BWI Airport

2730 Hercules Road

1990

Annapolis
Junction, MD
300 Sentinel Drive

BWI Airport

2009

BWI Airport

2005

BWI Airport

2006

BWI Airport

2004

BWI Airport

2002

BWI Airport

2007

BWI Airport

2005

BWI Airport

2006

BWI Airport

2003

BWI Airport

2000

BWI Airport

2000

BWI Airport

2001

BWI Airport

2009

BWI Airport

1990

BWI Airport

1981

Annapolis
Junction, MD
304 Sentinel Drive
Annapolis
Junction, MD
306 Sentinel Drive
Annapolis
Junction, MD
2720 Technology Drive
Annapolis
Junction, MD
2711 Technology Drive
Annapolis
Junction, MD
320 Sentinel Way
Annapolis
Junction, MD
318 Sentinel Way
Annapolis
Junction, MD
322 Sentinel Way
Annapolis
Junction, MD
140 National Business Parkway
Annapolis
Junction, MD
132 National Business Parkway
Annapolis
Junction, MD
2721 Technology Drive
Annapolis
Junction, MD
2701 Technology Drive
Annapolis
Junction, MD
1550 West Nursery Road
Linthicum, MD
1306 Concourse Drive
Linthicum, MD
870 Elkridge Landing Road

Linthicum, MD
BWI Airport

1981

BWI Airport

2005

BWI Airport

2002

BWI Airport

1982

BWI Airport

1988

BWI Airport

1982

BWI Airport

1999

BWI Airport

1998

133 National Business Parkway

BWI Airport

1997

141 National Business Parkway

BWI Airport

1990

BWI Airport

1996

BWI Airport

1990

BWI Airport

1985

BWI Airport

1986

BWI Airport

1988

BWI Airport

1987

BWI Airport

1990

BWI Airport

1988

880 Elkridge Landing Road

Linthicum, MD
2691 Technology Drive
Annapolis
Junction, MD
1304 Concourse Drive
Linthicum, MD
900 Elkridge Landing Road
Linthicum, MD
1199 Winterson Road
Linthicum, MD
920 Elkridge Landing Road
Linthicum, MD
134 National Business Parkway
Annapolis
Junction, MD
135 National Business Parkway
Annapolis
Junction, MD

Annapolis
Junction, MD
1302 Concourse Drive
Linthicum, MD
7467 Ridge Road
Hanover, MD
7240 Parkway Drive
Hanover, MD
881 Elkridge Landing Road
Linthicum, MD
1099 Winterson Road
Linthicum, MD
1190 Winterson Road
Linthicum, MD
131 National Business Parkway
Annapolis
Junction, MD
849 International Drive

Linthicum, MD
BWI Airport

1985

BWI Airport

1985

BWI Airport

2000

BWI Airport

1991/1996

BWI Airport

1984

BWI Airport

1984

BWI Airport

1983

BWI Airport

1984

BWI Airport

1986

BWI Airport

1988

BWI Airport

1986

BWI Airport

1983

BWI Airport

1983

BWI Airport

1984

BWI Airport

2007

BWI Airport

1989

BWI Airport

1989

BWI Airport

1989

5520 Research Park Drive

BWI Airport

2009

5522 Research Park Drive

BWI Airport

2007

911 Elkridge Landing Road

Linthicum, MD
1201 Winterson Road
Linthicum, MD
999 Corporate Boulevard
Linthicum, MD
7272 Park Circle Drive
Hanover, MD
7318 Parkway Drive
Hanover, MD
891 Elkridge Landing Road
Linthicum, MD
7320 Parkway Drive
Hanover, MD
901 Elkridge Landing Road
Linthicum, MD
930 International Drive
Linthicum, MD
800 International Drive
Linthicum, MD
900 International Drive
Linthicum, MD
921 Elkridge Landing Road
Linthicum, MD
939 Elkridge Landing Road
Linthicum, MD
938 Elkridge Landing Road
Linthicum, MD
302 Sentinel Drive
Annapolis
Junction, MD
1340 Ashton Road
Hanover, MD
1334 Ashton Road
Hanover, MD
1331 Ashton Road
Hanover, MD

Catonsville,
MD
1350 Dorsey Road

BWI Airport

1989

BWI Airport

1989

BWI Airport

1989

BWI Airport

1989

BWI Airport

2006

BWI Airport

2002

BWI Airport

2008

BWI Airport

1988

Hanover, MD
1344 Ashton Road
Hanover, MD
1341 Ashton Road
Hanover, MD
1343 Ashton Road
Hanover, MD
1362 Mellon Road
Hanover, MD
114 National Business Parkway
Annapolis
Junction, MD
314 Sentinel Way
Annapolis
Junction, MD
1348 Ashton Road
Hanover, MD
7125 Columbia Gateway Drive
Columbia, MD
Old Annapolis Road
Columbia, MD
7200 Riverwood Drive
Columbia, MD
7000 Columbia Gateway Drive
Columbia, MD
6721 Columbia Gateway Drive
Columbia, MD
6731 Columbia Gateway Drive
Columbia, MD
6711 Columbia Gateway Drive
Columbia, MD
6940 Columbia Gateway Drive
Columbia, MD
6950 Columbia Gateway Drive

Howard
County

1973/1999

Perimeter
Howard
County

1974/1985

Perimeter
Howard
County

1986

Perimeter
Howard
County

1999

Perimeter
Howard
County

2009

Perimeter
Howard
County

2002

Perimeter
Howard
County

2006-2007

Perimeter
Howard
County

1999

Perimeter
Howard
County

1998

Columbia, MD
8621 Robert Fulton Drive
Columbia, MD
7067 Columbia Gateway Drive
Columbia, MD
6750 Alexander Bell Drive
Columbia, MD
6700 Alexander Bell Drive
Columbia, MD
6740 Alexander Bell Drive
Columbia, MD
7160 Riverwood Drive
Columbia, MD
7015 Albert Einstein Drive
Columbia, MD
8671 Robert Fulton Drive
Columbia, MD
6716 Alexander Bell Drive
Columbia, MD
8661 Robert Fulton Drive
9020 Mendenhall Court
Columbia, MD
7130 Columbia Gateway Drive
Columbia, MD
7142 Columbia Gateway Drive
Columbia, MD
9140 Guilford Road
Columbia, MD
7150 Riverwood Drive
Columbia, MD
9720 Patuxent Woods Drive
Columbia, MD
6708 Alexander Bell Drive

Perimeter
Howard
County

2005-2006

Perimeter
Howard
County

2001

Perimeter
Howard
County

2001

Perimeter
Howard
County

1988

Perimeter
Howard
County

1992

Perimeter
Howard
County

2000

Perimeter
Howard
County

1999

Perimeter
Howard
County

2002

Perimeter
Howard
County

1990

Perimeter
Howard
County
Howard
County

1982/2005

Perimeter
Howard
County

1989

Perimeter
Howard
County

1994

Perimeter
Howard
County

1983

Perimeter
Howard
County

2000

Perimeter
Howard
County

1986/2001

Perimeter
Howard
County

1988

2002

Columbia, MD
7065 Columbia Gateway Drive
Columbia, MD
9740 Patuxent Woods Drive
Columbia, MD
7138 Columbia Gateway Drive
Columbia, MD
9160 Guilford Road
Columbia, MD
7063 Columbia Gateway Drive
Columbia, MD
6760 Alexander Bell Drive
Columbia, MD
7150 Columbia Gateway Drive
Columbia, MD
9700 Patuxent Woods Drive
Columbia, MD
9730 Patuxent Woods Drive
Columbia, MD
7061 Columbia Gateway Drive
Columbia, MD
7170 Riverwood Drive
Columbia, MD
6724 Alexander Bell Drive
Columbia, MD
7134 Columbia Gateway Drive
Columbia, MD
9150 Guilford Drive
Columbia, MD
10280 Old Columbia Road
Columbia, MD
10270 Old Columbia Road
Columbia, MD

Perimeter
Howard
County

2000

Perimeter
Howard
County

1986/2001

Perimeter
Howard
County

1990

Perimeter
Howard
County

1984

Perimeter
Howard
County

2000

Perimeter
Howard
County

1991

Perimeter
Howard
County

1991

Perimeter
Howard
County

1986/2001

Perimeter
Howard
County

1986/2001

Perimeter
Howard
County

2000

Perimeter
Howard
County

2000

Perimeter
Howard
County

2001

Perimeter
Howard
County

1990

Perimeter
Howard
County

1984

Perimeter
Howard
County

1988/2001

Perimeter
Howard
County

1988/2001

Perimeter

9710 Patuxent Woods Drive

Columbia, MD

Howard
County

1986/2001

Perimeter
Howard
County

1984

Perimeter
Howard
County

1988/2001

6741 Columbia Gateway Drive

Perimeter
Howard
County

2008

Columbia, MD

Perimeter

9130 Guilford Drive

Columbia, MD
10290 Old Columbia Road
Columbia, MD

2500 Riva Road

Annapolis

2000

Dulles South

1989

Dulles South

2006

Dulles South

2000

Dulles South

1997

Dulles South

1999

Dulles South

1999

Dulles South

2004

Dulles South

2000

Dulles South

2000

Herndon

2002

Herndon

1982

Annapolis, MD
Subtotal/Average
Northern Virginia:
15000 Conference Center Drive
Chantilly, VA
15010 Conference Center Drive
Chantilly, VA
15059 Conference Center Drive
Chantilly, VA
15049 Conference Center Drive
Chantilly, VA
14900 Conference Center Drive
Chantilly, VA
14280 Park Meadow Drive
Chantilly, VA
4851 Stonecroft Boulevard
Chantilly, VA
14850 Conference Center Drive
Chantilly, VA
14840 Conference Center Drive
Chantilly, VA
13200 Woodland Park Drive
Herndon, VA
2900 Towerview Road
Herndon, VA

13454 Sunrise Valley Road

Herndon

1998

Herndon

1998

Herndon, VA
13450 Sunrise Valley Road
Herndon, VA
1751 Pinnacle Drive

Tysons Corner

1989/1995

Tysons Corner

1976/2004

North Silver
Spring

1969/1989

McLean, VA
1753 Pinnacle Drive

McLean, VA
Subtotal/Average
Suburban Maryland
11800 Tech Road
Silver Spring,
MD
400 Professional Drive
Gaithersburg,
MD

Gaithersburg

2000

110 Thomas Johnson Drive

Frederick

1987/1999

Rockville

1987

Rockville

1986

St. Mary's
County

1984/1997

St. Mary's
County

2002

St. Mary's
County

2000

St. Mary's
County

2005-2006

St. Mary's
County

1997

St. Mary's
County

1998

Frederick, MD
45 West Gude Drive
Rockville, MD
15 West Gude Drive

Rockville, MD
Subtotal/Average
St. Mary's & King George Counties:
22309 Exploration Drive
Lexington
Park, MD
46579 Expedition Drive
Lexington
Park, MD
22289 Exploration Drive
Lexington
Park, MD
46591 Expedition Drive
Lexington
Park, MD
44425 Pecan Court
California,
MD
22299 Exploration Drive

