þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file numbers:
|
1-13130 (Liberty Property Trust) | |
|
1-13132 (Liberty Property Limited Partnership) |
MARYLAND (Liberty Property Trust) | 23-7768996 | |
PENNSYLVANIA (Liberty Property Limited Partnership) | 23-2766549 | |
(State or Other Jurisdiction | (I.R.S. Employer | |
of Incorporation or Organization) | Identification Number) | |
500 Chesterfield Parkway | ||
Malvern, Pennsylvania | 19355 | |
(Address of Principal Executive Offices) | (Zip Code) |
NAME OF EACH EXCHANGE | ||
TITLE OF EACH CLASS | ON WHICH REGISTERED | |
Common Shares of Beneficial Interest, | ||
$0.001 par value | ||
(Liberty Property Trust) | New York Stock Exchange |
Large Accelerated Filer þ | Accelerated Filer o | Non-Accelerated Filer o | Smaller Reporting Company o | |||
(Do not check if a smaller reporting company) |
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3
4
5
6
7
8
9
10
11
12
13
14
15
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18
19
Table of Contents
Reportable Segments
Markets
Southeastern PA; Lehigh/Central PA; New Jersey
Minnesota; Milwaukee; Chicago
Maryland; Carolinas; Richmond; Virginia Beach
Jacksonville; Orlando; Boca Raton; Tampa; Texas; Arizona
Philadelphia; Northern Virginia/Washington, D.C.
County of Kent; West Midlands
Table of Contents
Table of Contents
Table of Contents
ITEM 1A.
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Type
Net Rent
(1)
Square Feet
% Leased
Industrial
-Distribution
$
67,562
15,712
94.5
%
-Flex
30,808
3,650
88.4
%
Office
115,258
8,676
89.9
%
Total
213,628
28,038
92.3
%
Industrial
-Distribution
5,189
1,155
100.0
%
-Flex
14,158
2,236
75.9
%
Office
28,595
2,585
91.6
%
Total
47,942
5,976
87.4
%
Industrial
-Distribution
30,031
8,577
86.2
%
-Flex
9,654
1,315
83.6
%
Office
50,772
4,457
86.1
%
Total
90,457
14,349
85.9
%
Industrial
-Distribution
26,347
6,518
87.8
%
-Flex
29,806
3,779
89.9
%
Office
69,492
5,172
91.6
%
Total
125,645
15,469
89.6
%
Industrial
-Distribution
3,500
346
100.0
%
-Flex
1,816
101
100.0
%
Office
13,803
828
99.6
%
Total
19,119
1,275
99.7
%
Industrial
-Distribution
-Flex
1,228
44
100.0
%
Office
2,641
90
94.0
%
Total
3,869
134
96.0
%
Industrial
-Distribution
132,629
32,308
91.2
%
-Flex
87,470
11,125
86.0
%
Office
280,561
21,808
90.1
%
Total
$
500,660
65,241
89.9
%
Industrial
-Distribution
$
30,064
9,505
79.9
%
-Flex
3,783
171
82.0
%
Office
100,185
4,746
89.2
%
Total
$
134,032
14,422
83.0
%
(1)
(2)
Table of Contents
Table of Contents
Percentage
Top 10 Office Tenants
of Net Rent
3.8
%
2.0
%
1.5
%
1.4
%
1.3
%
1.1
%
1.1
%
1.0
%
1.0
%
1.0
%
15.2
%
Percentage
Top 10 Industrial Tenants
of Net Rent
1.3
%
1.1
%
1.1
%
1.0
%
0.8
%
0.7
%
0.7
%
0.6
%
0.5
%
0.5
%
8.3
%
Table of Contents
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
ITEM 5.
Dividends
Declared Per
High
Low
Common Share
$
34.82
$
29.84
$
0.475
33.16
27.41
0.475
35.05
28.85
0.475
34.96
28.75
0.475
$
33.05
$
28.36
$
0.475
35.11
21.23
0.475
25.61
18.93
0.475
23.32
16.90
0.475
Table of Contents
Table of Contents
Operating Data
Year Ended December 31,
(In thousands, except per share data)
2010
2009
2008
2007
2006
$
746,830
$
739,379
$
725,451
$
662,832
$
583,707
$
145,662
$
53,183
$
147,788
$
138,913
$
151,016
$
153,375
$
78,992
$
180,106
$
190,310
$
292,043
$
1.06
$
0.29
$
1.29
$
1.27
$
1.47
$
0.07
$
0.23
$
0.33
$
0.54
$
1.51
$
1.13
$
0.52
$
1.62
$
1.81
$
2.98
$
1.05
$
0.29
$
1.29
$
1.26
$
1.46
$
0.07
$
0.23
$
0.33
$
0.54
$
1.49
$
1.12
$
0.52
$
1.62
$
1.80
$
2.95
$
1.900
$
1.900
$
2.500
$
2.485
$
2.465
112,924
107,550
93,615
91,197
89,361
113,606
108,002
93,804
91,803
90,492
Balance Sheet Data
December 31,
(In thousands)
2010
2009
2008
2007
2006
$
4,404,027
$
4,446,650
$
4,479,697
$
4,839,482
$
4,252,459
5,062,833
5,228,943
5,217,035
5,643,937
4,910,911
2,359,822
2,456,875
2,590,167
3,021,129
2,387,938
2,082,186
2,122,295
1,958,779
1,837,025
1,870,855
Other Data
Year Ended December 31,
(Dollars in thousands)
2010
2009
2008
2007
2006
$
298,957
$
302,861
$
261,985
$
346,752
$
324,573
(110,154
)
(9,992
)
56,517
(758,924
)
(334,942
)
(315,842
)
(74,033
)
(331,314
)
396,322
(327
)
311,181
222,106
313,910
305,216
294,801
65,241
64,384
63,799
62,079
59,160
14,422
13,786
13,069
11,462
6,172
637
639
654
649
672
98
96
95
91
48
90
%
89
%
91
%
93
%
94
%
83
%
88
%
92
%
94
%
95
%
Table of Contents
Operating Data
Year Ended December 31,
(In thousands, except per share data)
2010
2009
2008
2007
2006
$
746,830
$
739,379
$
725,451
$
662,832
$
583,707
$
145,662
$
53,183
$
147,788
$
138,913
$
151,016
$
153,375
$
78,992
$
180,106
$
190,310
$
292,043
$
1.06
$
0.29
$
1.29
$
1.27
$
1.47
$
0.07
$
0.23
$
0.33
$
0.54
$
1.51
$
1.13
$
0.52
$
1.62
$
1.81
$
2.98
$
1.05
$
0.29
$
1.29
$
1.26
$
1.46
$
0.07
$
0.23
$
0.33
$
0.54
$
1.49
$
1.12
$
0.52
$
1.62
$
1.80
$
2.95
$
1.900
$
1.900
$
2.500
$
2.485
$
2.465
116,871
111,568
97,805
95,387
93,256
117,553
112,020
97,994
95,993
94,387
Balance Sheet Data
December 31,
(In thousands)
2010
2009
2008
2007
2006
$
4,404,027
$
4,446,650
$
4,479,697
$
4,839,482
$
4,252,459
5,062,833
5,228,943
5,217,035
5,643,937
4,910,911
2,359,822
2,456,875
2,590,167
3,021,129
2,387,938
2,438,552
2,483,169
1,945,516
1,800,969
1,752,478
Other Data
Year Ended December 31,
(Dollars in thousands)
2010
2009
2008
2007
2006
$
298,957
$
302,861
$
261,985
$
346,752
$
324,573
(110,154
)
(9,992
)
56,517
(758,924
)
(334,942
)
(315,842
)
(74,033
)
(331,314
)
396,322
(327
)
311,181
222,106
313,910
305,216
294,801
65,241
64,384
63,799
62,079
59,160
14,422
13,786
13,069
11,462
6,172
637
639
654
649
672
98
96
95
91
48
90
%
89
%
91
%
93
%
94
%
83
%
88
%
92
%
94
%
95
%
(1)
(2)
(3)
Table of Contents
ITEM 7.
Table of Contents
Table of Contents
Table of Contents
Table of Contents
December 31, 2009
Before
After
Impairment
Impairment
Impairment
$
11,238
$
$
11,238
3,198
3,198
26,531
6,964
19,567
13,302
13,302
10,618
2,170
8,448
6,618
6,618
8,991
5,608
3,383
137,429
64,060
73,369
36,461
36,461
$
254,386
$
78,802
$
175,584
Table of Contents
Year Ended December 31,
Percentage
2010
2009
Increase (Decrease)
$
121,572
$
124,078
(2.0
%)
77,031
72,239
6.6
%(1)
18,333
18,127
1.1
%
47,636
51,185
(6.9
%)(2)
93,033
96,063
(3.2
%)
123,965
123,011
0.8
%
21,548
16,848
27.9
%(1)
3,279
3,468
(5.4
%)
$
506,397
$
505,019
0.3
%
(1)
(2)
(3)
Table of Contents
Year Ended December 31,
2010
2009
$
488,755
$
501,457
150,349
148,353
80,128
81,820
(216,688
)
(219,573
)
13,789
10,600
474,966
490,857
7,845
13,999
$
467,121
$
476,858
$
467,121
$
476,858
7,845
13,999
474,966
490,857
25,320
9,703
6,111
4,459
506,397
505,019
(52,850
)
(51,237
)
(173,402
)
(169,818
)
(139,281
)
(135,883
)
4,616
1,687
(1,736
)
(494
)
2,296
2,161
(378
)
(82,552
)
(15,700
)
7,713
25,809
$
153,375
$
78,992
Table of Contents
Table of Contents
Year Ended December 31,
Percentage
2009
2008
Increase (Decrease)
$
124,078
$
118,552
4.7
%
72,239
68,856
4.9
%
18,127
19,408
(6.6
%)(1)
51,185
51,696
(1.0
%)
96,063
98,290
(2.3
%)
123,011
113,194
8.7
%(2)
16,848
21,634
(22.1
%)(3)
3,468
3,295
5.3
%
$
505,019
$
494,925
2.0
%
(1)
(2)
(3)
(4)
Table of Contents
Year Ended December 31,
2009
2008
$
491,386
$
488,334
147,510
148,784
79,454
80,407
(216,880
)
(219,487
)
10,084
9,704
481,302
478,630
12,438
11,530
$
468,864
$
467,100
$
468,864
$
467,100
12,438
11,530
481,302
478,630
21,852
16,017
(2,594
)
(3,495
)
4,459
3,773
505,019
494,925
(51,237
)
(54,462
)
(169,818
)
(168,148
)
(135,883
)
(136,259
)
1,687
10,572
(494
)
(1,645
)
2,161
2,805
(82,552
)
(15,700
)
24,810
30,546
999
1,772
$
78,992
$
180,106
Table of Contents
Table of Contents
Payments Due By Period
Less than 1
More than
Contractual
Obligations (2)
Total
year
1-3 years
3-5 years
5 years
$
2,944,934
$
370,493
$
797,619
$
1,305,905
$
470,917
4,825
438
376
2,888
1,123
13,183
866
1,282
750
10,285
388,957
56,097
93,876
30,303
208,681
4,087
2,683
1,404
35,654
32,311
1,210
1,678
455
3,051
3,022
29
934
934
1,250
1,250
$
3,396,875
$
468,094
$
895,767
$
1,341,553
$
691,461
(1)
(2)
Table of Contents
Table of Contents
Table of Contents
Year Ended December 31,
2010
2009
2008
$
127,762
$
56,376
$
151,942
127,762
56,376
151,942
$
1.13
$
0.52
$
1.62
14,927
16,180
16,235
171,682
170,633
173,400
(7,626
)
(23,197
)
(34,336
)
(5,998
)
(5,801
)
(6,606
)
$
300,747
$
214,191
$
300,635
$
2.66
$
1.99
$
3.21
$
127,762
$
56,376
$
151,942
127,762
56,376
151,942
$
1.12
$
0.52
$
1.62
14,927
16,180
16,235
171,682
170,633
173,400
(7,626
)
(23,197
)
(34,336
)
4,436
2,114
6,669
$
311,181
$
222,106
$
313,910
$
2.65
$
1.98
$
3.20
112,924
107,550
93,615
682
452
189
113,606
108,002
93,804
3,947
4,018
4,190
117,553
112,020
97,994
(1)
Table of Contents
Table of Contents
Table of Contents
February 25, 2011
Table of Contents
February 25, 2011
Table of Contents
(IN THOUSANDS, EXCEPT SHARE AND UNIT AMOUNTS)
Table of Contents
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Year Ended December 31,
2010
2009
2008
$
522,263
$
516,538
$
503,611
224,567
222,841
221,840
746,830
739,379
725,451
155,294
148,392
147,479
85,139
85,968
83,047
52,850
51,237
54,462
173,402
169,818
168,148
466,685
455,415
453,136
280,145
283,964
272,315
10,039
11,472
13,404
1,547
2,521
(149,320
)
(148,902
)
(152,184
)
(139,281
)
(135,883
)
(136,259
)
140,864
148,081
136,056
4,616
1,687
10,572
(1,736
)
(494
)
(1,645
)
2,296
2,161
2,805
(378
)
(82,552
)
(15,700
)
145,662
53,183
147,788
7,713
25,809
32,318
153,375
78,992
180,106
(25,448
)
(23,125
)
(27,681
)
(165
)
509
(483
)
$
127,762
$
56,376
$
151,942
$
1.06
$
0.29
$
1.29
0.07
0.23
0.33
$
1.13
$
0.52
$
1.62
$
1.05
$
0.29
$
1.29
0.07
0.23
0.33
$
1.12
$
0.52
$
1.62
112,924
107,550
93,615
113,606
108,002
93,804
$
120,307
$
31,478
$
120,991
7,455
24,898
30,951
$
127,762
$
56,376
$
151,942
Table of Contents
(IN THOUSANDS)
Accumulated
Total
Noncontroll-
Noncontroll-
Noncontroll-
Common
Other
Liberty
ing interest-
ing interest-
ing Interest-
Shares of
Additional
Comprehensive
Distributions
Common
Property Trust
operating-
operating
consolidated
Beneficial
Paid-In
(Loss)
in Excess of
Shares Held
Shareholders
partnership-
partnership
joint
Interest
Capital
Income
Net Income
in Treasury
Equity
Common
Preferred
ventures
Total Equity
$
93
$
1,984,145
$
21,378
$
(116,640
)
$
(51,951
)
$
1,837,025
$
84,140
$
287,960
$
517
$
2,209,642
8
206,215
206,223
206,223
151,942
151,942
6,669
21,012
483
180,106
176
176
(221,023
)
(221,023
)
(10,131
)
(21,013
)
130
(252,037
)
9,152
9,152
9,152
(26,756
)
(26,756
)
(26,756
)
2,216
2,216
(2,216
)
101
2,201,728
(5,378
)
(185,721
)
(51,951
)
1,958,779
78,638
287,959
1,130
2,326,506
13
293,845
293,858
293,858
56,376
56,376
2,113
21,012
(509
)
78,992
(208,566
)
(208,566
)
(7,513
)
(21,012
)
(237,091
)
12,905
12,905
12,905
7,717
7,717
282
7,999
1,226
1,226
(1,226
)
114
2,509,704
2,339
(337,911
)
(51,951
)
2,122,295
72,294
287,959
621
2,483,169
2
37,414
37,416
37,416
127,762
127,762
4,436
21,012
165
153,375
(215,868
)
(215,868
)
(7,541
)
(21,012
)
(244,421
)
11,595
11,595
11,595
(2,494
)
(2,494
)
(88
)
(2,582
)
1,480
1,480
(1,480
)
$
116
$
2,560,193
$
(155
)
$
(426,017
)
$
(51,951
)
$
2,082,186
$
67,621
$
287,959
$
786
$
2,438,552
Table of Contents
(IN THOUSANDS)
Table of Contents
40 years (blended)
15 20 years
5 10 years
Term of the related lease
Table of Contents
Segment
Impairment
Amount
$
6,963
64,060
7,779
$
78,802
Table of Contents
a)
b)
c)
d)
Table of Contents
2010
2009
Weighted
Weighted
Average
Average
Income
Shares
Per
Income
Shares
Per
(Numerator)
(Denominator)
Share
(Numerator)
(Denominator)
Share
$
120,307
112,924
$
1.06
$
31,478
107,550
$
0.29
682
452
120,307
113,606
$
1.05
31,478
108,002
$
0.29
7,455
112,924
$
0.07
24,898
107,550
$
0.23
682
452
7,455
113,606
$
0.07
24,898
108,002
$
0.23
127,762
112,924
$
1.13
56,376
107,550
$
0.52
682
452
$
127,762
113,606
$
1.12
$
56,376
108,002
$
0.52
Table of Contents
2008
Weighted
Average
Income
Shares
Per
(Numerator)
(Denominator)
Share
$
120,991
93,615
$
1.29
189
120,991
93,804
$
1.29
30,951
93,615
$
0.33
189
30,951
93,804
$
0.33
151,942
93,615
$
1.62
189
$
151,942
93,804
$
1.62
Table of Contents
Table of Contents
Land
Buildings
And Land
And
Accumulated
Improvements
Improvements
Total
Depreciation
$
387,079
$
1,882,659
$
2,269,738
$
463,058
477,718
2,538,003
3,015,721
627,627
$
864,797
$
4,420,662
$
5,285,459
$
1,090,685
$
375,630
$
1,841,359
$
2,216,989
$
417,694
473,358
2,441,891
2,915,249
553,241
$
848,988
$
4,283,250
$
5,132,238
$
970,935
Number of
Leaseable
Segment
Buildings
Square Feet
Gross Proceeds
(in thousands)
2
63,925
$
5,987
2
146,800
7,216
1
39,151
5,100
1
26,660
523
1
220,000
3,190
3
181,791
7,000
10
678,327
$
29,016
Number of
Leaseable
Segment
Buildings
Square Feet
Gross Proceeds
(in thousands)
8
595,712
$
43,920
5
379,529
37,564
3
338,690
17,540
9
671,633
51,263
4
296,540
15,275
29
2,282,104
$
165,562
Table of Contents
Table of Contents
Table of Contents
December 31, 2010
Liberty
Blythe
Liberty Commerz
Venture I,
Kings Hill
Liberty
Valley JV
Liberty
1701 JFK
LP
Unit Trust
Illinois, LP
Sarl
Washington, LP
Boulevard, LP
Other
Total
$
133,443
$
183,763
$
252,140
$
202,544
$
909,485
$
493,196
$
68,614
$
2,243,185
(23,764
)
(15,861
)
(24,436
)
(14,887
)
(71,513
)
(41,733
)
(3,786
)
(195,980
)
109,679
167,902
227,704
187,657
837,972
451,463
64,828
2,047,205
2,741
42,698
36,897
2,000
21,848
106,184
11,475
6,480
13,514
12,221
55,138
49,457
28,959
177,244
$
123,895
$
174,382
$
283,916
$
236,775
$
895,110
$
500,920
$
115,635
$
2,330,633
$
75,801
$
140,859
$
140,400
$
192,132
$
347,990
$
324,000
$
53,996
$
1,275,178
2,686
41,058
5,897
67,060
34,161
10,775
10,927
172,564
45,408
(7,535
)
137,619
(22,417
)
512,959
166,145
50,712
882,891
$
123,895
$
174,382
$
283,916
$
236,775
$
895,110
$
500,920
$
115,635
$
2,330,633
$
10,600
$
3,286
$
21,959
$
2,298
$
74,345
$
34,355
$
25,073
$
171,916
December 31, 2009
Blythe
Liberty
Liberty
Commerz 1701
Liberty
Kings Hill
Liberty
Valley JV
Washington,
JFK Boulevard,
Venture I, LP
Unit Trust
Illinois, LP
Sarl
LP
LP
Other
Total
$
132,016
$
190,110
$
229,149
$
209,869
$
777,491
$
493,119
$
72,954
$
2,104,708
(19,689
)
(13,081
)
(18,409
)
(10,651
)
(50,090
)
(27,880
)
(2,204
)
(142,004
)
112,327
177,029
210,740
199,218
727,401
465,239
70,750
1,962,704
21,800
111,830
133,630
2,735
42,723
48,013
2,000
22,083
117,554
11,755
9,855
11,993
12,667
52,722
46,821
34,698
180,511
$
126,817
$
186,884
$
287,256
$
259,898
$
893,953
$
512,060
$
127,531
$
2,394,399
$
76,765
$
153,549
$
151,270
$
199,370
$
347,046
$
324,000
$
54,935
$
1,306,935
2,104
41,826
6,786
51,262
31,706
10,478
17,149
161,311
47,948
(8,491
)
129,200
9,266
515,201
177,582
55,447
926,153
$
126,817
$
186,884
$
287,256
$
259,898
$
893,953
$
512,060
$
127,531
$
2,394,399
$
11,238
$
3,198
$
19,567
$
3,383
$
73,369
$
36,461
$
28,368
$
175,584
(1)
Table of Contents
Year Ended December 31, 2010
Liberty
Liberty
Blythe
Liberty
Commerz 1701
Venture I,
Kings Hill
Liberty
Valley JV
Washington,
JFK Boulevard,
LP
Unit Trust
Illinois, LP
Sarl
LP
LP
Other
Total
$
17,089
$
15,980
$
20,160
$
13,270
$
72,824
$
61,444
$
7,276
$
208,043
7,352
2,471
7,782
3,401
25,614
21,417
1,271
69,308
9,737
13,509
12,378
9,869
47,210
40,027
6,005
138,735
(5,879
)
(3,078
)
(7,966
)
(14,783
)
(20,486
)
(20,445
)
(3,485
)
(76,122
)
(5,099
)
(4,197
)
(7,051
)
(5,315
)
(29,132
)
(15,479
)
(1,979
)
(68,252
)
11
(564
)
(48
)
(289
)
165
(781
)
20
(1,486
)
$
(1,230
)
$
5,670
$
(2,687
)
$
(10,518
)
$
(2,243
)
$
3,322
$
561
$
(7,125
)
$
(107
)
$
1,317
$
(174
)
$
(1,980
)
$
1,624
$
1,157
$
459
$
2,296
Year Ended December 31, 2009
Liberty
Liberty
Blythe
Liberty
Commerz 1701
Venture I,
Kings Hill
Liberty
Valley JV
Washington,
JFK Boulevard,
LP
Unit Trust
Illinois, LP
Sarl
LP
LP
Other
Total
$
18,407
$
16,197
$
22,191
$
13,325
$
74,850
$
61,094
$
4,928
$
210,992
6,559
2,649
8,350
6,120
26,159
21,170
2,435
73,442
11,848
13,548
13,841
7,205
48,691
39,924
2,493
137,550
(4,992
)
(7,674
)
(7,469
)
(13,084
)
(17,086
)
(20,455
)
(2,915
)
(73,675
)
(4,255
)
(4,559
)
(7,117
)
(5,576
)
(30,727
)
(15,498
)
(1,594
)
(69,326
)
131
(602
)
(50
)
(175
)
280
(378
)
156
(638
)
(39,380
)
(39,380
)
$
2,732
$
713
$
(795
)
$
(11,630
)
$
(38,222
)
$
3,593
$
(1,860
)
$
(45,469
)
$
905
$
334
$
181
$
(1,318
)
$
1,649
$
1,241
$
(831
)
$
2,161
Table of Contents
Year Ended December 31, 2008
Liberty
Liberty
Blythe
Liberty
Commerz 1701
Venture I,
Kings Hill
Liberty
Valley JV
Washington,
JFK Boulevard,
LP
Unit Trust
Illinois, LP
Sarl
LP
LP
Other
Total
$
19,075
$
18,057
$
22,811
$
15,386
$
76,552
$
43,607
$
3,056
$
198,544
7,074
2,490
7,003
2,377
24,440
15,080
709
59,173
12,001
15,567
15,808
13,009
52,112
28,527
2,347
139,371
(4,522
)
(9,900
)
(7,833
)
(14,253
)
(17,670
)
(15,454
)
(2,057
)
(71,689
)
(4,162
)
(5,272
)
(7,378
)
(5,911
)
(34,951
)
(10,941
)
(862
)
(69,477
)
2,473
(924
)
195
(467
)
722
191
(96
)
2,094
(3
)
102
99
$
5,787
$
(529
)
$
792
$
(7,622
)
$
213
$
2,323
$
(566
)
$
398
$
1,645
$
167
$
549
$
(1,370
)
$
1,288
$
685
$
(159
)
$
2,805
December 31,
2010
2009
$
194,290
$
174,693
42,190
40,952
26,778
27,054
263,258
242,699
(121,794
)
(108,390
)
$
141,464
$
134,309
Table of Contents
Weighted
Mortgages
Average
Principal
Principal
Unsecured
Credit
Interest
Amortization
Maturities
Notes
Facility
Total
Rate
$
6,207
$
$
246,500
$
$
252,707
7.22
%
5,070
53,629
(1)
230,100
288,799
6.27
%
4,582
4,510
9,092
5.73
%
4,965
2,684
200,000
207,649
5.66
%
4,511
44,469
316,000
364,980
5.17
%
3,068
182,318
300,000
485,386
6.10
%
2,317
2,349
296,543
301,209
6.61
%
100,000
100,000
7.50
%
0.00
%
350,000
350,000
4.75
%
$
30,720
$
289,959
$
2,039,143
$
$
2,359,822
5.98
%
(1)
Table of Contents
$
494,328
446,437
389,111
321,221
256,225
817,299
$
2,724,621
Table of Contents
2010
2009
2008
$
1.4812
$
1.6772
$
2.0186
0.3422
0.0976
0.0664
0.0128
0.1252
0.0728
0.4060
$
1.9000
$
1.9000
$
2.500
Date of
Liquidation
Dividend
Redeemable
Issue
Issue
Amount
Units
Preference
Rate
As of
Exchangeable after
(in 000s)
Series B
$
95,000
3,800
$
25
7.45
%
8/31/09
8/31/13 into Series B Cumulative Redeemable Preferred Shares of the Trust
Series E
$
20,000
400
$
50
7.00
%
6/16/10
6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust
Series F
$
50,000
1,000
$
50
6.65
%
6/30/10
12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust
Series G
$
27,000
540
$
50
6.70
%
12/15/11
12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust
Series H
$
100,000
4,000
$
25
7.40
%
8/21/12
8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust
Table of Contents
2010
2009
2008
$
21.0
$
21.0
$
21.0
$
1.86
$
1.86
$
1.86
$
3.50
$
3.50
$
3.50
$
3.33
$
3.33
$
3.33
$
3.35
$
3.35
$
3.35
$
1.85
$
1.85
$
1.85
Table of Contents
Year Ended December 31,
2010
2009
2008
2.3
%
1.6
%
2.7
%
7.6
%
8.5
%
7.0
%
0.357
0.325
0.221
5 years
5 years
5 years
Weighted
Average
Options
Exercise
(000s)
Price
3,184
$
32.61
462
32.54
(314
)
28.06
(9
)
22.69
3,323
$
33.06
2,066
$
35.87
Table of Contents
Weighted Avg.
Shares
Grant Date
(000s)
Fair value
596
$
27.94
259
32.65
(124
)
31.35
(2
)
26.96
729
$
29.03
Table of Contents
Year
Amount
$
290
294
297
294
291
10,285
$
11,751
Table of Contents
Quarter Ended
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
2010
2010
2010
2010
2009
2009
2009
2009
$
185,892
$
188,521
$
184,274
$
188,143
$
186,339
$
186,069
$
182,798
$
184,173
35,213
40,226
37,389
32,834
(57,866
)
40,318
38,338
32,393
1,320
780
2,625
2,988
9,060
10,426
4,874
1,449
36,533
41,006
40,014
35,822
(48,806
)
50,744
43,212
33,842
0.27
0.31
0.30
0.26
(0.46
)
0.39
0.35
0.28
0.26
0.30
0.29
0.26
(0.46
)
0.39
0.35
0.28
(1)
Reportable Segments
Markets
Southeastern PA; Lehigh/Central PA; New Jersey
Minnesota; Milwaukee; Chicago
Maryland; Carolinas; Richmond; Virginia Beach
Jacksonville; Orlando; Boca Raton; Tampa; Texas; Arizona
Philadelphia; Northern Virginia/Washington, D.C.
County of Kent; West Midlands
Table of Contents
Northeast
Lehigh/
phila-
Southeastern
Central
New
delphia
/
united
PA
PA
Jersey
Midwest
mid-atlantic
South
D.C.
kingdom
total
$
181,048
$
103,651
$
31,957
$
78,294
$
134,778
$
184,280
$
28,611
$
4,211
$
746,830
59,476
26,620
13,624
30,658
41,745
60,315
7,063
932
240,433
$
121,572
$
77,031
$
18,333
$
47,636
$
93,033
$
123,965
$
21,548
$
3,279
506,397
10,039
(149,320
)
(52,850
)
(173,402
)
140,864
4,616
(1,736
)
2,296
(378
)
7,713
$
153,375
Northeast
phila-
Southeastern
Lehigh/
New
delphia /
united
PA
Central PA
Jersey
Midwest
mid-atlantic
South
D.C.
kingdom
total
$
183,057
$
99,046
$
30,436
$
82,816
$
136,308
$
181,252
$
22,061
$
4,403
$
739,379
58,979
26,807
12,309
31,631
40,245
58,241
5,213
935
234,360
$
124,078
$
72,239
$
18,127
$
51,185
$
96,063
$
123,011
$
16,848
$
3,468
505,019
11,472
1,547
(148,902
)
(51,237
)
(169,818
)
148,081
1,687
(494
)
2,161
(82,552
)
(15,700
)
25,809
$
78,992
Table of Contents
Northeast
phila-
Southeastern
Lehigh/
New
delphia /
united
PA
Central PA
Jersey
Midwest
mid-atlantic
South
D.C.
kingdom
total
$
175,362
$
94,176
$
31,851
$
81,513
$
139,175
$
169,610
$
29,425
$
4,339
$
725,451
56,810
25,320
12,443
29,817
40,885
56,416
7,791
1,044
230,526
$
118,552
$
68,856
$
19,408
$
51,696
$
98,290
$
113,194
$
21,634
$
3,295
494,925
13,404
2,521
(152,184
)
(54,462
)
(168,148
)
136,056
10,572
(1,645
)
2,805
32,318
$
180,106
Northeast
phila-
Year ended
Southeastern
Lehigh/
New
mid-
delphia /
united
December 31, 2010
PA
Central PA
Jersey
Midwest
atlantic
South
D.C.
kingdom
total
$
30,177
$
91,692
$
9,566
$
30,258
$
53,963
$
77,113
$
7,588
$
1,263
$
301,620
150,871
11,959
22,391
48,036
80,815
107,167
21,023
2,948
445,210
$
181,048
$
103,651
$
31,957
$
78,294
$
134,778
$
184,280
$
28,611
$
4,211
$
746,830
Northeast
phila-
Year ended
Southeastern
Lehigh/
New
mid-
delphia /
united
December 31, 2009
PA
Central PA
Jersey
Midwest
atlantic
South
D.C.
kingdom
total
$
31,285
$
86,399
$
9,665
$
34,730
$
52,662
$
78,052
$
3,472
$
1,294
$
297,559
151,772
12,647
20,771
48,086
83,646
103,200
18,589
3,109
441,820
$
183,057
$
99,046
$
30,436
$
82,816
$
136,308
$
181,252
$
22,061
$
4,403
$
739,379
Table of Contents
Northeast
phila-
Year ended
Southeastern
Lehigh/
New
mid-
delphia /
united
December 31, 2008
PA
Central PA
Jersey
Midwest
atlantic
South
D.C.
kingdom
total
$
32,164
$
81,242
$
9,745
$
33,981
$
51,768
$
75,419
$
2,232
$
1,486
$
288,037
143,198
12,934
22,106
47,532
87,407
94,191
27,193
2,853
437,414
$
175,362
$
94,176
$
31,851
$
81,513
$
139,175
$
169,610
$
29,425
$
4,339
$
725,451
Northeast
Phila-
United
Southeastern
Lehigh/
Delphia /
Kingdom
PA
Central PA
New Jersey
Midwest
Mid-Atlantic
South
D.C.
