
|
|
7,702
|
|
|
352
|
|
9100 Arboretum Parkway
|
|
|
Richmond
|
|
|
VA
|
|
|
3,651
|
|
|
1,362
|
|
|
5,489
|
|
|
437
|
|
920 Harvest Drive
|
|
|
Blue Bell
|
|
|
PA
|
|
|
|
|
|
2,433
|
|
|
9,738
|
|
|
596
|
|
9200 Arboretum Parkway
|
|
|
Richmond
|
|
|
VA
|
|
|
2,609
|
|
|
985
|
|
|
3,973
|
|
|
251
|
|
9210 Arboretum Parkway
|
|
|
Richmond
|
|
|
VA
|
|
|
3,027
|
|
|
1,110
|
|
|
4,474
|
|
|
458
|
|
9211 Arboretum Parkway
|
|
|
Richmond
|
|
|
VA
|
|
|
1,512
|
|
|
582
|
|
|
2,433
|
|
|
111
|
|
925 Harvest Drive
|
|
|
Blue Bell
|
|
|
PA
|
|
|
|
|
|
1,671
|
|
|
6,606
|
|
|
234
|
|
993 Lenox Drive
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
12,058
|
|
|
2,811
|
|
|
17,996
|
|
|
(5,771
|
)
|
997 Lenox Drive
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
9,839
|
|
|
2,410
|
|
|
9,700
|
|
|
159
|
|
Dabney III
|
|
|
Richmond
|
|
|
VA
|
|
|
806
|
|
|
281
|
|
|
1,125
|
|
|
260
|
|
Philadelphia Marine Center
|
|
|
Philadelphia
|
|
|
PA
|
|
|
|
|
|
532
|
|
|
2,196
|
|
|
519
|
|
1050 Westlakes Drive
|
|
|
Berwyn
|
|
|
PA
|
|
|
|
|
|
2,611
|
|
|
10,445
|
|
|
4,369
|
|
11 Campus Boulevard
|
|
|
Newtown Square
|
|
|
PA
|
|
|
4,741
|
|
|
1,112
|
|
|
4,067
|
|
|
600
|
|
400 Berwyn Park
|
|
|
Berwyn
|
|
|
PA
|
|
|
|
|
|
2,657
|
|
|
4,462
|
|
|
12,747
|
|
630 Dresher Road
|
|
|
Horsham
|
|
|
PA
|
|
|
|
|
|
771
|
|
|
3,083
|
|
|
1,539
|
|
7130 Ambassador Drive
|
|
|
Allentown
|
|
|
PA
|
|
|
|
|
|
761
|
|
|
3,046
|
|
|
9
|
|
100 Brandywine Boulevard
|
|
|
Newtown
|
|
|
PA
|
|
|
|
|
|
1,784
|
|
|
9,811
|
|
|
2,986
|
|
1400 Howard Boulevard
|
|
|
Mt. Laurel
|
|
|
NJ
|
|
|
|
|
|
443
|
|
|
|
|
|
|
|
15 Campus Boulevard
|
|
|
Newtown Square
|
|
|
PA
|
|
|
5,923
|
|
|
1,164
|
|
|
3,896
|
|
|
2,160
|
|
1700 Paoli Pike
|
|
|
Malvern
|
|
|
PA
|
|
|
|
|
|
458
|
|
|
559
|
|
|
3,466
|
|
2000 Lenox Drive
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
14,027
|
|
|
2,291
|
|
|
12,221
|
|
|
2,979
|
|
300 Welsh Road - Building II
|
|
|
Horsham
|
|
|
PA
|
|
|
1,013
|
|
|
396
|
|
|
1,585
|
|
|
114
|
|
401 Plymouth Road
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
|
|
|
6,198
|
|
|
16,131
|
|
|
18,185
|
|
630 Allendale Road
|
|
|
King of Prussia
|
|
|
PA
|
|
|
|
|
|
2,836
|
|
|
4,028
|
|
|
15,954
|
|
640 Allendale Road
|
|
|
King of Prussia
|
|
|
PA
|
|
|
|
|
|
439
|
|
|
432
|
|
|
1,481
|
|
10 Lake Center Drive
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
1,880
|
|
|
7,521
|
|
|
349
|
|
100 Arrandale Boulevard
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
970
|
|
|
3,878
|
|
|
|
|
100 Lindenwood Drive
|
|
|
Malvern
|
|
|
PA
|
|
|
|
|
|
473
|
|
|
1,892
|
|
|
537
|
|
101 Lindenwood Drive
|
|
|
Malvern
|
|
|
PA
|
|
|
|
|
|
4,152
|
|
|
16,606
|
|
|
655
|
|
1100 Cassett Road
|
|
|
Berwyn
|
|
|
PA
|
|
|
|
|
|
1,695
|
|
|
6,779
|
|
|
|
|
111 Arrandale Road
|
|
|
Exton
|
|
|
PA
|
|
|
1,100
|
|
|
262
|
|
|
1,048
|
|
|
|
|
111/113 Pencader Drive
|
|
|
Newark
|
|
|
DE
|
|
|
|
|
|
1,092
|
|
|
4,366
|
|
|
|
|
1160 Swedesford Road
|
|
|
Berwyn
|
|
|
PA
|
|
|
|
|
|
1,781
|
|
|
7,124
|
|
|
436
|
|
1180 Swedesford Road
|
|
|
Berwyn
|
|
|
PA
|
|
|
|
|
|
2,086
|
|
|
8,342
|
|
|
475
|
|
161 Gaither Drive
|
|
|
Mount Laurel
|
|
|
NJ
|
|
|
|
|
|
1,016
|
|
|
4,064
|
|
|
340
|
|
200 Lake Drive East
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
|
|
|
2,069
|
|
|
8,275
|
|
|
183
|
|
200 Lindenwood Drive
|
|
|
Malvern
|
|
|
PA
|
|
|
|
|
|
324
|
|
|
1,295
|
|
|
72
|
|