Lexington
Park, MD
44408 Pecan Court
California,
MD
23535 Cottonwood Parkway
California,
MD
22300 Exploration Drive
Lexington
Park, MD
44417 Pecan Court
California,
MD
44414 Pecan Court
California,
MD
44420 Pecan Court
California,
MD
16480 Commerce Drive
Dahlgren, VA
16541 Commerce Drive
King George,
VA
16539 Commerce Drive
King George,
VA
16442 Commerce Drive
Dahlgren, VA
16501 Commerce Drive
Dahlgren, VA
16543 Commerce Drive

Dahlgren, VA

St. Mary's
County

1986

St. Mary's
County

1984

St. Mary's
County

1997

St. Mary's
County

1989

St. Mary's
County

1986

St. Mary's
County

1989

King George

2000

County
King George

1996

County
King George

1990

County
King George

2002

County
King George

2002

County
King George

2002

County

Subtotal/Average
Greater Baltimore:

11311 McCormick Road

Hunt Valley,
MD

10150 York Road

Hunt
Valley/Rte 83

1984/1994

Corridor
Hunt
Valley/Rte 83

1985

Hunt Valley,
MD

9690 Deereco Road

Timonium, MD

200 International Circle

Hunt Valley,
MD

375 W. Padonia Road

Timonium, MD

226 Schilling Circle

Hunt Valley,
MD

201 International Circle

Hunt Valley,
MD

11011 McCormick Road

Hunt Valley,
MD

216 Schilling Circle

Hunt Valley,
MD

222 Schilling Circle

Hunt Valley,
MD

224 Schilling Circle

Hunt Valley,
MD

11101 McCormick Road

Hunt Valley,
MD
7210 Ambassador Road
Woodlawn,
MD
7152 Windsor Boulevard
21 Governor's Court
Woodlawn,
MD
7125 Ambassador Road
Woodlawn,
MD

Corridor
Hunt
Valley/Rte 83

1988

Corridor
Hunt
Valley/Rte 83

1987

Corridor
Hunt
Valley/Rte 83

1986

Corridor
Hunt
Valley/Rte 83

1980

Corridor
Hunt
Valley/Rte 83

1982

Corridor
Hunt
Valley/Rte 83

1974

Corridor
Hunt
Valley/Rte 83

1988/2001

Corridor
Hunt
Valley/Rte 83

1978/1997

Corridor
Hunt
Valley/Rte 83

1978/1997

Corridor
Hunt
Valley/Rte 83

1976

Corridor
Baltimore
County

1972

Westside
Baltimore
County
Baltimore
County

1981/1995

Westside
Baltimore
County

1985

Westside

1986

7104 Ambassador Road

Woodlawn,
MD
17 Governor's Court
Woodlawn,
MD
15 Governor's Court
Woodlawn,
MD
7127 Ambassador Road
Woodlawn,
MD
7129 Ambassador Road
Woodlawn,
MD
7108 Ambassador Road
Woodlawn,
MD
7102 Ambassador Road
Woodlawn,
MD
7106 Ambassador Road
Woodlawn,
MD
7131 Ambassador Road
Woodlawn,
MD

Baltimore
County

1988

Westside
Baltimore
County

1981

Westside
Baltimore
County

1981

Westside
Baltimore
County

1985

Westside
Baltimore
County

1985

Westside
Baltimore
County

1988

Westside
Baltimore
County

1988

Westside
Baltimore
County

1988

Westside
Baltimore
County

1985

Westside
Towson

1984

Towson

1968/2001

Towson

1952/1989

Towson

1971

Baltimore

2006

10001 Franklin Square Drive

White Marsh,
MD

White Marsh

1997

8140 Corporate Drive

White Marsh,
MD

White Marsh

2003

8110 Corporate Drive

White Marsh,
MD

White Marsh

2001

8031 Corporate Drive

White Marsh

1988/2004

502 Washington Avenue

Towson, MD
102 West Pennsylvania Avenue
Towson, MD
100 West Pennsylvania Avenue
Towson, MD
109-111 Allegheny Avenue
Towson, MD
1501 South Clinton Street
Baltimore, MD

White Marsh,
MD
7941-7949 Corporate Drive
White Marsh,
MD

White Marsh

1996

9910 Franklin Square Drive

White Marsh,
MD

White Marsh

2005

8020 Corporate Drive

White Marsh,
MD

White Marsh

1997

8094 Sandpiper Circle

White Marsh,
MD

White Marsh

1998

4979 Mercantile Road

White Marsh,
MD

White Marsh

1985

4940 Campbell Boulevard

White Marsh,
MD

White Marsh

1990

8098 Sandpiper Circle

White Marsh,
MD

White Marsh

1998

4969 Mercantile Road

White Marsh

1983

8114 Sandpiper Circle

White Marsh,
MD

White Marsh

1986

5020 Campbell Boulevard

White Marsh,
MD

White Marsh

1986-1988

9920 Franklin Square Drive

White Marsh,
MD

White Marsh

2006

8007 Corporate Drive

White Marsh,
MD

White Marsh

1995

9930 Franklin Square Drive

White Marsh,
MD

White Marsh

2001

8010 Corporate Drive

White Marsh,
MD

White Marsh

1998

8615 Ridgely's Choice Drive

White Marsh,
MD

White Marsh

2005

5325 Nottingham Ridge Road

White Marsh,
MD

White Marsh

2002

8013 Corporate Drive

White Marsh,
MD

White Marsh

1990

9900 Franklin Square Drive

White Marsh,
MD

White Marsh

1999

5024 Campbell Boulevard

White Marsh,
MD

White Marsh

1986-1988

9940 Franklin Square Drive

White Marsh,
MD

White Marsh

2000

5026 Campbell Boulevard

White Marsh,
MD

White Marsh

1986-1988

7939 Honeygo Boulevard

White Marsh,
MD

White Marsh

1984

8133 Perry Hall Boulevard

White Marsh,
MD

White Marsh

1988

5022 Campbell Boulevard

White Marsh,
MD

White Marsh

1986-1988

8019 Corporate Drive

White Marsh,
MD

White Marsh

1990

8029 Corporate Drive

White Marsh,
MD

White Marsh

1988/2004

7923 Honeygo Boulevard

White Marsh,
MD

White Marsh

1985

8003 Corporate Drive

White Marsh,
MD

White Marsh

1999

8015 Corporate Drive

White Marsh,
MD

White Marsh

1990

8023 Corporate Drive

White Marsh

1990

Colorado
Springs

2008

East
Colorado
Springs

2008

East
Colorado
Springs

1989

East
Colorado
Springs

2009

East
Colorado
Springs

1986-1987

East
Colorado
Springs

2007-2008

White Marsh,
MD
Colorado Springs:
3535 Northrop Grumman Point
Colorado
Springs, CO
655 Space Center Drive
Colorado
Springs, CO
985 Space Center Drive
Colorado
Springs, CO
565 Space Center Drive
Colorado
Springs, CO
1670 North Newport Road
Colorado
Springs, CO
1055 North Newport Road

Colorado
Springs, CO
745 Space Center Drive
Colorado
Springs, CO
1915 Aerotech Drive
Colorado
Springs, CO
1925 Aerotech Drive
Colorado
Springs, CO
980 Technology Court
Colorado
Springs, CO
525 Babcock Road
Colorado
Springs, CO
9945 Federal Drive

East
Colorado
Springs

2006

East
Colorado
Springs

1985

East
Colorado
Springs

1985

East
Colorado
Springs

1995

East
Colorado
Springs

1967

East
I-25 North
Corridor

2009

I-25 North
Corridor

2001

I-25 North
Corridor

2001

I-25 North
Corridor

2009

I-25 North
Corridor

2006

I-25 North
Corridor

1983/2007

I-25 North
Corridor

2008

Colorado
Springs

1984

Colorado
Springs, CO
9950 Federal Drive
Colorado
Springs, CO
9960 Federal Drive
Colorado
Springs, CO
10807 New Allegiance Drive
Colorado
Springs, CO
12515 Academy Ridge View
Colorado
Springs, CO
9965 Federal Drive
Colorado
Springs, CO
9925 Federal Drive
Colorado
Springs, CO
5775 Mark Dabling Boulevard

Colorado
Springs, CO
5725 Mark Dabling Boulevard
Colorado
Springs, CO
5755 Mark Dabling Boulevard

Colorado
Springs, CO

Northwest
Colorado
Springs

1984

Northwest
Colorado
Springs

1989

Northwest

Subtotal/Average
San Antonio, Texas:
7700 Potranco Road

San Antonio

1982/1985

San Antonio

2007

San Antonio

2009

San Antonio

1985/2007

San Antonio

1985/2006

San Antonio,
TX
7700-1 Potranco Road
San Antonio,
TX
7700-5 Potranco Road
San Antonio,
TX
1560 A Cable Ranch Road
San Antonio,
TX
1560 B Cable Ranch Road

San Antonio,
TX
Subtotal/Average
Blue Bell/Philadelphia:
753 Jolly Road

Blue Bell

1960/92-94

Blue Bell

1970/1996

Blue Bell

1966/1991

Exit
8ACranbury

1958/1998

Exit
8ACranbury

1962/1996

Blue Bell, PA
785 Jolly Road
Blue Bell, PA
751 Jolly Road

Blue Bell, PA

431 Ridge Road

Dayton, NJ

437 Ridge Road

Dayton, NJ

Subtotal/Average
Other:
11751 Meadowville Lane
Chester, VA
201 Technology Park Drive

Richmond

2007

Southwest
Southwest
Virginia

2007

Lebanon, VA
14303 Lake Royer Drive

Fort Ritchie

1990/2007

Fort Ritchie

1993/2008

Fort Ritchie

1953

Fort Ritchie

2009

Cascade, MD
14310 Castle Drive
Cascade, MD
14316 Lake Royer Drive
Cascade, MD
24949 Lake Wastler Drive

Cascade, MD
Subtotal/Average
Total/Average

Atlanta,
GA
1700
Century
Circle
1800
Century
Boulevard
1825
Century
Center
1875
Century
Boulevard
1900
Century
Boulevard
2200
Century
Parkway
2400
Century
Center

Office

Atlanta

Office

Atlanta

Office

Atlanta

Office

Atlanta

Office

Atlanta

Office

Atlanta

Office

Atlanta

2500
Century
Center
2500/2635
Parking
Garage
2600
Century
Parkway
2635
Century
Parkway
2800
Century
Parkway
50
Glenlake
6348
Northeast
Expresswa
y
6438
Northeast
Expresswa
y
Bluegrass
Lakes I
Bluegrass
Place I
Bluegrass
Place II
Bluegrass
Valley
Bluegrass
Valley
Land
Century
Plaza I
Century
Plaza II
Chastain
Place I
Chastain
Place II
Chastain
Place III
Corporate
Lakes
DHS.ICE
FAA at
Tradeport