(1)
Total
$
1,079,790
$
808,776
$
165,426
$
531,234
$
1,010,119
$
1,347,742
$
146,650
$
42,501
$
5,132,238
15,941
26,367
5,121
9,354
24,956
93,701
22,722
(1,482
)
196,680
(11,324
)
(3,487
)
(5,125
)
(2,670
)
(9,217
)
(11,415
)
(221
)
(43,459
)
$
1,084,407
$
831,656
$
165,422
$
537,918
$
1,025,858
$
1,430,028
$
169,151
$
41,019
5,285,459
(1,090,685
)
209,253
658,806
$
5,062,833
Northeast
phila-
United
Southeastern
Lehigh/
Delphia /
Kingdom
PA
Central PA
New Jersey
Midwest
Mid-Atlantic
South
D.C.
(1)
Total
$
1,072,652
$
714,514
$
179,614
$
529,439
$
966,730
$
1,265,379
$
110,380
$
38,413
$
4,877,121
10,976
99,233
3,754
11,440
63,173
96,330
36,299
4,088
325,293
(3,838
)
(4,971
)
(17,942
)
(9,645
)
(19,784
)
(13,967
)
(29
)
(70,176
)
$
1,079,790
$
808,776
$
165,426
$
531,234
$
1,010,119
$
1,347,742
$
146,650
$
42,501
5,132,238
(970,935
)
66,714
218,633
5,564
776,729
$
5,228,943
(1)
Table of Contents
Year Ended December 31,
2010
2009
2008
$
3,283
$
20,400
$
36,468
(1,446
)
(6,130
)
(13,873
)
(384
)
(2,862
)
(5,694
)
(597
)
(3,458
)
(8,102
)
$
856
$
7,950
$
8,799
Year Ended December 31,
Segment
2010
2009
2008
$
(52
)(1)
$
1,251
$
957
511
837
1,490
(239
)(1)
3,992
629
360
292
377
3,137
$
957
$
9,509
$
3,076
(1)
Table of Contents
2010
2009
2008
$
48,373
$
76,714
$
31,421
2,833
(35,172
)
173,624
12,526
7,854
6,580
38,486
(152,960
)
(50,938
)
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Aberdeen, MD
$
$
5,813,324
$
18,874,059
$
4,470,131
$
5,816,839
$
23,340,674
$
29,157,514
$
2,506,553
2005
40 yrs.
Allentown, PA
101,159
1,354,683
107,307
1,348,535
1,455,842
877,850
1980
40 yrs.
Allentown, PA
137,439
1,331,299
138,127
1,330,610
1,468,738
932,036
1981
40 yrs.
Allentown, PA
717,488
5,022,413
2,864,910
726,651
7,878,160
8,604,810
3,526,473
1976
40 yrs.
Allentown, PA
1,187,776
6,722,946
1,197,447
6,713,275
7,910,723
2,468,308
1996
40 yrs.
Allentown, PA
18,970,828
8,065,500
27,420,765
8,184,096
27,302,169
35,486,265
10,636,515
1997
40 yrs.
Allentown, PA
2,670,849
13,307,408
3,905,038
2,670,673
17,212,622
19,883,295
5,465,956
1988
40 yrs.
Allentown, PA
*
3,473,120
20,069,956
4,174,970
19,368,105
23,543,076
6,840,477
1998
40 yrs.
Allentown, PA
269,614
844,069
168,845
269,614
1,012,914
1,282,528
338,583
1989
40 yrs.
Allentown, PA
462,964
1,449,009
261,433
463,123
1,710,283
2,173,406
593,898
1989
40 yrs.
Allentown, PA
489,749
1,658,091
305,327
489,749
1,963,418
2,453,167
680,356
1998
40 yrs.
Allentown, PA
1,147,541
6,088,041
1,183,790
1,147,541
7,271,832
8,419,373
2,769,825
1985
40 yrs.
Allentown, PA
*
4,019,258
9,764,666
3,645,117
10,138,806
13,783,924
3,604,517
1999
40 yrs.
Allentown, PA
*
10,594,027
27,314,822
10,596,767
27,312,082
37,908,849
4,358,201
2001
40 yrs.
Allentown, PA
4,308,646
17,823,342
4,308,646
17,823,342
22,131,987
4,509,238
2000
40 yrs.
Allentown, PA
2,564,167
8,583,521
2,571,466
8,576,222
11,147,688
2,094,455
2002
40 yrs.
Allentown, PA
*
1,025,667
5,339,264
1,035,854
5,329,076
6,364,931
1,261,154
2002
40 yrs.
Allentown, PA
*
5,208,248
31,373,290
9,961,788
26,619,750
36,581,539
5,431,788
2002
40 yrs.
Allentown, PA
*
792,999
4,533,868
804,848
4,522,019
5,326,867
1,160,038
2002
40 yrs.
Allentown, PA
4,722,683
18,922,645
439,944
4,722,683
19,362,589
24,085,272
3,051,609
2004
40 yrs.
Allentown, PA
3,599,936
12,099,145
2,338,593
3,717,733
14,319,942
18,037,675
2,408,923
2004
40 yrs.
Allentown, PA
6,725,948
27,128,012
7,521,211
26,332,749
33,853,961
3,025,564
2005
40 yrs.
Allentown, PA
458,281
2,805,110
458,945
2,804,447
3,263,391
1,544,292
1989
40 yrs.
Allentown, PA
540,795
3,195,210
541,459
3,194,547
3,736,005
1,551,623
1990
40 yrs.
Allentown, PA
707,203
2,650,618
707,867
2,649,954
3,357,821
1,389,177
1990
40 yrs.
Allentown, PA
*
360,027
3,989,956
560,691
3,789,292
4,349,983
1,745,243
1989
40 yrs.
Allentown, PA
531,268
4,731,901
532,047
4,731,122
5,263,169
2,699,255
1988
40 yrs.
Allentown, PA
388,328
3,388,842
389,081
3,388,089
3,777,170
1,855,845
1988
40 yrs.
Allentown, PA
422,042
3,909,892
422,730
3,909,205
4,331,934
2,236,361
1988
40 yrs.
Allentown, PA
143,500
2,251,823
144,248
2,251,075
2,395,323
1,280,943
1987
40 yrs.
Allentown, PA
138,816
1,851,766
139,480
1,851,102
1,990,582
1,077,744
1985
40 yrs.
Allentown, PA
141,069
876,165
141,746
875,488
1,017,234
537,148
1985
40 yrs.
Allentown, PA
98,986
1,310,686
98,986
1,310,686
1,409,672
771,080
1979
40 yrs.
Allentown, PA
128,454
1,918,272
129,142
1,917,583
2,046,726
1,383,382
1987
40 yrs.
Allentown, PA
103,665
1,346,983
104,453
1,346,196
1,450,648
731,272
1981
40 yrs.
Allentown, PA
162,115
1,731,885
410,146
163,735
2,140,411
2,304,146
951,499
1986
40 yrs.
Allentown, PA
118,521
1,435,479
518,471
119,711
1,952,760
2,072,471
799,236
1986
40 yrs.
Allentown, PA
453,315
1,673,590
484,361
1,642,544
2,126,905
711,038
1996
40 yrs.
Allentown, PA
213,599
1,095,217
357,991
213,879
1,452,928
1,666,807
496,534
1990
40 yrs.
Allentown, PA
1,091,806
3,851,456
228,320
1,093,724
4,077,858
5,171,582
1,566,110
1990
40 yrs.
Annapolis, MD
3,670,256
22,959,664
3,752,293
22,877,627
26,629,920
11,262,597
1988
40 yrs.
Belcamp, MD
299,600
1,818,861
712,787
299,600
2,531,649
2,831,249
724,193
1985
40 yrs.
Bethlehem, PA
670,290
3,230,418
545,172
3,355,536
3,900,708
1,206,845
1997
40 yrs.
Bethlehem, PA
359,000
3,882,696
190,728
4,050,968
4,241,696
1,369,909
1996
40 yrs.
Bethlehem, PA
359,000
1,974,113
188,896
2,144,217
2,333,113
805,475
1997
40 yrs.
Bethlehem, PA
359,000
2,378,710
188,721
2,548,988
2,737,710
868,984
1998
40 yrs.
Bethlehem, PA
143,661
888,128
406,994
212,744
1,226,039
1,438,783
487,499
1989
40 yrs.
Bethlehem, PA
236,708
987,949
178,233
237,078
1,165,813
1,402,890
416,529
1989
40 yrs.
Bethlehem, PA
253,886
1,062,881
244,820
253,886
1,307,701
1,561,587
509,901
1989
40 yrs.
Bethlehem, PA
320,000
1,819,815
367,706
1,772,109
2,139,815
715,996
1998
40 yrs.
Bethlehem, PA
475,686
8,447,080
804,104
8,118,662
8,922,766
2,225,827
1999
40 yrs.
Bethlehem, PA
1,096,127
14,010,142
1,099,079
14,007,191
15,106,269
4,337,979
2002
40 yrs.
Bethlehem, PA
729,751
11,450,461
1,766,196
10,414,016
12,180,212
3,067,269
2000
40 yrs.
Bethlehem, PA
434,640
5,061,217
435,303
5,060,554
5,495,857
2,536,011
1990
40 yrs.
Bethlehem, PA
196,954
4,234,073
197,700
4,233,327
4,431,027
2,047,359
1988
40 yrs.
Bethlehem, PA
240,069
4,596,781
240,732
4,596,118
4,836,850
2,513,686
1988
40 yrs.
Bethlehem, PA
312,209
3,744,301
312,873
3,743,636
4,056,510
1,990,833
1988
40 yrs.
Bethlehem, PA
211,747
3,002,234
212,492
3,001,489
3,213,981
1,625,362
1988
40 yrs.
Bethlehem, PA
390,839
2,701,161
645,206
395,459
3,341,747
3,737,206
1,470,232
1986
40 yrs.
Bloomington, MN
2,263,060
39,300,906
2,310,246
39,253,720
41,563,966
12,053,222
1998
40 yrs.
Bloomington, MN
740,378
3,311,602
1,545,672
709,961
4,887,690
5,597,651
1,196,645
1992
40 yrs.
Bloomington, MN
784,577
3,538,021
786,382
3,536,216
4,322,598
934,358
2001
40 yrs.
Bloomington, MN
2,052,018
3,849,649
1,657,571
2,060,644
5,498,593
7,559,238
1,485,015
2002
40 yrs.
Bloomington, MN
1,263,226
2,360,782
2,021,057
1,264,758
4,380,307
5,645,065
921,844
2002
40 yrs.
Bloomington, MN
1,263,226
2,360,782
1,027,173
1,264,758
3,386,423
4,651,181
811,901
2002
40 yrs.
Bloomington, MN
2,113,223
5,520,730
2,148,571
5,485,383
7,633,953
817,941
2001
40 yrs.
Boca Raton, FL
1,430,884
3,043,553
1,370,725
1,430,937
4,414,225
5,845,162
1,454,028
1985
40 yrs.
Boca Raton, FL
1,426,251
6,098,952
1,788,361
1,426,251
7,887,313
9,313,564
2,702,850
1986
40 yrs.
Boca Raton, FL
4,101,247
16,077,347
5,703,158
4,501,247
21,380,506
25,881,752
6,878,070
1987
40 yrs.
Boca Raton, FL
1,065,068
4,481,644
261,265
1,065,068
4,742,909
5,807,977
1,513,549
1986
40 yrs.
Boca Raton, FL
2,430,000
21,130,343
2,473,406
21,086,937
23,560,343
814,808
2007
40 yrs.
Breinigsville, PA
13,408,721
2,865,575
10,543,146
13,408,721
1,685,899
2003
40 yrs.
Breinigsville, PA
8,118,881
18,885,486
7,247,724
8,118,881
26,133,210
34,252,091
3,771,051
2004
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Breinigsville, PA
*
2,089,719
8,328,910
2,222,168
8,196,461
10,418,629
937,164
2006
40 yrs.
Breinigsville, PA
8,752,708
39,837,821
11,511,499
37,079,030
48,590,529
2,150,385
2007
40 yrs.
Bridgeport, NJ
524,728
2,240,478
7,650
524,728
2,248,128
2,772,856
715,965
1996
40 yrs.
Brookfield, WI
577,067
5,197,903
3,893,747
577,067
9,091,650
9,668,717
2,867,338
1984
40 yrs.
Brookfield, WI
1,289,204
8,128,035
1,578,366
1,306,811
9,688,794
10,995,605
2,308,621
1994
40 yrs.
Brookfield, WI
4,625,546
830,008
12,276,445
781,307
830,999
13,056,761
13,887,759
1,936,272
2005
40 yrs.
Brookfield, WI
3,994,886
1,023,466
10,754,207
1,006,557
1,025,082
11,759,147
12,784,229
1,893,532
2005
40 yrs.
Brookfield, WI
3,442,913
571,389
10,242,091
747,638
572,158
10,988,960
11,561,118
1,762,943
2005
40 yrs.
Brookfield, WI
4,485,150
675,422
8,947,430
1,169,451
678,637
10,113,666
10,792,303
1,837,207
2005
40 yrs.
Brookfield, WI
644,563
3,578,596
326,963
646,518
3,903,605
4,550,122
567,573
2006
40 yrs.
Carlisle, PA
4,249,868
13,886,039
2,241,825
4,095,262
16,282,471
20,377,733
2,728,243
2004
40 yrs.
Center Valley, PA
738,108
7,113,377
794,874
7,056,611
7,851,485
1,887,538
2001
40 yrs.
Chambersburg, PA
8,695,501
29,151,481
9,407,871
28,439,111
37,846,982
1,565,316
2006
40 yrs.
Charlotte, NC
475,368
2,367,586
54,921
475,368
2,422,507
2,897,874
2010
40 yrs.
Cheaspeake, VA
926,125
5,098,066
955,374
5,068,817
6,024,191
1,247,356
2001
40 yrs.
Chesapeake, VA
861,020
4,720,263
1,129,850
4,451,432
5,581,282
981,750
2002
40 yrs.
Chesapeake, VA
1,180,036
4,629,615
1,708,050
4,101,602
5,809,652
998,791
2002
40 yrs.
Chesapeake, VA
864,150
4,427,285
443,733
866,609
4,868,559
5,735,168
798,187
2004
40 yrs.
Chesapeake, VA
6,174,904
1,950,375
7,236,994
535,346
1,951,135
7,771,580
9,722,715
1,662,280
2004
40 yrs.
Chesapeake, VA
1,202,556
5,975,538
1,327,494
1,292,273
7,213,315
8,505,588
1,104,650
2005
40 yrs.
Chesapeake, VA
1,292,062
6,456,515
1,276,589
1,292,254
7,732,911
9,025,165
1,267,010
2005
40 yrs.
Chesapeake, VA
2,012,149
7,546,882
966,737
2,014,689
8,511,079
10,525,768
1,414,566
2005
40 yrs.
Chesapeake, VA
6,188,658
997,570
5,191,088
6,188,658
714,193
2005
40 yrs.
Chesapeake, VA
1,527,303
10,407,802
1,562,903
10,372,202
11,935,105
375,890
2006
40 yrs.
Colombia, MD
3,004,075
7,861,770
2,746,455
8,119,390
10,865,845
1,389,396
2004
40 yrs.
Columbia, MD
758,951
4,384,691
765,952
4,377,690
5,143,642
2,390,462
1984
40 yrs.
Columbia, MD
900,154
5,765,879
920,439
5,745,594
6,666,033
3,551,308
1983
40 yrs.
Columbia, MD
1,569,237
4,786,887
1,557,193
1,571,105
6,342,212
7,913,317
3,034,765
1987
40 yrs.
Columbia, MD
341,663
3,033,309
1,876,157
341,663
4,909,466
5,251,129
1,668,493
1986
40 yrs.
Columbia, MD
218,542
1,940,636
669,179
218,542
2,609,815
2,828,356
856,165
1986
40 yrs.
Columbia, MD
243,791
2,164,094
360,288
243,791
2,524,382
2,768,173
841,490
1986
40 yrs.
Columbia, MD
266,684
2,366,901
909,725
266,684
3,276,626
3,543,310
1,022,270
1986
40 yrs.
Columbia, MD
299,099
2,654,069
693,028
299,099
3,347,097
3,646,197
1,085,979
1988
40 yrs.
Columbia, MD
237,779
2,110,835
953,352
237,779
3,064,187
3,301,966
975,651
1988
40 yrs.
Columbia, MD
296,262
2,628,933
582,878
296,262
3,211,811
3,508,073
1,075,810
1986
40 yrs.
Columbia, MD
2,428,795
7,493,740
2,143,378
2,427,065
9,638,848
12,065,913
3,071,202
1986
40 yrs.
Columbia, MD
958,105
3,617,338
1,295,000
3,280,443
4,575,443
822,262
2002
40 yrs.
Columbia, MD
958,105
3,716,920
1,295,000
3,380,026
4,675,026
854,267
2002
40 yrs.
Columbia, MD
958,105
3,936,052
1,307,300
3,586,857
4,894,157
1,107,901
2002
40 yrs.
Columbia, MD
958,105
3,938,014
1,599,259
3,296,861
4,896,120
585,317
2000
40 yrs.
Columbia, MD
3,917,094
14,959,075
3,142,376
3,922,382
18,096,163
22,018,545
3,483,259
2006
40 yrs.
Columbis, MD
3,865,848
7,741,067
3,166,951
8,439,964
11,606,915
893,106
2006
40 yrs.
Deer Park, TX
2,887,908
829,570
4,778,327
47,398
831,611
4,823,685
5,655,296
537,788
2006
40 yrs.
Duncan, SC
598,348
3,643,756
126,879
598,918
3,770,065
4,368,983
556,253
2006
40 yrs.
Duncan, SC
551,663
3,310,993
209,022
552,211
3,519,466
4,071,678
493,195
2006
40 yrs.
Duncan, SC
901,444
5,751,389
18,391
902,374
5,768,850
6,671,224
940,104
2006
40 yrs.
Duncan, SC
975,433
5,851,990
318,001
976,393
6,169,031
7,145,424
718,293
2006
40 yrs.
Eagan, MN
1,131,017
3,366,266
1,103,860
3,393,423
4,497,283
1,019,172
1998
40 yrs.
Eden Prairie, MN
462,876
4,151,790
960,674
462,876
5,112,465
5,575,340
1,578,052
1988
40 yrs.
Eden Prairie, MN
568,706
5,115,177
2,094,867
1,289,215
6,489,535
7,778,750
2,282,668
1988
40 yrs.
Eden Prairie, MN
195,982
1,762,027
1,066,844
768,344
2,256,509
3,024,853
669,661
1987
40 yrs.
Eden Prairie, MN
120,622
1,085,226
407,233
118,300
1,494,781
1,613,081
498,869
1984
40 yrs.
Eden Prairie, MN
145,198
1,305,700
253,930
142,399
1,562,429
1,704,828
468,136
1984
40 yrs.
Eden Prairie, MN
110,746
995,868
279,138
108,610
1,277,142
1,385,752
434,055
1984
40 yrs.
Eden Prairie, MN
275,903
2,481,666
480,014
270,584
2,966,999
3,237,582
1,098,940
1985
40 yrs.
Eden Prairie, MN
291,077
2,618,194
391,586
285,464
3,015,393
3,300,857
1,115,447
1985
40 yrs.
Eden Prairie, MN
269,618
2,423,318
807,298
264,419
3,235,815
3,500,235
1,151,828
1985
40 yrs.
Eden Prairie, MN
343,093
3,085,795
928,780
336,481
4,021,187
4,357,668
1,267,456
1985
40 yrs.
Eden Prairie, MN
2,912,391
22,099,352
2,938,372
22,073,370
25,011,743
7,401,528
1999
40 yrs.
Eden Prairie, MN
4,500,641
2,987,320
1,916,609
5,571,353
7,487,962
693,360
2006
40 yrs.
Eden Prairie, MN
760,525
3,254,758
623,355
760,525
3,878,113
4,638,638
1,490,532
1997
40 yrs.
Eden Prairie, MN
2,188,525
3,788,762
128,371
2,188,525
3,917,133
6,105,657
1,245,568
1993
40 yrs.
Eden Prairie, MN
1,229,862
4,075,167
1,980,136
1,230,965
6,054,200
7,285,165
1,951,366
1994
40 yrs.
Eden Prairie, MN
1,956,273
4,822,802
1,956,273
4,822,802
6,779,075
1,592,158
1999
40 yrs.
Eden Prairie, MN
1,450,000
3,575,107
1,450,000
3,575,107
5,025,107
1,122,027
2000
40 yrs.
Eden Prairie, MN
993,101
2,136,862
1,145,948
993,101
3,282,810
4,275,911
1,029,470
2000
40 yrs.
Eden Prairie, MN
1,325,829
4,191,274
1,739,966
3,777,137
5,517,103
973,945
2001
40 yrs.
Eden Prairie, MN
1,011,517
8,510,179
3,000,555
6,521,141
9,521,696
1,891,508
2001
40 yrs.
Eden Prairie, MN
1,087,594
3,664,053
2,055,296
2,696,352
4,751,648
761,228
2001
40 yrs.
Eden Prairie, MN
916,687
3,782,331
1,718,407
2,980,611
4,699,018
712,167
2000
40 yrs.
Eden Prairie, MN
1,400,925
5,226,016
1,599,757
5,027,185
6,626,941
837,201
2000
40 yrs.
Eden Prairie, MN
10,232,831
10,855,851
53,337
10,243,977
10,898,042
21,142,019
1,045,470
2007
40 yrs.
Elkridge, MD
1,897,044
6,154,082
3,023,417
5,027,709
8,051,126
(245,874
)
2006
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Exton, PA
4,912,627
2,647,861
11,334,403
2,113,356
2,649,426
13,446,194
16,095,620
1,715,054
2007
40 yrs.
Fogelville, PA
520,473
959,279
157,281
524,390
1,112,644
1,637,033
305,730
1982
40 yrs.
Fort Washington, PA
2,766,931
8,290,952
2,826,994
8,230,889
11,057,884
1,043,789
2005
40 yrs.
Fort Washington, PA
1,267,194
2,217,460
329,544
1,267,937
2,546,260
3,814,197
411,754
2004
40 yrs.
Fort Washington, PA
1,775,894
2,160,855
7,453,925
1,790,041
9,600,633
11,390,674
838,469
2005
40 yrs.
Fort Washington, PA
1,639,166
1,928,574
447,001
1,650,703
2,364,038
4,014,741
367,824
2005
40 yrs.
Fort Washington, PA
35,619,946
51,390,540
15,920,254
36,374,955
66,555,784
102,930,739
7,272,746
2006
40 yrs.
Fountain Inn, SC
201,944
5,133,389
684,003
4,651,330
5,335,333
591,074
2005
40 yrs.
Fredericksburg, VA
475,262
3,917,234
214,221
475,262
4,131,454
4,606,716
1,604,227
1995
40 yrs.
Ft Lauderdale, FL
3,414,989
2,399,738
9,612,936
3,414,989
12,012,675
15,427,663
2,215,114
2003
40 yrs.
Ft. Lauderdale, FL
603,776
4,176,238
1,188,682
625,111
5,343,586
5,968,696
1,950,986
1985
40 yrs.
Glen Allen, VA
743,898
4,499,807
3,060,575
743,898
7,560,382
8,304,280
2,513,321
1995
40 yrs.
Glen Allen, VA
770,214
3,685,248
241,155
771,029
3,925,588
4,696,617
1,463,680
1990
40 yrs.
Glen Allen, VA
443,485
3,199,335
483,263
3,159,557
3,642,820
1,077,363
1999
40 yrs.
Glen Allen, VA
1,072,896
10,561,112
1,075,620
10,558,388
11,634,008
3,773,270
1998
40 yrs.
Glen Allen, VA
670,292
3,839,245
960,055
670,292
4,799,300
5,469,591
1,558,839
1984
40 yrs.
Glen Allen, VA
1,010,024
7,151,729
1,428,858
1,010,044
8,580,567
9,590,611
3,022,299
1990
40 yrs.
Glen Allen, VA
1,083,006
6,035,653
754,889
1,083,006
6,790,542
7,873,548
1,208,027
2004
40 yrs.
Greenville, SC
512,911
6,273,615
515,542
6,270,984
6,786,525
1,105,261
2003
40 yrs.
Greenville, SC
818,114
3,545,588
825,529
3,538,173
4,363,702
291,245
2006
40 yrs.
Greenville, SC
1,547,811
13,779,580
3,712,683
11,614,708
15,327,391
707,040
2006
40 yrs.
Greenville, SC
17,091,882
4,405
17,096,287
17,096,287
1,721,813
2007
40 yrs.
Greer, SC
464,237
5,631,587
1,301,738
4,794,086
6,095,824
232,720
2007
40 yrs.
Hagerstown, MD
3,356,207
30,555,755
9,741,685
24,170,277
33,911,962
1,082,575
2008
40 yrs.
Hampton, VA
974,675
5,579,869
1,430,422
974,675
7,010,291
7,984,966
2,256,731
1987
40 yrs.
Hampton, VA
1,097,368
6,760,778
1,149,934
1,097,368
7,910,712
9,008,080
2,531,828
1990
40 yrs.
Hampton, VA
207,368
1,535,913
212,694
1,530,586
1,743,281
487,934
1999
40 yrs.
Hampton, VA
1,650,423
7,819,255
1,128,829
8,340,849
9,469,678
1,060,866
2006
40 yrs.
Hampton, VA
263,668
8,167,118
640,550
265,719
8,805,617
9,071,336
2,253,821
1999
40 yrs.
Hampton, VA
750,769
2,911,149
369,221
710,486
3,320,652
4,031,139
650,590
2003
40 yrs.
Hanover, MD
1,104,359
1,959,671
25,658
1,104,359
1,985,329
3,089,688
594,468
1983
40 yrs.
Hanover, MD
2,245,187
9,353,170
3,822,710
7,775,647
11,598,357
345,579
2004
40 yrs.
Harrisburg, PA
7,743,800
28,367,702
9,368,557
26,742,945
36,111,502
3,446,033
2005
40 yrs.
Harrisburg, PA
*
5,194,872
19,991,436
4,518,658
5,687,013
24,017,953
29,704,966
4,595,442
2005
40 yrs.
High Point , NC
143,699
2,109,626
373,502
1,879,822
2,253,325
665,989
1999
40 yrs.
High Point , NC
121,329
1,620,276
315,614
1,425,991
1,741,605
442,317
1999
40 yrs.
High Point , NC
801,902
20,677,603
2,042,159
19,437,347
21,479,505
6,672,869
1998
40 yrs.
High Point, NC
234,564
3,393,949
235,698
3,392,816
3,628,513
1,449,631
1988
40 yrs.
High Point, NC
319,289
2,466,168
320,450
2,465,007
2,785,457
1,255,878
1989
40 yrs.
High Point, NC
230,622
2,111,872
231,692
2,110,803
2,342,494
1,068,491
1989
40 yrs.
High Point, NC
182,810
2,376,534
183,888
2,375,456
2,559,344
1,129,562
1989
40 yrs.
High Point, NC
3,314,214
521,122
7,328,753
825,092
7,024,783
7,849,875
4,317,782
1995
40 yrs.
High Point, NC
484,001
2,656,217
173,623
2,966,595
3,140,218
1,260,185
1996
40 yrs.
High Point, NC
592,885
4,825,615
669,468
597,368
5,490,600
6,087,969
2,180,600
1989
40 yrs.
High Point, NC
282,996
2,033,400
283,368
2,033,028
2,316,396
799,262
1997
40 yrs.
High Point, NC
143,661
1,057,225
132,655
1,068,231
1,200,886
382,264
1997
40 yrs.
High Point, NC
285,882
3,037,383
545,627
2,777,638
3,323,265
880,113
1998
40 yrs.
High Point, NC
102,372
2,466,427
265,991
2,302,808
2,568,799
844,753
1999
40 yrs.
High Point, NC
66,731
2,092,124
173,889
1,984,966
2,158,855
684,926
1999
40 yrs.
High Point, NC
264,038
2,226,497
276,038
2,214,497
2,490,534
600,059
1998
40 yrs.
High Point, NC
499,500
3,447,995
500,980
3,446,515
3,947,495
1,151,155
2000
40 yrs.
High Point, NC
94,274
6,127,302
791,880
5,429,696
6,221,576
492,375
2005
40 yrs.
High Point, NC
122,203
3,263,729
526,266
2,859,666
3,385,932
1,018,058
2001
40 yrs.
High Point, NC
100,106
3,432,266
431,106
3,101,266
3,532,372
1,043,576
2001
40 yrs.
High Point, NC
94,232
1,682,549
378,101
1,398,680
1,776,781
441,483
2001
40 yrs.
High Point, NC
172,320
7,016,383
984,672
6,204,031
7,188,704
1,580,430
2002
40 yrs.
High Point, NC
217,943
3,007,486
611,166
2,614,263
3,225,429
627,812
2002
40 yrs.
High Point, NC
510,000
2,780,599
511,869
2,778,730
3,290,599
433,881
2003
40 yrs.
High Point, NC
107,586
3,584,254
505,700
3,186,140
3,691,840
523,533
2004
40 yrs.
High Point, NC
1,973,021
665,239
1,307,782
1,973,021
147,305
2004
40 yrs.
High Point, NC
748,693
6,801,791
1,525,421
6,025,063
7,550,484
374,361
2006
40 yrs.
Horsham, PA
3,102,784
20,104,942
3,764,784
19,442,942
23,207,726
4,720,873
1996
40 yrs.
Horsham, PA
1,333,642
4,039,073
1,408,041
3,964,674
5,372,715
1,368,709
1998
40 yrs.
Horsham, PA
180,459
1,441,473
558,090
180,459
1,999,563
2,180,022
626,642
1983
40 yrs.
Horsham, PA
282,493
2,256,508
1,804,507
282,493
4,061,015
4,343,508
1,362,227
1983
40 yrs.
Horsham, PA
1,281,870
7,767,374
1,343,251
1,265,363
9,127,132
10,392,495
3,411,586
1989
40 yrs.
Horsham, PA
1,065,951
9,979,535
1,939,712
9,105,774
11,045,486
2,506,444
2000
40 yrs.
Horsham, PA
638,513
5,811,323
1,184,244
638,513
6,995,567
7,634,080
2,350,191
1990
40 yrs.
Horsham, PA
629,944
5,733,228
1,159,203
629,944
6,892,431
7,522,375
2,706,844
1990
40 yrs.
Horsham, PA
629,944
5,733,234
1,844,399
629,944
7,577,633
8,207,577
3,290,787
1990
40 yrs.