210 Lake Drive East
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
|
|
|
1,645
|
|
|
6,579
|
|
|
570
|
|
220 Lake Drive East
|
|
|
Cherry Hill
|
|
|
NJ
|
|
|
|
|
|
2,144
|
|
|
8,798
|
|
|
511
|
|
30 Lake Center Drive
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
1,043
|
|
|
4,171
|
|
|
143
|
|
|
|
Gross Amount at Which Carried
December 31, 2004 |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Land
|
|
Building and
Improvements |
|
Total (a)
|
|
Accumulated
Depreciation at December 31, 2004 (b) |
|
Year of
Construction |
|
Year
Acquired |
|
Depreciable
Life |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
620 Allendale Road
|
|
|
1,020
|
|
|
4,830
|
|
|
5,850
|
|
|
1,277
|
|
|
1961
|
|
|
1998
|
|
|
40
|
|
620 Freedom Business Center
|
|
|
2,770
|
|
|
11,703
|
|
|
14,473
|
|
|
2,677
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
630 Clark Avenue
|
|
|
547
|
|
|
2,190
|
|
|
2,737
|
|
|
490
|
|
|
1960
|
|
|
1998
|
|
|
40
|
|
630 Freedom Business Center
|
|
|
2,773
|
|
|
11,498
|
|
|
14,271
|
|
|
2,797
|
|
|
1989
|
|
|
1998
|
|
|
40
|
|
640 Freedom Business Center
|
|
|
4,222
|
|
|
18,377
|
|
|
22,599
|
|
|
4,416
|
|
|
1991
|
|
|
1998
|
|
|
40
|
|
650 Park Avenue
|
|
|
1,916
|
|
|
5,280
|
|
|
7,196
|
|
|
1,173
|
|
|
1968
|
|
|
1998
|
|
|
40
|
|
660 Allendale Road
|
|
|
396
|
|
|
1,707
|
|
|
2,103
|
|
|
630
|
|
|
1962
|
|
|
1998
|
|
|
40
|
|
680 Allendale Road
|
|
|
689
|
|
|
3,433
|
|
|
4,122
|
|
|
905
|
|
|
1962
|
|
|
1998
|
|
|
40
|
|
6990 Snowdrift Road
|
|
|
|
|
|
1,962
|
|
|
1,962
|
|
|
198
|
|
|
2003
|
|
|
1998
|
|
|
40
|
|
700 East Gate Drive
|
|
|
3,569
|
|
|
15,208
|
|
|
18,777
|
|
|
3,346
|
|
|
1984
|
|
|
1998
|
|
|
40
|
|
701 East Gate Drive
|
|
|
1,736
|
|
|
7,640
|
|
|
9,376
|
|
|
1,590
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
7010 Snowdrift Road
|
|
|
818
|
|
|
3,391
|
|
|
4,209
|
|
|
673
|
|
|
1991
|
|
|
1998
|
|
|
40
|
|
7150 Windsor Drive
|
|
|
1,035
|
|
|
4,403
|
|
|
5,438
|
|
|
895
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
7350 Tilghman Street
|
|
|
3,414
|
|
|
14,799
|
|
|
18,213
|
|
|
3,493
|
|
|
1987
|
|
|
1998
|
|
|
40
|
|
741 First Avenue
|
|
|
1,287
|
|
|
5,360
|
|
|
6,647
|
|
|
1,216
|
|
|
1966
|
|
|
1998
|
|
|
40
|
|
7450 Tilghman Street
|
|
|
2,867
|
|
|
13,072
|
|
|
15,939
|
|
|
3,239
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
751-761 Fifth Avenue
|
|
|
1,097
|
|
|
4,391
|
|
|
5,488
|
|
|
982
|
|
|
1967
|
|
|
1998
|
|
|
40
|
|
7535 Windsor Drive
|
|
|
3,376
|
|
|
17,288
|
|
|
20,664
|
|
|
3,080
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
755 Business Center Drive
|
|
|
1,362
|
|
|
2,979
|
|
|
4,341
|
|
|
1,096
|
|
|
1998
|
|
|
1998
|
|
|
40
|
|
800 Corporate Circle Drive
|
|
|
414
|
|
|
1,756
|
|
|
2,170
|
|
|
415
|
|
|
1979
|
|
|
1998
|
|
|
40
|
|
815 East Gate Drive
|
|
|
636
|
|
|
2,584
|
|
|
3,220
|
|
|
519
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
817 East Gate Drive
|
|
|
611
|
|
|
2,579
|
|
|
3,190
|
|
|
502
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
875 First Avenue
|
|
|
618
|
|
|
5,730
|
|
|
6,348
|
|
|
1,032
|
|
|
1966
|
|
|
1998
|
|
|
40
|
|
9011 Arboretum Parkway
|
|
|
1,857
|
|
|
8,054
|
|
|
9,911
|
|
|
1,697
|
|
|
1991
|
|
|
1998
|
|
|
40
|
|
9100 Arboretum Parkway
|
|
|
1,362
|
|
|
5,926
|
|
|
7,288
|
|
|
1,323
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
920 Harvest Drive
|
|
|
2,433
|
|
|
10,334
|
|
|
12,767
|
|
|
2,489
|