Office

Atlanta

Office

Atlanta

Office

Atlanta

Office

Atlanta

Office

Atlanta

Office

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Office

Atlanta

Office

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial
Office

Atlanta
Atlanta

Office

Atlanta

-1

-2

Gwinnett
Distributio
n Center
Henry
County
Land

Industrial

Atlanta

Industrial

Atlanta

Office

Atlanta

-1

Office

Atlanta

-1

Office

Atlanta

-1

Industrial

Atlanta

Office

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial
Office

Atlanta
Atlanta

River
Point Land

Industrial

Atlanta

South Park
Residential
Land

MultiFamily

Atlanta

South Park
Site Land

Industrial

Atlanta

Highwoods
Center I at
Tradeport
Highwoods
Center II at
Tradeport
Highwoods
Center III
at
Tradeport
Highwoods
Riverpoint
IV
National
Archives
and
Records
Administra
tion
Newpoint
Place I
Newpoint
Place II
Newpoint
Place III
Newpoint
Place IV
Newpoint
Place V
Norcross I
& II
Nortel

Southside
Distributio
n Center
Tradeport
I
Tradeport
II
Tradeport
III
Tradeport
IV
Tradeport
Land
Tradeport
V
Two Point
Royal
Baltimore,
MD
Sportsman
Club Land
Greenville,
SC
Brookfield
Plaza
BrookfieldJacobsSirrine
MetLife @
Brookfield
Patewood I
Patewood
II
Patewood
III
Patewood
IV
Patewood
V
Patewood
VI
Kansas
City, MO
Country
Club Plaza
Corinth
Shops
South

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Industrial

Atlanta

Office

Atlanta

Industrial

Atlanta

Office

Atlanta

Office

Baltimore

Office

Greenville

Office

Greenville

Office

Greenville

Office

Greenville

Office

Greenville

Office

Greenville

Office

Greenville

Office

Greenville

Office

Greenville

Mixed-Use

Kansas
City

Retail

Kansas
City

-1

Corinth
Square
North
Shops
Fairway
Shops
Land Hotel Land
- Valencia

Retail

Kansas
City
Kansas
City

Office

Kansas
City

Retail

Neptune
Apartments
One Ward
Parkway

MultiFamily

Park Plaza
Prairie
Village
Rest &
Bank
Prairie
Village
Shops

Office

Kansas
City
Kansas
City
Kansas
City

Retail

Kansas
City

Somerset

Industrial

Kansas
City
Kansas
City

Office

Kansas
City

Office

Kansas
City

Memphis,
TN
3400
Players
Club
Parkway

Office

Memphis

6000
Poplar Ave

Office

Memphis

Office

Memphis

Office
Office

Memphis
Memphis

Office

Memphis

Two Brush
Creek
Valencia
Place
Office

6060
Poplar Ave
Atrium I &
II
Centrum
Comcast
Corporatio
n

Office

Retail

5,862

-3

-3

GSAJackson,
MS
Internation
al
Place II
Penn Marc
Shadow
Creek I
Shadow
Creek II
Southwind
Office
Center A
Southwind
Office
Center B
Southwind
Office
Center C
Southwind
Office
Center D
The
Colonnade
ThyssenKr
upp
Triad
Center
Nashville,
TN
3322 West
End
3401 West
End
5310
Maryland
Way
BNA
Corporate
Center
Century
City
Plaza I
Cool
Springs 1
& 2 Deck

Office

Jackson,
MS

-2

Office

Memphis

-4

Office

Memphis

8,010

Office

Memphis

Office

Memphis

Office

Memphis

Office

Memphis

Office

Memphis

Office

Memphis

Office

Memphis

Office

Memphis

Office

Memphis

Office

Nashville

Office

Nashville

Office

Nashville

Office

Nashville

Office

Nashville

Office

Nashville

-5

Cool
Springs 3
&4 Deck
Cool
Springs I
Cool
Springs II
Cool
Springs III
Cool
Springs IV
Cool
Springs V
Harpeth on
the Green
II
Harpeth on
the Green
III
Harpeth on
the Green
IV
Harpeth on
The Green
V
Hickory
Trace
Highwoods
Plaza I
Highwoods
Plaza II
Lakeview
Ridge II
Lakeview
Ridge III
Seven
Springs Land II
Seven
Springs Land I
Seven
Springs I
SouthPoint
e
Southwind
Land
Sparrow
Building

Office

Nashville

Office

Nashville

-5

Office

Nashville

-5

Office

Nashville

-5

Office

Nashville

Office

Nashville

Office

Nashville

-1

Office

Nashville

-1

Office

Nashville

-1

Office

Nashville

-1

Office

Nashville

-4

Office

Nashville

-1

Office

Nashville

-1

Office

Nashville

-1

Office

Nashville

-1

Office

Nashville

Office

Nashville

Office

Nashville

Office

Nashville

Office

Nashville

Office

Nashville

The
Ramparts
at
Brentwood
Westwood
South
Winners
Circle
Orlando,
FL
Berkshire
at Metro
Center
Capital
Plaza III
Eola Park
Land
In Charge
Institute
MetroWest
1 Land
Metrowest
Center
MetroWest
Land
Windsor at
Metro
Center
Piedmont
Triad, NC
101
Stratford
150
Stratford
160
Stratford Land
6348 Burnt
Poplar
6350 Burnt
Poplar
7341 West
Friendly
Avenue
7343 West
Friendly
Avenue

Office

Nashville

Office

Nashville

-1

Office

Nashville

-1

Office

Orlando

Mixed-Use

Orlando

Office

Orlando

Office

Orlando

Office

Orlando

Office

Orlando

Office

Orlando

Office

Orlando

Office
Office

Piedmont
Triad
Piedmont
Triad

Industrial

Piedmont
Triad
Piedmont
Triad

Industrial

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

7345 West
Friendly
Avenue
7347 West
Friendly
Avenue
7349 West
Friendly
Avenue
7351 West
Friendly
Avenue
7353 West
Friendly
Avenue
7355 West
Friendly
Avenue
Airpark
EastBuilding 1
Airpark
EastBuilding 2
Airpark
EastBuilding 3
Airpark
EastBuilding A
Airpark
EastBuilding B
Airpark
EastBuilding C
Airpark
EastBuilding D
Airpark
EastCopier
Consultants
Airpark
EastHewlettPac
kard
Airpark
EastHighland

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

-4

Office

Piedmont
Triad

-4

Industrial

Piedmont
Triad

Office

Piedmont
Triad

Industrial

Piedmont
Triad

Airpark
EastInacom
Building
Airpark
EastService
Center 1
Airpark
EastService
Center 2
Airpark
EastService
Center 3
Airpark
EastService
Center 4
Airpark
EastService
Court
Airpark
EastSimplex
Airpark
EastWarehouse
1
Airpark
EastWarehouse
2
Airpark
EastWarehouse
3
Airpark
EastWarehouse
4
Airpark
North DC1
Airpark
North DC2

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Airpark
North DC3
Airpark
North DC4
Airpark
South
Warehouse
1
Airpark
South
Warehouse
2
Airpark
South
Warehouse
3
Airpark
South
Warehouse
4
Airpark
South
Warehouse
6
Airpark
West 1
Airpark
West 2
Airpark
West 4
Airpark
West 5
Airpark
West 6
Brigham
Road Land
Chimney
Rock A/B
Chimney
Rock C
Chimney
Rock D
Chimney
Rock E
Chimney
Rock F
Chimney
Rock G

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial
Office
Office
Office
Office
Office

Industrial
Industrial
Industrial
Industrial
Industrial
Industrial
Industrial

Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad
Piedmont
Triad

Consolidat
ed Center/
Building I

Office

Piedmont
Triad

Consolidat
ed Center/
Building II

Office

Piedmont
Triad

Consolidat
ed Center/
Building
III

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Office

Piedmont
Triad

Consolidat
ed Center/
Building
IV
Deep River
Corporate
Center
Enterprise
Warehouse
I
Enterprise
Warehouse
II
Enterprise
Warehouse
III
Forsyth
Corporate
Center
hhgregg
Highwoods
Park
Building I
Highwoods
Square
CVS
Highwoods
Square
Shops
Jefferson
Pilot Land
Madison
Park Building
5620

Retail

Piedmont
Triad
Piedmont
Triad

Office

Piedmont
Triad

Retail

Piedmont
Triad

Office

Office

Piedmont
Triad
Piedmont
Triad

Office

Piedmont
Triad

Retail

Madison
Park Building
5630
Madison
Park Building
5635
Madison
Park Building
5640
Madison
Park Building
5650
Madison
Park Building
5655
Madison
Park Building
5660
Madison
Parking
Deck
Regency
OnePiedmont
Center
Regency
TwoPiedmont
Center
7023
Albert Pick
The
Knollwood
-380 Retail
The
Knollwood370
The
Knollwood380
US
Airways

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Industrial

Piedmont
Triad

Industrial

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office

Piedmont
Triad

Office
Office

Piedmont
Triad
Piedmont
Triad

-1

Westpoint
Business
ParkLuwabahns
on
Raleigh,
NC
3600
Glenwood
Avenue
3737
Glenwood
Avenue
4101
Research
Commons
4201
Research
Commons
4301
Research
Commons
4401
Research
Commons
4501
Research
Commons
4800 North
Park
4900 North
Park
5000 North
Park
801
Corporate
Center
Blue Ridge
I
Blue Ridge
II
Cape Fear
Catawba
CentreGree
n Five
CentreGree
n Four
CentreGree
n One Weston

Office

Piedmont
Triad

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

-5

Office

Raleigh

-1

Office
Office
Office

Raleigh
Raleigh
Raleigh

-1

Office

Raleigh

Office

Raleigh

-4

Office

Raleigh

-4

533

CentreGree
n Three
Land Weston
CentreGree
n Two Weston
Cottonwoo
d
Dogwood
EPA
GlenLake
Land
GlenLake
Bldg I
GlenLake
Four
GlenLake
Six
Healthsour
ce
Highwoods
CentreWeston

Office

Raleigh

Office

Raleigh

Office
Office
Office

Raleigh
Raleigh
Raleigh

Office

Raleigh

Office

Raleigh

-4

Office

Raleigh

-5

Office

Raleigh

Office

Raleigh

-5

Office

Raleigh

-1

Highwoods
Office
Center
North Land

Office

Raleigh

Highwoods
Tower One

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office
Office
Office

Raleigh
Raleigh
Raleigh

Office

Raleigh

Highwoods
Tower Two
Holiday
Inn
Reservatio
ns Center
Inveresk
Land
Parcel 2
Inveresk
Land
Parcel 3
Maplewoo
d
Overlook
Pamlico
ParkWest
One Weston

-4

-1

ParkWest
Three Land Weston
ParkWest
Two Weston

Progress
Center
Renovation
Raleigh
Corp
Center Lot
D
RBC Plaza
Rexwoods
Center I
Rexwoods
Center II
Rexwoods
Center III
Rexwoods
Center IV
Rexwoods
Center V
Riverbirch
Situs I
Situs II
Situs III
Six Forks
Center I
Six Forks
Center II
Six Forks
Center III
Smoketree
Tower
Sycamore
Weston
Land
Willow
Oak
Other
Property
Richmond,
VA
4900 Cox
Road

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Mixed-Use

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office
Office
Office
Office
Office