Horsham, PA
1,058,901
5,343,606
378,615
1,058,901
5,722,221
6,781,122
1,966,851
1986
40 yrs.
Horsham, PA
360,549
3,259,984
787,154
360,549
4,047,138
4,407,687
1,541,736
1982
40 yrs.
Horsham, PA
330,111
2,981,669
594,916
330,111
3,576,586
3,906,696
1,236,229
1974
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Horsham, PA
292,360
2,411,677
2,040,774
393,019
4,351,791
4,744,810
1,183,589
1975
40 yrs.
Horsham, PA
489,032
4,126,151
1,143,504
489,032
5,269,655
5,758,687
1,871,705
1981
40 yrs.
Horsham, PA
294,673
2,663,722
931,107
294,673
3,594,829
3,889,502
1,251,908
1976
40 yrs.
Horsham, PA
270,906
2,448,500
348,986
270,906
2,797,486
3,068,392
967,476
1978
40 yrs.
Horsham, PA
464,871
3,951,972
1,781,426
464,871
5,733,397
6,198,268
1,675,874
1978
40 yrs.
Horsham, PA
270,282
2,441,276
1,748,169
270,282
4,189,445
4,459,727
1,431,794
1972
40 yrs.
Horsham, PA
436,952
3,948,963
982,690
436,952
4,931,653
5,368,605
1,693,057
1981
40 yrs.
Horsham, PA
38,729
349,811
9,589
38,729
359,400
398,129
117,388
1975
40 yrs.
Horsham, PA
651,990
5,888,989
1,344,093
732,552
7,152,520
7,885,072
2,457,858
1977
40 yrs.
Horsham, PA
208,140
895,470
894,621
208,140
1,790,091
1,998,231
572,733
1973
40 yrs.
Horsham, PA
351,072
3,171,001
724,193
451,731
3,794,535
4,246,266
1,188,157
1975
40 yrs.
Horsham, PA
350,561
3,166,389
1,144,743
452,251
4,209,443
4,661,693
1,430,849
1975
40 yrs.
Horsham, PA
533,142
4,830,515
2,188,624
558,142
6,994,139
7,552,281
2,252,157
1980
40 yrs.
Horsham, PA
673,041
5,776,369
2,412,155
673,041
8,188,524
8,861,565
2,968,854
1979
40 yrs.
Horsham, PA
239,528
2,163,498
441,510
255,528
2,589,008
2,844,536
838,125
1982
40 yrs.
Horsham, PA
502,705
4,540,597
2,077,571
502,705
6,618,168
7,120,873
1,874,297
1982
40 yrs.
Horsham, PA
369,475
3,338,761
2,033,132
376,475
5,364,892
5,741,368
2,168,644
1982
40 yrs.
Horsham, PA
543,628
4,910,226
2,433,284
583,628
7,303,511
7,887,138
2,566,697
1981
40 yrs.
Horsham, PA
1,248,148
597,911
189,793
1,656,266
1,846,059
512,431
1975
40 yrs.
Horsham, PA
380,127
3,433,433
2,012,789
380,802
5,445,547
5,826,349
1,789,949
1983
40 yrs.
Horsham, PA
493,426
2,812,067
207,803
495,112
3,018,184
3,513,297
965,932
1987
40 yrs.
Horsham, PA
2,515,115
10,809,109
2,515,115
10,809,109
13,324,224
2,926,610
1999
40 yrs.
Horsham, PA
696,061
3,339,991
570,429
696,061
3,910,420
4,606,480
1,363,559
1985
40 yrs.
Horsham, PA
2,551,777
3,020,638
1,790,780
2,565,140
4,798,056
7,363,195
1,361,027
1987
40 yrs.
Horsham, PA
3,527,151
17,473,670
4,138,577
16,862,244
21,000,821
3,245,331
2001
40 yrs.
Horsham, PA
1,110,209
2,301,302
1,133,191
1,114,985
3,429,717
4,544,702
850,586
1985
40 yrs.
Horsham, PA
8,797,278
182,400
8,614,878
8,797,278
1,796,267
2002
40 yrs.
Horsham, PA
1,154,289
2,007,214
630,669
1,140,597
2,651,574
3,792,171
581,561
2003
40 yrs.
Horsham, PA
483,045
898,798
364,660
471,171
1,275,332
1,746,503
334,557
2003
40 yrs.
Horsham, PA
1,351,011
2,503,449
1,531,087
1,322,317
4,063,231
5,385,547
1,132,169
2003
40 yrs.
Horsham, PA
727,420
1,353,650
431,004
709,967
1,802,108
2,512,075
277,846
2003
40 yrs.
Horsham, PA
2,631,696
18,525,660
2,631,956
18,525,400
21,157,356
1,577,227
2006
40 yrs.
Horsham, PA
1,607,238
4,724,241
1,607,977
4,723,501
6,331,479
2,500,825
1988
40 yrs.
Horsham, PA
644,900
5,804,100
8,408,030
1,131,380
13,725,650
14,857,030
5,058,217
1988
40 yrs.
Horsham, PA
1,229,685
2,436,397
1,241,970
2,424,112
3,666,082
972,152
1996
40 yrs.
Houston, TX
*
363,339
2,509,186
163,721
363,339
2,672,908
3,036,247
859,120
1997
40 yrs.
Houston, TX
*
438,853
3,030,396
339,899
438,853
3,370,294
3,809,147
1,178,648
1997
40 yrs.
Houston, TX
*
289,000
3,559,857
246,977
289,000
3,806,834
4,095,834
1,111,779
1997
40 yrs.
Houston, TX
*
293,534
3,036,269
146,851
306,147
3,170,506
3,476,653
834,764
1999
40 yrs.
Houston, TX
*
311,952
4,153,893
492,869
3,972,975
4,465,845
368,224
2001
40 yrs.
Houston, TX
*
298,999
3,328,180
496,186
3,130,994
3,627,180
685,028
2002
40 yrs.
Houston, TX
*
797,931
5,950,894
148,370
799,560
6,097,635
6,897,195
1,286,211
1999
40 yrs.
Houston, TX
*
1,110,988
6,351,946
1,638,126
1,135,483
7,965,577
9,101,060
1,512,982
2000
40 yrs.
Houston, TX
*
2,290,001
15,297,141
1,927,534
2,290,002
17,224,674
19,514,676
3,288,526
2000
40 yrs.
Houston, TX
*
2,887,715
414,691
2,473,024
2,887,715
419,524
2004
40 yrs.
Houston, TX
*
638,453
3,258,815
653,425
638,477
3,912,215
4,550,692
876,801
2004
40 yrs.
Houston, TX
*
504,317
2,878,351
1,014,679
504,341
3,893,006
4,397,347
947,067
2004
40 yrs.
Houston, TX
*
2,774,995
6,364,767
1,143,271
2,775,021
7,508,011
10,283,032
1,432,118
2004
40 yrs.
Houston, TX
*
284,403
4,495,522
503,779
4,276,146
4,779,925
583,405
2005
40 yrs.
Houston, TX
*
329,961
4,895,132
592,234
4,632,859
5,225,093
789,638
2005
40 yrs.
Houston, TX
*
4,515,862
23,946,674
5,877,884
22,584,652
28,462,536
1,625,499
2006
40 yrs.
Houston, TX
*
1,519,458
7,135,548
3,490,870
1,520,074
10,625,802
12,145,877
1,061,203
2007
40 yrs.
Houston, TX
*
2,173,287
8,868,256
2,265,109
2,173,942
11,132,710
13,306,652
971,211
2007
40 yrs.
Houston, TX
*
1,006,194
5,412,584
2,687,416
1,008,542
8,097,651
9,106,193
877,726
2007
40 yrs.
Houston, TX
*
2,893,405
11,593,197
2,680,294
2,899,861
14,267,034
17,166,895
1,122,286
2007
40 yrs.
Houston, TX
*
1,399,365
6,344,650
1,524,550
1,374,012
7,894,553
9,268,565
642,653
2007
40 yrs.
Houston, TX
545,501
2,927,700
189,451
545,501
3,117,150
3,662,651
2010
40 yrs.
Houston, TX
1,340,609
7,489,720
621,689
1,340,609
8,111,408
9,452,017
2010
40 yrs.
Hunt Valley, MD
1,205,946
9,948,585
1,861,025
9,293,506
11,154,531
2,644,871
2001
40 yrs.
Hunt Valley, MD
3,269,948
13,551,370
2,495,995
3,269,948
16,047,365
19,317,313
3,060,651
2003
40 yrs.
Hunt Valley, MD
2,077,949
8,770,566
1,182,528
2,077,949
9,953,094
12,031,044
2,296,058
2003
40 yrs.
Hunt Valley, MD
2,211,969
7,816,042
3,212,810
2,211,969
11,028,852
13,240,821
1,584,542
2003
40 yrs.
Hunt Valley, MD
3,538,319
14,190,832
13,368,615
3,542,881
27,554,885
31,097,766
4,709,104
2004
40 yrs.
Hunt Valley, MD
613,667
2,458,204
705,184
615,096
3,161,959
3,777,055
507,444
2004
40 yrs.
Hunt Valley, MD
313,365
1,281,093
76,921
314,572
1,356,807
1,671,380
181,978
2004
40 yrs.
Jacksonville, FL
906,804
9,784,270
913,013
9,778,061
10,691,074
3,210,331
1989
40 yrs.
Jacksonville, FL
966,552
5,395,612
974,959
5,387,205
6,362,164
2,809,899
1987
40 yrs.
Jacksonville, FL
768,000
5,789,000
2,286,322
774,020
8,069,302
8,843,322
3,685,361
1988
40 yrs.
Jacksonville, FL
821,000
5,866,000
2,174,368
827,420
8,033,948
8,861,368
3,162,603
1986
40 yrs.
Jacksonville, FL
398,257
2,328,602
749,811
1,977,048
2,726,859
809,178
1996
40 yrs.
Jacksonville, FL
706,934
2,984,235
853,981
2,837,188
3,691,169
1,111,945
1996
40 yrs.
Jacksonville, FL
8,339,915
418,093
7,921,822
8,339,915
2,551,053
1998
40 yrs.
Jacksonville, FL
597,181
2,373,250
602,633
2,367,799
2,970,431
1,237,846
1996
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Jacksonville, FL
840,996
3,583,342
846,461
3,577,877
4,424,338
1,312,357
1997
40 yrs.
Jacksonville, FL
574,198
3,099,770
780,486
2,893,482
3,673,968
1,065,864
1999
40 yrs.
Jacksonville, FL
998,432
4,055,727
903,983
1,002,704
4,955,438
5,958,142
2,027,804
1986
40 yrs.
Jacksonville, FL
620,719
2,989,746
182,927
624,215
3,169,178
3,793,392
1,137,378
1987
40 yrs.
Jacksonville, FL
554,993
2,993,277
280,904
554,542
3,274,631
3,829,174
1,058,497
1990
40 yrs.
Jacksonville, FL
370,017
1,995,518
186,685
370,039
2,182,181
2,552,220
737,616
1990
40 yrs.
Jacksonville, FL
369,694
3,045,639
657,134
370,039
3,702,428
4,072,467
1,264,353
1990
40 yrs.
Jacksonville, FL
388,519
2,095,293
293,659
388,541
2,388,930
2,777,471
816,571
1993
40 yrs.
Jacksonville, FL
296,014
1,596,347
388,955
296,032
1,985,284
2,281,316
674,612
1993
40 yrs.
Jacksonville, FL
251,613
1,356,849
379,477
251,627
1,736,312
1,987,939
782,928
1994
40 yrs.
Jacksonville, FL
406,561
2,195,070
400,092
407,043
2,594,680
3,001,723
927,069
1994
40 yrs.
Jacksonville, FL
366,317
1,975,393
106,854
366,339
2,082,225
2,448,564
710,529
1995
40 yrs.
Jacksonville, FL
462,522
2,494,397
350,687
462,549
2,845,056
3,307,606
885,962
1995
40 yrs.
Jacksonville, FL
601,278
3,242,491
50,343
601,401
3,292,711
3,894,112
1,094,002
1996
40 yrs.
Jacksonville, FL
555,173
2,693,130
609,686
555,213
3,302,777
3,857,989
1,148,284
1997
40 yrs.
Jacksonville, FL
551,250
3,128,361
272,737
551,250
3,401,098
3,952,348
1,064,669
1992
40 yrs.
Jacksonville, FL
877,964
2,360,742
1,896,775
877,964
4,257,517
5,135,481
1,580,051
1986
40 yrs.
Jacksonville, FL
2,089,347
13,024,417
2,287,152
12,826,612
15,113,764
902,933
1998
40 yrs.
Jacksonville, FL
1,299,201
7,893,940
1,168,062
8,025,079
9,193,141
2,385,293
2000
40 yrs.
Jacksonville, FL
638,154
3,257,563
641,272
3,254,446
3,895,717
956,755
2000
40 yrs.
Jacksonville, FL
3,311,699
662,559
2,649,140
3,311,699
638,611
2000
40 yrs.
Jacksonville, FL
852,644
3,510,889
815,879
853,704
4,325,708
5,179,412
1,302,193
1996
40 yrs.
Jacksonville, FL
1,299,202
7,870,835
1,665,915
7,504,122
9,170,037
2,290,667
2002
40 yrs.
Jacksonville, FL
392,060
2,639,416
680,766
2,350,710
3,031,476
604,262
2002
40 yrs.
Jacksonville, FL
3,836,532
21,433,694
4,269,346
21,000,880
25,270,226
3,613,901
2005
40 yrs.
King of Prussia, PA
928,637
5,732,526
1,210,137
5,451,025
6,661,162
1,707,805
1996
40 yrs.
King of Prussia, PA
717,001
4,816,121
2,415,377
717,001
7,231,499
7,948,499
2,853,747
1988
40 yrs.
King of Prussia, PA
705,317
4,737,487
4,023,707
705,317
8,761,195
9,466,511
2,769,154
1988
40 yrs.
King of Prussia, PA
1,218,086
6,937,866
7,153,361
1,187,900
14,121,413
15,309,313
1,001,048
1980
40 yrs.
King of Prussia, PA
397,178
1,590,663
350,874
1,636,967
1,987,841
446,303
1998
40 yrs.
King of Prussia, PA
952,911
6,722,830
7,770,167
952,911
14,492,996
15,445,907
5,467,867
1971
40 yrs.
King of Prussia, PA
952,361
6,722,830
6,936,819
952,361
13,659,650
14,612,010
4,892,817
1971
40 yrs.
King of Prussia, PA
236,432
1,856,252
784,645
236,432
2,640,897
2,877,328
1,034,596
1989
40 yrs.
King of Prussia, PA
217,734
1,759,489
263,517
217,809
2,022,931
2,240,740
734,434
1989
40 yrs.
King of Prussia, PA
764,370
3,643,566
867,815
3,540,121
4,407,936
1,092,503
1998
40 yrs.
King of Prussia, PA
679,440
3,503,074
774,096
3,408,418
4,182,514
1,282,774
1998
40 yrs.
King of Prussia, PA
509,580
2,580,729
592,886
2,497,422
3,090,309
980,216
1999
40 yrs.
King of Prussia, PA
509,580
3,042,297
574,152
2,977,725
3,551,877
1,152,908
1999
40 yrs.
King of Prussia, PA
1,110,111
8,386,799
1,132,519
8,364,391
9,496,911
2,455,413
1999
40 yrs.
King of Prussia, PA
776,496
3,139,068
977,199
776,496
4,116,267
4,892,763
1,287,288
1995
40 yrs.
King of Prussia, PA
1,645,246
30,063,879
4,581,649
27,127,475
31,709,124
7,956,354
2002
40 yrs.
King of Prussia, PA
1,020,000
4,621,206
978,402
4,662,804
5,641,206
1,516,106
1999
40 yrs.
King of Prussia, PA
17,600,911
2,413,514
15,187,397
17,600,911
3,744,703
2000
40 yrs.
King of Prussia, PA
3,729,254
649,792
3,079,462
3,729,254
1,133,697
2000
40 yrs.
King of Prussia, PA
9,533,659
9,533,659
9,533,659
99,167
2009
40 yrs.
King of Prussia, PA
547,800
3,137,400
2,515,288
458,232
5,742,256
6,200,488
2,703,554
1980
40 yrs.
King of Prussia, PA
552,200
3,162,600
1,039,347
461,909
4,292,237
4,754,147
1,763,715
1980
40 yrs.
King of Prussia, PA
601,956
1,758,484
611,436
1,749,005
2,360,441
624,398
1995
40 yrs.
King of Prussia, PA
1,204,839
2,830,072
1,223,875
2,811,036
4,034,911
970,905
1996
40 yrs.
King of Prussia, PA
1,191,449
2,476,299
946,703
2,721,045
3,667,748
818,211
1997
40 yrs.
LaPorte, TX
*
975,974
3,409,036
8,956
977,542
3,416,424
4,393,966
461,715
2006
40 yrs.
LaPorte, TX
*
2,561,931
9,695,493
184,312
2,566,047
9,875,690
12,441,736
1,075,351
2006
40 yrs.
Lehigh Valley, PA
893,441
5,510,456
779,330
5,624,568
6,403,897
1,004,672
2004
40 yrs.
Lehigh, PA
6,398,815
21,794,707
7,627,526
20,565,997
28,193,522
1,359,631
2004
40 yrs.
Lehigh, PA
11,249,550
44,324,333
11,254,716
44,319,167
55,573,883
5,774,422
2005
40 yrs.
Madison Heights, MI
373,202
1,824,721
(649,436
)
373,203
1,175,284
1,548,487
640,074
1988
40 yrs.
Maitland, FL
6,078,791
12,348,567
2,047,678
6,083,206
14,391,831
20,475,037
4,729,802
1998
40 yrs.
Malvern, PA
795,143
4,051,620
795,831
4,050,932
4,846,763
2,511,028
1974
40 yrs.
Malvern, PA
1,837,050
14,959,980
1,837,878
14,959,152
16,797,030
10,849,584
1986
40 yrs.
Malvern, PA
448,775
2,365,913
449,447
2,365,241
2,814,688
1,638,179
1977
40 yrs.
Malvern, PA
400,000
3,600,000
437,856
406,421
4,031,435
4,437,856
1,620,776
1982
40 yrs.
Malvern, PA
495,893
2,739,093
578,651
588,384
3,225,253
3,813,637
2,264,448
1989
40 yrs.
Malvern, PA
849,576
13,051,932
1,337,076
12,564,432
13,901,508
5,780,886
1997
40 yrs.
Malvern, PA
419,460
3,792,570
448,271
419,460
4,240,841
4,660,301
1,406,540
1982
40 yrs.
Malvern, PA
684,200
6,181,661
1,594,859
684,200
7,776,520
8,460,720
2,644,135
1983
40 yrs.
Malvern, PA
1,436,814
16,081,159
1,676,470
15,841,503
17,517,973
6,710,183
1998
40 yrs.
Malvern, PA
814,278
4,946,433
1,128,881
4,631,830
5,760,711
1,447,364
1998
40 yrs.
Malvern, PA
191,114
1,571,119
321,473
1,440,760
1,762,233
480,323
1998
40 yrs.
Malvern, PA
191,114
1,616,195
234,922
1,572,387
1,807,309
508,813
1998
40 yrs.
Malvern, PA
4,380,221
15,316,168
4,749,748
14,946,641
19,696,389
6,333,780
1999
40 yrs.
Malvern, PA
1,320,625
6,709,379
1,451,139
6,578,865
8,030,004
2,967,620
1998
40 yrs.
Malvern, PA
2,013,750
8,255,848
2,171,080
8,098,519
10,269,598
3,451,850
1999
40 yrs.
Malvern, PA
2,013,750
8,216,674
2,158,337
8,072,087
10,230,424
3,425,023
1999
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Malvern, PA
394,036
3,976,221
99,539
397,293
4,072,504
4,469,796
1,230,874
1980
40 yrs.
Malvern, PA
496,297
3,227,678
708,331
3,015,644
3,723,975
947,673
2001
40 yrs.
Malvern, PA
4,241,137
17,737,090
2,182,842
4,241,167
19,919,901
24,161,068
7,048,952
1989
40 yrs.
Malvern, PA
5,405,041
11,668,182
5,405,042
11,668,182
17,073,224
2,050,056
2003
40 yrs.
Malvern, PA
823,540
1,341,376
441,767
832,244
1,774,439
2,606,683
377,847
2003
40 yrs.
Malvern, PA
724,058
5,339,789
724,846
5,339,001
6,063,847
2,671,964
1985
40 yrs.
Malvern, PA
1,054,418
7,172,977
1,055,243
7,172,152
8,227,395
3,591,164
1989
40 yrs.
Malvern, PA
664,282
5,569,322
643,892
5,589,712
6,233,604
3,088,228
1988
40 yrs.
Malvern, PA
472,364
2,839,137
519,742
2,791,760
3,311,501
1,459,917
1988
40 yrs.
Malvern, PA
937,212
4,998,361
1,012,843
4,922,731
5,935,573
2,592,952
1988
40 yrs.
Malvern, PA
322,918
3,233,318
325,775
3,230,461
3,556,236
1,979,657
1987
40 yrs.
Malvern, PA
323,971
3,112,784
323,792
3,112,964
3,436,755
1,723,526
1987
40 yrs.
Malvern, PA
465,539
5,309,203
466,413
5,308,329
5,774,742
3,213,237
1987
40 yrs.
Malvern, PA
504,611
4,583,549
505,458
4,582,702
5,088,160
2,988,275
1983
40 yrs.
Malvern, PA
368,626
1,344,816
374,497
1,338,945
1,713,442
832,359
1985
40 yrs.
Malvern, PA
530,729
2,370,515
531,534
2,369,710
2,901,244
1,428,758
1984
40 yrs.
Malvern, PA
397,131
2,846,006
397,948
2,845,189
3,243,137
1,717,478
1984
40 yrs.
Malvern, PA
176,435
4,316,950
177,317
4,316,068
4,493,385
2,563,412
1985
40 yrs.
Malvern, PA
215,005
4,134,390
215,818
4,133,578
4,349,395
2,481,839
1983
40 yrs.
Malvern, PA
381,544
6,715,903
382,361
6,715,086
7,097,447
4,337,741
1983
40 yrs.
Malvern, PA
331,392
1,680,547
332,216
1,679,723
2,011,939
1,099,532
1984
40 yrs.
Malvern, PA
509,075
2,787,619
509,899
2,786,796
3,296,694
1,670,677
1984
40 yrs.
Malvern, PA
523,530
3,708,843
524,230
3,708,143
4,232,373
1,937,657
1985
40 yrs.
Malvern, PA
128,126
350,938
128,783
350,281
479,064
310,396
1975
40 yrs.
Malvern, PA
128,206
143,074
618,372
143,811
617,635
761,446
441,406
1977
40 yrs.
Malvern, PA
887,664
5,484,101
888,359
5,483,406
6,371,765
3,660,279
1978
40 yrs.
Malvern, PA
1,368,259
9,533,661
1,369,003
9,532,917
10,901,920
6,153,357
1981
40 yrs.
Malvern, PA
130,689
1,298,902
128,767
1,300,824
1,429,591
812,221
1982
40 yrs.
Malvern, PA
625,147
2,603,724
626,068
2,602,804
3,228,871
1,752,418
1981
40 yrs.
Malvern, PA
356,950
926,587
357,751
925,786
1,283,537
659,141
1983
40 yrs.
Malvern, PA
865,424
9,285,000
5,099,729
884,974
14,365,179
15,250,153
8,205,995
1989
40 yrs.
Malvern, PA
785,168
4,678,632
859,306
786,235
5,536,870
6,323,106
2,413,402
1985
40 yrs.
Maple Grove, MN
513,250
2,901,906
851,435
513,250
3,753,340
4,266,590
1,116,812
1989
40 yrs.
Marlton, NJ
264,387
3,772,000
3,430,681
271,743
7,195,325
7,467,068
2,991,309
1987
40 yrs.
Marlton, NJ
84,949
1,328,000
1,000,645
96,161
2,317,433
2,413,594
913,561
1987
40 yrs.
Marlton, NJ
69,402
3,665,348
317,799
3,416,951
3,734,750
1,282,570
1999
40 yrs.
Marlton, NJ
321,455
1,539,871
940,855
327,554
2,474,627
2,802,181
1,068,512
1990
40 yrs.
Marlton, NJ
1,069,837
4,780,163
2,631,930
1,069,838
7,412,092
8,481,930
2,061,080
1988
40 yrs.
Marlton, NJ
1,069,837
4,780,163
2,702,827
1,069,838
7,482,990
8,552,827
3,327,490
1988
40 yrs.
Mauldin, SC
419,731
2,338,692
430,909
2,327,514
2,758,423
335,918
2003
40 yrs.
Mauldin, SC
557,174
2,890,851
506,318
2,941,708
3,448,026
444,608
2004
40 yrs.
Milwaukee, WI
1,711,964
6,847,857
328,453
1,711,964
7,176,310
8,888,274
2,177,967
1991
40 yrs.
Milwaukee, WI
391,813
2,340,118
611,440
394,938
2,948,434
3,343,371
1,136,137
1986
40 yrs.
Milwaukee, WI
439,595
2,357,904
349,777
443,101
2,704,175
3,147,276
867,142
1986
40 yrs.
Milwaukee, WI
382,256
2,350,619
475,651
385,305
2,823,221
3,208,526
1,022,821
1987
40 yrs.
Milwaukee, WI
614,477
2,626,456
134,458
619,465
2,755,926
3,375,391
818,665
1987
40 yrs.
Milwaukee, WI
347,853
2,396,887
1,121,832
350,628
3,515,945
3,866,572
887,795
1987
40 yrs.
Milwaukee, WI
234,443
10,406,336
491,531
10,149,249
10,640,780
3,506,918
2001
40 yrs.
Milwaukee, WI
341,698
1,527,548
48,494
341,698
1,576,042
1,917,740
429,338
1995
40 yrs.
Milwaukee, WI
534,470
3,239,389
655,767
532,370
3,897,257
4,429,627
1,320,028
1984
40 yrs.
Milwaukee, WI
1,800,000
7,542,950
1,801,024
7,541,926
9,342,950
1,929,894
2003
40 yrs.
Milwaukee, WI
3,826,790
914,760
2,912,030
3,826,790
333,900
2005
40 yrs.
Minneapolis, MN
1,501,308
8,446,083
225,056
1,501,308
8,671,139
10,172,447
2,433,469
1996
40 yrs.
Minneapolis, MN
1,063,558
7,982,141
1,038,197
8,007,502
9,045,699
2,683,502
2002
40 yrs.
Minneapolis, MN
13,170,503
13,170,503
13,170,503
453,689
2008
40 yrs.
Minnegonka, MN
2,175,209
3,948,085
7,814,360
2,177,953
11,759,701
13,937,654
2,599,590
1986
40 yrs.
Minnetonka, MN
828,650
7,399,409
1,198,281
829,263
8,597,077
9,426,340
2,804,794
1988
40 yrs.
Minnetonka, MN
883,895
7,983,345
2,010,460
883,895
9,993,805
10,877,700
3,439,643
1985
40 yrs.
Miramar, FL
2,022,153
11,345,881
1,500,922
2,022,153
12,846,802
14,868,955
4,233,890
1990
40 yrs.
Miramar, FL
2,022,152
11,357,143
2,330,445
2,022,152
13,687,587
15,709,739
4,715,477
1990
40 yrs.
Miramar, FL
2,960,511
18,619,103
2,980,689
18,598,924
21,579,613
5,960,178
2000
40 yrs.
Miramar, FL
6,204,407
15,562,898
6,265,000
15,502,305
21,767,305
610,702
2007
40 yrs.
Morrisville, NC
*
1,449,092
4,424,932
271,387
1,449,450
4,695,961
6,145,411
471,106
2007
40 yrs.
Morrisville, NC
*
1,031,430
5,655,167
341,601
1,031,685
5,996,513
7,028,198
583,893
2007
40 yrs.
Morrisville, NC
*
1,061,370
5,152,110
359,118
1,061,632
5,510,966
6,572,598
498,992
2007
40 yrs.
Morrisville, NC
*
1,300,889
5,313,226
207,183
1,301,211
5,520,088
6,821,298
558,602
2007
40 yrs.
Morrisville, NC
2,828,450
1,071,600
4,397,807
103,718
1,071,600
4,501,525
5,573,125
2010
40 yrs.
Mount Laurel, NJ
3,730,570
16,883,907
3,758,270
16,856,207
20,614,477
1,110,722
2006
40 yrs.
Mt Laurel, NJ
7,350,519
1,098,904
6,251,616
7,350,519
1,257,353
2004
40 yrs.
Mt Laurel, NJ
1,512,120
2,881,267
539,060
3,854,327
4,393,387
585,570
2001
40 yrs.
Mt Laurel, NJ
1,925,719
191,390
10,965,396
1,936,489
11,146,016
13,082,505
2,583,731
2003
40 yrs.
Mt Laurel, NJ
2,960,159
1,449,611
4,586,987
2,970,687
6,026,071
8,996,757
818,387
2006
40 yrs.
Mt. Laurel, NJ
500,000
4,500,000
3,472,518
512,018
7,960,500
8,472,518
3,156,097
1987
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Mt. Laurel, NJ
310,585
4,394,900
229,583
311,950
4,623,118
4,935,068
1,835,463
1985
40 yrs.
Mt. Laurel, NJ
361,800
3,285,817
775,089
362,855
4,059,850
4,422,706
1,758,052
1985
40 yrs.
Mt. Laurel, NJ
289,700
2,512,683
1,084,817
290,545
3,596,655
3,887,200
1,445,408
1985
40 yrs.
Mt. Laurel, NJ
449,400
3,074,850
1,932,794
450,558
5,006,486
5,457,044
1,718,328
1988
40 yrs.
Mt. Laurel, NJ
234,151
2,022,683
318,526
234,151
2,341,209
2,575,360
776,000
1985
40 yrs.
Mt. Laurel, NJ
234,814
1,995,098
539,621
234,814
2,534,719
2,769,533
872,377
1983
40 yrs.
Mt. Laurel, NJ
286,587
2,474,820
1,340,796
286,587
3,815,616
4,102,203
1,153,126
1983
40 yrs.
Mt. Laurel, NJ
288,577
2,546,537
564,777
288,577
3,111,314
3,399,891
1,091,545
1986
40 yrs.
Mt. Laurel, NJ
430,990
3,714,828
1,238,899
430,990
4,953,727
5,384,717
1,840,336
1987
40 yrs.
Mt. Laurel, NJ
494,334
3,137,988
569,184
3,063,139
3,632,322
1,190,427
1999
40 yrs.
Mt. Laurel, NJ
310,831
2,797,744
2,050,418
310,831
4,848,162
5,158,993
1,934,061
1986
40 yrs.
Mt. Laurel, NJ
1,057,763
4,191,827
1,478,335
1,057,763
5,670,162
6,727,925
1,926,168
1988
40 yrs.
Mt. Laurel, NJ
701,705
3,505,652
1,961,528
701,705
5,467,180
6,168,886
2,265,945
1986
40 yrs.
Mt. Laurel, NJ
356,987
3,705,164
470,659
3,591,492
4,062,151
1,295,054
2000
40 yrs.
Mt. Laurel, NJ
144,515
3,428,278
144,515
3,428,278
3,572,793
1,076,681
2001
40 yrs.