|
|
1990
|
|
|
1998
|
|
|
40
|
|
9200 Arboretum Parkway
|
|
|
985
|
|
|
4,224
|
|
|
5,209
|
|
|
924
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
9210 Arboretum Parkway
|
|
|
1,110
|
|
|
4,932
|
|
|
6,042
|
|
|
998
|
|
|
1988
|
|
|
1998
|
|
|
40
|
|
9211 Arboretum Parkway
|
|
|
582
|
|
|
2,544
|
|
|
3,126
|
|
|
515
|
|
|
1991
|
|
|
1998
|
|
|
40
|
|
925 Harvest Drive
|
|
|
1,671
|
|
|
6,840
|
|
|
8,511
|
|
|
1,513
|
|
|
1990
|
|
|
1998
|
|
|
40
|
|
993 Lenox Drive
|
|
|
2,811
|
|
|
12,225
|
|
|
15,036
|
|
|
2,760
|
|
|
1985
|
|
|
1998
|
|
|
40
|
|
997 Lenox Drive
|
|
|
2,410
|
|
|
9,859
|
|
|
12,269
|
|
|
2,264
|
|
|
1987
|
|
|
1998
|
|
|
40
|
|
Dabney III
|
|
|
281
|
|
|
1,385
|
|
|
1,666
|
|
|
315
|
|
|
1986
|
|
|
1998
|
|
|
40
|
|
Philadelphia Marine Center
|
|
|
532
|
|
|
2,715
|
|
|
3,247
|
|
|
557
|
|
|
Various
|
|
|
1998
|
|
|
40
|
|
1050 Westlakes Drive
|
|
|
|
|
|
14,814
|
|
|
14,814
|
|
|
2,260
|
|
|
1984
|
|
|
1999
|
|
|
40
|
|
11 Campus Boulevard
|
|
|
1,112
|
|
|
4,667
|
|
|
5,779
|
|
|
858
|
|
|
1998
|
|
|
1999
|
|
|
40
|
|
400 Berwyn Park
|
|
|
2,657
|
|
|
17,209
|
|
|
19,866
|
|
|
1,618
|
|
|
1999
|
|
|
1999
|
|
|
40
|
|
630 Dresher Road
|
|
|
771
|
|
|
4,622
|
|
|
5,393
|
|
|
726
|
|
|
1987
|
|
|
1999
|
|
|
40
|
|
7130 Ambassador Drive
|
|
|
761
|
|
|
3,055
|
|
|
3,816
|
|
|
522
|
|
|
1991
|
|
|
1999
|
|
|
40
|
|
100 Brandywine Boulevard
|
|
|
1,784
|
|
|
12,797
|
|
|
14,581
|
|
|
1,211
|
|
|
2002
|
|
|
2000
|
|
|
40
|
|
1400 Howard Boulevard
|
|
|
456
|
|
|
|
|
|
456
|
|
|
|
|
|
N/A
|
|
|
2000
|
|
|
40
|
|
15 Campus Boulevard
|
|
|
1,164
|
|
|
6,056
|
|
|
7,220
|
|
|
842
|
|
|
2002
|
|
|
2000
|
|
|
40
|
|
1700 Paoli Pike
|
|
|
458
|
|
|
4,025
|
|
|
4,483
|
|
|
460
|
|
|
2000
|
|
|
2000
|
|
|
40
|
|
2000 Lenox Drive
|
|
|
2,291
|
|
|
15,200
|
|
|
17,491
|
|
|
3,234
|
|
|
2000
|
|
|
2000
|
|
|
40
|
|
300 Welsh Road - Building II
|
|
|
396
|
|
|
1,699
|
|
|
2,095
|
|
|
423
|
|
|
1980
|
|
|
2000
|
|
|
40
|
|
401 Plymouth Road
|
|
|
6,198
|
|
|
34,316
|
|
|
40,514
|
|
|
4,525
|
|
|
2001
|
|
|
2000
|
|
|
40
|
|
630 Allendale Road
|
|
|
2,836
|
|
|
19,982
|
|
|
22,818
|
|
|
3,482
|
|
|
2000
|
|
|
2000
|
|
|
40
|
|
640 Allendale Road
|
|
|
439
|
|
|
1,913
|
|
|
2,352
|
|
|
150
|
|
|
2000
|
|
|
2000
|
|
|
40
|
|
10 Lake Center Drive
|
|
|
1,880
|
|
|
7,870
|
|
|
9,750
|
|
|
827
|
|
|
1989
|
|
|
2001
|
|
|
40
|
|
100 Arrandale Boulevard
|
|
|
970
|
|
|
3,878
|
|
|
4,848
|
|
|
364
|
|
|
1997
|
|
|
2001
|
|
|
40
|
|
100 Lindenwood Drive
|
|
|
473
|
|
|
2,429
|
|
|
2,902
|
|
|
325
|
|
|
1985
|
|
|
2001
|
|
|
40
|
|
101 Lindenwood Drive
|
|
|
4,152
|
|
|
17,261
|
|
|
21,413
|
|
|
1,686
|
|
|
1988
|
|
|
2001
|
|
|
40
|
|
1100 Cassett Road
|
|
|
1,695
|
|
|
6,779
|
|
|
8,474
|
|
|
635
|
|
|
1997
|
|
|
2001
|
|
|
40
|
|
111 Arrandale Road
|
|
|
262
|
|
|
1,048
|
|
|
1,310
|
|
|
98
|
|
|
1996
|
|
|
2001
|
|
|
40
|
|
111/113 Pencader Drive
|
|
|
1,092
|
|
|
4,366
|
|
|
5,458
|
|
|
409
|
|
|
1990
|
|
|
2001
|
|
|
40
|
|
1160 Swedesford Road
|
|
|
1,781
|
|
|
7,560
|
|
|
9,341
|
|
|
890
|
|
|
1986
|
|
|
2001
|
|
|
40
|
|
1180 Swedesford Road
|
|
|
2,086
|
|
|
8,817
|
|
|
10,903
|
|
|
926
|
|
|
1987
|
|
|
2001
|
|
|
40
|
|
161 Gaither Drive
|
|
|
1,016
|
|
|
4,404
|
|
|
5,420
|
|
|
508
|
|
|
1987
|
|
|
2001
|
|
|
40
|
|
200 Lake Drive East
|
|
|
2,069
|
|
|
8,458
|
|
|
10,527
|
|
|
829
|
|
|
1989
|
|
|
2001
|
|
|
40
|
|
200 Lindenwood Drive
|
|
|
324
|
|
|
