Exhibit 99.1
Supplemental Information
(Unaudited)
March 31, 2008
Exhibit 99.1
(Unaudited)
Corporate Office Properties Trust
Index to Supplemental Information (Unaudited)
March 31, 2008
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Page |
Highlights and Discussion |
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Reporting Period Highlights – First Quarter 2008 |
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1 |
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Forward-Looking Statements |
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3 |
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Financial Statements |
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Quarterly Selected Financial Summary Data |
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4 |
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Quarterly Consolidated Balance Sheets |
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5 |
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Quarterly Consolidated Statements of Operations |
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6 |
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Quarterly Consolidated Reconciliations of Funds From Operations (FFO), Adjusted Funds From Operations (AFFO) and Earnings per diluted share, as adjusted |
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7 |
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Quarterly Consolidated Reconciliations of Earnings Before Interest, Income Taxes, Depreciation and Amortization (EBITDA), Combined Net Operating Income (NOI), Discontinued Operations and Gains on Sales of Real Estate |
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8 |
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Selected Financial Analyses |
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Quarterly Equity Analysis |
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9 |
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Quarterly Debt Analysis |
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10 |
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Quarterly Operating Ratios |
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11 |
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Quarterly Dividend Analysis |
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12 |
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Investor Composition and Analyst Coverage |
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13 |
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Debt Maturity Schedule – March 31, 2008 |
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14 |
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Portfolio Summary |
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Property Summary by Region – March 31, 2008 – Wholly Owned Properties |
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15 |
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Property Summary by Region – March 31, 2008 – Joint Venture Properties |
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21 |
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Property Occupancy Rates by Region by Quarter – Wholly Owned Properties |
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22 |
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Property Occupancy Rates by Region by Quarter – Joint Venture Properties |
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23 |
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Top Twenty Office Tenants of Wholly Owned Properties as of March 31, 2008 |
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24 |
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Combined Real Estate Revenue and Combined Net Operating Income by Geographic Region by Quarter |
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25 |
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Same Office Property Cash and GAAP Net Operating Income by Quarter |
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26 |
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Average Occupancy Rates by Region for Same Office Properties |
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27 |
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Office Lease Expiration Analysis by Year for Wholly Owned Properties |
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28 |
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Quarterly Office Renewal Analysis for Wholly Owned Properties as of March 31, 2008 |
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29 |
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Year to Date Wholly Owned Disposition Summary as of March 31, 2008 |
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30 |
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Development Summary as of March 31, 2008 |
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31 |
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Total Development Placed into Service as of March 31, 2008 |
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33 |
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Land Inventory as of March 31, 2008 |
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34 |
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Joint Venture Summary as of March 31, 2008 |
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35 |
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Reconciliations of Non GAAP Measurements |
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36 |
To Members of the Investment Community:
We prepared this supplemental information package to provide you with additional detail on our properties and operations. The information in this package is unaudited, furnished to the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our quarterly and annual reports. If you have any questions or comments, please contact Ms. Mary Ellen Fowler, Vice President and Treasurer at (443) 285-5450 or maryellen.fowler@copt.com. Reconciliations between GAAP and non GAAP measurements have been provided on page 36. Refer to our Form 8-K for definitions of certain terms used herein.
Corporate Office Properties Trust (COPT) (NYSE: OFC) is a specialty office real estate investment trust (REIT) that focuses on strategic customer relationships and specialized tenant requirements in the U.S. Government, Defense Information Technology and Data sectors. The Company acquires, develops, manages and leases properties which are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in growth corridors. The Company’s portfolio primarily consists of technically sophisticated buildings in visually appealing settings that are environmentally sensitive, sustainable and meet unique customer requirements. More information on COPT can be found at www.copt.com.