Oak Creek, WI
348,280
4,295,405
696,690
3,946,995
4,643,685
165,695
2007
40 yrs.
Oak Creek, WI
516,016
3,933,839
654,271
3,795,584
4,449,855
146,271
2007
40 yrs.
Oakdale, MN
765,535
3,488,754
303,570
766,390
3,791,469
4,557,859
1,070,168
1996
40 yrs.
Odenton, MD
1,976,000
8,099,579
2,469,160
2,011,030
10,533,709
12,544,739
1,834,637
2004
40 yrs.
Odenton, MD
1,778,400
7,289,165
1,867,935
1,809,927
9,125,573
10,935,500
1,461,921
2004
40 yrs.
Orlando, FL
*
252,850
1,297,923
62,116
252,850
1,360,039
1,612,889
476,769
1989
40 yrs.
Orlando, FL
*
405,362
1,146,546
314,760
405,362
1,461,306
1,866,668
521,435
1989
40 yrs.
Orlando, FL
*
523,512
3,191,790
914,639
538,512
4,091,429
4,629,941
1,454,355
1989
40 yrs.
Orlando, FL
574,831
2,349,259
587,319
2,336,771
2,924,090
766,292
1999
40 yrs.
Orlando, FL
517,554
2,568,186
398,922
522,991
2,961,671
3,484,662
1,021,663
1985
40 yrs.
Orlando, FL
*
518,043
2,561,938
764,155
518,043
3,326,093
3,844,136
1,052,279
1962
40 yrs.
Orlando, FL
453,918
2,572,202
349,256
453,918
2,921,458
3,375,376
822,168
1998
40 yrs.
Orlando, FL
385,964
2,419,706
642,427
2,163,243
2,805,669
612,812
2001
40 yrs.
Orlando, FL
903,701
3,791,927
830,953
3,864,675
4,695,628
479,492
2006
40 yrs.
Orlando, FL
903,701
5,660,761
925,671
5,638,790
6,564,462
1,308,507
2001
40 yrs.
Orlando, FL
535,964
2,867,281
704,800
2,698,444
3,403,244
786,401
2002
40 yrs.
Orlando, FL
*
664,605
2,362,814
685,383
2,342,035
3,027,419
533,740
2001
40 yrs.
Orlando, FL
680,312
2,120,754
1,219,087
680,312
3,339,841
4,020,152
750,364
2003
40 yrs.
Orlando, FL
*
878,320
2,558,833
1,400,491
878,320
3,959,324
4,837,644
732,654
2003
40 yrs.
Orlando, FL
6,631,110
1,283,713
5,347,397
6,631,110
1,579,677
2004
40 yrs.
Orlando, FL
838,853
4,084,539
767,953
4,155,440
4,923,392
560,662
2006
40 yrs.
Orlando, FL
*
1,931,697
6,388,203
2,135,046
1,932,004
8,522,943
10,454,946
1,940,443
2004
40 yrs.
Orlando, FL
*
2,261,924
7,496,249
411,516
2,263,211
7,906,478
10,169,689
1,211,038
2004
40 yrs.
Orlando, FL
467,296
2,494,666
825,673
2,136,290
2,961,963
373,172
2005
40 yrs.
Orlando, FL
2,573,700
17,478,646
2,068,083
2,583,667
19,536,762
22,120,429
2,931,860
2005
40 yrs.
Orlando, FL
2,573,961
11,206,937
9,676,795
2,583,216
20,874,477
23,457,693
2,841,547
2005
40 yrs.
Orlando, FL
1,435,301
6,174,642
200,240
1,435,301
6,374,882
7,810,183
690,586
2006
40 yrs.
Orlando, FL
1,443,510
6,775,194
570,566
1,457,286
7,331,985
8,789,270
972,281
2006
40 yrs.
Orlando, FL
1,431,489
8,002,539
628,392
1,445,807
8,616,613
10,062,420
1,124,653
2006
40 yrs.
Orlando, FL
1,553,537
5,702,243
307,605
1,570,863
5,992,522
7,563,385
672,126
2006
40 yrs.
Orlando, FL
332,992
2,644,112
373,500
2,603,604
2,977,104
173,781
2006
40 yrs.
Orlando, FL
443,989
2,698,675
464,800
2,677,864
3,142,664
158,297
2006
40 yrs.
Orlando, FL
415,906
2,712,378
435,400
2,692,883
3,128,283
188,966
2006
40 yrs.
Orlando, FL
4,435,921
38,355,529
4,510,990
38,280,461
42,791,450
664,651
2008
40 yrs.
Orlando, FL
4,295,972
15,564,905
2,966,361
4,295,972
18,531,266
22,827,239
287,908
2010
40 yrs.
Philadelphia, PA
2,474,031
43,774,779
125,087
46,123,723
46,248,810
18,205,132
1997
40 yrs.
Philadelphia, PA
2,483,144
32,150,134
2,514,519
32,118,759
34,633,278
9,484,817
1999
40 yrs.
Philadelphia, PA
992,965
331,924
6,791,359
1,022,081
7,094,168
8,116,249
1,406,432
2003
40 yrs.
Philadelphia, PA
567,280
12,028,316
347,892
12,247,704
12,595,596
1,910,404
2004
40 yrs.
Philadelphia, PA
891,892
5,757,514
366,982
6,282,425
6,649,406
510,831
2006
40 yrs.
Philadelphia, PA
402,673
36,561,192
417,353
36,546,513
36,963,865
1,236,362
2008
40 yrs.
Philadelphia, PA
214,726
23,728,765
417,485
23,526,006
23,943,491
347,394
2008
40 yrs.
Phoenix, AZ
4,758,484
10,559,563
5,587,577
4,765,172
16,140,451
20,905,624
1,419,862
2007
40 yrs.
Phoenix, AZ
3,756,307
8,336,400
4,122,476
3,761,587
12,453,596
16,215,183
939,944
2007
40 yrs.
Phoenix, AZ
1,910,584
1,954,020
2,166,648
1,911,045
4,120,208
6,031,253
492,458
2007
40 yrs.
Phoenix, AZ
1,409,908
4,680,808
1,100,202
1,410,248
5,780,670
7,190,918
842,005
2007
40 yrs.
Phoenix, AZ
7,922,480
10,045,599
2,755,567
6,690,321
14,033,325
20,723,646
1,520,748
2007
40 yrs.
Phoenix, AZ
*
7,318,457
24,549,401
28,556
7,318,457
24,577,957
31,896,413
2,854,518
2007
40 yrs.
Phoenix, AZ
*
1,749,957
3,667,748
7,388
1,749,957
3,675,136
5,425,093
459,476
2007
40 yrs.
Phoenix, AZ
*
2,646,318
9,697,439
263,756
2,646,318
9,961,195
12,607,513
1,068,755
2007
40 yrs.
Phoenix, AZ
*
3,895,539
16,724,283
1,401,488
3,895,539
18,125,772
22,021,311
2,163,300
2007
40 yrs.
Phoenix, AZ
*
2,619,964
9,675,711
52,718
2,619,964
9,728,428
12,348,392
1,130,199
2007
40 yrs.
Phoenix, AZ
6,539,310
10,331,534
6,827,288
10,043,555
16,870,843
421,457
2007
40 yrs.
Phoenix, AZ
5,380,972
4,381,333
5,617,939
4,144,367
9,762,306
146,427
2007
40 yrs.
Pleasant Prairie, WI
1,692,077
7,934,794
250,974
1,689,726
8,188,119
9,877,845
2,478,190
1994
40 yrs.
Plymouth Meeting, PA
1,015,851
9,175,555
2,821,413
1,024,040
11,988,779
13,012,819
4,174,450
1985
40 yrs.
Plymouth, MN
516,920
4,646,342
2,426,568
516,920
7,072,910
7,589,830
2,087,144
1983
40 yrs.
Plymouth, MN
395,366
3,554,512
918,212
395,366
4,472,724
4,868,090
1,692,190
1985
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Plymouth, MN
151,238
1,370,140
393,089
151,238
1,763,230
1,914,468
668,422
1985
40 yrs.
Plymouth, MN
392,026
3,433,678
456,993
384,235
3,898,462
4,282,697
1,277,979
1997
40 yrs.
Plymouth, MN
198,205
1,793,422
615,305
198,205
2,408,726
2,606,931
918,230
1978
40 yrs.
Plymouth, MN
332,317
3,077,820
910,372
332,317
3,988,192
4,320,509
1,079,239
1998
40 yrs.
Pompano Beach, FL
972,232
3,892,085
392,196
972,232
4,284,282
5,256,513
1,413,897
1957
40 yrs.
Pompano Beach, FL
203,247
811,093
11,783
203,247
822,876
1,026,124
264,713
1990
40 yrs.
Pompano Beach, FL
203,247
811,093
224,133
203,247
1,035,226
1,238,473
421,093
1990
40 yrs.
Pompano Beach, FL
203,247
811,093
200,027
203,247
1,011,120
1,214,367
286,311
1990
40 yrs.
Pompano Beach, FL
1,157,049
4,620,956
355,505
1,157,049
4,976,461
6,133,511
1,604,895
1986
40 yrs.
Pompano Beach, FL
392,138
1,565,787
256,028
392,138
1,821,816
2,213,954
634,567
1985
40 yrs.
Pompano Beach, FL
359,933
1,437,116
621,873
359,933
2,058,989
2,418,922
580,887
1984
40 yrs.
Pompano Beach, FL
164,413
655,933
281,345
164,413
937,278
1,101,691
337,880
1984
40 yrs.
Pompano Beach, FL
310,778
1,238,324
239,517
310,178
1,478,441
1,788,619
551,735
1965
40 yrs.
Richmond, VA
659,456
4,836,010
159,898
659,456
4,995,908
5,655,364
1,946,188
1989
40 yrs.
Richmond, VA
489,941
3,592,900
254,734
489,941
3,847,634
4,337,575
1,538,356
1989
40 yrs.
Richmond, VA
644,384
4,025,480
87,419
644,384
4,112,899
4,757,283
1,671,965
1990
40 yrs.
Richmond, VA
408,729
2,697,348
676,233
408,729
3,373,581
3,782,310
1,404,256
1990
40 yrs.
Richmond, VA
310,854
2,279,597
1,080,673
310,854
3,360,270
3,671,124
1,150,876
1973
40 yrs.
Richmond, VA
693,203
5,083,493
1,642,146
693,203
6,725,639
7,418,842
2,598,221
1975
40 yrs.
Richmond, VA
256,203
2,549,649
1,962,691
256,203
4,512,340
4,768,543
1,592,937
1976
40 yrs.
Richmond, VA
223,696
1,640,435
2,756,533
223,696
4,396,968
4,620,664
1,431,051
1978
40 yrs.
Richmond, VA
325,303
2,385,557
1,163,576
325,303
3,549,133
3,874,436
1,324,818
1979
40 yrs.
Richmond, VA
486,166
3,565,211
427,390
486,166
3,992,601
4,478,767
1,532,683
1981
40 yrs.
Richmond, VA
474,360
3,478,646
759,404
474,360
4,238,050
4,712,410
1,573,436
1982
40 yrs.
Richmond, VA
652,455
4,784,675
555,531
652,455
5,340,206
5,992,661
2,228,217
1985
40 yrs.
Richmond, VA
404,616
2,967,187
470,017
404,616
3,437,204
3,841,820
1,304,181
1985
40 yrs.
Richmond, VA
454,056
2,729,742
362,531
454,056
3,092,273
3,546,329
1,233,787
1987
40 yrs.
Richmond, VA
615,038
4,510,272
371,019
615,038
4,881,291
5,496,329
1,886,600
1988
40 yrs.
Richmond, VA
221,947
1,011,088
2,443
221,947
1,013,531
1,235,478
461,965
1988
40 yrs.
Richmond, VA
705,660
4,557,438
720,100
4,542,998
5,263,098
1,633,594
1996
40 yrs.
Richmond, VA
676,661
4,822,774
687,898
4,811,537
5,499,435
1,771,709
1997
40 yrs.
Richmond, VA
449,447
3,294,697
544,248
452,263
3,836,128
4,288,391
1,666,553
1978
40 yrs.
Richmond, VA
91,476
1,653,510
91,599
1,653,387
1,744,986
599,151
1975
40 yrs.
Richmond, VA
261,961
2,110,874
427,164
262,210
2,537,789
2,799,999
938,249
1989
40 yrs.
Richmond, VA
486,118
4,083,582
263,481
486,598
4,346,583
4,833,181
1,582,609
1989
40 yrs.
Richmond, VA
694,644
5,394,868
700,503
5,389,009
6,089,512
1,814,497
1998
40 yrs.
Richmond, VA
266,883
2,527,958
334,772
2,460,069
2,794,841
862,072
1999
40 yrs.
Richmond, VA
872,901
7,486,258
901,666
7,457,493
8,359,159
512,626
1997
40 yrs.
Richmond, VA
364,165
3,264,114
44,174
364,165
3,308,289
3,672,454
1,064,042
1988
40 yrs.
Richmond, VA
1,432,462
14,420,839
1,794,162
14,059,139
15,853,301
3,834,586
2000
40 yrs.
Richmond, VA
1,140,648
101,824
9,955,442
1,456,084
9,741,829
11,197,913
2,229,493
2001
40 yrs.
Richmond, VA
1,623,612
6,355,516
1,072,797
6,906,331
7,979,128
1,750,023
2002
40 yrs.
Richmond, VA
634,231
12,273,725
1,492,295
11,415,662
12,907,956
495,001
2003
40 yrs.
Richmond, VA
392,184
11,655,841
1,083,836
10,964,189
12,048,025
1,575,800
2005
40 yrs.
Richmond, VA
2,073,739
5,634,796
1,601,236
2,079,643
7,230,128
9,309,770
1,290,955
2005
40 yrs.
Richmond, VA
808,581
7,273,850
1,236,204
810,743
8,507,891
9,318,634
1,346,294
2005
40 yrs.
Richmond, VA
1,276,936
12,052,192
1,796,796
1,280,662
13,845,263
15,125,925
1,986,745
2005
40 yrs.
Richmond, VA
742,300
5,415,233
1,066,839
5,090,694
6,157,533
241,330
2007
40 yrs.
Riverview, FL
1,233,639
13,608,485
109,898
1,233,800
13,718,223
14,952,022
1,703,139
2006
40 yrs.
Rock Creek, NC
354,903
3,981,740
399,988
3,936,655
4,336,643
1,252,881
1997
40 yrs.
Rock Creek, NC
305,821
4,782,967
335,061
4,753,727
5,088,788
1,366,230
1999
40 yrs.
Scottsdale, AZ
4,076,412
27,621,159
4,115,137
27,582,434
31,697,571
4,218,935
2005
40 yrs.
Sturtevant, WI
2,484,450
22,431,424
2,487,293
22,428,580
24,915,873
3,394,514
2006
40 yrs.
Suffolk, VA
929,844
6,214,521
794,848
6,349,518
7,144,365
941,491
2004
40 yrs.
Suffolk, VA
904,052
8,570,545
807,006
8,667,592
9,474,597
826,201
2006
40 yrs.
Sunrise, FL
558,223
2,171,930
1,134
558,251
2,173,036
2,731,287
726,873
1991
40 yrs.
Sunrise, FL
659,797
2,596,275
128,733
659,825
2,724,979
3,384,804
860,712
1991
40 yrs.
Sunrise, FL
5,100,162
24,219,956
8,030,931
5,100,791
32,250,258
37,351,049
3,459,852
2006
40 yrs.
Sunrise, FL
5,570,820
9,454,900
2,334,581
5,570,821
11,789,479
17,360,300
1,739,700
2008
40 yrs.
Tampa, FL
162,000
1,613,000
967,811
262,416
2,480,396
2,742,811
885,338
1981
40 yrs.
Tampa, FL
181,923
1,812,496
223,143
181,923
2,035,639
2,217,562
775,833
1979
40 yrs.
Tampa, FL
503,767
2,787,585
1,201,051
503,767
3,988,636
4,492,403
1,693,949
1986
40 yrs.
Tampa, FL
789,651
4,454,648
1,794,502
769,789
6,269,011
7,038,801
2,571,492
1986
40 yrs.
Tampa, FL
359,540
1,461,850
558,088
359,540
2,019,938
2,379,478
800,653
1990
40 yrs.
Tampa, FL
*
1,408,478
5,247,246
1,164,667
1,408,478
6,411,914
7,820,391
2,417,151
1990
40 yrs.
Tampa, FL
*
1,082,648
2,445,444
23,564
1,082,648
2,469,008
3,551,656
844,855
1997
40 yrs.
Tampa, FL
399,088
2,868,834
503,628
399,088
3,372,462
3,771,550
1,142,438
1988
40 yrs.
Tampa, FL
513,263
3,230,239
649,273
513,263
3,879,513
4,392,775
1,395,842
1995
40 yrs.
Tampa, FL
820,882
2,322,720
14,210
820,882
2,336,931
3,157,813
797,430
1996
40 yrs.
Tampa, FL
511,463
4,437,886
559,527
4,389,822
4,949,349
2,237,137
1985
40 yrs.
Tampa, FL
235,893
2,127,887
235,894
2,127,886
2,363,780
733,090
1998
40 yrs.
Tampa, FL
357,364
2,625,403
506,949
2,475,818
2,982,767
775,850
1999
40 yrs.
Tampa, FL
357,364
2,299,349
506,949
2,149,764
2,656,713
766,317
1999
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Tampa, FL
224,369
1,063,882
987,258
254,493
2,021,015
2,275,509
683,092
1998
40 yrs.
Tampa, FL
952,860
3,457,917
952,860
3,457,917
4,410,776
1,059,272
1998
40 yrs.
Tampa, FL
553,335
3,355,037
771,501
3,136,870
3,908,372
904,524
1999
40 yrs.
Tampa, FL
350,406
2,365,836
438,061
2,278,182
2,716,243
649,571
1999
40 yrs.
Tampa, FL
943,169
13,135,586
1,560,099
12,518,656
14,078,756
3,462,107
2000
40 yrs.
Tampa, FL
419,683
3,284,227
661,680
3,042,230
3,703,910
1,020,300
2000
40 yrs.
Tampa, FL
4,875,253
1,071,535
3,803,718
4,875,253
971,879
1999
40 yrs.
Tampa, FL
209,841
1,795,733
364,514
1,641,060
2,005,574
449,464
2000
40 yrs.
Tampa, FL
498,598
3,057,752
556,887
2,999,463
3,556,350
900,759
2000
40 yrs.
Tampa, FL
1,305,584
300,000
1,005,584
1,305,584
278,758
2000
40 yrs.
Tampa, FL
500,391
3,829,240
840,314
3,489,318
4,329,631
1,179,321
2001
40 yrs.
Tampa, FL
3,496,413
619,913
2,876,500
3,496,413
728,005
2002
40 yrs.
Tampa, FL
3,168,713
716,594
2,452,119
3,168,713
849,691
2002
40 yrs.
Tampa, FL
2,740,686
686,594
2,054,092
2,740,686
538,101
2002
40 yrs.
Tampa, FL
1,482,613
447,498
1,035,115
1,482,613
246,794
2001
40 yrs.
Tampa, FL
854,797
42,131
2,721,233
854,797
2,763,364
3,618,161
462,218
2003
40 yrs.
Tampa, FL
898,884
3,498,107
900,508
3,496,483
4,396,991
933,216
2004
40 yrs.
Tampa, FL
492,320
3,853,643
899,284
3,446,679
4,345,963
822,559
2004
40 yrs.
Tampa, FL
537,194
4,128,520
978,019
3,687,696
4,665,714
1,016,073
2005
40 yrs.
Tampa, FL
330,097
3,321,485
933,362
2,718,220
3,651,582
344,220
2005
40 yrs.
Tampa, FL
201,771
3,214,583
628,237
2,788,117
3,416,354
551,044
2006
40 yrs.
Tampa, FL
403,541
5,545,710
1,181,609
4,767,643
5,949,251
1,261,054
2006
40 yrs.
Tampa, FL
3,167,787
19,126,318
314,323
3,167,958
19,440,471
22,608,428
3,265,960
2006
40 yrs.
Tampa, FL
3,166,130
18,735,573
1,163,921
3,166,300
19,899,324
23,065,624
3,350,709
2006
40 yrs.
Tampa, FL
4,303,870
23,688,409
259,947
4,304,102
23,948,125
28,252,227
4,280,801
2006
40 yrs.
Tampa, FL
3,343,910
18,325,599
290,389
3,344,090
18,615,808
21,959,898
2,777,918
2006
40 yrs.
Tampa, FL
2,050,439
11,173,008
472,341
2,050,548
11,645,240
13,695,788
1,876,288
2006
40 yrs.
Tampa, FL
1,453,367
13,350,228
1,908,792
12,894,803
14,803,595
646,405
2006
40 yrs.
Tampa, FL
548,905
2,241,627
204,883
548,905
2,446,510
2,995,415
296,781
2006
40 yrs.
Tampa, FL
450,440
3,303,369
486,004
3,267,805
3,753,809
221,846
2007
40 yrs.
Tolleson, AZ
2,295,090
9,079,811
3,143,989
2,295,090
12,223,799
14,518,890
1,250,935
2007
40 yrs.
Upper Saucon, PA
1,078,674
10,817,575
901,968
10,994,281
11,896,250
1,567,502
2005
40 yrs.
Virginia Beach, VA
953,590
6,142,742
1,752,750
953,590
7,895,492
8,849,082
2,538,253
1987
40 yrs.
Virginia Beach, VA
1,116,693
6,770,480
1,381,663
1,116,693
8,152,143
9,268,836
2,748,724
1988
40 yrs.
Virginia Beach, VA
965,177
6,728,717
1,320,782
965,177
8,049,499
9,014,676
2,763,652
1989
40 yrs.
Virginia Beach, VA
891,753
3,607,890
625,117
891,753
4,233,006
5,124,759
1,456,757
1987
40 yrs.
Virginia Beach, VA
371,694
2,108,097
288,669
371,694
2,396,766
2,768,460
860,414
1996
40 yrs.
Virginia Beach, VA
700,112
9,592,721
1,799,638
700,564
11,391,906
12,092,471
4,090,519
1989
40 yrs.
Virginia Beach, VA
473,689
2,663,045
812,854
474,746
3,474,843
3,949,589
938,194
2003
40 yrs.
Wauwatosa, WI
464,246
2,681,255
16,000
464,246
2,697,254
3,161,501
732,324
1985
40 yrs.
Wayne, PA
5,536,619
16,179,213
4,488,519
5,539,281
20,665,071
26,204,352
5,313,436
1979
40 yrs.
Wayne, PA
8,287,555
31,020,857
11,636,499
27,671,913
39,308,412
7,670,102
2002
40 yrs.
Wayne, PA
6,215,667
8,301,339
5,223,660
9,293,346
14,517,006
2,887,330
2001
40 yrs.
West Allis, WI
500,565
1,591,678
676,697
505,972
2,262,968
2,768,940
480,184
2005
40 yrs.
West Allis, WI
660,068
4,640,578
87,815
663,766
4,724,696
5,388,462
657,868
2005
40 yrs.
West Allis, WI
348,146
2,057,483
104,569
350,008
2,160,190
2,510,198
301,730
2005
40 yrs.
West Chester, PA
845,846
6,809,025
501,861
845,846
7,310,886
8,156,732
2,387,865
1988
40 yrs.
West Chester, PA
664,899
5,352,410
687,777
664,899
6,040,187
6,705,086
2,074,776
1988
40 yrs.
West Malling, UK
17,836,902
4,237,510
13,599,392
17,836,902
1,278,079
2005
40 yrs.
West Malling, UK
559,590
5,113,902
3,448,222
1,122,488
7,999,225
9,121,714
1,135,075
2006
40 yrs.
West Malling, UK
14,011,674
3,903,279
10,108,395
14,011,674
1,072,508
2006
40 yrs.
West Malling, UK
(170
)
2006
40 yrs.
West Malling, UK
48,601
(39
)
48,640
48,601
2006
40 yrs.
Williamsburg, VA
5,722,994
887,234
4,835,761
5,722,994
778,225
2003
40 yrs.
Woodbury, MN
1,279,834
10,291,220
1,385,739
10,185,316
11,571,054
3,648,273
2002
40 yrs.