1,367
|
|
|
1,691
|
|
|
127
|
|
|
1984
|
|
|
2001
|
|
|
40
|
|
210 Lake Drive East
|
|
|
1,645
|
|
|
7,149
|
|
|
8,794
|
|
|
771
|
|
|
1986
|
|
|
2001
|
|
|
40
|
|
220 Lake Drive East
|
|
|
2,144
|
|
|
9,309
|
|
|
11,453
|
|
|
1,106
|
|
|
1988
|
|
|
2001
|
|
|
40
|
|
30 Lake Center Drive
|
|
|
1,043
|
|
|
4,314
|
|
|
5,357
|
|
|
431
|
|
|
1986
|
|
|
2001
|
|
|
40
|
|
|
|
|
|
|
|
|
|
Initial Cost
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
City
|
|
State
|
|
Encumberances at
December 31, 2004 (2) |
|
Land
|
|
Building and
Improvements |
|
Net
Improvements (Retirements) Since Acquisition |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300 Lindenwood Drive
|
|
|
Malvern
|
|
|
PA
|
|
|
|
|
|
848
|
|
|
3,394
|
|
|
254
|
|
|
301 Lindenwood Drive
|
|
|
Malvern
|
|
|
PA
|
|
|
|
|
|
2,729
|
|
|
10,915
|
|
|
946
|
|
|
412 Creamery Way
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
1,195
|
|
|
4,779
|
|
|
435
|
|
|
429 Creamery Way
|
|
|
Exton
|
|
|
PA
|
|
|
3,087
|
|
|
1,368
|
|
|
5,471
|
|
|
|
|
|
436 Creamery Way
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
994
|
|
|
3,978
|
|
|
12
|
|
|
440 Creamery Way
|
|
|
Exton
|
|
|
PA
|
|
|
3,069
|
|
|
982
|
|
|
3,927
|
|
|
252
|
|
|
442 Creamery Way
|
|
|
Exton
|
|
|
PA
|
|
|
2,659
|
|
|
894
|
|
|
3,576
|
|
|
|
|
|
457 Creamery Way
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
777
|
|
|
3,107
|
|
|
|
|
|
467 Creamery Way
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
906
|
|
|
3,623
|
|
|
17
|
|
|
479 Thomas Jones Way
|
|
|
Exton
|
|
|
PA
|
|
|
|
|
|
1,075
|
|
|
4,299
|
|
|
354
|
|
|
481 John Young Way
|
|
|
Exton
|
|
|
PA
|
|
|
2,420
|
|
|
496
|
|
|
1,983
|
|
|
2
|
|
|
555 Croton Road
|
|
|
King of Prussia
|
|
|
PA
|
|
|
6,100
|
|
|
4,486
|
|
|
17,943
|
|
|
115
|
|
|
7360 Windsor Drive
|
|
|
Allentown
|
|
|
PA
|
|
|
|
|
|
1,451
|
|
|
3,618
|
|
|
2,037
|
|
|
Two Righter Parkway
|
|
|
Wilmington
|
|
|
DE
|
|
|
|
|
|
2,802
|
|
|
11,217
|
|
|
|
|
|
1000 Lenox Drive
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
|
|
|
1,174
|
|
|
4,696
|
|
|
|
|
|
200 Commerce Drive
|
|
|
Newark
|
|
|
DE
|
|
|
6,051
|
|
|
911
|
|
|
4,414
|
|
|
|
|
|
400 Commerce Drive
|
|
|
Newark
|
|
|
DE
|
|
|
12,175
|
|
|
2,528
|
|
|
9,220
|
|
|
4,490
|
|
|
600 West Germantown Pike
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
12,137
|
|
|
3,652
|
|
|
15,288
|
|
|
355
|
|
|
610 West Germantown Pike
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
11,751
|
|
|
3,651
|
|
|
14,514
|
|
|
516
|
|
|
620 West Germantown Pike
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
11,894
|
|
|
3,572
|
|
|
14,435
|
|
|
902
|
|
|
630 West Germantown Pike
|
|
|
Plymouth Meeting
|
|
|
PA
|
|
|
11,732
|
|
|
3,558
|
|
|
14,743
|
|
|
350
|
|
|
6802 Paragon Place
|
|
|
Richmond
|
|
|
VA
|
|
|
|
|
|
2,917
|
|
|
11,454
|
|
|
1,082
|
|
|
980 Harvest Drive
|
|
|
Blue Bell
|
|
|
PA
|
|
|
|
|
|
2,079
|
|
|
7,821
|
|
|
408
|
|
|
565 East Swedesford Road
|
|
|
Wayne
|
|
|
PA
|
|
|
|
|
|
1,872
|
|
|
7,489
|
|
|
9
|
|
|
575 East Swedesford Road
|
|
|
Wayne
|
|
|
PA
|
|
|
|
|
|
2,178
|
|
|
8,712
|
|
|
|
|
|
585 East Swedesford Road
|
|
|
Wayne
|
|
|
PA
|
|
|
|
|
|
1,350
|
|
|
5,401
|
|
|
|
|
|
595 East Swedesford Road
|
|
|
Wayne
|
|
|
PA
|
|
|
|
|
|
2,729
|
|
|
10,917
|
|
|
|
|
|
989 Lenox Drive
|
|
|
Lawrenceville
|
|
|
NJ
|
|
|
|
|
|
3,701
|
|
|
14,802
|
|
|
76
|
|
|
100 North 18th Street
|
|
|
Philadelphia
|
|
|
PA
|
|
|