Raleigh
Raleigh
Raleigh
Raleigh
Raleigh

Office

Raleigh

Office

Raleigh

Office

Raleigh

Office
Office

Raleigh
Raleigh

Mixed-Use

Raleigh

Office

Raleigh

Other

Raleigh

Office

Richmond

47,108

Colonnade
Building
Dominion
Place Pitts Parcel
Essex
Plaza
Grove Park
I
Hamilton
Beach
Highwoods
Commons
Highwoods
Five
Highwoods
One
Highwoods
Plaza
Highwoods
Two
Innsbrooke
Centre
Innslake
Center
Liberty
Mutual
Markel
American
Markel
Plaza
North Park
North
Shore
Commons
A
North
Shore
Commons
B - Land
North
Shore
Commons
C - Land
North
Shore
Commons
D - Land

Office

Richmond

-4

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

-4

Office

Richmond

5,202

Office

Richmond

-1

Office

Richmond

Office

Richmond

8,656

Office
Office

Richmond
Richmond

10,980

Office

Richmond

-4

Office

Richmond

-4

Office

Richmond

Office

Richmond

10,980

Nucklos
Corner
Land
One
Shockoe
Plaza
Pavilion
Land
Rhodia
Building
Sadler &
Cox Land
Saxon
Capital
Building
Stony Point
F Land
Stony Point
I
Stony Point
II
Stony Point
III
Stony Point
IV
Technolog
y Park 1
Technolog
y Park 2
Vantage
Place A
Vantage
Place B
Vantage
Place C
Vantage
Place D
Vantage
Pointe
Virginia
Mutual
Waterfront
Plaza
West Shore
I
West Shore
II
West Shore
III

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

Office

Richmond

-4

Office

Richmond

-4

Office

Richmond

-4

Office

Richmond

-4

Office

Richmond

-4

Office

Richmond

Office

Richmond

Office

Richmond

-1

Office

Richmond

-1

Office

Richmond

-1

-4

-4

-4

South
Florida
The 1800
Eller Drive
Building
Tampa,
380 Park
Place
4200
Cypress
Anchor
Glass
Avion Park
Land
Bayshore
FBI Field
Office
Feathersou
nd
Corporate
Center II
Harborvie
w Plaza
Highwoods
Preserve I
Highwoods
Preserve
Land
Highwoods
Preserve V
HIW Bay
Center I
HIW Bay
Center II
HIW
Preserve
VII
HIW
Preserve
VII Garage
Horizon
LakePointe
I
LakePointe
II
Lakeside

Office

South
Florida

Office

Tampa

Office

Tampa

Office

Tampa

Office
Office

Tampa
Tampa

Office

Tampa

Office

Tampa

Office

Tampa

21,929

Office

Tampa

-5

Office

Tampa

Office

Tampa

Office

Tampa

Office

Tampa

Office

Tampa

Office
Office

Tampa
Tampa

Office

Tampa

Office
Office

Tampa
Tampa

-5

-5

Lakeside/P
arkside
Garage
One
Harbour
Place
Parkside
Pavilion
Pavilion
Parking
Garage
Spectrum
Tower
Place
Westshore
Square

Office

Tampa

Office
Office
Office

Tampa
Tampa
Tampa

Office
Office

Tampa
Tampa

Office

Tampa

Office

Tampa

-5

240,336

100 %

7,725,913

45,422

100 %

1,385,371

162,647

100 %

4,767,015

155,883

100 %

4,678,071

156,730

100 %

5,093,751

152,196

100 %

4,582,120

125,681

100 %

4,469,570

125,681

100 %

5,635,731

125,568

100 %

4,311,377

119,904

100 %

5,804,741

118,598

100 %

3,688,454

118,093

100 %

3,689,934

117,450

100 %

3,628,431

162,101

100 %

3,278,953

116,190

79.5 %

2,183,798

5,627

100 %

202,038

99,524

100 %

2,248,501

103,683

100 %

3,261,096

101,792

82.8 %

2,335,606

100,824

100 %

2,672,252

96,636

100 %

2,602,169

96,566

100 %

1,872,487

93,482

100 %

2,642,695

87,422

100 %

2,875,863

87,401

100 %

2,699,287

87,206

100 %

2,768,867

84,053

79.2 %

1,739,739

74,136

77.6 %

1,320,994

74,153

97.6 %

1,570,548

73,572

100 %

1,750,880

70,583

29.3 %

509,762

68,899

93.5 %

1,880,134

69,336

100 %

2,083,063

68,768

87.8 %

1,636,024

68,296

100 %

1,573,540

67,903

100 %

1,398,271

66,889

91.7 %

1,882,720

59,888

74.3 %

1,012,397

59,204

100 %

1,176,733

57,955

91 %

1,408,078

56,964

0%

58,035

87.4 %

1,259,498

57,272

40.6 %

548,775

57,379

100 %

1,192,485

57,140

100 %

924,514

54,175

100 %

1,159,577

54,211

86.9 %

900,373

52,988

100 %

1,220,706

155,669

78.9 %

4,002,125

46,400

100 %

910,096

37,317

76 %

673,541

28,998

100 %

547,631

105,363

29.4 %

779,722

23,500

100 %

880,774

19,718

47.4 %

208,591

16,964

100 %

507,522

15,947

100 %

340,531

9,962

0%

43,283

0%

9,908

100 %

234,860

4,462

100 %

189,404

3,108

100 %

77,430

611,379

89.6 %

8,325,783

171,436

100 %

6,560,854

160,000

100 %

4,319,200

145,806

100 %

1,643,053

131,451

100 %

3,680,628

123,847

85.5 %

3,017,115

123,599

91.7 %

3,249,420

108,822

100 %

2,688,772

112,861

100 %

2,557,127

86,033

100 %

1,840,876

86,027

84.4 %

1,689,419

76,134

98.3 %

1,972,744

75,555

93.8 %

1,831,175

63,480

100 %

1,788,771

61,984

100 %

1,776,941

61,203

100 %

1,142,415

56,350

100 %

1,143,029

52,131

93.6 %

1,188,477

49,307

100 %

918,532

49,217

88.6 %

634,202

46,460

40.9 %

372,682

47,668

100 %

741,042

41,180

56.1 %

435,781

39,496

100 %

792,394

40,004

12.4 %

49,588

39,203

100 %

910,138

38,560

100 %

771,683

38,292

100 %

472,141

38,225

100 %

865,965

37,034

100 %

935,214

36,472

100 %

1,010,296

36,440

93 %

879,864

35,812

100 %

656,309

31,220

93 %

698,750

30,485

100 %

532,319

29,910

100 %

691,008

29,162

100 %

562,018

28,420

100 %

762,345

21,991

100 %

455,858

18,592

100 %

393,266

16,195

100 %

289,547

15,910

100 %

258,453

15,229

28.2 %

91,541

13,700

0%

10,263

43.3 %

100,787

4,592

0%

155,000

100 %

2,174,228

8,277,178

91.6 %

196,476,879

471,440

100 %

12,264,956

223,610

100 %

7,118,976

145,224

100 %

4,882,414

145,706

99.8 %

4,623,631

127,329

99.4 %

3,672,192

114,126

88.3 %

2,899,614

88,094

100 %

2,650,104

69,711

50.6 %

1,184,598

69,710

100 %

2,157,033

404,665

100 %

12,307,717

139,877

100 %

2,290,846

112,633

72.4 %

2,057,901

53,776

98.5 %

1,388,101

260,469

96.9 %

8,967,936

186,707

100 %

7,008,307

2,613,077

96.6 %

75,474,326

228,179

98.6 %

4,079,153

129,355

71 %

2,796,539

122,491

87.1 %

2,812,361

108,588

100 %

2,210,784

106,694

100 %

2,621,230

695,307

91.9 %

14,520,067

98,860

100 %

1,462,393

61,156

100 %

1,363,610

58,676

100 %

1,267,080

59,483

100 %

1,256,313

58,981

91.1 %

1,081,440

58,363

93.8 %

1,334,393

50,532

100 %

621,234

46,656

100 %

559,465

44,830

100 %

726,078

29,053

100 %

295,894

25,444

100 %

258,390

25,200

100 %

197,378

70,728

100 %

1,271,063

36,053

100 %

704,971

32,076

70.9 %

326,292

25,518

100 %

520,207

22,833

100 %

473,436

17,370

100 %

419,115

821,812

97.8 %

14,138,752

216,127

88.8 %

4,347,885

178,286

100 %

3,465,488

134,268

96.2 %

3,484,027

127,196

95.9 %

2,660,966

110,378

99.6 %

1,904,204

98,640

100 %

2,404,889

78,461

84.1 %

1,569,454

57,550

24.7 %

262,996

36,273

77.1 %

606,207

28,747

73.7 %

435,487

27,574

64.3 %

342,504

23,844

89.8 %

409,433

83,435

100 %

938,586

57,855

100 %

968,980

56,383

59.2 %

615,805

50,604

84.9 %

868,270

30,081

100 %

550,697

14,454

100 %

278,227

14,568

100 %

240,213

11,630

62.2 %

105,096

11,075

100 %

191,417

8,811

86.7 %

137,523

8,879

49.6 %

77,035

8,899

47.2 %

66,528

7,734

45 %

30,004

91,004

83.9 %

3,941,071

48,808

89 %

952,751

18,715

66.9 %

230,760

18,431

45.7 %

147,126

474,237

87.61 %

13,502,085

218,215

24.6 %

456,808

76,149

92.6 %

1,941,111

75,687

100 %

1,666,055

66,000

100 %

1,219,428

58,287

0%

56,271

100 %

1,266,300

50,089

0%

49,478

88.7 %

834,615

51,198

100 %

733,998

50,393

85.5 %

1,010,065

47,680

100 %

832,871

47,132

100 %

848,406

45,806

77.3 %

923,213

43,791

76.3 %

481,386

42,767

85.4 %

859,038

41,810

84.8 %

644,152

39,750

100 %

885,499

38,487

18.9 %

150,027

37,764

62.5 %

513,216

35,678

76.3 %

608,140

30,003

27.6 %

135,034

33,801

100 %

600,516

33,710

100 %

537,650

32,242

81.9 %

548,109

30,163

0%

28,206

83.9 %

554,312

27,995

90.1 %

513,343

26,747

74.7 %

340,690

33,274

76.5 %

496,333

25,000

100 %

464,903

23,482

86.2 %

424,381

17,599

100 %

385,976

15,669

100 %

328,663

9,486

100 %

178,449

124,305

100 %

103,970

100 %

1,904,884

104,028

88.5 %

2,149,653

1,949

100 %

35,751

67,500

54.7 %

802,933

59,763

100 %

1,214,386

2,236,953

51,500

100 %

1,375,260

37,946

32.3 %

188,700

37,946

60.1 %

522,267

33,190

100 %

620,019

14,000

100 %

176,182

74,005

0%

66,222

83.6 %

865,582

46,948

78.3 %

850,082

46,765

100 %

3,197,275

61,372

100 %

1,404,656

74,749

100 %

1,217,594

53,745

90.8 %

575,213

109,678

100 %

1,941,231

108,976

100 %

2,206,482

105,997

88.1 %

1,968,174

1,384,554

85.8 %

25,453,277

508,412

100 %

12,327,935

8,674

100 %

286,233

25,056

100 %

197,942

45,935

100 %

776,725

77,040

100 %

1,707,145

665,117

100 %

15,295,980

125,637

100 %

2,138,423

219,065

100 %

2,615,636

114,000

99.1 %

1,940,354

171,200

100 %

30,000

100 %

2,028,524

321,024

201,200

100 %

2,349,548

193,000

100 %

5,494,348

102,842

100 %

3,368,232

9,829

86.5 %

145,772

3,014

100 %

45,210

864

0%

1,521

100 %

22,815

311,070

99.3 %

9,076,377

19,100,773

90.7 %

426,598,020

$2,482

(11)