$
55,765,632
$
780,218,676
$
1,798,426,710
$
2,706,813,044
$
864,796,710
$
4,420,661,719
$
5,285,458,429
$
1,090,685,108
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Aberdeen, MD
$
$
12,052,635
$
$
278,080
$
12,330,715
$
$
12,330,715
$
2005
N/A
Annapolis, MD
5,796,667
13,676
5,810,344
5,810,344
2007
N/A
Boca Raton, FL
2,039,735
566,124
2,605,859
2,605,859
1998
N/A
Charlotte, NC
208,646
208,647
208,647
2010
N/A
Eden Pairie, MN
2,051,631
23,215
2,074,846
2,074,846
2007
N/A
Goodyear, AZ
16,857,556
3,165,230
20,022,786
20,022,786
2007
N/A
Greensboro, NC
564,535
2,896,157
3,460,692
3,460,692
2006
N/A
Greenville, SC
1,308,325
713,086
2,021,411
2,021,411
1998
N/A
Greer, SC
2,297,492
3,566,222
5,863,714
5,863,714
2007
N/A
Hagerstown, MD
5,489,586
8,352,688
13,842,274
13,842,274
2006
N/A
Hampton, VA
229,953
138,101
101,157
239,258
239,258
2001
N/A
Hanover, MD
3,371,183
452,208
3,823,391
3,823,391
2008
N/A
High Point, NC
1,756,230
836,909
2,593,140
2,593,140
1995
N/A
High Point, NC
913,276
912,540
1,825,816
1,825,816
2006
N/A
Horsham, PA
3,043,938
25,160
3,069,098
3,069,098
2005
N/A
Houston, TX
1,072,634
14,445
1,087,079
1,087,079
2007
N/A
Houston, TX
3,492,547
570,173
4,062,720
4,062,720
2007
N/A
Houston, TX
2,476,892
30,320
2,507,213
2,507,213
2007
N/A
Houston, TX
5,756,865
104,416
5,861,281
5,861,281
2007
N/A
Houston, TX
6,282,232
336,819
6,619,051
6,619,051
2008
N/A
Hunt Valley, MD
2,040,690
1,173
2,041,863
2,041,863
2001
N/A
Jacksonville, FL
456,269
82,690
538,959
538,959
1995
N/A
Jacksonville, FL
751,448
73,504
824,952
824,952
1995
N/A
Jacksonville, FL
492,908
87,649
580,557
580,557
1998
N/A
Jacksonville, FL
1,402,337
216,467
1,618,804
1,618,804
2000
N/A
Jacksonville, FL
2,295,790
1,231,240
3,527,030
3,527,030
2005
N/A
Jacksonville, FL
4,153,948
825,764
4,979,712
4,979,712
2008
N/A
Kent County, UK
6,023,565
6,023,565
1999
N/A
Logan, NJ
792,118
1,139,214
1,931,332
1,931,332
1995
N/A
Malvern, PA
4,774,994
4,961,903
9,736,897
9,736,897
2001
N/A
Milwaukee, WI
1,290,032
1,558,860
2,848,892
2,848,892
1999
N/A
Mirarar, FL
6,085,337
413,926
6,499,264
6,499,264
2006
N/A
Oak Creek, WI
2,169,232
2,635,191
4,804,423
4,804,423
2006
N/A
Orlando, FL
365,230
(0
)
365,230
365,230
2006
N/A
Philadelphia, PA
235,168
1,944,557
2,179,725
2,179,725
2009
N/A
Phoenix, AZ
1,359,134
18,970,703
20,329,837
20,329,837
2007
N/A
Richmond, VA
382,698
3,325
386,023
386,023
1997
N/A
Richmond, VA
211,627
3,325
214,952
214,952
1997
N/A
Sandston, VA
148,314
21,717
170,031
170,031
1996
N/A
Scottsdale, AZ
6,176,464
2,204,597
8,381,061
8,381,061
2005
N/A
Shippensburg, PA
8,322,686
3,010,371
11,333,058
11,333,058
2007
N/A
Suffolk, VA
603,391
2,023,007
2,626,399
2,626,399
2005
N/A
Suffolk, VA
2,715,714
695,846
3,411,560
3,411,560
2006
N/A
Tampa, FL
180,136
30,500
210,635
210,635
2000
N/A
Tampa, FL
10,358,826
1,183,339
11,542,165
11,542,165
2006
N/A
Tampa, FL
1,995,375
219,098
2,214,473
2,214,473
2007
N/A
$
229,953
$
42,338,181
$
$
16,159,688
$
209,250,733
$
$
209,250,733
$
$
55,995,585
$
822,556,856
$
1,798,426,710
$
2,722,972,732
$
1,074,047,443
$
4,420,661,719
$
5,494,709,162
$
1,090,685,108
*
Denotes property is collateralized under mortgages with Metropolitan Life, LaSalle Bank,
Allianz, John Hancock and Mutual of Omaha totaling $264.3 million.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
Year Ended December 31,
2010
2009
2008
$
5,417,585
$
5,332,122
$
5,584,173
123,693
155,797
311,442
(46,566
)
(70,334
)
(563,493
)
$
5,494,712
$
5,417,585
$
5,332,122
$
970,935
$
852,425
$
744,691
147,299
144,548
147,243
(27,549
)
(26,038
)
(39,509
)
$
1,090,685
$
970,935
$
852,425
Table of Contents
Table of Contents
February 25, 2011
Table of Contents
February 25, 2011
Table of Contents
LIBERTY PROPERTY LIMITED PARTNERSHIP
(In thousands, except unit amounts)
Table of Contents
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS, EXCEPT PER UNIT AMOUNTS)
Table of Contents
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
Limited
Limited
Partners
Partners
Noncontrolling
General
Equity -
Equity -
Interest -
Partners
Common
Preferred
Consolidated
Equity
Units
Units
Joint Ventures
Total Equity
$
1,800,452
$
$
$
517
$
1,800,969
215,375
215,375
(221,023
)
130
(220,893
)
(26,756
)
(26,756
)
151,942
483
152,425
24,396
24,396
1,944,386
1,130
1,945.516
93,031
287,959
380,990
306,763
306,763
(208,566
)
(7,513
)
(21,012
)
(237,091
)
7,717
282
7,999
56,376
2,113
21,012
(509
)
78,992
15,619
(15,619
)
2,122,295
72,294
287,959
621
2,483,169
49,011
49,011
(215,868
)
(7,541
)
(21,012
)
(244,421
)
(2,494
)
(88
)
(2,582
)
127,762
4,436
21,012
165
153,375
1,480
(1,480
)
$
2,082,186
$
67,621
$
287,959
$
786
$
2,438,552
Table of Contents
LIBERTY PROPERTY LIMITED PARTNERSHIP
(IN THOUSANDS)
Table of Contents
LIBERTY PROPERTY LIMITED PARTNERSHIP
40 years (blended)
15 20 years
5 10 years
Term of the related lease
Table of Contents
Impairment
Segment
Amount
$
6,963
64,060
7,779
$
78,802
Table of Contents
a)
b)
c)
d)
Table of Contents
2010
2009
Weighted
Weighted
Average
Average
Income
Units
Per
Income
Units
Per
(Numerator)
(Denominator)
Unit
(Numerator)
(Denominator)
Unit
$
145,497
$
53,692
(21,012
)
(21,012
)
124,485
116,871
$
1.06
32,680
111,568
$
0.29
682
452
124,485
117,553
$
1.05
32,680
112,020
$
0.29
7,713
116,871
$
0.07
25,809
111,568
$
0.23
682
452
7,713
117,553
$
0.07
25,809
112,020
$
0.23
132,198
116,871
$
1.13
58,489
111,568
$
0.52
682
452
$
132,198
117,553
$
1.12
$
58,489
112,020
$
0.52
Table of Contents
2008
Weighted
Average
Income
Units
Per
(Numerator)
(Denominator)
Unit
$
147,305
(21,012
)
126,293
97,805
$
1.29
189
126,293
97,994
$
1.29
32,318
97,805
$
0.33
189
32,318
97,994
$
0.33
158,611
97,805
$
1.62
189
$
158,611
97,994
$
1.62
Table of Contents
Land
Buildings
And Land
And
Accumulated
Improvements
Improvements
Total
Depreciation
$
387,079
$
1,882,659
$
2,269,738
$
463,058
477,718
2,538,003
3,015,721
627,627
$
864,797
$
4,420,662
$
5,285,459
$
1,090,685
$
375,630
$
1,841,359
$
2,216,989
$
417,694
473,358
2,441,891
2,915,249
553,241
$
848,988
$
4,283,250
$
5,132,238
$
970,935
Table of Contents
Number of
Leaseable
Segment
Buildings
Square Feet
Gross Proceeds
(in thousands)
2
63,925
$
5,987
2
146,800
7,216
1
39,151
5,100
1
26,660
523
1
220,000
3,190
3
181,791
7,000
10
678,327
$
29,016
Number of
Leaseable
Segment
Buildings
Square Feet
Gross Proceeds
(in thousands)
8
595,712
$
43,920
5
379,529
37,564
3
338,690
17,540
9
671,633
51,263
4
296,540
15,275
29
2,282,104
$
165,562
Table of Contents
Table of Contents
Table of Contents
December 31, 2010
Liberty
Blythe
Liberty Commerz
Venture I,
Kings Hill
Liberty
Valley JV
Liberty
1701 JFK
LP
Unit Trust
Illinois, LP
Sarl
Washington, LP
Boulevard, LP
Other
Total
$
133,443
$
183,763
$
252,140
$
202,544
$
909,485
$
493,196
$
68,614
$
2,243,185
(23,764
)
(15,861
)
(24,436
)
(14,887
)
(71,513
)
(41,733
)
(3,786
)
(195,980
)
109,679
167,902
227,704
187,657
837,972
451,463
64,828
2,047,205
2,741
42,698
36,897
2,000
21,848
106,184
11,475
6,480
13,514
12,221
55,138
49,457
28,959
177,244
$
123,895
$
174,382
$
283,916
$
236,775
$
895,110
$
500,920
$
115,635
$
2,330,633
$
75,801
$
140,859
$
140,400
$
192,132
$
347,990
$
324,000
$
53,996
$
1,275,178
2,686
41,058
5,897
67,060
34,161
10,775
10,927
172,564
45,408
(7,535
)
137,619
(22,417
)
512,959
166,145
50,712
882,891
$
123,895
$
174,382
$
283,916
$
236,775
$
895,110
$
500,920
$
115,635
$
2,330,633
$
10,600
$
3,286
$
21,959
$
2,298
$
74,345
$
34,355
$
25,073
$
171,916
December 31, 2009
Liberty
Blythe
Liberty
Commerz 1701
Liberty
Kings Hill
Liberty
Valley JV
Washington,
JFK Boulevard,
Venture I, LP
Unit Trust
Illinois, LP
Sarl
LP
LP
Other
Total
$
132,016
$
190,110
$
229,149
$
209,869
$
777,491
$
493,119
$
72,954
$
2,104,708
(19,689
)
(13,081
)
(18,409
)
(10,651
)
(50,090
)
(27,880
)
(2,204
)
(142,004
)
112,327
177,029
210,740
199,218
727,401
465,239
70,750
1,962,704
21,800
111,830
133,630
2,735
42,723
48,013
2,000
22,083
117,554
11,755
9,855
11,993
12,667
52,722
46,821
34,698
180,511
$
126,817
$
186,884
$
287,256
$
259,898
$
893,953
$
512,060
$
127,531
$
2,394,399
$
76,765
$
153,549
$
151,270
$
199,370
$
347,046
$
324,000
$
54,935
$
1,306,935
2,104
41,826
6,786
51,262
31,706
10,478
17,149
161,311
47,948
(8,491
)
129,200
9,266
515,201
177,582
55,447
926,153
$
126,817
$
186,884
$
287,256
$
259,898
$
893,953
$
512,060
$
127,531
$
2,394,399
$
11,238
$
3,198
$
19,567
$
3,383
$
73,369
$
36,461
$
28,368
$
175,584
(1)
Table of Contents
Year Ended December 31, 2010
Liberty
Liberty
Blythe
Liberty
Commerz 1701
Venture I,
Kings Hill
Liberty
Valley JV
Washington,
JFK Boulevard,
LP
Unit Trust
Illinois, LP
Sarl
LP
LP
Other
Total
$
17,089
$
15,980
$
20,160
$
13,270
$
72,824
$
61,444
$
7,276
$
208,043
7,352
2,471
7,782
3,401
25,614
21,417
1,271
69,308
9,737
13,509
12,378
9,869
47,210
40,027
6,005
138,735
(5,879
)
(3,078
)
(7,966
)
(14,783
)
(20,486
)
(20,445
)
(3,485
)
(76,122
)
(5,099
)
(4,197
)
(7,051
)
(5,315
)
(29,132
)
(15,479
)
(1,979
)
(68,252
)
11
(564
)
(48
)
(289
)
165
(781
)
20
(1,486
)
$
(1,230
)
$
5,670
$
(2,687
)
$
(10,518
)
$
(2,243
)
$
3,322
$
561
$
(7,125
)
$
(107
)
$
1,317
$
(174
)
$
(1,980
)
$
1,624
$
1,157
$
459
$
2,296
Year Ended December 31, 2009
Liberty
Liberty
Blythe
Liberty
Commerz 1701
Venture I,
Kings Hill
Liberty
Valley JV
Washington,
JFK Boulevard,
LP
Unit Trust
Illinois, LP
Sarl
LP
LP
Other
Total
$
18,407
$
16,197
$
22,191
$
13,325
$
74,850
$
61,094
$
4,928
$
210,992
6,559
2,649
8,350
6,120
26,159
21,170
2,435
73,442
11,848
13,548
13,841
7,205
48,691
39,924
2,493
137,550
(4,992
)
(7,674
)
(7,469
)
(13,084
)
(17,086
)
(20,455
)
(2,915
)
(73,675
)
(4,255
)
(4,559
)
(7,117
)
(5,576
)
(30,727
)
(15,498
)
(1,594
)
(69,326
)
131
(602
)
(50
)
(175
)
280
(378
)
156
(638
)
(39,380
)
(39,380
)
$
2,732
$
713
$
(795
)
$
(11,630
)
$
(38,222
)
$
3,593
$
(1,860
)
$
(45,469
)
$
905
$
334
$
181
$
(1,318
)
$
1,649
$
1,241
$
(831
)
$
2,161
Table of Contents
Year ended December 31, 2008
Liberty
Liberty
Blythe
Liberty
Commerz 1701
Venture I,
Kings Hill
Liberty
Valley JV
Washington,
JFK Boulevard,
LP
Unit Trust
Illinois, LP
Sarl
LP
LP
Other
Total
$
19,075
$
18,057
$
22,811
$
15,386
$
76,552
$
43,607
$
3,056
$
198,544
7,074
2,490
7,003
2,377
24,440
15,080
709
59,173
12,001
15,567
15,808
13,009
52,112
28,527
2,347
139,371
(4,522
)
(9,900
)
(7,833
)
(14,253
)
(17,670
)
(15,454
)
(2,057
)
(71,689
)
(4,162
)
(5,272
)
(7,378
)
(5,911
)
(34,951
)
(10,941
)
(862
)
(69,477
)
2,473
(924
)
195
(467
)
722
191
(96
)
2,094
(3
)
102
99
$
5,787
$
(529
)
$
792
$
(7,622
)
$
213
$
2,323
$
(566
)
$
398
$
1,645
$
167
$
549
$
(1,370
)
$
1,288
$
685
$
(159
)
$
2,805
December 31,
2010
2009
$
194,290
$
174,693
42,190
40,952
26,778
27,054
263,258
242,699
(121,794
)
(108,390
)
$
141,464
$
134,309
Table of Contents
Weighted
Mortgages
Average
Principal
Principal
Unsecured
Credit
Interest
Amortization
Maturities
Notes
Facility
Total
Rate
$
6,207
$
$
246,500
$
$
252,707
7.22
%
5,070
53,629
(1)
230,100
288,799
6.27
%
4,582
4,510
9,092
5.73
%
4,965
2,684
200,000
207,649
5.66
%
4,511
44,469
316,000
364,980
5.17
%
3,068
182,318
300,000
485,386
6.10
%
2,317
2,349
296,543
301,209
6.61
%
100,000
100,000
7.50
%
0.00
%
350,000
350,000
4.75
%
$
30,720
$
289,959
$
2,039,143
$
$
2,359,822
5.98
%
(2)
Table of Contents
$
494,328
446,437
389,111
321,221
256,225
817,299
$
2,724,621
Table of Contents
Date of
Liquidation
Dividend
Redeemable
Issue
Issue
Amount
Units
Preference
Rate
As of
Exchangeable After
(in 000s)
7/28/99
Series B
$
95,000
3,800
$
25
7.45
%
8/31/09
6/16/05
Series E
$
20,000
400
$
50
7.00
%
6/16/10
6/30/05
Series F
$
50,000
1,000
$
50
6.65
%
6/30/10
12/15/06
Series G
$
27,000
540
$
50
6.70
%
12/15/11
8/21/07
Series H
$
100,000
4,000
$
25
7.40
%
8/21/12
2010
2009
2008
$
21.0
$
21.0
$
21.0
$
1.86
$
1.86
$
1.86
$
3.50
$
3.50
$
3.50
$
3.33
$
3.33
$
3.33
$
3.35
$
3.35
$
3.35
$
1.85
$
1.85
$
1.85
Table of Contents
Limited partners
Limited partners
equity -
equity -
common units
preferred units
$
120,713
$
287,960
176
(10,131
)
(21,013
)
6,669
21,012
(24,396
)
$
93,031
$
287,959
Year
Amount
$
290
294
297
294
291
10,285
$
11,751
Table of Contents
Table of Contents
Quarter Ended
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
Dec. 31,
Sept. 30,
June 30,
Mar. 31,
2010
2010
2010
2010
2009
2009
2009
2009
$
185,892
$
188,521
$
184,274
$
188,143
$
186,339
$
186,069
$
182,798
$
184,173
35,213
40,226
37,389
32,834
(57,866
)
40,318
38,338
32,393
1,320
780
2,625
2,988
9,060
10,426
4,874
1,449
36,533
41,006
40,014
35,822
(48,806
)
50,744
43,212
33,842
0.27
0.31
0.30
0.26
(0.46
)
0.39
0.35
0.28
0.26
0.30
0.29
0.26
(0.46
)
0.39
0.35
0.28
(1)
Reportable Segments
Markets
Southeastern PA; Lehigh/Central PA; New Jersey
Minnesota; Milwaukee; Chicago
Maryland; Carolinas; Richmond; Virginia Beach
Jacksonville; Orlando; Boca Raton; Tampa; Texas; Arizona
Philadelphia; Northern Virginia/Washington, D.C.
County of Kent; West Midlands
Table of Contents
Northeast
Lehigh/
phila-
Southeastern
Central
New
delphia /
united
PA
PA
Jersey
Midwest
mid-atlantic
South
D.C.
kingdom
total
$
181,048
$
103,651
$
31,957
$
78,294
$
134,778
$
184,280
$
28,611
$
4,211
$
746,830
59,476
26,620
13,624
30,658
41,745
60,315
7,063
932
240,433
$
121,572
$
77,031
$
18,333
$
47,636
$
93,033
$
123,965
$
21,548
$
3,279
506,397
10,039
(149,320
)
(52,850
)
(173,402
)
140,864
4,616
(1,736
)
2,296
(378
)
7,713
$
153,375
Northeast
phila-
Southeastern
Lehigh/
New
mid-
delphia /
united
PA
Central PA
Jersey
Midwest
atlantic
South
D.C.
kingdom
total
$
183,057
$
99,046
$
30,436
$
82,816
$
136,308
$
181,252
$
22,061
$
4,403
$
739,379
58,979
26,807
12,309
31,631
40,245
58,241
5,213
935
234,360
$
124,078
$
72,239
$
18,127
$
51,185
$
96,063
$
123,011
$
16,848
$
3,468
505,019
11,472
1,547
(148,902
)
(51,237
)
(169,818
)
148,081
1,687
(494
)
2,161
(82,552
)
(15,700
)
25,809
$
78,992
Table of Contents
Northeast
phila-
Southeastern
Lehigh/
New
delphia /
united
PA
Central PA
Jersey
Midwest
mid-atlantic
South
D.C.
kingdom
total
$
175,362
$
94,176
$
31,851
$
81,513
$
139,175
$
169,610
$
29,425
$
4,339
$
725,451
56,810
25,320
12,443
29,817
40,885
56,416
7,791
1,044
230,526
$
118,552
$
68,856
$
19,408
$
51,696
$
98,290
$
113,194
$
21,634
$
3,295
494,925
13,404
2,521
(152,184
)
(54,462
)
(168,148
)
136,056
10,572
(1,645
)
2,805
32,318
$
180,106
Northeast
phila-
Year ended
Southeastern
Lehigh/
New
mid-
delphia /
united
December 31, 2010
PA
Central PA
Jersey
Midwest
atlantic
South
D.C.
kingdom
total
$
30,177
$
91,692
$
9,566
$
30,258
$
53,963
$
77,113
$
7,588
$
1,263
$
301,620
150,871
11,959
22,391
48,036
80,815
107,167
21,023
2,948
445,210
$
181,048
$
103,651
$
31,957
$
78,294
$
134,778
$
184,280
$
28,611
$
4,211
$
746,830
Northeast
phila-
Year ended
Southeastern
Lehigh/
New
mid-
delphia /
united
December 31, 2009
PA
Central PA
Jersey
Midwest
atlantic
South
D.C.
kingdom
total
$
31,285
$
86,399
$
9,665
$
34,730
$
52,662
$
78,052
$
3,472
$
1,294
$
297,559
151,772
12,647
20,771
48,086
83,646
103,200
18,589
3,109
441,820
$
183,057
$
99,046
$
30,436
$
82,816
$
136,308
$
181,252
$
22,061
$
4,403
$
739,379
Table of Contents
Northeast
phila-
Year ended
Southeastern
Lehigh/
New
mid-
delphia /
united
December 31, 2008
PA
Central
PA
Jersey
Midwest
atlantic
South
D.C.
kingdom
total
$
32,164
$
81,242
$
9,745
$
33,981
$
51,768
$
75,419
$
2,232
$
1,486
$
288,037
143,198
12,934
22,106
47,532
87,407
94,191
27,193
2,853
437,414
$
175,362
$
94,176
$
31,851
$
81,513
$
139,175
$
169,610
$
29,425
$
4,339
$
725,451
Northeast
Phila-
United
Southeastern
Lehigh/
Delphia /
Kingdom
PA
Central PA
New Jersey
Midwest
Mid-Atlantic
South
D.C.
(1)
Total
$
1,079,790
$
808,776
$
165,426
$
531,234
$
1,010,119
$
1,347,742
$
146,650
$
42,501
$
5,132,238
15,941
26,367
5,121
9,354
24,956
93,701
22,722
(1,482
)
196,680
(11,324
)
(3,487
)
(5,125
)
(2,670
)
(9,217
)
(11,415
)
(221
)
(43,459
)
$
1,084,407
$
831,656
$
165,422
$
537,918
$
1,025,858
$
1,430,028
$
169,151
$
41,019
5,285,459
(1,090,685
)
209,253
658,806
$
5,062,833
Northeast
Phila-
Southeastern
Lehigh/
Delphia /
United
PA
Central
PA
New Jersey
Midwest
Mid-Atlantic
South
D.C.
Kingdom (1)
Total
$
1,072,652
$
714,514
$
179,614
$
529,439
$
966,730
$
1,265,379
$
110,380
$
38,413
$
4,877,121
10,976
99,233
3,754
11,440
63,173
96,330
36,299
4,088
325,293
(3,838
)
(4,971
)
(17,942
)
(9,645
)
(19,784
)
(13,967
)
(29
)
(70,176
)
$
1,079,790
$
808,776
$
165,426
$
531,234
$
1,010,119
$
1,347,742
$
146,650
$
42,501
5,132,238
(970,935
)
66,714
218,633
5,564
776,729
$
5,228,943
(1)
Table of Contents
Year Ended December 31,
2010
2009
2008
$
3,283
$
20,400
$
36,468
(1,446
)
(6,130
)
(13,873
)
(384
)
(2,862
)
(5,694
)
(597
)
(3,458
)
(8,102
)
$
856
$
7,950
$
8,799
Year Ended December 31,
Segment
2010
2009
2008
$
(52
)(1)
$
1,251
$
957
511
837
1,490
(239
)(1)
3,992
629
360
292
377
3,137
$
957
$
9,509
$
3,076
(1)
Table of Contents
2010
2009
2008
$
48,373
$
76,714
$
31,421
2,833
(35,172
)
173,624
12,526
7,854
6,580
38,486
(152,960
)
(50,938
)
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Aberdeen, MD
$
$
5,813,324
$
18,874,059
$
4,470,131
$
5,816,839
$
23,340,674
$
29,157,514
$
2,506,553
2005
40 yrs.
Allentown, PA
101,159
1,354,683
107,307
1,348,535
1,455,842
877,850
1980
40 yrs.
Allentown, PA
137,439
1,331,299
138,127
1,330,610
1,468,738
932,036
1981
40 yrs.
Allentown, PA
717,488
5,022,413
2,864,910
726,651
7,878,160
8,604,810
3,526,473
1976
40 yrs.
Allentown, PA
1,187,776
6,722,946
1,197,447
6,713,275
7,910,723
2,468,308
1996
40 yrs.
Allentown, PA
18,970,828
8,065,500
27,420,765
8,184,096
27,302,169
35,486,265
10,636,515
1997
40 yrs.
Allentown, PA
2,670,849
13,307,408
3,905,038
2,670,673
17,212,622
19,883,295
5,465,956
1988
40 yrs.
Allentown, PA
*
3,473,120
20,069,956
4,174,970
19,368,105
23,543,076
6,840,477
1998
40 yrs.
Allentown, PA
269,614
844,069
168,845
269,614
1,012,914
1,282,528
338,583
1989
40 yrs.
Allentown, PA
462,964
1,449,009
261,433
463,123
1,710,283
2,173,406
593,898
1989
40 yrs.
Allentown, PA
489,749
1,658,091
305,327
489,749
1,963,418
2,453,167
680,356
1998
40 yrs.
Allentown, PA
1,147,541
6,088,041
1,183,790
1,147,541
7,271,832
8,419,373
2,769,825
1985
40 yrs.
Allentown, PA
*
4,019,258
9,764,666
3,645,117
10,138,806
13,783,924
3,604,517
1999
40 yrs.
Allentown, PA
*
10,594,027
27,314,822
10,596,767
27,312,082
37,908,849
4,358,201
2001
40 yrs.
Allentown, PA
4,308,646
17,823,342
4,308,646
17,823,342
22,131,987
4,509,238
2000
40 yrs.
Allentown, PA
2,564,167
8,583,521
2,571,466
8,576,222
11,147,688
2,094,455
2002
40 yrs.
Allentown, PA
*
1,025,667
5,339,264
1,035,854
5,329,076
6,364,931
1,261,154
2002
40 yrs.
Allentown, PA
*
5,208,248
31,373,290
9,961,788
26,619,750
36,581,539
5,431,788
2002
40 yrs.
Allentown, PA
*
792,999
4,533,868
804,848
4,522,019
5,326,867
1,160,038
2002
40 yrs.
Allentown, PA
4,722,683
18,922,645
439,944
4,722,683
19,362,589
24,085,272
3,051,609
2004
40 yrs.
Allentown, PA
3,599,936
12,099,145
2,338,593
3,717,733
14,319,942
18,037,675
2,408,923
2004
40 yrs.
Allentown, PA
6,725,948
27,128,012
7,521,211
26,332,749
33,853,961
3,025,564
2005
40 yrs.
Allentown, PA
458,281
2,805,110
458,945
2,804,447
3,263,391
1,544,292
1989
40 yrs.
Allentown, PA
540,795
3,195,210
541,459
3,194,547
3,736,005
1,551,623
1990
40 yrs.
Allentown, PA
707,203
2,650,618
707,867
2,649,954
3,357,821
1,389,177
1990
40 yrs.
Allentown, PA
*
360,027
3,989,956
560,691
3,789,292
4,349,983
1,745,243
1989
40 yrs.
Allentown, PA
531,268
4,731,901
532,047
4,731,122
5,263,169
2,699,255
1988
40 yrs.
Allentown, PA
388,328
3,388,842
389,081
3,388,089
3,777,170
1,855,845
1988
40 yrs.
Allentown, PA
422,042
3,909,892
422,730
3,909,205
4,331,934
2,236,361
1988
40 yrs.
Allentown, PA
143,500
2,251,823
144,248
2,251,075
2,395,323
1,280,943
1987
40 yrs.
Allentown, PA
138,816
1,851,766
139,480
1,851,102
1,990,582
1,077,744
1985
40 yrs.
Allentown, PA
141,069
876,165
141,746
875,488
1,017,234
537,148
1985
40 yrs.
Allentown, PA
98,986
1,310,686
98,986
1,310,686
1,409,672
771,080
1979
40 yrs.
Allentown, PA
128,454
1,918,272
129,142
1,917,583
2,046,726
1,383,382
1987
40 yrs.
Allentown, PA
103,665
1,346,983
104,453
1,346,196
1,450,648
731,272
1981
40 yrs.
Allentown, PA
162,115
1,731,885
410,146
163,735
2,140,411
2,304,146
951,499
1986
40 yrs.
Allentown, PA
118,521
1,435,479
518,471
119,711
1,952,760
2,072,471
799,236
1986
40 yrs.
Allentown, PA
453,315
1,673,590
484,361
1,642,544
2,126,905
711,038
1996
40 yrs.
Allentown, PA
213,599
1,095,217
357,991
213,879
1,452,928
1,666,807
496,534
1990
40 yrs.
Allentown, PA
1,091,806
3,851,456
228,320
1,093,724
4,077,858
5,171,582
1,566,110
1990
40 yrs.
Annapolis, MD
3,670,256
22,959,664
3,752,293
22,877,627
26,629,920
11,262,597
1988
40 yrs.
Belcamp, MD
299,600
1,818,861
712,787
299,600
2,531,649
2,831,249
724,193
1985
40 yrs.
Bethlehem, PA
670,290
3,230,418
545,172
3,355,536
3,900,708
1,206,845
1997
40 yrs.
Bethlehem, PA
359,000
3,882,696
190,728
4,050,968
4,241,696
1,369,909
1996
40 yrs.
Bethlehem, PA
359,000
1,974,113
188,896
2,144,217
2,333,113
805,475
1997
40 yrs.
Bethlehem, PA
359,000
2,378,710
188,721
2,548,988
2,737,710
868,984
1998
40 yrs.
Bethlehem, PA
143,661
888,128
406,994
212,744
1,226,039
1,438,783
487,499
1989
40 yrs.
Bethlehem, PA
236,708
987,949
178,233
237,078
1,165,813
1,402,890
416,529
1989
40 yrs.
Bethlehem, PA
253,886
1,062,881
244,820
253,886
1,307,701
1,561,587
509,901
1989
40 yrs.
Bethlehem, PA
320,000
1,819,815
367,706
1,772,109
2,139,815
715,996
1998
40 yrs.
Bethlehem, PA
475,686
8,447,080
804,104
8,118,662
8,922,766
2,225,827
1999
40 yrs.
Bethlehem, PA
1,096,127
14,010,142
1,099,079
14,007,191
15,106,269
4,337,979
2002
40 yrs.
Bethlehem, PA
729,751
11,450,461
1,766,196
10,414,016
12,180,212
3,067,269
2000
40 yrs.
Bethlehem, PA
434,640
5,061,217
435,303
5,060,554
5,495,857
2,536,011
1990
40 yrs.
Bethlehem, PA
196,954
4,234,073
197,700
4,233,327
4,431,027
2,047,359
1988
40 yrs.
Bethlehem, PA
240,069
4,596,781
240,732
4,596,118
4,836,850
2,513,686
1988
40 yrs.
Bethlehem, PA
312,209
3,744,301
312,873
3,743,636
4,056,510
1,990,833
1988
40 yrs.
Bethlehem, PA
211,747
3,002,234
212,492
3,001,489
3,213,981
1,625,362
1988
40 yrs.
Bethlehem, PA
390,839
2,701,161
645,206
395,459
3,341,747
3,737,206
1,470,232
1986
40 yrs.
Bloomington, MN
2,263,060
39,300,906
2,310,246
39,253,720
41,563,966
12,053,222
1998
40 yrs.
Bloomington, MN
740,378
3,311,602
1,545,672
709,961
4,887,690
5,597,651
1,196,645
1992
40 yrs.
Bloomington, MN
784,577
3,538,021
786,382
3,536,216
4,322,598
934,358
2001
40 yrs.
Bloomington, MN
2,052,018
3,849,649
1,657,571
2,060,644
5,498,593
7,559,238
1,485,015
2002
40 yrs.
Bloomington, MN
1,263,226
2,360,782
2,021,057
1,264,758
4,380,307
5,645,065
921,844
2002
40 yrs.
Bloomington, MN
1,263,226
2,360,782
1,027,173
1,264,758
3,386,423
4,651,181
811,901
2002
40 yrs.
Bloomington, MN
2,113,223
5,520,730
2,148,571
5,485,383
7,633,953
817,941
2001
40 yrs.
Boca Raton, FL
1,430,884
3,043,553
1,370,725
1,430,937
4,414,225
5,845,162
1,454,028
1985
40 yrs.
Boca Raton, FL
1,426,251
6,098,952
1,788,361
1,426,251
7,887,313
9,313,564
2,702,850
1986
40 yrs.
Boca Raton, FL
4,101,247
16,077,347
5,703,158
4,501,247
21,380,506
25,881,752
6,878,070
1987
40 yrs.
Boca Raton, FL
1,065,068
4,481,644
261,265
1,065,068
4,742,909
5,807,977
1,513,549
1986
40 yrs.
Boca Raton, FL
2,430,000
21,130,343
2,473,406
21,086,937
23,560,343
814,808
2007
40 yrs.
Breinigsville, PA
13,408,721
2,865,575
10,543,146
13,408,721
1,685,899
2003
40 yrs.
Breinigsville, PA
8,118,881
18,885,486
7,247,724
8,118,881
26,133,210
34,252,091
3,771,051
2004
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Breinigsville, PA
*
2,089,719
8,328,910
2,222,168
8,196,461
10,418,629
937,164
2006
40 yrs.
Breinigsville, PA
8,752,708
39,837,821
11,511,499
37,079,030
48,590,529
2,150,385
2007
40 yrs.
Bridgeport, NJ
524,728
2,240,478
7,650
524,728
2,248,128
2,772,856
715,965
1996
40 yrs.
Brookfield, WI
577,067
5,197,903
3,893,747
577,067
9,091,650
9,668,717
2,867,338
1984
40 yrs.
Brookfield, WI
1,289,204
8,128,035
1,578,366
1,306,811
9,688,794
10,995,605
2,308,621
1994
40 yrs.
Brookfield, WI
4,625,546
830,008
12,276,445
781,307
830,999
13,056,761
13,887,759
1,936,272
2005
40 yrs.
Brookfield, WI
3,994,886
1,023,466
10,754,207
1,006,557
1,025,082
11,759,147
12,784,229
1,893,532
2005
40 yrs.
Brookfield, WI
3,442,913
571,389
10,242,091
747,638
572,158
10,988,960
11,561,118
1,762,943
2005
40 yrs.
Brookfield, WI
4,485,150
675,422
8,947,430
1,169,451
678,637
10,113,666
10,792,303
1,837,207
2005
40 yrs.
Brookfield, WI
644,563
3,578,596
326,963
646,518
3,903,605
4,550,122
567,573
2006
40 yrs.
Carlisle, PA
4,249,868
13,886,039
2,241,825
4,095,262
16,282,471
20,377,733
2,728,243
2004
40 yrs.
Center Valley, PA
738,108
7,113,377
794,874
7,056,611
7,851,485
1,887,538
2001
40 yrs.
Chambersburg, PA
8,695,501
29,151,481
9,407,871
28,439,111
37,846,982
1,565,316
2006
40 yrs.
Charlotte, NC
475,368
2,367,586
54,921
475,368
2,422,507
2,897,874
2010
40 yrs.
Cheaspeake, VA
926,125
5,098,066
955,374
5,068,817
6,024,191
1,247,356
2001
40 yrs.
Chesapeake, VA
861,020
4,720,263
1,129,850
4,451,432
5,581,282
981,750
2002
40 yrs.
Chesapeake, VA
1,180,036
4,629,615
1,708,050
4,101,602
5,809,652
998,791
2002
40 yrs.
Chesapeake, VA
864,150
4,427,285
443,733
866,609
4,868,559
5,735,168
798,187
2004
40 yrs.
Chesapeake, VA
6,174,904
1,950,375
7,236,994
535,346
1,951,135
7,771,580
9,722,715
1,662,280
2004
40 yrs.
Chesapeake, VA
1,202,556
5,975,538
1,327,494
1,292,273
7,213,315
8,505,588
1,104,650
2005
40 yrs.
Chesapeake, VA
1,292,062
6,456,515
1,276,589
1,292,254
7,732,911
9,025,165
1,267,010
2005
40 yrs.
Chesapeake, VA
2,012,149
7,546,882
966,737
2,014,689
8,511,079
10,525,768
1,414,566
2005
40 yrs.
Chesapeake, VA
6,188,658
997,570
5,191,088
6,188,658
714,193
2005
40 yrs.
Chesapeake, VA
1,527,303
10,407,802
1,562,903
10,372,202
11,935,105
375,890
2006
40 yrs.
Colombia, MD
3,004,075
7,861,770
2,746,455
8,119,390
10,865,845
1,389,396
2004
40 yrs.
Columbia, MD
758,951
4,384,691
765,952
4,377,690
5,143,642
2,390,462
1984
40 yrs.
Columbia, MD
900,154
5,765,879
920,439
5,745,594
6,666,033
3,551,308
1983
40 yrs.
Columbia, MD
1,569,237
4,786,887
1,557,193
1,571,105
6,342,212
7,913,317
3,034,765
1987
40 yrs.
Columbia, MD
341,663
3,033,309
1,876,157
341,663
4,909,466
5,251,129
1,668,493
1986
40 yrs.
Columbia, MD
218,542
1,940,636
669,179
218,542
2,609,815
2,828,356
856,165
1986
40 yrs.
Columbia, MD
243,791
2,164,094
360,288
243,791
2,524,382
2,768,173
841,490
1986
40 yrs.