Reporting Period Highlights – First Quarter 2008
Financial Results
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Reported FFO – diluted of $32,373,000 or $.58 per share/unit, for the first quarter of 2008 as compared to $28,288,000, or $.51 per share/unit, for the comparable 2007 period, representing an increase of 13.7% per share/unit. |
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Reported Net Income Available to Common Shareholders of $7,370,000, or $.15 per diluted share, for the first quarter of 2008 as compared to $1,554,000, or $.03 per diluted share, for the comparable 2007 period. Our first quarter 2008 net income contains $1.9 million, or $.04 per share, of gain on sales of real estate, net of income taxes and minority interests. |
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Reported AFFO – diluted of $24,490,000 for the first quarter of 2008 as compared to $22,065,000 for the comparable 2007 period, representing an increase of 11.0%. |
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Our FFO payout ratio was 58.5% for the first quarter of 2008 as compared to 60.4% for the comparable 2007 period. Our AFFO payout ratio was 77.4% for both the first quarters of 2008 and 2007. |
Dispositions
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On January 31, 2008, we sold a 142,385 square foot operating property located in Central New Jersey for $17.0 million and realized a $1.4 million gain. On April 1, 2008, we sold a 41,398 square foot property for $3.2 million, reducing our Central New Jersey portfolio to only two properties totaling 201,200 square feet. |
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On March 31, 2008, the Maryland State Highway Administration deposited approximately $654,000 of condemnation proceeds into an account on our behalf, primarily for the transfer of White Marsh land that will facilitate the expansion of Interstate 95. We recognized a gain of $293,000 associated with these condemnation proceeds during this quarter. |
Development / Joint Ventures
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During the first quarter of 2008, we sold 53,417 square feet of flex/warehouse condominiums for $8.4 million, held through our 92.5% joint venture interest in 13849 Park Center Road, LLC, and realized an after-tax gain of $768,000 (or $554,000, net of minority interests). |
1
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On January 29, 2008, we completed the formation of M Square Associates, LLC, a joint venture in which we hold a 45% economic interest, and affiliates of the University of Maryland and Manekin LLC hold a combined 55% economic interest. This joint venture will ground lease, develop and manage office properties, approved for up to approximately 750,000 square feet, located in M Square Research Park in College Park, Maryland. This joint venture constructed a 116,107 square foot property located at 5825 University Research Court, within M Square Research Park, and has pre-leased 35.74% or 41,500 square feet. |
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During the first quarter, we placed into service 202,161 square feet in three properties. Two of these properties contained an aggregate of 89,497 square feet placed into service in the second and third quarters of 2007. This total space, consisting of 291,658 square feet, was 74.85% leased as of March 31, 2008. |
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Our wholly owned portfolio was 92.89% occupied and 94.07% leased, as of March 31, 2008. Our entire portfolio was 92.75% occupied and 93.89% leased, as of March 31, 2008. |
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Our same office property cash NOI, excluding the effect of a $1.1 million reduction in lease termination fees, for the quarter ended March 31, 2008 increased by 5.0%, or $2.5 million, as compared to the quarter ended March 31, 2007. Including the effect of lower lease termination fees, our same office property NOI increased 2.8%, or $1.4 million, as compared to the quarter ended March 31, 2007. Our same office portfolio consists of 164 properties and represents 82.5% of our wholly owned portfolio as of March 31, 2008. |
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Weighted average lease term of our wholly owned portfolio is 4.8 years, as of March 31, 2008 with an average contractual rental rate (including tenant reimbursements of operating costs) of $21.87 per square foot. |
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We renewed 587,924 square feet, or 83.2%, of our expiring office leases (based upon square footage) with an average committed cost of $3.77 per square foot during the first quarter. For our renewed space only, we realized an increase in total rent of 12.3%, as measured from the GAAP straight-line rent in effect preceding the renewal date, and an increase of 6.4% in total cash rent. For our renewed and retenanted space of 719,436 square feet, we realized an increase in total rent of 9.9%, as measured from the GAAP straight-line rent in effect preceding the renewal date, and an increase of 3.9% in total cash rent. We incurred an average committed cost of $6.48 per square foot for our renewed and retenanted space in the first quarter. |
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We recognized $56,000 in lease termination fees, net of write-offs of related straight-line rents and accretion of intangible assets and liabilities (i.e., SFAS 141 revenues) in the quarter ended March 31, 2008, as compared to $1.7 million in the quarter ended March 31, 2007. |
Financing Activity and Capital Transactions
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As of March 31, 2008, our ratio of debt to market capitalization was 46.8%, and our ratio of debt to undepreciated book value of real estate assets was 61.1%. We achieved an EBITDA interest coverage ratio of 2.96x and an EBITDA fixed charge coverage ratio of 2.45x for this quarter. |
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On May 2, 2008, we closed a $225 million construction loan facility, requiring interest only payments based upon a pricing grid, depending upon our leverage ratio, which was initially priced at LIBOR plus 160 basis points. This recourse construction facility will provide financing capacity for our development pipeline and will mature in May 2011, subject to a one-year extension option. We initially borrowed $35.4 million which was used to repay borrowings under our Revolver. |
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In April 2008, we executed three long term leases for 114,191 square feet in three properties under construction, improving our pre-leased percentage to 26.4%. |
2
Forward-Looking Statements
This supplemental information contains “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based on our current expectations, estimates and projections about future events and financial trends affecting us. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Accordingly, we can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements.