1,443

29,081

9,863

864

303

15,166

8,924

2,235

4,744

917

14,432

3,444

406

15,656

328

14,285

6,242

10,679

3,829

21,643

3,001

20,449

2,925

2,500

20,006

2,356

275

1,655

189

180

2,216

-1

459

816

336

2,850

491

2,061

321

412

2,583

63

1,500

373

3,749

19,711

-14,810

1,290

8,567

3,299

1,380

7,733

1,410

451

341

2,966

599

193

1,418

539

173

1,305

1,265
3,100

7,243
-

2,576

1,609
15,844

1,196

1,416

15,142

1,119

5,960

1,555

3,010

13

307

139

2,027

641

162

2,815

409

130

2,161

1,037

750

8,458

1,484

17,829

819

356

2,788

1,499

394

3,660

668

253

2,181

989

406

4,540

2,150

816

9,081

323
3,342

2,000
32,111

698
352

7,250

6,005

876

50

1,204

754

804

4,553

2,136

557

261

2,595

557

261

1,966

673

370

2,464

667

365

2,853

5,243

-387

463

180

2,102

1,793

14,964

2,031

24,931

-23,147

1,500

8,514

2,177

3,050

17,280

-23

4,538

1,039

352

10,564

942

5,117

1,348

942

5,176

1,349

841

4,776

1,981

1,219

6,918

2,086

1,690

9,589

2,500

2,360

321

7,760

14,286

146,879

-198

114,936

1,043

4,447

-1,043

-4,447

2,756

11,490

-2,756

-11,490

689

3,215

-689

-3,215

978

111

1,098

6,282

665

682

3,937

-1

1,568

1,384

6,410

1,947

3,366

14,686

-3,366

-14,686

31

125

-31

-125

984

4,402

1,268

1,576

970

34,129

1,005

208

5,218

2,340

11,385

-849

2,857

1,980

8,677

-404

2,016

1,570
1,013

6,253
5,580

2,231
1,565

946

8,622

871

296

35,550

4,884

27,782

3,977

3,607

12,200

1,083

924

467

6,961

734

467

7,550

1,004

5,694

1,020

1,366

7,754

1,162

1,070

221

4,817

744

193

4,804

1,300

6,481

267

288

1,040

25

8,344

29,966

1,253

3,025

27,490

3,552

5,864

22,917

-2

5,386

1,863

7,201

249

18,506

8,285

903

6,919

-2,436

3,958

4,418

1,583

15

12,609

1,824

346

18,418

1,631

804

18,160

1,715

20,015

3,688

294

52,402

1,419

5,677

1,269

1,660

6,649

1,814

1,713

6,842

1,421

662

197

4,242

1,164

164

4,881

1,552

308

8,348

1,448

306

6,087

605

187

4,250

1,073

400

10,604

3,715

-1,025

3,122

1,399

2,076

592

13,454

1,655

310

6,491

3,662

-592

1,262

5,047

-1,262

-5,047

2,394

12,806

1,994

2,106

382

8,553

1,497

7,258

972

1,265

672

12,793

2,994

18

2,027

501

95

2,703

1,100

51

1,354

7,687

269

2,046

2,034

-148

2,060

8,841

1,205

6,916

-1

1,334

2,788

11,511

923

966

120

724

2,900

556

340

1,374

33

113

841

266

72

555

191

66

492

159

97

719

299

53

393

79

106

788

146

123

912

41

72

538

177

378

1,516

585

463

1,849

-1

407

322

1,293

170

509

2,921

1,230

739

3,237

889

2,393

9,576

3,217

850

699

3,871

224

1,068

298

465

380

963

146

1,081

-1

287

265

270

813

237

1,103

82

193

946

143

305

1,219

156

225

928

127

171

777

141

271

238

910

355

1,613

358

373

1,523

252

341

1,486

497

660

2,676

743

860

2,919

494

1,302

4,392

871

449

1,517

344

451

1,514

148

546

2,593

749

2,509

603

2,272

499

2,073

1,733

5,317

944

3,831

1,002

887

3,550

487

227

907

375

243

971

251

327

1,309

812

7,059

-3,720

1,613

4,045

-487

-1,064

236

592

-69

-86

605

1,514

-233

-272

1,696

4,265

-513

-1,123

1,434

3,608

-436

-1,094

1,045

2,622

-319

-767

625

2,183

-235

306

625

4,435

-203

-962

680

3,572

-217

-963

376

1,655

-123

-349

1,041

5,892

968

453

360

2,834

2,733

881

12,106

814

3,597

328

1,867

1,037

1,823

-1,823

1,476

8,608

1,416

-1,416

1,031

-1,031

11,759

-4,311

942

2,220

-561

-1,164

1,488

3,507

-873

-2,046

894

2,106

-522

-1,121

1,831

6,531

-1,044

-3,710

1,082

2,551

-668

-1,437

1,947

7,123

-1,144

-4,066

1,912

4,506

-1,177

-2,615

5,755

8,822

-3,007

-5,503

515

382

2,329

435

288

2,142

834

3,459

388

234

1,826

7,495

918

2,989

12,028

2,909

1,451

11,375

-1

1,011

347

1,389

129

10,994

2,340

318

14,911

1,348

8,346

220

-1,494

1,204

11,858

-3,178

900

8,237

1,079

1,249

9,387

3,046

785

5,856

1,786

2,678

17,630

8,571

770

1,983

602

1,010

4,612

-49

2,280

828

272

10,279

722

4,606

1,293

462
131
125

1,410
1,630
1,635

467
755
2,384

1,280

69

12,328

1,779

-398

10,579

1,529

-378

8,554

1,876

-384

1,653

-389

8,913

609
766
2,601

3,244
2,769
-

-4

1,237
523
1,660

13,003

-4,900

924

1,324

21,814

1,659

493

22,038

941

16

20,855

1,304

540

13,583

531

-267

7,220

355

49

203

16,744

2,874

365

503

20,884

867

2,727

1,150

657

197

548

306

149
398
289

107
293
-

3,055
9,260
12,192

242

3,357

306

356

4,192

362

1,211

1,206

70,629

878

3,730

1,252

362

1,818

617

919

2,816

678

586

3,487

1,301
469
692
718
440

4,038
4,646
6,254
4,078

185
178
181
119

4,988
1,750
-1,185
-1,325
-1,008

666

2,665

1,364

1,086

4,533

1,488

862

4,411

2,110

2,353
255

11,743
-

217

2,755
4,771

22,771

-7,169

458

268

5,154

47

9,496

723

4,667

1,324

5,311

2,792

1,364

6,105

753

1,101

-194

110

1,581

13,299

-450

713

319

5,161

1,086

4,345

1,945

521

446

3,257

783

5,522

1,688

9,920

909

176

5,842

786

213

5,968

1,300

6,958

-414

845

196

5,634

1,205

4,825

784

1,300

13,259

-458

-4,760

1,700
2,163

17,081
8,659

-14

-5,480
1,906

951

11,480

2,067

-103

11,456

1,497

1,261

1,258

356

15,137

181

46

20

-46

1,600

8,864

1,535

1,918

337

13,556

1,841

1,384

11,630

59

1,771

1,240

11,371

995

9,667

955

11,644

541

2,166

192

264

1,058

116

203

811

-1

199

233

931

152

235

940

251

218

873

143

1,089

4,500

-1

873

1,301

6,036

615

585

2,347

888

332

1,431

313

489

2,181

415

961

141

4,029

9,851

2,139

1,502

240

6,733

2,673

18,962

17

1,281

11,318

1,400

5,237
2,276

11,817

1,477
1,373

4,054

406

27,230

802

7,463

1,349

3,537

29,944

969

-340

991

26,191

1,485

485

881

27,256

3,565

-64

37,374

3,482

790

12,513

6,257

6,789
2,490

2,106

89

35,804

2,000
-

15,848
7,369

672
-

10,899
1,560

3,224

2,016
-

25,252
9,407
16,394

4,482
3,373
1,921

1,454

14,502

5,600
3,357

3,218

19,898

2,381

1,126

5,186

442

$500,471

#########

($43,722)