Columbia, MD
266,684
2,366,901
909,725
266,684
3,276,626
3,543,310
1,022,270
1986
40 yrs.
Columbia, MD
299,099
2,654,069
693,028
299,099
3,347,097
3,646,197
1,085,979
1988
40 yrs.
Columbia, MD
237,779
2,110,835
953,352
237,779
3,064,187
3,301,966
975,651
1988
40 yrs.
Columbia, MD
296,262
2,628,933
582,878
296,262
3,211,811
3,508,073
1,075,810
1986
40 yrs.
Columbia, MD
2,428,795
7,493,740
2,143,378
2,427,065
9,638,848
12,065,913
3,071,202
1986
40 yrs.
Columbia, MD
958,105
3,617,338
1,295,000
3,280,443
4,575,443
822,262
2002
40 yrs.
Columbia, MD
958,105
3,716,920
1,295,000
3,380,026
4,675,026
854,267
2002
40 yrs.
Columbia, MD
958,105
3,936,052
1,307,300
3,586,857
4,894,157
1,107,901
2002
40 yrs.
Columbia, MD
958,105
3,938,014
1,599,259
3,296,861
4,896,120
585,317
2000
40 yrs.
Columbia, MD
3,917,094
14,959,075
3,142,376
3,922,382
18,096,163
22,018,545
3,483,259
2006
40 yrs.
Columbis, MD
3,865,848
7,741,067
3,166,951
8,439,964
11,606,915
893,106
2006
40 yrs.
Deer Park, TX
2,887,908
829,570
4,778,327
47,398
831,611
4,823,685
5,655,296
537,788
2006
40 yrs.
Duncan, SC
598,348
3,643,756
126,879
598,918
3,770,065
4,368,983
556,253
2006
40 yrs.
Duncan, SC
551,663
3,310,993
209,022
552,211
3,519,466
4,071,678
493,195
2006
40 yrs.
Duncan, SC
901,444
5,751,389
18,391
902,374
5,768,850
6,671,224
940,104
2006
40 yrs.
Duncan, SC
975,433
5,851,990
318,001
976,393
6,169,031
7,145,424
718,293
2006
40 yrs.
Eagan, MN
1,131,017
3,366,266
1,103,860
3,393,423
4,497,283
1,019,172
1998
40 yrs.
Eden Prairie, MN
462,876
4,151,790
960,674
462,876
5,112,465
5,575,340
1,578,052
1988
40 yrs.
Eden Prairie, MN
568,706
5,115,177
2,094,867
1,289,215
6,489,535
7,778,750
2,282,668
1988
40 yrs.
Eden Prairie, MN
195,982
1,762,027
1,066,844
768,344
2,256,509
3,024,853
669,661
1987
40 yrs.
Eden Prairie, MN
120,622
1,085,226
407,233
118,300
1,494,781
1,613,081
498,869
1984
40 yrs.
Eden Prairie, MN
145,198
1,305,700
253,930
142,399
1,562,429
1,704,828
468,136
1984
40 yrs.
Eden Prairie, MN
110,746
995,868
279,138
108,610
1,277,142
1,385,752
434,055
1984
40 yrs.
Eden Prairie, MN
275,903
2,481,666
480,014
270,584
2,966,999
3,237,582
1,098,940
1985
40 yrs.
Eden Prairie, MN
291,077
2,618,194
391,586
285,464
3,015,393
3,300,857
1,115,447
1985
40 yrs.
Eden Prairie, MN
269,618
2,423,318
807,298
264,419
3,235,815
3,500,235
1,151,828
1985
40 yrs.
Eden Prairie, MN
343,093
3,085,795
928,780
336,481
4,021,187
4,357,668
1,267,456
1985
40 yrs.
Eden Prairie, MN
2,912,391
22,099,352
2,938,372
22,073,370
25,011,743
7,401,528
1999
40 yrs.
Eden Prairie, MN
4,500,641
2,987,320
1,916,609
5,571,353
7,487,962
693,360
2006
40 yrs.
Eden Prairie, MN
760,525
3,254,758
623,355
760,525
3,878,113
4,638,638
1,490,532
1997
40 yrs.
Eden Prairie, MN
2,188,525
3,788,762
128,371
2,188,525
3,917,133
6,105,657
1,245,568
1993
40 yrs.
Eden Prairie, MN
1,229,862
4,075,167
1,980,136
1,230,965
6,054,200
7,285,165
1,951,366
1994
40 yrs.
Eden Prairie, MN
1,956,273
4,822,802
1,956,273
4,822,802
6,779,075
1,592,158
1999
40 yrs.
Eden Prairie, MN
1,450,000
3,575,107
1,450,000
3,575,107
5,025,107
1,122,027
2000
40 yrs.
Eden Prairie, MN
993,101
2,136,862
1,145,948
993,101
3,282,810
4,275,911
1,029,470
2000
40 yrs.
Eden Prairie, MN
1,325,829
4,191,274
1,739,966
3,777,137
5,517,103
973,945
2001
40 yrs.
Eden Prairie, MN
1,011,517
8,510,179
3,000,555
6,521,141
9,521,696
1,891,508
2001
40 yrs.
Eden Prairie, MN
1,087,594
3,664,053
2,055,296
2,696,352
4,751,648
761,228
2001
40 yrs.
Eden Prairie, MN
916,687
3,782,331
1,718,407
2,980,611
4,699,018
712,167
2000
40 yrs.
Eden Prairie, MN
1,400,925
5,226,016
1,599,757
5,027,185
6,626,941
837,201
2000
40 yrs.
Eden Prairie, MN
10,232,831
10,855,851
53,337
10,243,977
10,898,042
21,142,019
1,045,470
2007
40 yrs.
Elkridge, MD
1,897,044
6,154,082
3,023,417
5,027,709
8,051,126
(245,874
)
2006
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Exton, PA
4,912,627
2,647,861
11,334,403
2,113,356
2,649,426
13,446,194
16,095,620
1,715,054
2007
40 yrs.
Fogelville, PA
520,473
959,279
157,281
524,390
1,112,644
1,637,033
305,730
1982
40 yrs.
Fort Washington, PA
2,766,931
8,290,952
2,826,994
8,230,889
11,057,884
1,043,789
2005
40 yrs.
Fort Washington, PA
1,267,194
2,217,460
329,544
1,267,937
2,546,260
3,814,197
411,754
2004
40 yrs.
Fort Washington, PA
1,775,894
2,160,855
7,453,925
1,790,041
9,600,633
11,390,674
838,469
2005
40 yrs.
Fort Washington, PA
1,639,166
1,928,574
447,001
1,650,703
2,364,038
4,014,741
367,824
2005
40 yrs.
Fort Washington, PA
35,619,946
51,390,540
15,920,254
36,374,955
66,555,784
102,930,739
7,272,746
2006
40 yrs.
Fountain Inn, SC
201,944
5,133,389
684,003
4,651,330
5,335,333
591,074
2005
40 yrs.
Fredericksburg, VA
475,262
3,917,234
214,221
475,262
4,131,454
4,606,716
1,604,227
1995
40 yrs.
Ft Lauderdale, FL
3,414,989
2,399,738
9,612,936
3,414,989
12,012,675
15,427,663
2,215,114
2003
40 yrs.
Ft. Lauderdale, FL
603,776
4,176,238
1,188,682
625,111
5,343,586
5,968,696
1,950,986
1985
40 yrs.
Glen Allen, VA
743,898
4,499,807
3,060,575
743,898
7,560,382
8,304,280
2,513,321
1995
40 yrs.
Glen Allen, VA
770,214
3,685,248
241,155
771,029
3,925,588
4,696,617
1,463,680
1990
40 yrs.
Glen Allen, VA
443,485
3,199,335
483,263
3,159,557
3,642,820
1,077,363
1999
40 yrs.
Glen Allen, VA
1,072,896
10,561,112
1,075,620
10,558,388
11,634,008
3,773,270
1998
40 yrs.
Glen Allen, VA
670,292
3,839,245
960,055
670,292
4,799,300
5,469,591
1,558,839
1984
40 yrs.
Glen Allen, VA
1,010,024
7,151,729
1,428,858
1,010,044
8,580,567
9,590,611
3,022,299
1990
40 yrs.
Glen Allen, VA
1,083,006
6,035,653
754,889
1,083,006
6,790,542
7,873,548
1,208,027
2004
40 yrs.
Greenville, SC
512,911
6,273,615
515,542
6,270,984
6,786,525
1,105,261
2003
40 yrs.
Greenville, SC
818,114
3,545,588
825,529
3,538,173
4,363,702
291,245
2006
40 yrs.
Greenville, SC
1,547,811
13,779,580
3,712,683
11,614,708
15,327,391
707,040
2006
40 yrs.
Greenville, SC
17,091,882
4,405
17,096,287
17,096,287
1,721,813
2007
40 yrs.
Greer, SC
464,237
5,631,587
1,301,738
4,794,086
6,095,824
232,720
2007
40 yrs.
Hagerstown, MD
3,356,207
30,555,755
9,741,685
24,170,277
33,911,962
1,082,575
2008
40 yrs.
Hampton, VA
974,675
5,579,869
1,430,422
974,675
7,010,291
7,984,966
2,256,731
1987
40 yrs.
Hampton, VA
1,097,368
6,760,778
1,149,934
1,097,368
7,910,712
9,008,080
2,531,828
1990
40 yrs.
Hampton, VA
207,368
1,535,913
212,694
1,530,586
1,743,281
487,934
1999
40 yrs.
Hampton, VA
1,650,423
7,819,255
1,128,829
8,340,849
9,469,678
1,060,866
2006
40 yrs.
Hampton, VA
263,668
8,167,118
640,550
265,719
8,805,617
9,071,336
2,253,821
1999
40 yrs.
Hampton, VA
750,769
2,911,149
369,221
710,486
3,320,652
4,031,139
650,590
2003
40 yrs.
Hanover, MD
1,104,359
1,959,671
25,658
1,104,359
1,985,329
3,089,688
594,468
1983
40 yrs.
Hanover, MD
2,245,187
9,353,170
3,822,710
7,775,647
11,598,357
345,579
2004
40 yrs.
Harrisburg, PA
7,743,800
28,367,702
9,368,557
26,742,945
36,111,502
3,446,033
2005
40 yrs.
Harrisburg, PA
*
5,194,872
19,991,436
4,518,658
5,687,013
24,017,953
29,704,966
4,595,442
2005
40 yrs.
High Point , NC
143,699
2,109,626
373,502
1,879,822
2,253,325
665,989
1999
40 yrs.
High Point , NC
121,329
1,620,276
315,614
1,425,991
1,741,605
442,317
1999
40 yrs.
High Point , NC
801,902
20,677,603
2,042,159
19,437,347
21,479,505
6,672,869
1998
40 yrs.
High Point, NC
234,564
3,393,949
235,698
3,392,816
3,628,513
1,449,631
1988
40 yrs.
High Point, NC
319,289
2,466,168
320,450
2,465,007
2,785,457
1,255,878
1989
40 yrs.
High Point, NC
230,622
2,111,872
231,692
2,110,803
2,342,494
1,068,491
1989
40 yrs.
High Point, NC
182,810
2,376,534
183,888
2,375,456
2,559,344
1,129,562
1989
40 yrs.
High Point, NC
3,314,214
521,122
7,328,753
825,092
7,024,783
7,849,875
4,317,782
1995
40 yrs.
High Point, NC
484,001
2,656,217
173,623
2,966,595
3,140,218
1,260,185
1996
40 yrs.
High Point, NC
592,885
4,825,615
669,468
597,368
5,490,600
6,087,969
2,180,600
1989
40 yrs.
High Point, NC
282,996
2,033,400
283,368
2,033,028
2,316,396
799,262
1997
40 yrs.
High Point, NC
143,661
1,057,225
132,655
1,068,231
1,200,886
382,264
1997
40 yrs.
High Point, NC
285,882
3,037,383
545,627
2,777,638
3,323,265
880,113
1998
40 yrs.
High Point, NC
102,372
2,466,427
265,991
2,302,808
2,568,799
844,753
1999
40 yrs.
High Point, NC
66,731
2,092,124
173,889
1,984,966
2,158,855
684,926
1999
40 yrs.
High Point, NC
264,038
2,226,497
276,038
2,214,497
2,490,534
600,059
1998
40 yrs.
High Point, NC
499,500
3,447,995
500,980
3,446,515
3,947,495
1,151,155
2000
40 yrs.
High Point, NC
94,274
6,127,302
791,880
5,429,696
6,221,576
492,375
2005
40 yrs.
High Point, NC
122,203
3,263,729
526,266
2,859,666
3,385,932
1,018,058
2001
40 yrs.
High Point, NC
100,106
3,432,266
431,106
3,101,266
3,532,372
1,043,576
2001
40 yrs.
High Point, NC
94,232
1,682,549
378,101
1,398,680
1,776,781
441,483
2001
40 yrs.
High Point, NC
172,320
7,016,383
984,672
6,204,031
7,188,704
1,580,430
2002
40 yrs.
High Point, NC
217,943
3,007,486
611,166
2,614,263
3,225,429
627,812
2002
40 yrs.
High Point, NC
510,000
2,780,599
511,869
2,778,730
3,290,599
433,881
2003
40 yrs.
High Point, NC
107,586
3,584,254
505,700
3,186,140
3,691,840
523,533
2004
40 yrs.
High Point, NC
1,973,021
665,239
1,307,782
1,973,021
147,305
2004
40 yrs.
High Point, NC
748,693
6,801,791
1,525,421
6,025,063
7,550,484
374,361
2006
40 yrs.
Horsham, PA
3,102,784
20,104,942
3,764,784
19,442,942
23,207,726
4,720,873
1996
40 yrs.
Horsham, PA
1,333,642
4,039,073
1,408,041
3,964,674
5,372,715
1,368,709
1998
40 yrs.
Horsham, PA
180,459
1,441,473
558,090
180,459
1,999,563
2,180,022
626,642
1983
40 yrs.
Horsham, PA
282,493
2,256,508
1,804,507
282,493
4,061,015
4,343,508
1,362,227
1983
40 yrs.
Horsham, PA
1,281,870
7,767,374
1,343,251
1,265,363
9,127,132
10,392,495
3,411,586
1989
40 yrs.
Horsham, PA
1,065,951
9,979,535
1,939,712
9,105,774
11,045,486
2,506,444
2000
40 yrs.
Horsham, PA
638,513
5,811,323
1,184,244
638,513
6,995,567
7,634,080
2,350,191
1990
40 yrs.
Horsham, PA
629,944
5,733,228
1,159,203
629,944
6,892,431
7,522,375
2,706,844
1990
40 yrs.
Horsham, PA
629,944
5,733,234
1,844,399
629,944
7,577,633
8,207,577
3,290,787
1990
40 yrs.
Horsham, PA
1,058,901
5,343,606
378,615
1,058,901
5,722,221
6,781,122
1,966,851
1986
40 yrs.
Horsham, PA
360,549
3,259,984
787,154
360,549
4,047,138
4,407,687
1,541,736
1982
40 yrs.
Horsham, PA
330,111
2,981,669
594,916
330,111
3,576,586
3,906,696
1,236,229
1974
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Horsham, PA
292,360
2,411,677
2,040,774
393,019
4,351,791
4,744,810
1,183,589
1975
40 yrs.
Horsham, PA
489,032
4,126,151
1,143,504
489,032
5,269,655
5,758,687
1,871,705
1981
40 yrs.
Horsham, PA
294,673
2,663,722
931,107
294,673
3,594,829
3,889,502
1,251,908
1976
40 yrs.
Horsham, PA
270,906
2,448,500
348,986
270,906
2,797,486
3,068,392
967,476
1978
40 yrs.
Horsham, PA
464,871
3,951,972
1,781,426
464,871
5,733,397
6,198,268
1,675,874
1978
40 yrs.
Horsham, PA
270,282
2,441,276
1,748,169
270,282
4,189,445
4,459,727
1,431,794
1972
40 yrs.
Horsham, PA
436,952
3,948,963
982,690
436,952
4,931,653
5,368,605
1,693,057
1981
40 yrs.
Horsham, PA
38,729
349,811
9,589
38,729
359,400
398,129
117,388
1975
40 yrs.
Horsham, PA
651,990
5,888,989
1,344,093
732,552
7,152,520
7,885,072
2,457,858
1977
40 yrs.
Horsham, PA
208,140
895,470
894,621
208,140
1,790,091
1,998,231
572,733
1973
40 yrs.
Horsham, PA
351,072
3,171,001
724,193
451,731
3,794,535
4,246,266
1,188,157
1975
40 yrs.
Horsham, PA
350,561
3,166,389
1,144,743
452,251
4,209,443
4,661,693
1,430,849
1975
40 yrs.
Horsham, PA
533,142
4,830,515
2,188,624
558,142
6,994,139
7,552,281
2,252,157
1980
40 yrs.
Horsham, PA
673,041
5,776,369
2,412,155
673,041
8,188,524
8,861,565
2,968,854
1979
40 yrs.
Horsham, PA
239,528
2,163,498
441,510
255,528
2,589,008
2,844,536
838,125
1982
40 yrs.
Horsham, PA
502,705
4,540,597
2,077,571
502,705
6,618,168
7,120,873
1,874,297
1982
40 yrs.
Horsham, PA
369,475
3,338,761
2,033,132
376,475
5,364,892
5,741,368
2,168,644
1982
40 yrs.
Horsham, PA
543,628
4,910,226
2,433,284
583,628
7,303,511
7,887,138
2,566,697
1981
40 yrs.
Horsham, PA
1,248,148
597,911
189,793
1,656,266
1,846,059
512,431
1975
40 yrs.
Horsham, PA
380,127
3,433,433
2,012,789
380,802
5,445,547
5,826,349
1,789,949
1983
40 yrs.
Horsham, PA
493,426
2,812,067
207,803
495,112
3,018,184
3,513,297
965,932
1987
40 yrs.
Horsham, PA
2,515,115
10,809,109
2,515,115
10,809,109
13,324,224
2,926,610
1999
40 yrs.
Horsham, PA
696,061
3,339,991
570,429
696,061
3,910,420
4,606,480
1,363,559
1985
40 yrs.
Horsham, PA
2,551,777
3,020,638
1,790,780
2,565,140
4,798,056
7,363,195
1,361,027
1987
40 yrs.
Horsham, PA
3,527,151
17,473,670
4,138,577
16,862,244
21,000,821
3,245,331
2001
40 yrs.
Horsham, PA
1,110,209
2,301,302
1,133,191
1,114,985
3,429,717
4,544,702
850,586
1985
40 yrs.
Horsham, PA
8,797,278
182,400
8,614,878
8,797,278
1,796,267
2002
40 yrs.
Horsham, PA
1,154,289
2,007,214
630,669
1,140,597
2,651,574
3,792,171
581,561
2003
40 yrs.
Horsham, PA
483,045
898,798
364,660
471,171
1,275,332
1,746,503
334,557
2003
40 yrs.
Horsham, PA
1,351,011
2,503,449
1,531,087
1,322,317
4,063,231
5,385,547
1,132,169
2003
40 yrs.
Horsham, PA
727,420
1,353,650
431,004
709,967
1,802,108
2,512,075
277,846
2003
40 yrs.
Horsham, PA
2,631,696
18,525,660
2,631,956
18,525,400
21,157,356
1,577,227
2006
40 yrs.
Horsham, PA
1,607,238
4,724,241
1,607,977
4,723,501
6,331,479
2,500,825
1988
40 yrs.
Horsham, PA
644,900
5,804,100
8,408,030
1,131,380
13,725,650
14,857,030
5,058,217
1988
40 yrs.
Horsham, PA
1,229,685
2,436,397
1,241,970
2,424,112
3,666,082
972,152
1996
40 yrs.
Houston, TX
*
363,339
2,509,186
163,721
363,339
2,672,908
3,036,247
859,120
1997
40 yrs.
Houston, TX
*
438,853
3,030,396
339,899
438,853
3,370,294
3,809,147
1,178,648
1997
40 yrs.
Houston, TX
*
289,000
3,559,857
246,977
289,000
3,806,834
4,095,834
1,111,779
1997
40 yrs.
Houston, TX
*
293,534
3,036,269
146,851
306,147
3,170,506
3,476,653
834,764
1999
40 yrs.
Houston, TX
*
311,952
4,153,893
492,869
3,972,975
4,465,845
368,224
2001
40 yrs.
Houston, TX
*
298,999
3,328,180
496,186
3,130,994
3,627,180
685,028
2002
40 yrs.
Houston, TX
*
797,931
5,950,894
148,370
799,560
6,097,635
6,897,195
1,286,211
1999
40 yrs.
Houston, TX
*
1,110,988
6,351,946
1,638,126
1,135,483
7,965,577
9,101,060
1,512,982
2000
40 yrs.
Houston, TX
*
2,290,001
15,297,141
1,927,534
2,290,002
17,224,674
19,514,676
3,288,526
2000
40 yrs.
Houston, TX
*
2,887,715
414,691
2,473,024
2,887,715
419,524
2004
40 yrs.
Houston, TX
*
638,453
3,258,815
653,425
638,477
3,912,215
4,550,692
876,801
2004
40 yrs.
Houston, TX
*
504,317
2,878,351
1,014,679
504,341
3,893,006
4,397,347
947,067
2004
40 yrs.
Houston, TX
*
2,774,995
6,364,767
1,143,271
2,775,021
7,508,011
10,283,032
1,432,118
2004
40 yrs.
Houston, TX
*
284,403
4,495,522
503,779
4,276,146
4,779,925
583,405
2005
40 yrs.
Houston, TX
*
329,961
4,895,132
592,234
4,632,859
5,225,093
789,638
2005
40 yrs.
Houston, TX
*
4,515,862
23,946,674
5,877,884
22,584,652
28,462,536
1,625,499
2006
40 yrs.
Houston, TX
*
1,519,458
7,135,548
3,490,870
1,520,074
10,625,802
12,145,877
1,061,203
2007
40 yrs.
Houston, TX
*
2,173,287
8,868,256
2,265,109
2,173,942
11,132,710
13,306,652
971,211
2007
40 yrs.
Houston, TX
*
1,006,194
5,412,584
2,687,416
1,008,542
8,097,651
9,106,193
877,726
2007
40 yrs.
Houston, TX
*
2,893,405
11,593,197
2,680,294
2,899,861
14,267,034
17,166,895
1,122,286
2007
40 yrs.
Houston, TX
*
1,399,365
6,344,650
1,524,550
1,374,012
7,894,553
9,268,565
642,653
2007
40 yrs.
Houston, TX
545,501
2,927,700
189,451
545,501
3,117,150
3,662,651
2010
40 yrs.
Houston, TX
1,340,609
7,489,720
621,689
1,340,609
8,111,408
9,452,017
2010
40 yrs.
Hunt Valley, MD
1,205,946
9,948,585
1,861,025
9,293,506
11,154,531
2,644,871
2001
40 yrs.
Hunt Valley, MD
3,269,948
13,551,370
2,495,995
3,269,948
16,047,365
19,317,313
3,060,651
2003
40 yrs.
Hunt Valley, MD
2,077,949
8,770,566
1,182,528
2,077,949
9,953,094
12,031,044
2,296,058
2003
40 yrs.
Hunt Valley, MD
2,211,969
7,816,042
3,212,810
2,211,969
11,028,852
13,240,821
1,584,542
2003
40 yrs.
Hunt Valley, MD
3,538,319
14,190,832
13,368,615
3,542,881
27,554,885
31,097,766
4,709,104
2004
40 yrs.
Hunt Valley, MD
613,667
2,458,204
705,184
615,096
3,161,959
3,777,055
507,444
2004
40 yrs.
Hunt Valley, MD
313,365
1,281,093
76,921
314,572
1,356,807
1,671,380
181,978
2004
40 yrs.
Jacksonville, FL
906,804
9,784,270
913,013
9,778,061
10,691,074
3,210,331
1989
40 yrs.
Jacksonville, FL
966,552
5,395,612
974,959
5,387,205
6,362,164
2,809,899
1987
40 yrs.
Jacksonville, FL
768,000
5,789,000
2,286,322
774,020
8,069,302
8,843,322
3,685,361
1988
40 yrs.
Jacksonville, FL
821,000
5,866,000
2,174,368
827,420
8,033,948
8,861,368
3,162,603
1986
40 yrs.
Jacksonville, FL
398,257
2,328,602
749,811
1,977,048
2,726,859
809,178
1996
40 yrs.
Jacksonville, FL
706,934
2,984,235
853,981
2,837,188
3,691,169
1,111,945
1996
40 yrs.
Jacksonville, FL
8,339,915
418,093
7,921,822
8,339,915
2,551,053
1998
40 yrs.
Jacksonville, FL
597,181
2,373,250
602,633
2,367,799
2,970,431
1,237,846
1996
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Jacksonville, FL
840,996
3,583,342
846,461
3,577,877
4,424,338
1,312,357
1997
40 yrs.
Jacksonville, FL
574,198
3,099,770
780,486
2,893,482
3,673,968
1,065,864
1999
40 yrs.
Jacksonville, FL
998,432
4,055,727
903,983
1,002,704
4,955,438
5,958,142
2,027,804
1986
40 yrs.
Jacksonville, FL
620,719
2,989,746
182,927
624,215
3,169,178
3,793,392
1,137,378
1987
40 yrs.
Jacksonville, FL
554,993
2,993,277
280,904
554,542
3,274,631
3,829,174
1,058,497
1990
40 yrs.
Jacksonville, FL
370,017
1,995,518
186,685
370,039
2,182,181
2,552,220
737,616
1990
40 yrs.
Jacksonville, FL
369,694
3,045,639
657,134
370,039
3,702,428
4,072,467
1,264,353
1990
40 yrs.
Jacksonville, FL
388,519
2,095,293
293,659
388,541
2,388,930
2,777,471
816,571
1993
40 yrs.
Jacksonville, FL
296,014
1,596,347
388,955
296,032
1,985,284
2,281,316
674,612
1993
40 yrs.
Jacksonville, FL
251,613
1,356,849
379,477
251,627
1,736,312
1,987,939
782,928
1994
40 yrs.
Jacksonville, FL
406,561
2,195,070
400,092
407,043
2,594,680
3,001,723
927,069
1994
40 yrs.
Jacksonville, FL
366,317
1,975,393
106,854
366,339
2,082,225
2,448,564
710,529
1995
40 yrs.
Jacksonville, FL
462,522
2,494,397
350,687
462,549
2,845,056
3,307,606
885,962
1995
40 yrs.
Jacksonville, FL
601,278
3,242,491
50,343
601,401
3,292,711
3,894,112
1,094,002
1996
40 yrs.
Jacksonville, FL
555,173
2,693,130
609,686
555,213
3,302,777
3,857,989
1,148,284
1997
40 yrs.
Jacksonville, FL
551,250
3,128,361
272,737
551,250
3,401,098
3,952,348
1,064,669
1992
40 yrs.
Jacksonville, FL
877,964
2,360,742
1,896,775
877,964
4,257,517
5,135,481
1,580,051
1986
40 yrs.
Jacksonville, FL
2,089,347
13,024,417
2,287,152
12,826,612
15,113,764
902,933
1998
40 yrs.
Jacksonville, FL
1,299,201
7,893,940
1,168,062
8,025,079
9,193,141
2,385,293
2000
40 yrs.
Jacksonville, FL
638,154
3,257,563
641,272
3,254,446
3,895,717
956,755
2000
40 yrs.
Jacksonville, FL
3,311,699
662,559
2,649,140
3,311,699
638,611
2000
40 yrs.
Jacksonville, FL
852,644
3,510,889
815,879
853,704
4,325,708
5,179,412
1,302,193
1996
40 yrs.
Jacksonville, FL
1,299,202
7,870,835
1,665,915
7,504,122
9,170,037
2,290,667
2002
40 yrs.
Jacksonville, FL
392,060
2,639,416
680,766
2,350,710
3,031,476
604,262
2002
40 yrs.
Jacksonville, FL
3,836,532
21,433,694
4,269,346
21,000,880
25,270,226
3,613,901
2005
40 yrs.
King of Prussia, PA
928,637
5,732,526
1,210,137
5,451,025
6,661,162
1,707,805
1996
40 yrs.
King of Prussia, PA
717,001
4,816,121
2,415,377
717,001
7,231,499
7,948,499
2,853,747
1988
40 yrs.
King of Prussia, PA
705,317
4,737,487
4,023,707
705,317
8,761,195
9,466,511
2,769,154
1988
40 yrs.
King of Prussia, PA
1,218,086
6,937,866
7,153,361
1,187,900
14,121,413
15,309,313
1,001,048
1980
40 yrs.
King of Prussia, PA
397,178
1,590,663
350,874
1,636,967
1,987,841
446,303
1998
40 yrs.
King of Prussia, PA
952,911
6,722,830
7,770,167
952,911
14,492,996
15,445,907
5,467,867
1971
40 yrs.
King of Prussia, PA
952,361
6,722,830
6,936,819
952,361
13,659,650
14,612,010
4,892,817
1971
40 yrs.
King of Prussia, PA
236,432
1,856,252
784,645
236,432
2,640,897
2,877,328
1,034,596
1989
40 yrs.
King of Prussia, PA
217,734
1,759,489
263,517
217,809
2,022,931
2,240,740
734,434
1989
40 yrs.
King of Prussia, PA
764,370
3,643,566
867,815
3,540,121
4,407,936
1,092,503
1998
40 yrs.
King of Prussia, PA
679,440
3,503,074
774,096
3,408,418
4,182,514
1,282,774
1998
40 yrs.
King of Prussia, PA
509,580
2,580,729
592,886
2,497,422
3,090,309
980,216
1999
40 yrs.
King of Prussia, PA
509,580
3,042,297
574,152
2,977,725
3,551,877
1,152,908
1999
40 yrs.
King of Prussia, PA
1,110,111
8,386,799
1,132,519
8,364,391
9,496,911
2,455,413
1999
40 yrs.
King of Prussia, PA
776,496
3,139,068
977,199
776,496
4,116,267
4,892,763
1,287,288
1995
40 yrs.
King of Prussia, PA
1,645,246
30,063,879
4,581,649
27,127,475
31,709,124
7,956,354
2002
40 yrs.
King of Prussia, PA
1,020,000
4,621,206
978,402
4,662,804
5,641,206
1,516,106
1999
40 yrs.
King of Prussia, PA
17,600,911
2,413,514
15,187,397
17,600,911
3,744,703
2000
40 yrs.
King of Prussia, PA
3,729,254
649,792
3,079,462
3,729,254
1,133,697
2000
40 yrs.
King of Prussia, PA
9,533,659
9,533,659
9,533,659
99,167
2009
40 yrs.
King of Prussia, PA
547,800
3,137,400
2,515,288
458,232
5,742,256
6,200,488
2,703,554
1980
40 yrs.
King of Prussia, PA
552,200
3,162,600
1,039,347
461,909
4,292,237
4,754,147
1,763,715
1980
40 yrs.
King of Prussia, PA
601,956
1,758,484
611,436
1,749,005
2,360,441
624,398
1995
40 yrs.
King of Prussia, PA
1,204,839
2,830,072
1,223,875
2,811,036
4,034,911
970,905
1996
40 yrs.
King of Prussia, PA
1,191,449
2,476,299
946,703
2,721,045
3,667,748
818,211
1997
40 yrs.