78,793
|
|
|
16,066
|
|
|
100,255
|
|
|
40
|
|
|
130 North 18th Street
|
|
|
Philadelphia
|
|
|
PA
|
|
|
|
|
|
14,496
|
|
|
107,736
|
|
|
34
|
|
|
130 Radnor Chester Road
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
2,573
|
|
|
8,338
|
|
|
|
|
|
150 Radnor Chester Road
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
11,925
|
|
|
36,986
|
|
|
173
|
|
|
170 Radnor Chester Road
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
2,514
|
|
|
8,147
|
|
|
|
|
|
201 King of Prussia Road
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
8,956
|
|
|
29,811
|
|
|
67
|
|
|
300 Delaware Avenue
|
|
|
Wilmington
|
|
|
DE
|
|
|
|
|
|
6,368
|
|
|
13,739
|
|
|
|
|
|
525 Lincoln Drive West
|
|
|
Marlton
|
|
|
NJ
|
|
|
|
|
|
3,727
|
|
|
17,620
|
|
|
6
|
|
|
555 Lancaster Avenue
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
8,014
|
|
|
16,508
|
|
|
|
|
|
920 North King Street
|
|
|
Wilmington
|
|
|
DE
|
|
|
|
|
|
6,141
|
|
|
21,140
|
|
|
|
|
|
Five Radnor Corporate Center
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
6,506
|
|
|
25,525
|
|
|
|
|
|
Four Radnor Corporate Center
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
5,406
|
|
|
21,390
|
|
|
62
|
|
(1)
|
Four Tower Bridge
|
|
|
Conshohocken
|
|
|
PA
|
|
|
10,890
|
|
|
2,672
|
|
|
14,221
|
|
|
(226
|
)
|
|
One Radnor Corporate Center
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
7,323
|
|
|
28,613
|
|
|
|
|
|
Three Radnor Corporate Center
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
4,773
|
|
|
17,961
|
|
|
|
|
|
Two Radnor Corporate Center
|
|
|
Radnor
|
|
|
PA
|
|
|
|
|
|
3,937
|
|
|
15,484
|
|
|
|
|
(1)
|
Six Tower Bridge
|
|
|
Conshohocken
|
|
|
PA
|
|
|
15,394
|
|
|
2,827
|
|
|
15,525
|
|
|
235
|
|
|
922 Swedesford Road
|
|
|
Berwyn
|
|
|
PA
|
|
|
|
|
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
512,357
|
|
$
|
455,318
|
|
$
|
1,865,474
|
|
$
|
165,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount at Which Carried
December 31, 2004 |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Land
|
|
Building and
Improvements |
|
Total (a)
|
|
Accumulated
Depreciation at December 31, 2004 (b) |
|
Year of
Construction |
|
Year
Acquired |
|
Depreciable
Life |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300 Lindenwood Drive
|
|
|
848
|
|
|
3,648
|
|
|
4,496
|
|
|
436
|
|
|
1991
|
|
|
2001
|
|
|
40
|
|
|
301 Lindenwood Drive
|
|
|
2,729
|
|
|
11,861
|
|
|
14,590
|
|
|
1,270
|
|
|
1984
|
|
|
2001
|
|
|
40
|
|
|
412 Creamery Way
|
|
|
1,195
|
|
|
5,214
|
|
|
6,409
|
|
|
618
|
|
|
1999
|
|
|
2001
|
|
|
40
|
|
|
429 Creamery Way
|
|
|
1,368
|
|
|
5,471
|
|
|
6,839
|
|
|
513
|
|
|
1996
|
|
|
2001
|
|
|
40
|
|
|
436 Creamery Way
|
|
|
994
|
|
|
3,990
|
|
|
4,984
|
|
|
381
|
|
|
1991
|
|
|
2001
|
|
|
40
|
|
|
440 Creamery Way
|
|
|
982
|
|
|
4,179
|
|
|
5,161
|
|
|
412
|
|
|
1991
|
|
|
2001
|
|
|
40
|
|
|
442 Creamery Way
|
|
|
894
|
|
|
3,576
|
|
|
4,470
|
|
|
335
|
|
|
1991
|
|
|
2001
|
|
|
40
|
|
|
457 Creamery Way
|
|
|
777
|
|
|
3,107
|
|
|
3,884
|
|
|
291
|
|
|
1990
|
|
|
2001
|
|
|
40
|
|
|
467 Creamery Way
|
|
|
906
|
|
|
3,640
|
|
|
4,546
|
|
|
341
|
|
|
1988
|
|
|
2001
|
|
|
40
|
|
|
479 Thomas Jones Way
|
|
|
1,075
|
|
|
4,653
|
|
|
5,728
|
|
|
518
|
|
|
1988
|
|
|
2001
|
|
|
40
|
|
|
481 John Young Way
|
|
|
496
|
|
|
1,985
|
|
|
2,481
|
|
|
186
|
|
|
1997
|
|
|
2001
|
|
|
40
|
|
|
555 Croton Road
|
|
|
4,486
|
|
|
18,058
|
|
|
22,544
|
|
|
1,719
|