#########

32.15

30.5

29.31

30.01

32.5

30.11

35.56

44.84

34.33

48.41

31.1

31.25

30.89

20.23

23.63

35.91

22.59

31.45

27.71

26.5

26.93

19.39

28.27

32.9

30.88
31.75

26.12

22.96

21.7

23.8

24.67

29.19

30.04

27.1

23.04

20.59

30.69

22.76

19.88

26.69

24.84

23.57

20.78

16.18

21.4

19.12

23.04

32.58

19.61

23.73

18.89

25.15
37.48

22.33

29.92

21.35

23.7

42.45

24.91

15.2

38.27

27

11.27

28

28.5

28.68

24.71

22.66

21.4

23.26

26.36

25.83

28.18

28.67

18.67

20.28

24.36

18.63
14.55

19.64

15.55

18.85

20.06

10.01

23.22

20.01

12.33

22.65

25.25

27.7

25.95

18.33

24.05

17.46

23.1

19.27

26.82

20.73

21.15

17.88

16.24

21.33

22.68

14.03

25.9

26.02

31.84

33.62

31.81

29.01

28.77

30.08

33.56

30.94

30.41

16.38

25.22

26.2

35.54

37.54

29.9

18.12

30.46

26.37

20.36

24.57

22.73

14.79

22.3

21.59

21.12

20.13

24.36

12.29

11.99

16.2

10.18

10.16

7.83

17.97

19.55

14.34

20.39

20.73

24.13

17.59

22.66

19.44

26.97

21.81

17.32

24.38

23.78

18.5

21.66

20.55

19.32

19.12

11.25

16.75
18.46

20.2

18.31

19.25

16.49

14.53

17.28

18

17.5

15.86

8.62

51.62

21.93

18.44

17.45

32.5

8.51

27.52

22.01

18.48

22.5

19.01

14.34

23.45

17.47

18
26.07

14.4

23.51

18.16

22.28

20.65

21.74

22.33

16.3

17.77

15.95

20.76

23.43

20.36

17.05

19.49

18.6

20.98

21.93

20.98

18.81

18

18.32

23.36

18.34

21.75

20.32

26.7

15.41

22.89

18.68

12.58

15.64

23.11

68.37

22.89

16.29

11.79

17.7

20.25

21.07

21.41

24.25

33

7.9

16.91

22.16

23

17.02

11.94

17.18

11.85

10.7

11.68

28.47

32.75

17.14

15

15

29.38

24.63

$
$

$2,471

$2,473

345

1983

1,444

38,944

40,388

15,136

1975

1,167

15,166

16,333

3,606

2002

11,159

11,159

3,845

1976

5,661

5,661

1,978

1971

17,876

17,876

5,979

1971

406

15,656

16,062

6,104

1998

328

14,285

14,613

2,250

2005

6,242

6,242

638

2005

14,508

14,508

4,764

1973

24,644

24,644

8,461

1980

23,374

23,374

7,107

1983

2,500

22,362

24,862

6,729

1997

275

1,844

2,119

626

1978

179

2,675

2,854

858

1981

1,152

2,850

4,002

847

1999

491

2,382

2,873

714

1995

412

2,646

3,058

813

1996

1,873

3,749

5,622

1,640

2000

4,901

4,901

N/A

1,290

11,866

13,156

3,356

1981

1,380

9,143

10,523

2,341

1984

792

2,966

3,758

965

1997

792

1,418

2,210

462

1998

712

1,305

2,017

334

1999

1,265
5,676

8,852
15,844

10,117
21,520

2,689
1,222

1988
2007

2,612

15,142

17,754

448

2009

1,119

7,515

8,634

2,507

1991

3,023

3,023

N/A

446

2,027

2,473

586

1999

803

2,815

3,618

662

1999

539

2,161

2,700

440

2001

1,787

8,458

10,245

225

2009

1,484

17,829

19,313

2,574

2004

1,175

2,788

3,963

923

1998

1,893

3,660

5,553

1,319

1999

921

2,181

3,102

810

1998

1,395

4,540

5,935

1,476

2001

2,966

9,081

12,047

994

2007

323
3,342

2,698
32,463

3,021
35,805

822
9,576

1970
1998

13,255

876

14,131

N/A

57

57

N/A

1,958

1,958

N/A

804

6,689

7,493

1,971

1988

818

2,595

3,413

866

1999

818

1,966

2,784

513

1999

1,043

2,464

3,507

595

1999

1,032

2,853

3,885

566

2001

4,856

4,856

N/A

643

2,102

2,745

443

2002

1,793

16,995

18,788

4,947

1997

1,784

1,784

N/A

1,500

10,691

12,191

3,449

1987

3,027

21,818

24,845

7,282

1990

1,391

10,564

11,955

3,728

2001

942

6,465

7,407

2,468

1985

942

6,525

7,467

2,429

1987

842

6,757

7,599

2,768

1989

1,219

9,004

10,223

3,483

1989

1,690

12,089

13,779

4,258

1990

2,681

7,760

10,441

2,359

1999

14,088

261,815

275,903

75,485

1920-2002

1953

1962

1940

1,089

1,089

N/A

1,098

6,947

8,045

1,923

1988

681

5,505

6,186

1,492

1980

1,384

8,357

9,741

2,739

1983

1948

1948

1998

984

5,670

6,654

1,504

1983

2,546

34,129

36,675

10,555

1999

1,213

5,218

6,431

1,670

1997

1,491

14,242

15,733

3,659

1985

1,576

10,693

12,269

2,655

1987

1,570
1,013

8,484
7,145

10,054
8,158

2,867
2,314

1984
1979

946

8,622

9,568

573

2008

1,167

35,550

36,717

274

2007

4,884

31,759

36,643

10,995

1988

3,607

13,283

16,890

1,329

2008

1,391

6,961

8,352

1,768

2000

1,201

7,550

8,751

1,983

2001

1,004

6,714

7,718

2,130

1991

1,366

8,916

10,282

3,037

1990

1,291

4,817

6,108

1,327

1998

937

4,804

5,741

1,282

1999

1,567

6,769

8,335

2,070

1998

1,065

8,344

9,409

1,101

2007

1,253

29,966

31,219

123

2009

3,025

31,042

34,067

8,073

1986

5,862

28,303

34,165

10,293

1982

1,863

7,450

9,313

2,494

1994

26,791

26,791

9,316

1985

903

4,483

5,386

1,609

1987

3,958

3,958

215

2007

4,418

4,418

304

2007

1,598

12,609

14,207

3,698

1999

2,170

18,418

20,588

4,804

1999

2,435

18,160

20,595

2,755

2006

1,715

20,015

21,730

374

2008

3,982

52,402

56,384

3,280

2007

1,419

6,946

8,365

2,313

1984

1,660

8,463

10,123

2,699

1987

1,713

8,263

9,976

2,757

1989

859

4,242

5,101

1,322

1998

1,328

4,881

6,209

973

2001

1,860

8,348

10,208

2,680

1996

1,754

6,087

7,841

2,101

1997

792

4,250

5,042

1,327

1998

1,473

10,604

12,077

4,023

1999

2,690

2,690

N/A

4,521

4,521

N/A

2,668

13,454

16,122

3,834

2002

1,965

6,491

8,456

1,929

1998

3,070

3,070

N/A

1982

2,394

14,800

17,194

3,525

1986

2,488

8,553

11,041

2,300

1999

1,497

8,230

9,727

2,549

1987

1,937

12,793

14,730

1,186

2007

3,012

3,012

N/A

2,027

2,027

N/A

596

2,703

3,299

1,280

2000

1,151

1,151

N/A

1,623

9,733

11,356

3,613

1988

1,886

1,886

N/A

2,060

8,841

10,901

2,359

2002

1,204

8,250

9,454

2,742

1986

2,788

12,434

15,222

4,634

1991

967

120

1,087

11

N/A

724

3,456

4,180

1,455

1990

341

1,407

1,748

526

1992

113

1,107

1,220

426

1988

72

746

818

225

1988

66

651

717

207

1988

97

1,018

1,115

331

1988

53

472

525

155

1988

106

934

1,040

305

1988

123

953

1,076

338

1988

72

715

787

233

1988

379

2,101

2,480

796

1990

462

2,256

2,718

732

1986

322

1,463

1,785

547

1986

509

4,151

4,660

1,598

1986

739

4,126

4,865

1,609

1988

2,393

12,793

15,186

5,397

1990

1,549

3,871

5,420

1,229

1997

224

1,366

1,590

511

1990

845

963

1,808

354

1996

145

1,368

1,513

420

1990

535

813

1,348

276

1996

237

1,185

1,422

448

1985

193

1,089

1,282

418

1985

305

1,375

1,680

533

1985

225

1,055

1,280

430

1985

171

918

1,089

332

1990

509

910

1,419

311

1997

356

1,971

2,327

788

1985

374

1,775

2,149

625

1985

341

1,983

2,324

824

1986

660

3,419

4,079

1,216

1988

860

3,413

4,273

1,376

1986

1,302

5,263

6,565

2,115

1987

450

1,861

2,311

685

1988

451

1,662

2,113

637

1988

546

2,593

3,139

823

1998

749

2,509

3,258

661

1999

603

2,272

2,875

557

1999

499

2,073

2,572

490

1999

1,733

5,317

7,050

2,194

1999

944

4,833

5,777

1,558

1984

887

4,037

4,924

1,544

1985

227

1,282

1,509

486

1985

243

1,222

1,465

461

1985

327

2,121

2,448

607

1985

3,339

3,339

N/A

1,126

2,981

4,107

1,221

1981

167

506

673

223

1983

372

1,242

1,614

433

1983

1,183

3,142

4,325

1,313

1985

998

2,514

3,512

1,042

1987

726

1,855

2,581

770

1987

390

2,489

2,879

987

1983

422

3,473

3,895

1,496

1983

463

2,609

3,072

1,134

1989

253

1,306

1,559

580

1989

1,041

6,860

7,901

2,177

1989

813

2,834

3,647

603

2002

3,614

12,106

15,720

1,422

2006

814

3,597

4,411

185

2007

329

2,904

3,233

1,130

1985

2008

1,476

8,608

10,084

2,253

2001

N/A

2005

7,448

7,448

N/A

381

1,056

1,437

623

1983

615

1,461

2,076

936

1983

372

985

1,357

625

1986

787

2,821

3,608

1,759

1985

414

1,114

1,528

738

1984

803

3,057

3,860

2,041

1987

735

1,891

2,626

1,282

1984

2,748

3,319

6,067

2,633

1987

897

2,329

3,226

712

1996

723

2,142

2,865

590

1996

834

3,847

4,681

1,358

1989

235

235

126

1995

1,826

8,413

10,239

2,973

1994

2,989

14,937

17,926

5,674

1990

1,450

12,386

13,836

3,684

1970-1987

347

1,518

1,865

557

1990

13,334

13,334

3,603

1986

318

14,911

15,229

4,056

1999

1,568

6,852

8,420

2,096

1999

1,204

8,680

9,884

3,146

1991

900

9,316

10,216

3,468

1989

1,249

12,433

13,682

4,948

1987

785

7,642

8,427

2,640

1985

2,678

26,201

28,879

9,240

1985

770

2,585

3,355

1,113

1984

961

6,892

7,853

2,954

1980

1,100

10,279

11,379

2,439

2002

722

5,899

6,621

2,516

1982

462
131
125

1,877
2,385
4,019

2,339
2,516
4,144

1,075
1,969
2,223

1988
1979
1980

1,349

12,328

13,677

661

2008

1,381

10,579

11,960

2,610

2002

1,151

8,554

9,705

1,754

2000

1,492

1,492

N/A

1,264

8,913

10,177

2,013

2001

609
766
2,597

4,481
3,292
1,660

5,090
4,058
4,257

1,887
1,326
586

1983
1983
2003

8,103

8,103

N/A

2,248

21,814

24,062

4,611

2002

2,152

22,038

24,190

2,594

2006

957

20,855

21,812

921

2008

1,844

13,583

15,427

4,891

1996

264

7,220

7,484

2,078

1998

357

49

406

27

N/A

203

19,618

19,821

8,976

1991

868

20,884

21,752

4,917

2001

867

3,877

4,744

1,484

1984

854

854

N/A

854

854

N/A

256
691
289

3,055
9,260
12,192

3,311
9,951
12,481

774
2,729
8,273

2001
1999
1980

242

3,357

3,599

720

2001

306

306

N/A

356

4,192

4,548

1,164

2001

362

362

132

2003

1,219

1,219

N/A

1,206

70,629

71,835

2,533

2008

878

4,982

5,860

2,389

1990

362

2,435

2,797

1,030

1993

919

3,494

4,413

1,504

1992

586

3,487

4,073

1,244

1995

1,486
469
870
899
559

4,988
5,788
3,461
4,929
3,070

6,474
6,257
4,331
5,828
3,629

1,501
2,510
1,084
1,465
688

1998
1987
1996
1998
2000

666

4,029

4,695

1,621

1982

1,086

6,021

7,107

2,224

1983

862

6,521