LaPorte, TX
*
975,974
3,409,036
8,956
977,542
3,416,424
4,393,966
461,715
2006
40 yrs.
LaPorte, TX
*
2,561,931
9,695,493
184,312
2,566,047
9,875,690
12,441,736
1,075,351
2006
40 yrs.
Lehigh Valley, PA
893,441
5,510,456
779,330
5,624,568
6,403,897
1,004,672
2004
40 yrs.
Lehigh, PA
6,398,815
21,794,707
7,627,526
20,565,997
28,193,522
1,359,631
2004
40 yrs.
Lehigh, PA
11,249,550
44,324,333
11,254,716
44,319,167
55,573,883
5,774,422
2005
40 yrs.
Madison Heights, MI
373,202
1,824,721
(649,436
)
373,203
1,175,284
1,548,487
640,074
1988
40 yrs.
Maitland, FL
6,078,791
12,348,567
2,047,678
6,083,206
14,391,831
20,475,037
4,729,802
1998
40 yrs.
Malvern, PA
795,143
4,051,620
795,831
4,050,932
4,846,763
2,511,028
1974
40 yrs.
Malvern, PA
1,837,050
14,959,980
1,837,878
14,959,152
16,797,030
10,849,584
1986
40 yrs.
Malvern, PA
448,775
2,365,913
449,447
2,365,241
2,814,688
1,638,179
1977
40 yrs.
Malvern, PA
400,000
3,600,000
437,856
406,421
4,031,435
4,437,856
1,620,776
1982
40 yrs.
Malvern, PA
495,893
2,739,093
578,651
588,384
3,225,253
3,813,637
2,264,448
1989
40 yrs.
Malvern, PA
849,576
13,051,932
1,337,076
12,564,432
13,901,508
5,780,886
1997
40 yrs.
Malvern, PA
419,460
3,792,570
448,271
419,460
4,240,841
4,660,301
1,406,540
1982
40 yrs.
Malvern, PA
684,200
6,181,661
1,594,859
684,200
7,776,520
8,460,720
2,644,135
1983
40 yrs.
Malvern, PA
1,436,814
16,081,159
1,676,470
15,841,503
17,517,973
6,710,183
1998
40 yrs.
Malvern, PA
814,278
4,946,433
1,128,881
4,631,830
5,760,711
1,447,364
1998
40 yrs.
Malvern, PA
191,114
1,571,119
321,473
1,440,760
1,762,233
480,323
1998
40 yrs.
Malvern, PA
191,114
1,616,195
234,922
1,572,387
1,807,309
508,813
1998
40 yrs.
Malvern, PA
4,380,221
15,316,168
4,749,748
14,946,641
19,696,389
6,333,780
1999
40 yrs.
Malvern, PA
1,320,625
6,709,379
1,451,139
6,578,865
8,030,004
2,967,620
1998
40 yrs.
Malvern, PA
2,013,750
8,255,848
2,171,080
8,098,519
10,269,598
3,451,850
1999
40 yrs.
Malvern, PA
2,013,750
8,216,674
2,158,337
8,072,087
10,230,424
3,425,023
1999
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Malvern, PA
394,036
3,976,221
99,539
397,293
4,072,504
4,469,796
1,230,874
1980
40 yrs.
Malvern, PA
496,297
3,227,678
708,331
3,015,644
3,723,975
947,673
2001
40 yrs.
Malvern, PA
4,241,137
17,737,090
2,182,842
4,241,167
19,919,901
24,161,068
7,048,952
1989
40 yrs.
Malvern, PA
5,405,041
11,668,182
5,405,042
11,668,182
17,073,224
2,050,056
2003
40 yrs.
Malvern, PA
823,540
1,341,376
441,767
832,244
1,774,439
2,606,683
377,847
2003
40 yrs.
Malvern, PA
724,058
5,339,789
724,846
5,339,001
6,063,847
2,671,964
1985
40 yrs.
Malvern, PA
1,054,418
7,172,977
1,055,243
7,172,152
8,227,395
3,591,164
1989
40 yrs.
Malvern, PA
664,282
5,569,322
643,892
5,589,712
6,233,604
3,088,228
1988
40 yrs.
Malvern, PA
472,364
2,839,137
519,742
2,791,760
3,311,501
1,459,917
1988
40 yrs.
Malvern, PA
937,212
4,998,361
1,012,843
4,922,731
5,935,573
2,592,952
1988
40 yrs.
Malvern, PA
322,918
3,233,318
325,775
3,230,461
3,556,236
1,979,657
1987
40 yrs.
Malvern, PA
323,971
3,112,784
323,792
3,112,964
3,436,755
1,723,526
1987
40 yrs.
Malvern, PA
465,539
5,309,203
466,413
5,308,329
5,774,742
3,213,237
1987
40 yrs.
Malvern, PA
504,611
4,583,549
505,458
4,582,702
5,088,160
2,988,275
1983
40 yrs.
Malvern, PA
368,626
1,344,816
374,497
1,338,945
1,713,442
832,359
1985
40 yrs.
Malvern, PA
530,729
2,370,515
531,534
2,369,710
2,901,244
1,428,758
1984
40 yrs.
Malvern, PA
397,131
2,846,006
397,948
2,845,189
3,243,137
1,717,478
1984
40 yrs.
Malvern, PA
176,435
4,316,950
177,317
4,316,068
4,493,385
2,563,412
1985
40 yrs.
Malvern, PA
215,005
4,134,390
215,818
4,133,578
4,349,395
2,481,839
1983
40 yrs.
Malvern, PA
381,544
6,715,903
382,361
6,715,086
7,097,447
4,337,741
1983
40 yrs.
Malvern, PA
331,392
1,680,547
332,216
1,679,723
2,011,939
1,099,532
1984
40 yrs.
Malvern, PA
509,075
2,787,619
509,899
2,786,796
3,296,694
1,670,677
1984
40 yrs.
Malvern, PA
523,530
3,708,843
524,230
3,708,143
4,232,373
1,937,657
1985
40 yrs.
Malvern, PA
128,126
350,938
128,783
350,281
479,064
310,396
1975
40 yrs.
Malvern, PA
128,206
143,074
618,372
143,811
617,635
761,446
441,406
1977
40 yrs.
Malvern, PA
887,664
5,484,101
888,359
5,483,406
6,371,765
3,660,279
1978
40 yrs.
Malvern, PA
1,368,259
9,533,661
1,369,003
9,532,917
10,901,920
6,153,357
1981
40 yrs.
Malvern, PA
130,689
1,298,902
128,767
1,300,824
1,429,591
812,221
1982
40 yrs.
Malvern, PA
625,147
2,603,724
626,068
2,602,804
3,228,871
1,752,418
1981
40 yrs.
Malvern, PA
356,950
926,587
357,751
925,786
1,283,537
659,141
1983
40 yrs.
Malvern, PA
865,424
9,285,000
5,099,729
884,974
14,365,179
15,250,153
8,205,995
1989
40 yrs.
Malvern, PA
785,168
4,678,632
859,306
786,235
5,536,870
6,323,106
2,413,402
1985
40 yrs.
Maple Grove, MN
513,250
2,901,906
851,435
513,250
3,753,340
4,266,590
1,116,812
1989
40 yrs.
Marlton, NJ
264,387
3,772,000
3,430,681
271,743
7,195,325
7,467,068
2,991,309
1987
40 yrs.
Marlton, NJ
84,949
1,328,000
1,000,645
96,161
2,317,433
2,413,594
913,561
1987
40 yrs.
Marlton, NJ
69,402
3,665,348
317,799
3,416,951
3,734,750
1,282,570
1999
40 yrs.
Marlton, NJ
321,455
1,539,871
940,855
327,554
2,474,627
2,802,181
1,068,512
1990
40 yrs.
Marlton, NJ
1,069,837
4,780,163
2,631,930
1,069,838
7,412,092
8,481,930
2,061,080
1988
40 yrs.
Marlton, NJ
1,069,837
4,780,163
2,702,827
1,069,838
7,482,990
8,552,827
3,327,490
1988
40 yrs.
Mauldin, SC
419,731
2,338,692
430,909
2,327,514
2,758,423
335,918
2003
40 yrs.
Mauldin, SC
557,174
2,890,851
506,318
2,941,708
3,448,026
444,608
2004
40 yrs.
Milwaukee, WI
1,711,964
6,847,857
328,453
1,711,964
7,176,310
8,888,274
2,177,967
1991
40 yrs.
Milwaukee, WI
391,813
2,340,118
611,440
394,938
2,948,434
3,343,371
1,136,137
1986
40 yrs.
Milwaukee, WI
439,595
2,357,904
349,777
443,101
2,704,175
3,147,276
867,142
1986
40 yrs.
Milwaukee, WI
382,256
2,350,619
475,651
385,305
2,823,221
3,208,526
1,022,821
1987
40 yrs.
Milwaukee, WI
614,477
2,626,456
134,458
619,465
2,755,926
3,375,391
818,665
1987
40 yrs.
Milwaukee, WI
347,853
2,396,887
1,121,832
350,628
3,515,945
3,866,572
887,795
1987
40 yrs.
Milwaukee, WI
234,443
10,406,336
491,531
10,149,249
10,640,780
3,506,918
2001
40 yrs.
Milwaukee, WI
341,698
1,527,548
48,494
341,698
1,576,042
1,917,740
429,338
1995
40 yrs.
Milwaukee, WI
534,470
3,239,389
655,767
532,370
3,897,257
4,429,627
1,320,028
1984
40 yrs.
Milwaukee, WI
1,800,000
7,542,950
1,801,024
7,541,926
9,342,950
1,929,894
2003
40 yrs.
Milwaukee, WI
3,826,790
914,760
2,912,030
3,826,790
333,900
2005
40 yrs.
Minneapolis, MN
1,501,308
8,446,083
225,056
1,501,308
8,671,139
10,172,447
2,433,469
1996
40 yrs.
Minneapolis, MN
1,063,558
7,982,141
1,038,197
8,007,502
9,045,699
2,683,502
2002
40 yrs.
Minneapolis, MN
13,170,503
13,170,503
13,170,503
453,689
2008
40 yrs.
Minnegonka, MN
2,175,209
3,948,085
7,814,360
2,177,953
11,759,701
13,937,654
2,599,590
1986
40 yrs.
Minnetonka, MN
828,650
7,399,409
1,198,281
829,263
8,597,077
9,426,340
2,804,794
1988
40 yrs.
Minnetonka, MN
883,895
7,983,345
2,010,460
883,895
9,993,805
10,877,700
3,439,643
1985
40 yrs.
Miramar, FL
2,022,153
11,345,881
1,500,922
2,022,153
12,846,802
14,868,955
4,233,890
1990
40 yrs.
Miramar, FL
2,022,152
11,357,143
2,330,445
2,022,152
13,687,587
15,709,739
4,715,477
1990
40 yrs.
Miramar, FL
2,960,511
18,619,103
2,980,689
18,598,924
21,579,613
5,960,178
2000
40 yrs.
Miramar, FL
6,204,407
15,562,898
6,265,000
15,502,305
21,767,305
610,702
2007
40 yrs.
Morrisville, NC
*
1,449,092
4,424,932
271,387
1,449,450
4,695,961
6,145,411
471,106
2007
40 yrs.
Morrisville, NC
*
1,031,430
5,655,167
341,601
1,031,685
5,996,513
7,028,198
583,893
2007
40 yrs.
Morrisville, NC
*
1,061,370
5,152,110
359,118
1,061,632
5,510,966
6,572,598
498,992
2007
40 yrs.
Morrisville, NC
*
1,300,889
5,313,226
207,183
1,301,211
5,520,088
6,821,298
558,602
2007
40 yrs.
Morrisville, NC
2,828,450
1,071,600
4,397,807
103,718
1,071,600
4,501,525
5,573,125
2010
40 yrs.
Mount Laurel, NJ
3,730,570
16,883,907
3,758,270
16,856,207
20,614,477
1,110,722
2006
40 yrs.
Mt Laurel, NJ
7,350,519
1,098,904
6,251,616
7,350,519
1,257,353
2004
40 yrs.
Mt Laurel, NJ
1,512,120
2,881,267
539,060
3,854,327
4,393,387
585,570
2001
40 yrs.
Mt Laurel, NJ
1,925,719
191,390
10,965,396
1,936,489
11,146,016
13,082,505
2,583,731
2003
40 yrs.
Mt Laurel, NJ
2,960,159
1,449,611
4,586,987
2,970,687
6,026,071
8,996,757
818,387
2006
40 yrs.
Mt. Laurel, NJ
500,000
4,500,000
3,472,518
512,018
7,960,500
8,472,518
3,156,097
1987
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Mt. Laurel, NJ
310,585
4,394,900
229,583
311,950
4,623,118
4,935,068
1,835,463
1985
40 yrs.
Mt. Laurel, NJ
361,800
3,285,817
775,089
362,855
4,059,850
4,422,706
1,758,052
1985
40 yrs.
Mt. Laurel, NJ
289,700
2,512,683
1,084,817
290,545
3,596,655
3,887,200
1,445,408
1985
40 yrs.
Mt. Laurel, NJ
449,400
3,074,850
1,932,794
450,558
5,006,486
5,457,044
1,718,328
1988
40 yrs.
Mt. Laurel, NJ
234,151
2,022,683
318,526
234,151
2,341,209
2,575,360
776,000
1985
40 yrs.
Mt. Laurel, NJ
234,814
1,995,098
539,621
234,814
2,534,719
2,769,533
872,377
1983
40 yrs.
Mt. Laurel, NJ
286,587
2,474,820
1,340,796
286,587
3,815,616
4,102,203
1,153,126
1983
40 yrs.
Mt. Laurel, NJ
288,577
2,546,537
564,777
288,577
3,111,314
3,399,891
1,091,545
1986
40 yrs.
Mt. Laurel, NJ
430,990
3,714,828
1,238,899
430,990
4,953,727
5,384,717
1,840,336
1987
40 yrs.
Mt. Laurel, NJ
494,334
3,137,988
569,184
3,063,139
3,632,322
1,190,427
1999
40 yrs.
Mt. Laurel, NJ
310,831
2,797,744
2,050,418
310,831
4,848,162
5,158,993
1,934,061
1986
40 yrs.
Mt. Laurel, NJ
1,057,763
4,191,827
1,478,335
1,057,763
5,670,162
6,727,925
1,926,168
1988
40 yrs.
Mt. Laurel, NJ
701,705
3,505,652
1,961,528
701,705
5,467,180
6,168,886
2,265,945
1986
40 yrs.
Mt. Laurel, NJ
356,987
3,705,164
470,659
3,591,492
4,062,151
1,295,054
2000
40 yrs.
Mt. Laurel, NJ
144,515
3,428,278
144,515
3,428,278
3,572,793
1,076,681
2001
40 yrs.
Oak Creek, WI
348,280
4,295,405
696,690
3,946,995
4,643,685
165,695
2007
40 yrs.
Oak Creek, WI
516,016
3,933,839
654,271
3,795,584
4,449,855
146,271
2007
40 yrs.
Oakdale, MN
765,535
3,488,754
303,570
766,390
3,791,469
4,557,859
1,070,168
1996
40 yrs.
Odenton, MD
1,976,000
8,099,579
2,469,160
2,011,030
10,533,709
12,544,739
1,834,637
2004
40 yrs.
Odenton, MD
1,778,400
7,289,165
1,867,935
1,809,927
9,125,573
10,935,500
1,461,921
2004
40 yrs.
Orlando, FL
*
252,850
1,297,923
62,116
252,850
1,360,039
1,612,889
476,769
1989
40 yrs.
Orlando, FL
*
405,362
1,146,546
314,760
405,362
1,461,306
1,866,668
521,435
1989
40 yrs.
Orlando, FL
*
523,512
3,191,790
914,639
538,512
4,091,429
4,629,941
1,454,355
1989
40 yrs.
Orlando, FL
574,831
2,349,259
587,319
2,336,771
2,924,090
766,292
1999
40 yrs.
Orlando, FL
517,554
2,568,186
398,922
522,991
2,961,671
3,484,662
1,021,663
1985
40 yrs.
Orlando, FL
*
518,043
2,561,938
764,155
518,043
3,326,093
3,844,136
1,052,279
1962
40 yrs.
Orlando, FL
453,918
2,572,202
349,256
453,918
2,921,458
3,375,376
822,168
1998
40 yrs.
Orlando, FL
385,964
2,419,706
642,427
2,163,243
2,805,669
612,812
2001
40 yrs.
Orlando, FL
903,701
3,791,927
830,953
3,864,675
4,695,628
479,492
2006
40 yrs.
Orlando, FL
903,701
5,660,761
925,671
5,638,790
6,564,462
1,308,507
2001
40 yrs.
Orlando, FL
535,964
2,867,281
704,800
2,698,444
3,403,244
786,401
2002
40 yrs.
Orlando, FL
*
664,605
2,362,814
685,383
2,342,035
3,027,419
533,740
2001
40 yrs.
Orlando, FL
680,312
2,120,754
1,219,087
680,312
3,339,841
4,020,152
750,364
2003
40 yrs.
Orlando, FL
*
878,320
2,558,833
1,400,491
878,320
3,959,324
4,837,644
732,654
2003
40 yrs.
Orlando, FL
6,631,110
1,283,713
5,347,397
6,631,110
1,579,677
2004
40 yrs.
Orlando, FL
838,853
4,084,539
767,953
4,155,440
4,923,392
560,662
2006
40 yrs.
Orlando, FL
*
1,931,697
6,388,203
2,135,046
1,932,004
8,522,943
10,454,946
1,940,443
2004
40 yrs.
Orlando, FL
*
2,261,924
7,496,249
411,516
2,263,211
7,906,478
10,169,689
1,211,038
2004
40 yrs.
Orlando, FL
467,296
2,494,666
825,673
2,136,290
2,961,963
373,172
2005
40 yrs.
Orlando, FL
2,573,700
17,478,646
2,068,083
2,583,667
19,536,762
22,120,429
2,931,860
2005
40 yrs.
Orlando, FL
2,573,961
11,206,937
9,676,795
2,583,216
20,874,477
23,457,693
2,841,547
2005
40 yrs.
Orlando, FL
1,435,301
6,174,642
200,240
1,435,301
6,374,882
7,810,183
690,586
2006
40 yrs.
Orlando, FL
1,443,510
6,775,194
570,566
1,457,286
7,331,985
8,789,270
972,281
2006
40 yrs.
Orlando, FL
1,431,489
8,002,539
628,392
1,445,807
8,616,613
10,062,420
1,124,653
2006
40 yrs.
Orlando, FL
1,553,537
5,702,243
307,605
1,570,863
5,992,522
7,563,385
672,126
2006
40 yrs.
Orlando, FL
332,992
2,644,112
373,500
2,603,604
2,977,104
173,781
2006
40 yrs.
Orlando, FL
443,989
2,698,675
464,800
2,677,864
3,142,664
158,297
2006
40 yrs.
Orlando, FL
415,906
2,712,378
435,400
2,692,883
3,128,283
188,966
2006
40 yrs.
Orlando, FL
4,435,921
38,355,529
4,510,990
38,280,461
42,791,450
664,651
2008
40 yrs.
Orlando, FL
4,295,972
15,564,905
2,966,361
4,295,972
18,531,266
22,827,239
287,908
2010
40 yrs.
Philadelphia, PA
2,474,031
43,774,779
125,087
46,123,723
46,248,810
18,205,132
1997
40 yrs.
Philadelphia, PA
2,483,144
32,150,134
2,514,519
32,118,759
34,633,278
9,484,817
1999
40 yrs.
Philadelphia, PA
992,965
331,924
6,791,359
1,022,081
7,094,168
8,116,249
1,406,432
2003
40 yrs.
Philadelphia, PA
567,280
12,028,316
347,892
12,247,704
12,595,596
1,910,404
2004
40 yrs.
Philadelphia, PA
891,892
5,757,514
366,982
6,282,425
6,649,406
510,831
2006
40 yrs.
Philadelphia, PA
402,673
36,561,192
417,353
36,546,513
36,963,865
1,236,362
2008
40 yrs.
Philadelphia, PA
214,726
23,728,765
417,485
23,526,006
23,943,491
347,394
2008
40 yrs.
Phoenix, AZ
4,758,484
10,559,563
5,587,577
4,765,172
16,140,451
20,905,624
1,419,862
2007
40 yrs.
Phoenix, AZ
3,756,307
8,336,400
4,122,476
3,761,587
12,453,596
16,215,183
939,944
2007
40 yrs.
Phoenix, AZ
1,910,584
1,954,020
2,166,648
1,911,045
4,120,208
6,031,253
492,458
2007
40 yrs.
Phoenix, AZ
1,409,908
4,680,808
1,100,202
1,410,248
5,780,670
7,190,918
842,005
2007
40 yrs.
Phoenix, AZ
7,922,480
10,045,599
2,755,567
6,690,321
14,033,325
20,723,646
1,520,748
2007
40 yrs.
Phoenix, AZ
*
7,318,457
24,549,401
28,556
7,318,457
24,577,957
31,896,413
2,854,518
2007
40 yrs.
Phoenix, AZ
*
1,749,957
3,667,748
7,388
1,749,957
3,675,136
5,425,093
459,476
2007
40 yrs.
Phoenix, AZ
*
2,646,318
9,697,439
263,756
2,646,318
9,961,195
12,607,513
1,068,755
2007
40 yrs.
Phoenix, AZ
*
3,895,539
16,724,283
1,401,488
3,895,539
18,125,772
22,021,311
2,163,300
2007
40 yrs.
Phoenix, AZ
*
2,619,964
9,675,711
52,718
2,619,964
9,728,428
12,348,392
1,130,199
2007
40 yrs.
Phoenix, AZ
6,539,310
10,331,534
6,827,288
10,043,555
16,870,843
421,457
2007
40 yrs.
Phoenix, AZ
5,380,972
4,381,333
5,617,939
4,144,367
9,762,306
146,427
2007
40 yrs.
Pleasant Prairie, WI
1,692,077
7,934,794
250,974
1,689,726
8,188,119
9,877,845
2,478,190
1994
40 yrs.
Plymouth Meeting, PA
1,015,851
9,175,555
2,821,413
1,024,040
11,988,779
13,012,819
4,174,450
1985
40 yrs.
Plymouth, MN
516,920
4,646,342
2,426,568
516,920
7,072,910
7,589,830
2,087,144
1983
40 yrs.
Plymouth, MN
395,366
3,554,512
918,212
395,366
4,472,724
4,868,090
1,692,190
1985
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Plymouth, MN
151,238
1,370,140
393,089
151,238
1,763,230
1,914,468
668,422
1985
40 yrs.
Plymouth, MN
392,026
3,433,678
456,993
384,235
3,898,462
4,282,697
1,277,979
1997
40 yrs.
Plymouth, MN
198,205
1,793,422
615,305
198,205
2,408,726
2,606,931
918,230
1978
40 yrs.
Plymouth, MN
332,317
3,077,820
910,372
332,317
3,988,192
4,320,509
1,079,239
1998
40 yrs.
Pompano Beach, FL
972,232
3,892,085
392,196
972,232
4,284,282
5,256,513
1,413,897
1957
40 yrs.
Pompano Beach, FL
203,247
811,093
11,783
203,247
822,876
1,026,124
264,713
1990
40 yrs.
Pompano Beach, FL
203,247
811,093
224,133
203,247
1,035,226
1,238,473
421,093
1990
40 yrs.
Pompano Beach, FL
203,247
811,093
200,027
203,247
1,011,120
1,214,367
286,311
1990
40 yrs.
Pompano Beach, FL
1,157,049
4,620,956
355,505
1,157,049
4,976,461
6,133,511
1,604,895
1986
40 yrs.
Pompano Beach, FL
392,138
1,565,787
256,028
392,138
1,821,816
2,213,954
634,567
1985
40 yrs.
Pompano Beach, FL
359,933
1,437,116
621,873
359,933
2,058,989
2,418,922
580,887
1984
40 yrs.
Pompano Beach, FL
164,413
655,933
281,345
164,413
937,278
1,101,691
337,880
1984
40 yrs.
Pompano Beach, FL
310,778
1,238,324
239,517
310,178
1,478,441
1,788,619
551,735
1965
40 yrs.
Richmond, VA
659,456
4,836,010
159,898
659,456
4,995,908
5,655,364
1,946,188
1989
40 yrs.
Richmond, VA
489,941
3,592,900
254,734
489,941
3,847,634
4,337,575
1,538,356
1989
40 yrs.
Richmond, VA
644,384
4,025,480
87,419
644,384
4,112,899
4,757,283
1,671,965
1990
40 yrs.
Richmond, VA
408,729
2,697,348
676,233
408,729
3,373,581
3,782,310
1,404,256
1990
40 yrs.
Richmond, VA
310,854
2,279,597
1,080,673
310,854
3,360,270
3,671,124
1,150,876
1973
40 yrs.
Richmond, VA
693,203
5,083,493
1,642,146
693,203
6,725,639
7,418,842
2,598,221
1975
40 yrs.
Richmond, VA
256,203
2,549,649
1,962,691
256,203
4,512,340
4,768,543
1,592,937
1976
40 yrs.
Richmond, VA
223,696
1,640,435
2,756,533
223,696
4,396,968
4,620,664
1,431,051
1978
40 yrs.
Richmond, VA
325,303
2,385,557
1,163,576
325,303
3,549,133
3,874,436
1,324,818
1979
40 yrs.
Richmond, VA
486,166
3,565,211
427,390
486,166
3,992,601
4,478,767
1,532,683
1981
40 yrs.
Richmond, VA
474,360
3,478,646
759,404
474,360
4,238,050
4,712,410
1,573,436
1982
40 yrs.
Richmond, VA
652,455
4,784,675
555,531
652,455
5,340,206
5,992,661
2,228,217
1985
40 yrs.
Richmond, VA
404,616
2,967,187
470,017
404,616
3,437,204
3,841,820
1,304,181
1985
40 yrs.
Richmond, VA
454,056
2,729,742
362,531
454,056
3,092,273
3,546,329
1,233,787
1987
40 yrs.
Richmond, VA
615,038
4,510,272
371,019
615,038
4,881,291
5,496,329
1,886,600
1988
40 yrs.
Richmond, VA
221,947
1,011,088
2,443
221,947
1,013,531
1,235,478
461,965
1988
40 yrs.
Richmond, VA
705,660
4,557,438
720,100
4,542,998
5,263,098
1,633,594
1996
40 yrs.
Richmond, VA
676,661
4,822,774
687,898
4,811,537
5,499,435
1,771,709
1997
40 yrs.
Richmond, VA
449,447
3,294,697
544,248
452,263
3,836,128
4,288,391
1,666,553
1978
40 yrs.
Richmond, VA
91,476
1,653,510
91,599
1,653,387
1,744,986
599,151
1975
40 yrs.
Richmond, VA
261,961
2,110,874
427,164
262,210
2,537,789
2,799,999
938,249
1989
40 yrs.
Richmond, VA
486,118
4,083,582
263,481
486,598
4,346,583
4,833,181
1,582,609
1989
40 yrs.
Richmond, VA
694,644
5,394,868
700,503
5,389,009
6,089,512
1,814,497
1998
40 yrs.
Richmond, VA
266,883
2,527,958
334,772
2,460,069
2,794,841
862,072
1999
40 yrs.
Richmond, VA
872,901
7,486,258
901,666
7,457,493
8,359,159
512,626
1997
40 yrs.
Richmond, VA
364,165
3,264,114
44,174
364,165
3,308,289
3,672,454
1,064,042
1988
40 yrs.
Richmond, VA
1,432,462
14,420,839
1,794,162
14,059,139
15,853,301
3,834,586
2000
40 yrs.
Richmond, VA
1,140,648
101,824
9,955,442
1,456,084
9,741,829
11,197,913
2,229,493
2001
40 yrs.
Richmond, VA
1,623,612
6,355,516
1,072,797
6,906,331
7,979,128
1,750,023
2002
40 yrs.
Richmond, VA
634,231
12,273,725
1,492,295
11,415,662
12,907,956
495,001
2003
40 yrs.
Richmond, VA
392,184
11,655,841
1,083,836
10,964,189
12,048,025
1,575,800
2005
40 yrs.
Richmond, VA
2,073,739
5,634,796
1,601,236
2,079,643
7,230,128
9,309,770
1,290,955
2005
40 yrs.
Richmond, VA
808,581
7,273,850
1,236,204
810,743
8,507,891
9,318,634
1,346,294
2005
40 yrs.
Richmond, VA
1,276,936
12,052,192
1,796,796
1,280,662
13,845,263
15,125,925
1,986,745
2005
40 yrs.
Richmond, VA
742,300
5,415,233
1,066,839
5,090,694
6,157,533
241,330
2007
40 yrs.
Riverview, FL
1,233,639
13,608,485
109,898
1,233,800
13,718,223
14,952,022
1,703,139
2006
40 yrs.
Rock Creek, NC
354,903
3,981,740
399,988
3,936,655
4,336,643
1,252,881
1997
40 yrs.
Rock Creek, NC
305,821
4,782,967
335,061
4,753,727
5,088,788
1,366,230
1999
40 yrs.
Scottsdale, AZ
4,076,412
27,621,159
4,115,137
27,582,434
31,697,571
4,218,935
2005
40 yrs.
Sturtevant, WI
2,484,450
22,431,424
2,487,293
22,428,580
24,915,873
3,394,514
2006
40 yrs.
Suffolk, VA
929,844
6,214,521
794,848
6,349,518
7,144,365
941,491
2004
40 yrs.
Suffolk, VA
904,052
8,570,545
807,006
8,667,592
9,474,597
826,201
2006
40 yrs.
Sunrise, FL
558,223
2,171,930
1,134
558,251
2,173,036
2,731,287
726,873
1991
40 yrs.
Sunrise, FL
659,797
2,596,275
128,733
659,825
2,724,979
3,384,804
860,712
1991
40 yrs.
Sunrise, FL
5,100,162
24,219,956
8,030,931
5,100,791
32,250,258
37,351,049
3,459,852
2006
40 yrs.
Sunrise, FL
5,570,820
9,454,900
2,334,581
5,570,821
11,789,479
17,360,300
1,739,700
2008
40 yrs.
Tampa, FL
162,000
1,613,000
967,811
262,416
2,480,396
2,742,811
885,338
1981
40 yrs.
Tampa, FL
181,923
1,812,496
223,143
181,923
2,035,639
2,217,562
775,833
1979
40 yrs.
Tampa, FL
503,767
2,787,585
1,201,051
503,767
3,988,636
4,492,403
1,693,949
1986
40 yrs.
Tampa, FL
789,651
4,454,648
1,794,502
769,789
6,269,011
7,038,801
2,571,492
1986
40 yrs.
Tampa, FL
359,540
1,461,850
558,088
359,540
2,019,938
2,379,478
800,653
1990
40 yrs.
Tampa, FL
*
1,408,478
5,247,246
1,164,667
1,408,478
6,411,914
7,820,391
2,417,151
1990
40 yrs.
Tampa, FL
*
1,082,648
2,445,444
23,564
1,082,648
2,469,008
3,551,656
844,855
1997
40 yrs.
Tampa, FL
399,088
2,868,834
503,628
399,088
3,372,462
3,771,550
1,142,438
1988
40 yrs.
Tampa, FL
513,263
3,230,239
649,273
513,263
3,879,513
4,392,775
1,395,842
1995
40 yrs.