|
|
1999
|
|
|
2001
|
|
|
40
|
|
|
7360 Windsor Drive
|
|
|
1,451
|
|
|
5,655
|
|
|
7,106
|
|
|
1,002
|
|
|
2001
|
|
|
2001
|
|
|
40
|
|
|
Two Righter Parkway
|
|
|
2,802
|
|
|
11,217
|
|
|
14,019
|
|
|
1,277
|
|
|
1987
|
|
|
2001
|
|
|
40
|
|
|
1000 Lenox Drive
|
|
|
1,174
|
|
|
4,696
|
|
|
5,870
|
|
|
294
|
|
|
1982
|
|
|
2002
|
|
|
40
|
|
|
200 Commerce Drive
|
|
|
911
|
|
|
4,414
|
|
|
5,325
|
|
|
464
|
|
|
1998
|
|
|
2002
|
|
|
40
|
|
|
400 Commerce Drive
|
|
|
2,528
|
|
|
13,710
|
|
|
16,238
|
|
|
3,495
|
|
|
1997
|
|
|
2002
|
|
|
40
|
|
|
600 West Germantown Pike
|
|
|
3,652
|
|
|
15,643
|
|
|
19,295
|
|
|
1,171
|
|
|
1986
|
|
|
2002
|
|
|
40
|
|
|
610 West Germantown Pike
|
|
|
3,651
|
|
|
15,030
|
|
|
18,681
|
|
|
1,252
|
|
|
1987
|
|
|
2002
|
|
|
40
|
|
|
620 West Germantown Pike
|
|
|
3,572
|
|
|
15,337
|
|
|
18,909
|
|
|
1,213
|
|
|
1990
|
|
|
2002
|
|
|
40
|
|
|
630 West Germantown Pike
|
|
|
3,558
|
|
|
15,093
|
|
|
18,651
|
|
|
1,138
|
|
|
1988
|
|
|
2002
|
|
|
40
|
|
|
6802 Paragon Place
|
|
|
2,917
|
|
|
12,536
|
|
|
15,453
|
|
|
1,022
|
|
|
1989
|
|
|
2002
|
|
|
40
|
|
|
980 Harvest Drive
|
|
|
2,079
|
|
|
8,229
|
|
|
10,308
|
|
|
524
|
|
|
1988
|
|
|
2002
|
|
|
40
|
|
|
565 East Swedesford Road
|
|
|
1,872
|
|
|
7,498
|
|
|
9,370
|
|
|
220
|
|
|
1984
|
|
|
2003
|
|
|
40
|
|
|
575 East Swedesford Road
|
|
|
2,178
|
|
|
8,712
|
|
|
10,890
|
|
|
254
|
|
|
1985
|
|
|
2003
|
|
|
40
|
|
|
585 East Swedesford Road
|
|
|
1,350
|
|
|
5,401
|
|
|
6,751
|
|
|
158
|
|
|
1998
|
|
|
2003
|
|
|
40
|
|
|
595 East Swedesford Road
|
|
|
2,729
|
|
|
10,917
|
|
|
13,646
|
|
|
318
|
|
|
1998
|
|
|
2003
|
|
|
40
|
|
|
989 Lenox Drive
|
|
|
3,700
|
|
|
14,878
|
|
|
18,578
|
|
|
373
|
|
|
1984
|
|
|
2003
|
|
|
40
|
|
|
100 North 18th Street
|
|
|
16,066
|
|
|
100,295
|
|
|
116,361
|
|
|
1,194
|
|
|
1988
|
|
|
2004
|
|
|
33
|
|
|
130 North 18th Street
|
|
|
14,496
|
|
|
107,770
|
|
|
122,266
|
|
|
1,208
|
|
|
1998
|
|
|
2004
|
|
|
23
|
|
|
130 Radnor Chester Road
|
|
|
2,573
|
|
|
8,338
|
|
|
10,911
|
|
|
98
|
|
|
1983
|
|
|
2004
|
|
|
25
|
|
|
150 Radnor Chester Road
|
|
|
11,925
|
|
|
37,159
|
|
|
49,084
|
|
|
421
|
|
|
1983
|
|
|
2004
|
|
|
29
|
|
|
170 Radnor Chester Road
|
|
|
2,514
|
|
|
8,147
|
|
|
10,661
|
|
|
95
|
|
|
1983
|
|
|
2004
|
|
|
25
|
|
|
201 King of Prussia Road
|
|
|
8,956
|
|
|
29,878
|
|
|
38,834
|
|
|
360
|
|
|
2001
|
|
|
2004
|
|
|
25
|
|
|
300 Delaware Avenue
|
|
|
6,368
|
|
|
13,739
|
|
|
20,107
|
|
|
262
|
|
|
1989
|
|
|
2004
|
|
|
23
|
|
|
525 Lincoln Drive West
|
|
|
3,727
|
|
|
17,626
|
|
|
21,353
|
|
|
368
|
|
|
1986
|
|
|
2004
|
|
|
40
|
|
|
555 Lancaster Avenue
|
|
|
8,014
|
|
|
16,508
|
|
|
24,522
|
|
|
221
|
|
|
1973
|
|
|
2004
|
|
|
24
|
|
|
920 North King Street
|
|
|
6,141
|
|
|
21,140
|
|
|
27,281
|
|
|
272
|
|
|
1989
|
|
|
2004
|
|
|
30
|
|
|
Five Radnor Corporate Center
|
|
|
6,506
|
|
|
25,525
|
|
|
32,031
|
|
|
287
|
|
|
1998
|
|
|
2004
|
|
|
38
|
|
|
Four Radnor Corporate Center
|
|
|
5,406
|
|
|
21,452
|
|
|
26,858
|
|
|
231
|
|
|
1995
|
|
|
2004
|
|
|
30
|
|
(1)
|
Four Tower Bridge
|
|
|
2,672
|
|
|
13,995
|
|
|
16,667
|
|
|
4,122
|
|
|
1998
|
|
|
2004
|
|
|
40
|
|
|
One Radnor Corporate Center
|
|
|
7,323
|
|
|
28,613
|
|
|
35,936
|
|
|
412
|
|
|
1998
|
|
|
2004
|
|
|
29
|
|
|
Three Radnor Corporate Center
|
|
|
4,773
|
|
|
17,961
|
|
|
22,734
|
|
|
245
|
|
|
1998
|
|
|
2004
|
|
|
29
|
|
|
Two Radnor Corporate Center
|
|