7,383

2,391

1987

2,353
472

14,498
4,771

16,851
5,243

5,679
1,537

1984
1997

15,602

15,602

N/A

726

5,154

5,880

1,754

1995

773

14,163

14,937

6,938

N/A

1,324

8,103

9,427

2,407

1991

1,364

6,858

8,222

1,392

2003

907

110

1,017

N/A

1,581

12,849

14,430

4,210

1999

1,032

5,161

6,193

1,562

1997

1,086

6,290

7,376

2,166

1986

967

3,257

4,224

982

1999

783

5,522

6,305

1,808

1998

1,688

9,920

11,608

3,375

1996

1,085

5,842

6,927

1,857

2000

999

5,968

6,967

1,766

1997

1,300

6,544

7,844

925

1987

1,041

5,634

6,675

1,339

2001

1,205

5,609

6,814

1,883

1990

842

8,499

9,341

1,292

1998

1,700
2,149

11,601
10,565

13,301
12,714

1,722
3,697

1989
1989

951

11,480

12,431

3,041

2002

1,964

11,456

13,420

1,017

N/A

1,497

1,497

N/A

1,261

1,261

N/A

1,259

1,259

N/A

356

15,137

15,493

5,471

1996

201

201

N/A

1,600

8,867

10,467

1,735

1996

1,535

1,535

N/A

2,255

13,556

15,811

2,451

2005

1,841

1,841

N/A

1,443

13,401

14,844

4,058

1990

1,240

11,371

12,611

3,073

1999

995

9,667

10,662

2,633

2002

955

11,644

12,599

1,637

2006

541

2,358

2,899

866

1991

264

1,174

1,438

418

1991

202

1,010

1,212

397

1987

233

1,083

1,316

400

1988

235

1,191

1,426

412

1987

218

1,016

1,234

377

1988

1,088

5,373

6,461

1,945

1990

1,301

6,651

7,952

1,785

1996

585

3,235

3,820

1,157

1988

332

1,744

2,076

589

1995

489

2,596

3,085

872

1995

1,102

4,029

5,131

1,231

1997

11,990

11,990

4,149

1983

1,742

6,733

8,475

1,517

2001

2,673

18,979

21,652

273

1989

1,281

12,718

13,999

4,005

1988

5,237
2,276

1,477
13,190

6,714
15,466

46
4,185

N/A
1990

4,460

27,230

31,690

3,693

2005

802

8,812

9,614

2,858

1986

4,506

29,604

34,110

9,031

2001

991

26,191

27,182

9,398

1999

1,970

1,970

N/A

881

27,256

28,137

7,049

2001

3,501

37,374

40,875

2,890

2007

3,482

3,482

N/A

790

12,513

13,303

842

2007

6,789
8,747

6,789
8,747

495
2,905

2007
1980

2,106

35,893

37,999

10,842

1986

2,672
-

26,747
8,929

29,419
8,929

9,673
2,852

1999
1978

3,224

3,224

416

2004

2,016
-

29,734
12,780
18,315

31,750
12,780
18,315

7,744
4,554
5,434

1985
1979
1982

1,454

5,600
17,859

5,600
19,313

1,428
5,418

1999
1984

3,218

22,279

25,497

7,982

1988

1,126

5,628

6,754

1,627

1976

$456,749

#########

#########

$
782,556

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

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5-40 yrs.

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5-40 yrs.
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5-40 yrs.

5-40 yrs.
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N/A
5-40 yrs.
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5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
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5-40 yrs.

N/A

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5-40 yrs.

5-40 yrs.

5-40 yrs.
5-40 yrs.

5-40 yrs.
5-40 yrs.
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N/A

N/A

N/A

5-40 yrs.
5-40 yrs.
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5-40 yrs.
N/A
5-40 yrs.
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N/A

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5-40 yrs.
5-40 yrs.
5-40 yrs.
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5-40 yrs.
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5-40 yrs.

5-40 yrs.
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N/A

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5-40 yrs.

5-40 yrs.
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5-40 yrs.

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5-40 yrs.

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5-40 yrs.

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N/A

N/A
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N/A
5-40 yrs.

5-40 yrs.
5-40 yrs.
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5-40 yrs.
N/A
N/A
5-40 yrs.
N/A
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N/A

5-40 yrs.

5-40 yrs.
5-40 yrs.

N/A
5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

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5-40 yrs.

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5-40 yrs.

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5-40 yrs.

5-40 yrs.
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N/A
5-40 yrs.
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5-40 yrs.
5-40 yrs.
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5-40 yrs.

5-40 yrs.

5-40 yrs.

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5-40 yrs.

5-40 yrs.

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5-40 yrs.

N/A

5-40 yrs.
N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

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5-40 yrs.

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5-40 yrs.

N/A

5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
N/A
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

N/A
5-40 yrs.
5-40 yrs.
5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

N/A
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
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5-40 yrs.
5-40 yrs.
5-40 yrs.
N/A
5-40 yrs.
5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A
5-40 yrs.
5-40 yrs.
5-40 yrs.

5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

N/A

N/A

5-40 yrs.
N/A
5-40 yrs.
N/A

5-40 yrs.

N/A
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
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5-40 yrs.

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5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.

5-40 yrs.
5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.
5-40 yrs.
N/A

5-40 yrs.

5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.

5-40 yrs.

5-40 yrs.
5-40 yrs.
5-40 yrs.

5-40 yrs.
5-40 yrs.
5-40 yrs.
5-40 yrs.

Comparable Office REITS

Price
Shares
Market cap
Enterprise value
2010 EBTIDA
EV / EBITDA
Net debt / EBITDA
Dividend yield
P / 10FFO
P / 10E
Government tenant %
Occupancy rate
Moody's/S&P Ratings
Total properties
Total Assets
Tangible Assets
Total Liabilities
Net tangible / share

GOV
$27.13
31.3
$848.0
$845.2
$78.0
10.8x
n/m
5.9%
10.9x
n/m
94.0%
99.9%
NR
34
$734.5
$734.5
$28.9
$22.58

HIW
$32.22
71.4
$2,299.3
$3,775.7
$265.6
14.2x
5.6x
5.3%
13.4x
44.4x
9.0%
88.2%
Ba1/BBB381
$2,887.1
$2,887.1
$1,624.2
$17.70

PDM
$19.44
170.7
$3,318.7
$4,766.5
$343.7
13.9x
4.2x
6.5%
12.2x
36.0x
12.0%
90.1%
BBB
73
$4,395.3
$4,215.2
$1,713.3
$14.66

SLG
$55.71
77.8
$4,335.8
$8,748.9
$522.9
16.7x
8.4x
0.7%
13.8x
74.8x
n/m
93.4%
NR
60
$10,622.6
$10,487.6
$5,873.1
$59.29

ARE
$68.14
44.3
$3,017.7
$5,646.7
$329.0
17.2x
8.0x
2.1%
15.4x
22.3x
2.7%
89.0%
NR
156
$5,457.2
$5,457.2
$3,051.1
$54.33

OFC
$41.46
58.4
$2,420.7
$4,449.7
$265.6
16.8x
7.6x
3.8%
17.4x
25.0x
18.6%
90.7%
NR
247
$3,380.0
$3,279.4
$2,259.4
$17.47

CLI
$35.80
79.2
$2,835.0
$4,825.1
$409.8
11.8x
4.9x
5.0%
12.5x
21.1x
1.1%
90.1%
Baa3/BBB
263
$4,721.6
$4,721.6
$2,578.4
$27.06

BXP
$76.99
139.0
$10,699.0
$15,938.0
$961.5
16.6x
5.4x
2.6%
18.4x
23.5x
4.0%
92.4%
Baa3/A146
$12,348.7
$12,348.7
$7,224.0
$36.88

Government Properties Income Trust

Company despcription
Government Properties Income Trust is a real estate company formed to invest in properties that are majority leased to government tenants.
Ownership despcription
HRPT Properties 32%; Perkins Investment 3.4%; Mac-per-Wolf (Janus) 3.4%
Event
Spun out of HRPT Properties Trust in June of 2009; on 03/23/10 ammended credit facility to drop Libor floor
Strategy
Company plans on acquiring aggressively stated $50-$400MM of acquistions in 2010. Guidelines for acquisitions are 8%+ cap rate government properties
Capital structure
(US$ in millions)
Date

11/9/2014

03/31/10 cash
Libor

$27.6
0.29%

Cash
Revolver availability
Liquidity

$27.6
$250.0
$277.6

Credit Facility - $250

Secured debt
Secured debt in Landover MD
Secured debt in Lakewood, CO
Mortgage debt assumed in trxn
Price
Shares
Market capitalization
Net debt
Enterprise value

P / 10E FFO per share

Dividend yield

Amount
Matuirty
Coupon
Rate
Price
$0.0 4/24/2012 L + 300bps
3.29%
$0.0
$24.8
$11.3
$36.1

8/1/2016
3/1/2021

6.21%
8.15%

2007
$73.1
-$7.2
-$5.6
-$11.1
$49.1
-$2.9
$46.2
-$13.8
$0.0
-$0.3
$32.1

Annual
2008
$75.4
-$8.0
-$6.2
-$12.2
$49.1
-$3.0
$46.1
-$14.2
$0.0
-$0.1
$31.8

2009
$79.0
-$8.5
-$6.3
-$12.2
$51.9
-$4.2
$47.7
-$15.2
-$1.0
-$5.5
$26.0

Gross margin
EBITDA margin

67.2%
63.2%

65.1%
61.1%

65.7%
60.4%

EPS
FFO per share
Reported FFO
Reported FFO/share
Stock based comp
Adj. EBITDA
Free cash flow
(US$ and in millions)
Adj. EBITDA
Capex & acquisitions
Interest paid
Working cap
FCF
FFO
Dividends

Interest
$0.0
$0.0

6.21%
8.15%

$1.5
$0.9
$2.5

$27.13
31.3
$848.0
-$2.8
$845.2

10.9x
5.9%

Consolidated financials
Revenues
Real estate taxes
Utility expenses
Operating expenses
Gross margin
G&A
EBITDA
D&A
Acquisition costs
Interest, net
Net income

Yield

n/a

n/a
$46.0

$1.72
$2.80
$42.2
$1.35

PF Yr 1

PF Yr 2

$84.0
-$6.0
$78.0

$122.3
-$8.0
$114.3

$0.0

-$22.5

65.7%

65.7%

3/31/2008
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a

6/30/2008
$18.9
-$2.0
-$1.4
-$2.8
$12.6
-$0.7
$11.9
-$3.5
$0.0
$0.0
$8.3

63.1%
n/a
$78.0

$91.8

$0.0
$46.2

$0.0
$46.1

$0.3
$48.0

$0.0
$78.0

$0.0
$114.3

2007
$46.2
-$2.0
-$0.4
-$5.3
$38.5
$45.9

Annual
2008
$46.1
-$2.4
-$0.2
-$0.8
$42.7
$46.0

2009
$48.0
-$105.2
-$3.9
-$2.6
-$63.8
$41.2

PF Yr 1
$78.0

PF Yr 2
$114.3

$78.0
$74.1

$91.8
$87.2

Quarterly
9/30/2008 12/31/2008
3/31/2009
$18.4
$19.5
$19.2
-$2.0
-$2.0
-$2.1
-$1.8
-$1.5
-$1.5
-$3.1
-$3.4
-$2.8
$11.5
$12.5
$12.8
-$0.7
-$0.7
-$0.7
$10.8
$11.8
$12.1
-$3.6
-$3.6
-$3.6
$0.0
$0.0
$0.0
$0.0
$0.0
$0.0
$7.3
$8.2
$8.5