Tampa, FL
820,882
2,322,720
14,210
820,882
2,336,931
3,157,813
797,430
1996
40 yrs.
Tampa, FL
511,463
4,437,886
559,527
4,389,822
4,949,349
2,237,137
1985
40 yrs.
Tampa, FL
235,893
2,127,887
235,894
2,127,886
2,363,780
733,090
1998
40 yrs.
Tampa, FL
357,364
2,625,403
506,949
2,475,818
2,982,767
775,850
1999
40 yrs.
Tampa, FL
357,364
2,299,349
506,949
2,149,764
2,656,713
766,317
1999
40 yrs.
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Date of
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Tampa, FL
224,369
1,063,882
987,258
254,493
2,021,015
2,275,509
683,092
1998
40 yrs.
Tampa, FL
952,860
3,457,917
952,860
3,457,917
4,410,776
1,059,272
1998
40 yrs.
Tampa, FL
553,335
3,355,037
771,501
3,136,870
3,908,372
904,524
1999
40 yrs.
Tampa, FL
350,406
2,365,836
438,061
2,278,182
2,716,243
649,571
1999
40 yrs.
Tampa, FL
943,169
13,135,586
1,560,099
12,518,656
14,078,756
3,462,107
2000
40 yrs.
Tampa, FL
419,683
3,284,227
661,680
3,042,230
3,703,910
1,020,300
2000
40 yrs.
Tampa, FL
4,875,253
1,071,535
3,803,718
4,875,253
971,879
1999
40 yrs.
Tampa, FL
209,841
1,795,733
364,514
1,641,060
2,005,574
449,464
2000
40 yrs.
Tampa, FL
498,598
3,057,752
556,887
2,999,463
3,556,350
900,759
2000
40 yrs.
Tampa, FL
1,305,584
300,000
1,005,584
1,305,584
278,758
2000
40 yrs.
Tampa, FL
500,391
3,829,240
840,314
3,489,318
4,329,631
1,179,321
2001
40 yrs.
Tampa, FL
3,496,413
619,913
2,876,500
3,496,413
728,005
2002
40 yrs.
Tampa, FL
3,168,713
716,594
2,452,119
3,168,713
849,691
2002
40 yrs.
Tampa, FL
2,740,686
686,594
2,054,092
2,740,686
538,101
2002
40 yrs.
Tampa, FL
1,482,613
447,498
1,035,115
1,482,613
246,794
2001
40 yrs.
Tampa, FL
854,797
42,131
2,721,233
854,797
2,763,364
3,618,161
462,218
2003
40 yrs.
Tampa, FL
898,884
3,498,107
900,508
3,496,483
4,396,991
933,216
2004
40 yrs.
Tampa, FL
492,320
3,853,643
899,284
3,446,679
4,345,963
822,559
2004
40 yrs.
Tampa, FL
537,194
4,128,520
978,019
3,687,696
4,665,714
1,016,073
2005
40 yrs.
Tampa, FL
330,097
3,321,485
933,362
2,718,220
3,651,582
344,220
2005
40 yrs.
Tampa, FL
201,771
3,214,583
628,237
2,788,117
3,416,354
551,044
2006
40 yrs.
Tampa, FL
403,541
5,545,710
1,181,609
4,767,643
5,949,251
1,261,054
2006
40 yrs.
Tampa, FL
3,167,787
19,126,318
314,323
3,167,958
19,440,471
22,608,428
3,265,960
2006
40 yrs.
Tampa, FL
3,166,130
18,735,573
1,163,921
3,166,300
19,899,324
23,065,624
3,350,709
2006
40 yrs.
Tampa, FL
4,303,870
23,688,409
259,947
4,304,102
23,948,125
28,252,227
4,280,801
2006
40 yrs.
Tampa, FL
3,343,910
18,325,599
290,389
3,344,090
18,615,808
21,959,898
2,777,918
2006
40 yrs.
Tampa, FL
2,050,439
11,173,008
472,341
2,050,548
11,645,240
13,695,788
1,876,288
2006
40 yrs.
Tampa, FL
1,453,367
13,350,228
1,908,792
12,894,803
14,803,595
646,405
2006
40 yrs.
Tampa, FL
548,905
2,241,627
204,883
548,905
2,446,510
2,995,415
296,781
2006
40 yrs.
Tampa, FL
450,440
3,303,369
486,004
3,267,805
3,753,809
221,846
2007
40 yrs.
Tolleson, AZ
2,295,090
9,079,811
3,143,989
2,295,090
12,223,799
14,518,890
1,250,935
2007
40 yrs.
Upper Saucon, PA
1,078,674
10,817,575
901,968
10,994,281
11,896,250
1,567,502
2005
40 yrs.
Virginia Beach, VA
953,590
6,142,742
1,752,750
953,590
7,895,492
8,849,082
2,538,253
1987
40 yrs.
Virginia Beach, VA
1,116,693
6,770,480
1,381,663
1,116,693
8,152,143
9,268,836
2,748,724
1988
40 yrs.
Virginia Beach, VA
965,177
6,728,717
1,320,782
965,177
8,049,499
9,014,676
2,763,652
1989
40 yrs.
Virginia Beach, VA
891,753
3,607,890
625,117
891,753
4,233,006
5,124,759
1,456,757
1987
40 yrs.
Virginia Beach, VA
371,694
2,108,097
288,669
371,694
2,396,766
2,768,460
860,414
1996
40 yrs.
Virginia Beach, VA
700,112
9,592,721
1,799,638
700,564
11,391,906
12,092,471
4,090,519
1989
40 yrs.
Virginia Beach, VA
473,689
2,663,045
812,854
474,746
3,474,843
3,949,589
938,194
2003
40 yrs.
Wauwatosa, WI
464,246
2,681,255
16,000
464,246
2,697,254
3,161,501
732,324
1985
40 yrs.
Wayne, PA
5,536,619
16,179,213
4,488,519
5,539,281
20,665,071
26,204,352
5,313,436
1979
40 yrs.
Wayne, PA
8,287,555
31,020,857
11,636,499
27,671,913
39,308,412
7,670,102
2002
40 yrs.
Wayne, PA
6,215,667
8,301,339
5,223,660
9,293,346
14,517,006
2,887,330
2001
40 yrs.
West Allis, WI
500,565
1,591,678
676,697
505,972
2,262,968
2,768,940
480,184
2005
40 yrs.
West Allis, WI
660,068
4,640,578
87,815
663,766
4,724,696
5,388,462
657,868
2005
40 yrs.
West Allis, WI
348,146
2,057,483
104,569
350,008
2,160,190
2,510,198
301,730
2005
40 yrs.
West Chester, PA
845,846
6,809,025
501,861
845,846
7,310,886
8,156,732
2,387,865
1988
40 yrs.
West Chester, PA
664,899
5,352,410
687,777
664,899
6,040,187
6,705,086
2,074,776
1988
40 yrs.
West Malling, UK
17,836,902
4,237,510
13,599,392
17,836,902
1,278,079
2005
40 yrs.
West Malling, UK
559,590
5,113,902
3,448,222
1,122,488
7,999,225
9,121,714
1,135,075
2006
40 yrs.
West Malling, UK
14,011,674
3,903,279
10,108,395
14,011,674
1,072,508
2006
40 yrs.
West Malling, UK
(170
)
2006
40 yrs.
West Malling, UK
48,601
(39
)
48,640
48,601
2006
40 yrs.
Williamsburg, VA
5,722,994
887,234
4,835,761
5,722,994
778,225
2003
40 yrs.
Woodbury, MN
1,279,834
10,291,220
1,385,739
10,185,316
11,571,054
3,648,273
2002
40 yrs.
$
55,765,632
$
780,218,676
$
1,798,426,710
$
2,706,813,044
$
864,796,710
$
4,420,661,719
$
5,285,458,429
$
1,090,685,108
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
AS OF DECEMBER 31, 2010
Costs
Capitalized
Subsequent
Gross Amount Carried at End of Period
Accumulated
Construction
Depreciable
Initial Cost
to
Land and
Building and
Total
Depreciation
or
life
Project
Location
Encumbrances
Land
Building
Acquisition
Improvements
Improvements
12/31/2010
12/31/10
Acquisition
(years)
Aberdeen, MD
$
$
12,052,635
$
$
278,080
$
12,330,715
$
$
12,330,715
$
2005
N/A
Annapolis, MD
5,796,667
13,676
5,810,344
5,810,344
2007
N/A
Boca Raton, FL
2,039,735
566,124
2,605,859
2,605,859
1998
N/A
Charlotte, NC
208,646
208,647
208,647
2010
N/A
Eden Pairie, MN
2,051,631
23,215
2,074,846
2,074,846
2007
N/A
Goodyear, AZ
16,857,556
3,165,230
20,022,786
20,022,786
2007
N/A
Greensboro, NC
564,535
2,896,157
3,460,692
3,460,692
2006
N/A
Greenville, SC
1,308,325
713,086
2,021,411
2,021,411
1998
N/A
Greer, SC
2,297,492
3,566,222
5,863,714
5,863,714
2007
N/A
Hagerstown, MD
5,489,586
8,352,688
13,842,274
13,842,274
2006
N/A
Hampton, VA
229,953
138,101
101,157
239,258
239,258
2001
N/A
Hanover, MD
3,371,183
452,208
3,823,391
3,823,391
2008
N/A
High Point, NC
1,756,230
836,909
2,593,140
2,593,140
1995
N/A
High Point, NC
913,276
912,540
1,825,816
1,825,816
2006
N/A
Horsham, PA
3,043,938
25,160
3,069,098
3,069,098
2005
N/A
Houston, TX
1,072,634
14,445
1,087,079
1,087,079
2007
N/A
Houston, TX
3,492,547
570,173
4,062,720
4,062,720
2007
N/A
Houston, TX
2,476,892
30,320
2,507,213
2,507,213
2007
N/A
Houston, TX
5,756,865
104,416
5,861,281
5,861,281
2007
N/A
Houston, TX
6,282,232
336,819
6,619,051
6,619,051
2008
N/A
Hunt Valley, MD
2,040,690
1,173
2,041,863
2,041,863
2001
N/A
Jacksonville, FL
456,269
82,690
538,959
538,959
1995
N/A
Jacksonville, FL
751,448
73,504
824,952
824,952
1995
N/A
Jacksonville, FL
492,908
87,649
580,557
580,557
1998
N/A
Jacksonville, FL
1,402,337
216,467
1,618,804
1,618,804
2000
N/A
Jacksonville, FL
2,295,790
1,231,240
3,527,030
3,527,030
2005
N/A
Jacksonville, FL
4,153,948
825,764
4,979,712
4,979,712
2008
N/A
Kent County, UK
6,023,565
6,023,565
1999
N/A
Logan, NJ
792,118
1,139,214
1,931,332
1,931,332
1995
N/A
Malvern, PA
4,774,994
4,961,903
9,736,897
9,736,897
2001
N/A
Milwaukee, WI
1,290,032
1,558,860
2,848,892
2,848,892
1999
N/A
Mirarar, FL
6,085,337
413,926
6,499,264
6,499,264
2006
N/A
Oak Creek, WI
2,169,232
2,635,191
4,804,423
4,804,423
2006
N/A
Orlando, FL
365,230
(0
)
365,230
365,230
2006
N/A
Philadelphia, PA
235,168
1,944,557
2,179,725
2,179,725
2009
N/A
Phoenix, AZ
1,359,134
18,970,703
20,329,837
20,329,837
2007
N/A
Richmond, VA
382,698
3,325
386,023
386,023
1997
N/A
Richmond, VA
211,627
3,325
214,952
214,952
1997
N/A
Sandston, VA
148,314
21,717
170,031
170,031
1996
N/A
Scottsdale, AZ
6,176,464
2,204,597
8,381,061
8,381,061
2005
N/A
Shippensburg, PA
8,322,686
3,010,371
11,333,058
11,333,058
2007
N/A
Suffolk, VA
603,391
2,023,007
2,626,399
2,626,399
2005
N/A
Suffolk, VA
2,715,714
695,846
3,411,560
3,411,560
2006
N/A
Tampa, FL
180,136
30,500
210,635
210,635
2000
N/A
Tampa, FL
10,358,826
1,183,339
11,542,165
11,542,165
2006
N/A
Tampa, FL
1,995,375
219,098
2,214,473
2,214,473
2007
N/A
$
229,953
$
42,338,181
$
$
16,159,688
$
209,250,733
$
$
209,250,733
$
$
55,995,585
$
822,556,856
$
1,798,426,710
$
2,722,972,732
$
1,074,047,443
$
4,420,661,719
$
5,494,709,162
$
1,090,685,108
*
Table of Contents
REAL ESTATE AND ACCUMULATED DEPRECIATION
(In thousands)
Year Ended December 31,
2010
2009
2008
$
5,417,585
$
5,332,122
$
5,584,173
123,693
155,797
311,442
(46,566
)
(70,334
)
(563,493
)
$
5,494,712
$
5,417,585
$
5,332,122
$
970,935
$
852,425
$
744,691
147,299
144,548
147,243
(27,549
)
(26,038
)
(39,509
)
$
1,090,685
$
970,935
$
852,425
Table of Contents
(a)
(b)
(c)
(d)
(a)
(b)
Table of Contents
(c)
(d)
Table of Contents
126
Table of Contents
127
128
129
130
131
132
133
134
135
136
Liberty Property Trust Consolidated as of December 31, 2010 and 2009
Liberty Property Trust Consolidated for the years ended December 31, 2010, 2009, and 2008
Liberty Property Trust Consolidated for the years ended December 31, 2010, 2009, and 2008
Liberty Property Trust Consolidated for the years ended December 31, 2010, 2009, and 2008
Liberty Property Limited Partnership Consolidated as of December 31, 2010 and 2009
Liberty Property Limited Partnership Consolidated for the years ended December 31, 2010, 2009, and
2008
Liberty Property Limited Partnership Consolidated for the years ended December 31, 2010, 2009, and
2008
Liberty Property Limited Partnership Consolidated for the years ended December 31, 2010, 2009, and
2008
Table of Contents
Table of Contents
EXHIBIT NO.
DESCRIPTION
2.1
3.1.1
3.1.2
3.1.3
3.1.4
3.1.5
3.1.6
3.1.7
3.1.8
3.1.9
3.1.10
Table of Contents
EXHIBIT NO.
DESCRIPTION
3.1.11
3.1.12
3.1.13
3.1.14
3.1.15
3.1.16
3.1.17
3.1.18
3.1.19
3.1.20
3.1.21
3.1.22
3.1.23
Table of Contents
EXHIBIT NO.
DESCRIPTION
3.1.24
*
3.1.25
3.1.26
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
Table of Contents
EXHIBIT NO.
DESCRIPTION
4.9
4.10
4.11
4.12
4.13
4.14
4.15
4.16
Table of Contents
EXHIBIT NO.
DESCRIPTION
4.17
4.18
4.19
*
10.1
@
10.2
10.3
10.4
10.5
10.6
10.7
10.8.1
Table of Contents
EXHIBIT NO.
DESCRIPTION
10.8.2
10.9
@
10.10
@
10.11
@
10.12
@
10.13
@
10.14
@
10.15
10.16
10.17
10.18
+
Table of Contents
EXHIBIT NO.
DESCRIPTION
10.19
+
10.20
12
*
21
*
23.1
*
23.2
*
31.1
*
31.2
*
31.3
*
31.4
*
32.1
*
32.2
*
Table of Contents
EXHIBIT NO.
DESCRIPTION
32.3
*
32.4
*
*
+
@
Table of Contents
137
138
LIBERTY PROPERTY TRUST
Date: February 25, 2011
By:
/s/ WILLIAM P. HANKOWSKY
WILLIAM P. HANKOWSKY
CHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER
Chairman of the Board of Trustees, President and
Chief Executive Officer (Principal Executive Officer)
February 25, 2011
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)
February 25, 2011
Trustee
February 25, 2011
Trustee
February 25, 2011
Trustee
February 25, 2011
Trustee
February 25, 2011
Trustee
February 25, 2011
Trustee
February 25, 2011
Trustee
February 25, 2011
Trustee
February 25, 2011
Trustee
February 25, 2011
Table of Contents
LIBERTY PROPERTY LIMITED PARTNERSHIP
BY: Liberty Property Trust
General Partner
Date: February 25, 2011
By:
/s/ WILLIAM P. HANKOWSKY
WILLIAM P. HANKOWSKY
CHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER
Chairman of the Board of Trustees, President and
Chief Executive Officer (Trustee of the General Partner)
February 25, 2011
Executive Vice President and Chief Financial Officer (Trustee of the General Partner)
February 25, 2011
Trustee of the General Partner
February 25, 2011
Trustee of the General Partner
February 25, 2011
Trustee of the General Partner
February 25, 2011
Trustee of the General Partner
February 25, 2011
Trustee of the General Partner
February 25, 2011
Trustee of the General Partner
February 25, 2011
Trustee of the General Partner
February 25, 2011
Trustee of the General Partner
February 25, 2011
Trustee of the General Partner
February 25, 2011
Table of Contents
139
140
Exhibit No.
Description
3.1.24
4.19
12
21
23.1
23.2
31.1
31.2
31.3
31.4
32.1
32.2
Table of Contents
Exhibit No.
Description
32.3
32.4
Number of | ||||||||
Partnership | ||||||||
Interests | % | |||||||
|
||||||||
Limited Partners
|
||||||||
Balitsaris, Peter
|
58,542 | 0.0495 | % | |||||
Carr, Claiborn
|
115,000 | 0.0973 | % | |||||
Castorina, John
|
0 | 0.0000 | % | |||||
Denny, Joseph
|
260,250 | 0.2201 | % | |||||
Felix, Jill
|
195,043 | 0.1650 | % | |||||
Fenza, Robert
|
195,043 | 0.1650 | % | |||||
Fitzgerald, Ward
|
14,491 | 0.0123 | % | |||||
Gildea, Larry
|
93,319 | 0.0789 | % | |||||
Goldschmidt, Robert
|
22,895 | 0.0194 | % | |||||
Hagan, Michael
|
14,491 | 0.0123 | % | |||||
Hammers, David
|
244,426 | 0.2068 | % | |||||
Kiel, Bob
|
14,491 | 0.0123 | % | |||||
Kline, Earl
|
19,128 | 0.0162 | % | |||||
Lutz, Jim
|
37,312 | 0.0316 | % | |||||
Mazzarelli, James
|
14,491 | 0.0123 | % | |||||
Messaros, Sharron
|
7,245 | 0.0061 | % | |||||
Morrissey, Mary Beth
|
14,491 | 0.0123 | % | |||||
Price, Leslie
|
76,668 | 0.0649 | % | |||||
Reichert, Joseph
|
27,242 | 0.0230 | % | |||||
Marital Trust for Susannah Rouse
|
460,418 | 0.3895 | % | |||||
Trust for Congdon Children
|
95,347 | 0.0807 | % | |||||
Trust for Hammers Children
|
95,348 | 0.0807 | % | |||||
Trust for Mary Rouse
|
13,621 | 0.0115 | % | |||||
Trust for Anne Rouse
|
13,621 | 0.0115 | % | |||||
Trust for Rouse Younger Children
|
81,726 | 0.0691 | % | |||||
Trust for Laurie Hammers
|
5,506 | 0.0047 | % | |||||
Weitzmann, Mike
|
42,312 | 0.0358 | % | |||||
Liberty Special Purpose Trust
|
10,574 | 0.0089 | % | |||||
Thomas, Rebecca
|
8,076 | 0.0068 | % | |||||
Trust for J. Ryan Lingerfelt
|
15,625 | 0.0132 | % | |||||
Trust for Justin M. Lingerfelt
|
15,625 | 0.0132 | % | |||||
Trust for Daniel K. Lingerfelt
|
15,625 | 0.0132 | % | |||||
Trust for Catherine E. Lingerfelt
|
15,625 | 0.0132 | % | |||||
Lingerfelt, Alan T.
|
268,750 | 0.2273 | % | |||||
Lingerfelt, L. Harold
|
164,375 | 0.1390 | % | |||||
Lingerfelt, David L.
|
30,674 | 0.0259 | % |
Number of | ||||||||
Partnership | ||||||||
Interests | % | |||||||
|
||||||||
Limited Partners
|
||||||||
Morris U. Ferguson Family Trust
|
6,000 | 0.0051 | % | |||||
Lingerfelt, Carl C.
|
10,900 | 0.0092 | % | |||||
Wright, Murray H.
|
7,500 | 0.0063 | % | |||||
Latimer, Erle Marie
|
12,500 | 0.0106 | % | |||||
Norman G. Samet Revocable Trust
|
14,013 | 0.0119 | % | |||||
Mann, Bernard
|
14,012 | 0.0119 | % | |||||
Rouse & Associates Maryland Partnership
|
20,000 | 0.0169 | % | |||||
Helwig, A. Carl
|
169,737 | 0.1436 | % | |||||
Sunday, James J.
|
79,348 | 0.0671 | % | |||||
Walters, Charles J.
|
100,723 | 0.0852 | % | |||||
Doyle, Margaret A.
|
0 | 0.0000 | % | |||||
Stanford Baratz Revocable Trust
|
9,044 | 0.0077 | % | |||||
F. Greek Logan Properties, LLC
|
33,682 | 0.0285 | % | |||||
Virginia Acquisition I, LLC
|
228,144 | 0.1930 | % | |||||
David Mandelbaum
|
228,144 | 0.1930 | % | |||||
Nathan Mandelbaum
|
228,144 | 0.1930 | % | |||||
|
||||||||
Preferred Limited Partners
|
||||||||
|
||||||||
Belcrest Realty Corporation Series B
|
250,000 | N/A | ||||||
Belwater Realty Corp. Series B
|
1,260,000 | N/A | ||||||
Belbrook Realty Corporation Series B
|
1,040,000 | N/A | ||||||
Clearfork Realty Corporation Series B
|
750,000 | N/A | ||||||
Belvedere Equity Real Estate Corporation
(12/16/10) Series B
|
500,000 | N/A | ||||||
BSSF RP Holdings LLC Series E
|
400,000 | N/A | ||||||
GSEP 2005 Realty Corp. Series F
|
1,000,000 | N/A | ||||||
GSEP 2006 Realty Corp. Series G
|
540,000 | N/A | ||||||
Belmar Realty Corporation Series H
|
0 | N/A | ||||||
Belport Realty Corporation Series H
|
400,000 | N/A | ||||||
Belrose Realty Corporation Series H
|
1,000,000 | N/A | ||||||
Belshire Realty Corporation Series H
|
500,000 | N/A | ||||||
Belterra Realty Corporation Series H
|
600,000 | N/A | ||||||
Clearfork Realty Corporation (3/11/2010) Series H
|
150,000 | N/A | ||||||
Beldore Realty Corporation Series H
|
1,350,000 | N/A | ||||||
|
||||||||
General Partner
|
||||||||
|
||||||||
Liberty Property Trust
|
GP | 96.6678 | % | |||||
|
||||||||
|
||||||||
Total Ownership
|
100.0000 | % |
2
3
4
5
6
LIBERTY PROPERTY LIMITED PARTNERSHIP
|
||||
By: | Liberty Property Trust, | |||
as its sole General Partner | ||||
By: | /s/ William P. Hankowsky | |||
Name: | William P. Hankowsky | |||
Title: | President and Chief Executive Officer |
/s/ James J. Bowes | ||||
Name:
|
James J. Bowes | |||
Title:
|
Secretary, General Counsel |
U.S. BANK NATIONAL ASSOCIATION, as Trustee
|
||||
By: | /s/ George J. Rayzis | |||
Name: | George J. Rayzis | |||
Title: | Vice President |
/s/ Ralph E. Jones | ||||
Name:
|
Ralph E. Jones | |||
Title:
|
Vice President |
REGISTERED
|
REGISTERED | |||
|
||||
NO. 1
|
PRINCIPAL AMOUNT | |||
|
||||
CUSIP NO. 53117C AM4
|
$350,000,000 |
LIBERTY PROPERTY LIMITED PARTNERSHIP,
as Issuer |
||||
By: | LIBERTY PROPERTY TRUST, | |||
as its sole General Partner | ||||
By: | ||||
Name: | ||||
Title: | ||||
By: | ||||
Name: | ||||
Title: | ||||
U.S. BANK NATIONAL ASSOCIATION, as Trustee
|
||||
By: | ||||
Authorized Signatory | ||||
A-7
A-8
A-9
A-10
Year ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
|
||||||||||||||||||||
Earnings before fixed charges:
|
||||||||||||||||||||
Income before allocation of minority interest
and income from investments in unconsolidated
subsidiaries (1)
|
$ | 144,401 | $ | 149,937 | $ | 146,643 | $ | 142,859 | $ | 155,300 | ||||||||||
Add: Interest expense
|
142,819 | 143,723 | 147,743 | 119,597 | 102,143 | |||||||||||||||
Depreciation expense on capd interest
|
1,678 | 1,607 | 1,245 | 5,393 | 4,437 | |||||||||||||||
Amortization of deferred
financing costs
|
6,501 | 5,179 | 4,441 | 3,978 | 3,770 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Earnings before fixed charges
|
$ | 295,399 | $ | 300,446 | $ | 300,072 | $ | 271,827 | $ | 265,650 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||
Interest expense
|
$ | 142,819 | $ | 143,723 | $ | 147,743 | $ | 119,597 | $ | 102,143 | ||||||||||
Amortization of deferred financing charges
|
6,501 | 5,179 | 4,441 | 3,978 | 3,770 | |||||||||||||||
Capitalized interest
|
929 | 7,640 | 19,958 | 45,697 | 30,837 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Fixed charges
|
150,249 | 156,542 | 172,142 | 169,272 | 136,750 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Preferred share distributions
|
| | | | | |||||||||||||||
Preferred unit distributions
|
21,012 | 21,012 | 21,012 | 17,126 | 13,691 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Combined fixed charges
|
$ | 171,261 | $ | 177,554 | $ | 193,154 | $ | 186,398 | $ | 150,441 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Ratio of earnings to fixed charges
|
1.97 | 1.92 | 1.74 | 1.61 | 1.94 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Ratio of earnings to combined fixed charges
|
1.72 | 1.69 | 1.55 | 1.46 | 1.77 | |||||||||||||||
|
(1) |
Amounts for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 have been
reclassified to present properties that have been sold during 2010. As a result, operations
have been reclassified to discontinued operations from continuing operations for all periods
presented.
|
1) |
Registration Statement (Form S-3 No. 333-120692),
|
||
2) |
Registration Statement (Form S-3 No. 333-150737),
|
||
3) |
Registration Statement (Form S-3 No. 33-94782),
|
||
4) |
Registration Statement (Form S-3 No. 333-22211),
|
||
5) |
Registration Statement (Form S-3 No. 333-43267),
|
||
6) |
Registration Statement (Form S-3 No. 333-39282) ,
|
||
7) |
Registration Statement (Form S-3 No. 333-65592), and
|
||
8) |
Registration Statement (Form S-3 No. 333-125571) of Liberty Property Trust and
Liberty Property Limited Partnership,
|
||
9) |
Registration Statement (Form S-3 No. 333-156460),
|
||
10) |
Registration Statement (Form S-3 No. 333-148614),
|
||
11) |
Registration Statement (Form S-3 No. 333-14139),
|
||
12) |
Registration Statement (Form S-3 No. 333-53297),
|
||
13) |
Registration Statement (Form S-3 No. 333-63115),
|
||
14) |
Registration Statement (Form S-3 No. 333-37218),
|
||
15) |
Registration Statement (Form S-3 No. 333-45032),
|
||
16) |
Registration Statement (Form S-3 No. 333-63494),
|
||
17) |
Registration Statement (Form S-3 No. 333-63978),
|
||
18) |
Registration Statement (Form S-3 No. 333-91702),
|
||
19) |
Registration Statement (Form S-3 No. 333-107482),
|
||
20) |
Registration Statement (Form S-3 No. 333-108040),
|
||
21) |
Registration Statement (Form S-3 No. 333-114609),
|
||
22) |
Registration Statement (Form S-3 No. 333-118994),
|
||
23) |
Registration Statement (Form S-3 No. 333-130948),
|
||
24) |
Registration Statement (Form S-3 No. 333-125572),
|
||
25) |
Registration Statement (Form S-3 No. 333-122365),
|
||
26) |
Registration Statement (Form S-3 No. 333-159731),
|
||
27) |
Registration Statement (Form S-3 No. 333-163572)
|
||
28) |
Registration Statement (Form S-8 No. 333-141314) pertaining to the Liberty Property
Trust Amended and Restated Share Incentive Plan,
|
||
29) |
Registration Statement (Form S-8 No. 333-32244) pertaining to the Liberty Property
Trust Amended and Restated Share Incentive Plan,
|
||
30) |
Registration Statement (Form S-8 No. 333-62504) pertaining to the Liberty Property
Trust Amended and Restated Share Incentive Plan,
|
||
31) |
Registration Statement (Form S-8 No. 333-62506) pertaining to the Liberty Property
Trust Amended and Restated Share Incentive Plan,
|
||
32) |
Registration Statement (Form S-8 No. 333-118995) pertaining to the Liberty Property
Trust Amended and Restated Share Incentive Plan, and
|
||
33) |
Registration Statement (Form S-8 No. 333-159732) pertaining to the Liberty Property
Trust Amended and Restated Share Incentive Plan, and in the related Prospectuses
|
1) |
Registration Statement (Form S-3 No. 333-120692),
|
||
2) |
Registration Statement (Form S-3 No. 333-150737),
|
||
3) |
Registration Statement (Form S-3 No. 33-94782),
|
||
4) |
Registration Statement (Form S-3 No. 333-22211),
|
||
5) |
Registration Statement (Form S-3 No. 333-43267),
|
||
6) |
Registration Statement (Form S-3 No. 333-39282),
|
||
7) |
Registration Statement (Form S-3 No. 333-65592), and
|
||
8) |
Registration Statement (Form S-3 No. 333-125571)
|
Date: February 25, 2011 | By: | /s/ WILLIAM P. HANKOWSKY | ||
William P. Hankowsky | ||||
Chairman, President and Chief Executive Officer |
Date: February 25, 2011 | By: | /s/ GEORGE J. ALBURGER, JR. | ||
George J. Alburger, Jr. | ||||
Executive Vice President and Chief Financial Officer |
Date: February 25, 2011 | By: | /s/ WILLIAM P. HANKOWSKY | ||
William P. Hankowsky | ||||
Chairman, President and Chief Executive Officer of
Liberty Property Trust, the Registrants sole general partner |
Date: February 25, 2011 | By: | /s/ GEORGE J. ALBURGER, JR. | ||
George J. Alburger, Jr. | ||||
Executive Vice President and Chief Financial Officer
of Liberty Property Trust, the Registrants sole general partner |
/s/ WILLIAM P. HANKOWSKY
|
||
Chairman, President and Chief Executive Officer
|
/s/ GEORGE J. ALBURGER, JR.
|
||
Executive Vice President and Chief Financial Officer
|
/s/ WILLIAM P. HANKOWSKY
|
||
Chairman, President and Chief Executive Officer
|
||
of Liberty Property Trust, the Companys sole general partner
|
/s/ GEORGE J. ALBURGER, JR.
|
||
Executive Vice President and Chief Financial Officer
|
||
of Liberty Property Trust, the Companys sole general partner
|