|
3,937
|
|
|
15,484
|
|
|
19,421
|
|
|
189
|
|
|
1998
|
|
|
2004
|
|
|
29
|
|
(1)
|
Six Tower Bridge
|
|
|
2,827
|
|
|
15,760
|
|
|
18,587
|
|
|
3,618
|
|
|
1999
|
|
|
2004
|
|
|
40
|
|
|
922 Swedesford Road
|
|
|
218
|
|
|
|
|
|
218
|
|
|
|
|
|
N/A
|
|
|
N/A
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
452,602
|
|
$
|
2,030,532
|
|
$
|
2,483,134
|
|
$
|
325,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reconciliation of Real Estate:
|
|
|
|
The following table reconciles the real estate investments from January 1, 2002 to December 31, 2004 (in thousands):
|
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year
|
|
$
|
1,869,744
|
|
$
|
1,890,009
|
|
$
|
1,893,039
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
|
Acquisitions
|
|
|
578,197
|
|
|
59,149
|
|
|
120,627
|
|
Consolidation of VIEs (1)
|
|
|
35,245
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
30,953
|
|
|
57,721
|
|
|
94,086
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
|
(31,005
|
)
|
|
(135,118
|
)
|
|
(209,014
|
)
|
Assets transferred to held-for-sale
|
|
|
|
|
|
(2,017
|
)
|
|
(8,729
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of year
|
|
$
|
2,483,134
|
|
$
|
1,869,744
|
|
$
|
1,890,009
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Reconciliation of Accumulated Depreciation:
|
|
|
|
The following table reconciles the accumulated depreciation on real estate investments from January 1, 2002 to December 31, 2004 (in thousands):
|
|
|
2004
|
|
2003
|
|
2002
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year
|
|
$
|
268,091
|
|
$
|
245,230
|
|
$
|
230,793
|
|
Additions:
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense - continued operations
|
|
|
60,179
|
|
|
51,191
|
|
|
46,190
|
|
Depreciation expense - discontinued operations
|
|
|
224
|
|
|
695
|
|
|
2,511
|
|
Consolidation of VIEs (1)
|
|
|
7,741
|
|
|
|
|
|
|
|
Acquisitions
|
|
|
|
|
|
|
|
|
1,175
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Dispositions
|
|
|
(10,433
|
)
|
|
(28,663
|
)
|
|
(34,204
|
)
|
Assets transferred to held-for-sale
|
|
|
|
|
|
(362
|
)
|
|
(1,235
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Balance at end of year
|
|
$
|
325,802
|
|
$
|
268,091
|
|
$
|
245,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) -
|
Joint ventures which were consolidated at March 31, 2004 under Financial Interpretation 46-R (FIN-46-R), Consolidation of Variable Interest Entities.
|
|
|
|
|
(2) -
|
Schedule III excludes an asset owned that is subject to a deferred financing lease.
|
Summary of Board of Trustee Compensation (as of March 1, 2004)
1. Annual Fee:
a. $35,000.
b. payable at annual meeting of shareholders.
c. payable in cash or common shares (valued at closing price on date of annual meeting of shareholders), at the election of each Trustee.
d. cash portion is eligible for deferral into the Deferred Compensation Plan.
2. Annual Equity Award:
a. $25,000 in restricted common shares.
b. number of shares computed based on closing price on date of annual meeting of shareholders.
c. shares vest in three equal annual installments, commencing on the first anniversary of the award date.
d. unvested shares vote and are entitled to dividends.
e. restricted common shares are not eligible for deferral into the Deferred Compensation Plan.
3. Per Board Meeting Fee:
a. $1,500.
b. payable in cash.
c. eligible for deferral into the Deferred Compensation Plan.