58.6%

62.8%

9/30/2009 12/31/2009 3/31/2010

$19.7
$20.7
$23.4
-$2.0
-$2.3
-$2.6
-$1.8
-$1.5
-$1.7
-$2.9
-$3.6
-$3.6
$12.9
$13.2
$15.6
-$1.2
-$1.3
-$1.5
$11.7
$12.0
$14.1
-$3.8
-$4.0
-$4.9
-$0.2
-$0.8
-$0.8
-$1.5
-$1.7
-$1.5
$6.2
$5.4
$6.9

61.8%

59.5%

57.9%

60.3%

$0.47

$0.29

$0.25
$0.48
$10.2

$0.24
$0.43

$0.0
$12.1

$0.0
$12.0

$0.2
$11.9

$0.0
$12.0

$0.0
$14.1

Quarterly
9/30/2008 12/31/2008
3/31/2009
$10.8
$12.1
-$0.6
-$0.8
$0.0
$0.0
-$0.3
$0.7
$10.0
$12.0
$10.8
$12.1

6/30/2009
$12.0
-$1.2
-$1.9
-$1.6
$7.3
$9.7

9/30/2009 12/31/2009 3/31/2010

$11.9
$12.0
$14.1
-$22.1
-$81.1
-$37.4
-$0.8
-$1.2
-$0.9
-$3.9
$2.2
$6.1
-$14.9
-$68.2
-$18.2
$10.2
$10.2
$12.6

7/31/2010 10/31/2010
$0.40
$0.40

4/30/2011
$0.40

7/31/2011 10/31/2011 1/31/2012 4/30/2012

$0.40
$0.40
$0.40
$29.94

n/a

60.6%

6/30/2009
$19.4
-$2.1
-$1.5
-$2.9
$12.9
-$0.9
$12.0
-$3.8
$0.0
-$2.3
$5.9

n/a
$11.8

$0.0
$11.9

3/31/2008

6/30/2008
$11.9
-$1.1
-$0.1
$1.1
$11.8
$11.9

$0.0
$10.8

94% of the tenants paid by Federal government and 4 state governments

Pro forma price target assumptions

PF share count
1) Additional $400MM of acquisitions using 8-10%; base case of 8.5%
14x P / FFO
2) Flat gross margins
15x P / FFO
3) Company needs new equity of $300MM at $24.5 = 12.245MM new shares
14x share price
4) Company receives investment grade rating and recaps
15x share price
5) Existing assets $463.73; new assets of $428.7 = $892.4 assets BV
Target SP at 14x
6) Average 6x debt to EBITDA euqals $500MM of debt at 4.5%
Target SP at 15x
7) Comps trade at 14x-15x P / FFO
Current SP
Gain
IRR at 14x
IRR at 15x

43.5
$1,285.1
$1,376.9
$29.54
$31.65
$29.54
$31.65
$27.13
$2.41
#NUM!
15.9%

6.97%

11/9/2014
-$27.13

4/30/2010
$0.40

1/31/2011
$0.40

NAV = Property net operating income / cap rate = Market cap plus net debt
NAV
Share count

$845.2
31.3

Todays PF cap rate

2010 property net operating income
Total assets
Cap rate

$54.3
$543.5
9.99%

Acquistions in 2010
2010 property net operating income
Implied cap rate
Current dividend yield

$0.0
$54.3
6.42%
5.90%

$50.0
$58.5
6.93%

$100.0
$62.8
7.43%

$150.0
$67.0
7.93%

$200.0
$71.3
8.44%

$250.0
$75.5
8.94%

$300.0
$79.8
9.44%

$350.0
$84.0
9.94%

$400.0
$88.3
10.45%

2010 property net operating income

Cap rates
NAV
Implied share price

Wells Fargo assigns a 7% to GOV's risk/reward curve; RBC assign a 7.8% to GOV's risk/reward curve
$62.8
$62.8
$62.8
$62.8
$62.8
$62.8
$62.8
$62.8
6.50%
6.75%
7.00%
7.25%
7.50%
7.75%
8.00%
8.25%
$966.1
$930.3
$897.1
$866.1
$837.2
$810.2
$784.9
$761.1
$31.00
$29.85
$28.79
$27.80
$26.88
$26.01
$25.20
$24.44

$62.8
8.50%
$738.7
$23.73

2010 property net operating income

Cap rates
NAV
Implied share price

Wells Fargo assigns a 7% to GOV's risk/reward curve; RBC assign a 7.8% to GOV's risk/reward curve
$75.5
$75.5
$75.5
$75.5
$75.5
$75.5
$75.5
$75.5
6.50%
6.75%
7.00%
7.25%
7.50%
7.75%
8.00%
8.25%
$1,162.2
$1,119.2
$1,079.2 $1,042.0
$1,007.2
$974.8
$944.3
$915.7
$37.27
$35.90
$34.62
$33.43
$32.32
$31.28
$30.30
$29.39

$75.5
8.50%
$888.7
$28.52

Property Location(1)

Year
Built

Rentable

(2)

Square Feet

201 East Indianola Avenue, Phoenix, AZ(3)

1997

(3)

97,145

1994

94,272

1996

147,955

9174 Sky Park Court, San Diego, CA(3)

1986

43,918

5045 East Butler Avenue, Fresno, CA(3)

915 L Street, Sacramento, CA
9800 Goethe Road, Sacramento, CA
16194 West 45th Drive, Golden, CO(3)

1971

531,976

1988
1993
1997

163,425
110,500
43,232

7201 West Mansfield Avenue, Lakewood, CO(3)

1981

71,208

7301 West Mansfield Avenue, Lakewood, CO(3)

1981

70,904

7401 West Mansfield Avenue, Lakewood, CO(3)

1981

70,884

20 Massachusetts Avenue, Washington, DC(3)

2002

339,541

9797 Aero Drive, San Diego, CA

4560 Viewridge Drive, San Diego, CA

(3)

1 Corporate Boulevard, Atlanta, GA

(3)

1967

37,554

8 Corporate Boulevard, Atlanta, GA

(3)

2000

151,252

10 Corporate Boulevard, Atlanta, GA(3)

1968

32,828

11 Corporate Boulevard, Atlanta, GA

(3)

1968

32,158

12 Corporate Boulevard, Atlanta, GA

(3)

1968

99,084

2001
12 Executive Park Drive, Atlanta, GA
2020 S. Arlington Heights Road, Arlington Heights, IL 2002
1995
20400 Century Boulevard, Germantown, MD(3)

128,390

1401 Rockville Pike, Rockville, MD(3)

1986

188,444

1986

84,674

1987

61,426

1995

98,073

1997
1994

321,800
124,647

1985

71,580

1997

137,782

(3)

4201 Patterson Avenue, Baltimore, MD

(3)

2645 & 2655 Long Lake Road, Roseville, MN(3)

th

4241 & 4300 NE 34 Street, Kansas City, MO

10-12 Celina Drive, Nashua, NH
130-138 Delaware Avenue, Buffalo, NY(3)
110 Centerview Drive, Columbia, SC(3)
701 Clay Road, Waco, TX

(3)
(3)

(3)

57,770
80,550

1993

164,746

2420 Stevens Drive, Richland, WA

(3)

1995

92,914

2430 Stevens Drive, Richland, WA

(3)

1995

47,238

5600 Columbia Pike, Falls Church, VA

882 TJ Jackson Drive, Falling Waters, WV(3)

1993

36,818

1995

122,647

21.1 years
Average Age / Total: 16 states and D.C.

3,957,335

5353 Yellowstone Road, Cheyenne, WY

(3)

Primary Occupant(s)

Federal Bureau of Investigation

Federal Bureau of Investigation
Drug Enforcement Administration
California Department of Water Quality Control Board
California Department of Motor Vehicles
Internal Revenue Service
California Department of Finance
California National Guard
Environmental Protection Agency

Bureau of Reclamation

Bureau of Reclamation

Department of the Interior

Immigration and Customs Enforcement Department of Justice
Centers for Disease Control
Centers for Disease Control
Centers for Disease Control
Centers for Disease Control
Centers for Disease Control
Centers for Disease Control
Occupational Health and Safety Administration

Department of Energy
Food and Drug Administration
Maryland Department of Human Resources
Maryland Department of Health & Mental Hygiene
Maryland Transit Administration
Minnesota State Lottery
Financial Management Service
U.S. Postal Service
Immigration and Customs Enforcement Department of Justice
South Carolina Department of Labor, Licensing & Regulation
Department of Veterans Affairs
Defense Information Systems Agency
Department of Energy
Department of Energy

Department of Veterans Affairs

Bureau of Land Management

Call with CFO David Blackman 617 796 8168

Margin declines are related to financing offerings
Raised equity in Jan such that they did not want to be percluded from dark periods
The last few transaction were actually dilutive to equity because they took leverage down from 35% to 6%
The limiting factor in the investment grade rating is $1.0-$1.5bn of assets which means an additional $300 to $500M
Usually rating agencies want to see 3 years of management but with HRPT and RMR, they think they are ok
CFO is a RMR employee

Lease in 2011 is the IRS Fresno . 530K sq ft. Getting term/rate is the issue now, feels comfortable about renewal
Leases 2012 are 20 Mass Ave (over 50% of rental income for leases renewing in 2012); DOJ and INS are tenants.
Government has 100% of the building and is across from Union station. Feels comfortable that they can rent it out
3 buildings in Lakewood CO - Treasury and land management are tenants. Rents are above market right now. Acc
South Carolina is last building which lease is up in 2012; state tenant has not started regnegotiations
2013 is too early to start negotiations
GSA reenws leases for all federal government entities but is decentralized and needs to work with multiple people
Tenants have a lot of say in GSA which needs to ultimately go back to Congress for approval
HRPT will probably sell shares along with Company's next equity offering
Can use cash and revolver to buy $300MM of properties
Looking at $2bn portfolio in California right now and some properites from some Australian REITs
California is all state tenants - will most likely buy properties in Scramento. 20 year sale lease backs.
2011 IRS Fresno
Rent is right around market
Renewals are typically 5 yrs. Currently the renewal option is at a higher rate
$9MM in annual rent
GSA needs to go back to Congress for approval for this particular property
$20MM of annual commitment - responsible for everyhing but property taxes
Tax return processing center - mission critical building.
Been in 38 years; it was designed. Spent over $400MM on the building
No building alike in the area.
Lease was redone 8 yrs ago. $14.80 shell rent and amortized improved are $1.80 per sq ft
Doesn't want to comment on global

2012
20 Mass is below market rent; HRPT owns a building nearby and are getting higher rents than 20 Mass right now; e
Lakewood is above 20% above market right now
South Carolina is relatively small is unknown; likely below market
2013
Rents are generally at market - there are pockets

age down from 35% to 6%

h means an additional $300 to $500MM of acquisitions
d RMR, they think they are ok

w, feels comfortable about renewal

in 2012); DOJ and INS are tenants. Currently under market rent rates.
comfortable that they can rent it out if tenants decided not to renew
nts are above market right now. Accounts for 5% of revenue
arted regnegotiations

needs to work with multiple people

ss for approval

e Australian REITs
year sale lease backs.

gher rents than 20 Mass right now; each tenant is paying $36 a sq ft