4. Per Committee Meeting Fee:
a. $1,000.
b. payable in cash.
c. not eligible for deferral into the Deferred Compensation Plan.
B-1
5. Per informal Board Informational Meeting Fee:
a. $1,500.
b. payable in cash.
c. not eligible for deferral into the Deferred Compensation Plan.
6. Chair Fees:
a. Board Chair - $10,000 per year, payable in cash, at annual meeting of shareholders.
b. Audit Committee Chair - $7,500 per year, payable in cash, at annual meeting of shareholders.
c. Compensation Committee Chair - $6,000 per year, payable in cash, at annual meeting of shareholders.
d. Corporate Governance Committee Chair - $5,000 per year, payable in cash, at annual meeting of shareholders.
e. Chair fees are not eligible for deferral into the Deferred Compensation Plan.
B-2
EXHIBIT 12.1
Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions (in thousands)
For the years ended December 31, | |||||||||||||||
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||
Earnings before fixed charges: | |||||||||||||||
Add: | |||||||||||||||
Income from continuing operations (a) | $ | 57,604 | $ | 75,832 | $ | 47,643 | $ | 19,462 | $ | 38,953 | |||||
Minority interest attributable to continuing operations | 2,472 | 9,294 | 9,375 | 7,760 | 8,800 | ||||||||||
Fixed charges - per below | 61,894 | 69,476 | 76,950 | 83,627 | 84,604 | ||||||||||
Less: | |||||||||||||||
Income from equity method investments not distributed | - | - | - | - | (518 | ) | |||||||||
Capitalized interest | (3,030 | ) | (1,503 | ) | (2,949 | ) | (5,178 | ) | (8,182 | ) | |||||
Preferred Distributions of consolidated subsidiaries | (832 | ) | (7,069 | ) | (7,069 | ) | (7,069 | ) | (7,069 | ) | |||||
Earnings before fixed charges | $ | 118,108 | $ | 146,030 | $ | 123,950 | $ | 98,602 | $ | 116,588 | |||||
Fixed charges and Preferred Distributions: | |||||||||||||||
Interest expense (including amortization) | $ | 55,061 | $ | 57,835 | $ | 63,522 | $ | 67,496 | $ | 64,746 | |||||
Capitalized interest | 3,030 | 1,503 | 2,949 | 5,178 | 8,182 | ||||||||||
Proportionate share of interest for unconsolidated real estate ventures | 2,971 | 3,069 | 3,410 | 3,884 | 4,607 | ||||||||||
Distributions to preferred unitholders in Operating Partnership | 832 | 7,069 | 7,069 | 7,069 | 7,069 | ||||||||||
Total Fixed Charges | 61,894 | 69,476 | 76,950 | 83,627 | 84,604 | ||||||||||
Income allocated to preferred shareholders | 9,720 | 11,906 | 11,906 | 11,906 | 11,906 | ||||||||||
Total Preferred Distributions | 9,720 | 11,906 | 11,906 | 11,906 | 11,906 | ||||||||||
Total combined fixed charges and preferred distributions | $ | 71,614 | $ | 81,382 | $ | 88,856 | $ | 95,533 | $ | 96,510 | |||||
Ratio of earnings to combined fixed charges and preferred distributions | 1.65 | 1.79 | 1.39 | 1.03 | 1.21 | ||||||||||
(a) | Amounts for the years ended December 31, 2004, 2003, 2002, 2001 and 2000 have been reclassified to present properties identified as held for sale consistent with the presentation for the period ended December 31, 2004. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented. |
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (Nos. 333-52952, 333-69653, 333-56237, 333-53359, 333-46647, 333-20999, 333-109010, 333-117078) and in the Registration Statements on Form S-8 (Nos. 333-52957, 333-28427, 333-14243) of Brandywine Realty Trust and its subsidiaries of our report dated March 14, 2005 relating to the financial statements, financial statement schedules, managements assessment of the effectiveness of internal control over financial reporting and the effectiveness of internal control over financial reporting, which appear in this Annual Report on Form 10-K.
/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
March 14, 2005
1.
|
I have reviewed this annual report on Form 10-K of Brandywine Realty Trust:
|
|
|
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered in this report;
|
|
|
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
|
|
|
4.
|
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
|
|
|
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by other within those entities, particularly during the period in which this report is being prepared;
|
|
|
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
|
|
|
|
c.
|
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
|
|
|
d.
|
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
|
|
|
|
5.
|
The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
|
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
|
|
|
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
|
Date: | March 14, 2005 | /s/ Gerard H. Sweeney |
|
|
|
|
Gerard H. Sweeney
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Brandywine Realty Trust:
|
|
|
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered in this report;
|
|
|
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
|
|
|
4.
|
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
|
|
|
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by other within those entities, particularly during the period in which this report is being prepared;
|
|
|
|
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
|
|
|
|
|
c.
|
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
|
|
|
d.
|
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
|
|
|
|
5.
|
The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
|
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
|
|
|
|
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
|
Date: | March 14, 2005 | /s/ Christopher P. Marr |
|
|
|
|
Christopher P. Marr
|
|
|
Senior Vice President and Chief Financial Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
|
|
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
/s/ Gerard H. Sweeney | ||
|
|
|
Gerard H. Sweeney
|
|
|
President and Chief Executive Officer
|
|
|
Date:
|
March 14, 2005 |
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
/s/ Christopher P. Marr | ||
|
|
|
Christopher P. Marr
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
Date:
|
March 14, 2005 |
|