Important factors that may affect these expectations, estimates, and projections include, but are not limited to:
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our ability to borrow on favorable terms; |
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general economic and business conditions, which will, among other things, affect office property demand and rents, tenant creditworthiness, interest rates and financing availability; |
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adverse changes in the real estate markets including, among other things, increased competition with other companies; |
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risk of real estate acquisition and development, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated; |
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risks of investing through joint venture structures, including risks that our joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with our objectives; |
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our ability to satisfy and operate effectively under federal income tax rules relating to real estate investment trusts and partnerships; |
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governmental actions and initiatives; and |
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environmental requirements. |
We undertake no obligation to update or supplement any forward-looking statements. For further information, please refer to our filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1 of our Annual Report on Form 10-K for the year ended December 31, 2007.
3
Quarterly Selected Financial Summary Data
(Dollars in thousands)
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2008 |
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2007 |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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Revenues from Real Estate Operations |
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$ |
97,280 |
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$ |
94,662 |
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$ |
94,245 |
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$ |
90,494 |
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$ |
89,009 |
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Total Revenues |
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$ |
106,272 |
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$ |
103,160 |
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$ |
105,202 |
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$ |
102,187 |
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$ |
99,086 |
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Combined Net Operating Income |
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$ |
62,692 |
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$ |
63,734 |
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$ |
62,573 |
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$ |
61,775 |
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$ |
58,308 |
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EBITDA |
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$ |
60,150 |
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$ |
61,255 |
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$ |
61,783 |
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$ |
58,381 |
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$ |
53,852 |
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Net Income |
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$ |
11,395 |
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$ |
9,929 |
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$ |
11,431 |
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$ |
7,877 |
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$ |
5,547 |
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Preferred Share dividends |
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(4,025 |
) |
(4,025 |
) |
(4,025 |
) |
(4,025 |
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(3,993 |
) |
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Net Income Available to Common Shareholders |
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$ |
7,370 |
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$ |
5,904 |
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$ |
7,406 |
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$ |
3,852 |
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$ |
1,554 |
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Earnings per diluted share |
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$ |
0.15 |
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$ |
0.12 |
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$ |
0.15 |
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$ |
0.08 |
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$ |
0.03 |
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Funds From Operations (FFO) - Diluted |
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$ |
32,373 |
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$ |
32,832 |
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$ |
32,352 |
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$ |
31,837 |
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$ |
28,288 |
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FFO per diluted share |
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$ |
0.58 |
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$ |
0.59 |
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$ |
0.58 |
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$ |
0.57 |
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$ |
0.51 |
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Adjusted FFO - Diluted |
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$ |
24,490 |
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$ |
23,232 |
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$ |
23,856 |
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$ |
21,614 |
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$ |
22,065 |
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Payout Ratios: |
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Earnings Payout |
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219.6 |
% |
272.6 |
% |
217.3 |
% |
379.4 |
% |
934.9 |
% |
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FFO - Diluted |
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58.5 |
% |
57.5 |
% |
58.3 |
% |
54.0 |
% |
60.4 |
% |
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AFFO - Diluted |
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77.4 |
% |
81.2 |
% |
79.1 |
% |
79.5 |
% |
77.4 |
% |
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Total Dividends/Distributions |
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$ |
23,143 |
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$ |
23,064 |
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$ |
23,059 |
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$ |
21,377 |
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$ |
21,241 |
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Note: The above presentation does not separately report discontinued operations.
4
Quarterly Consolidated Balance Sheets
(Dollars in thousands except per share data)
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2008 |
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2007 |
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March 31 |
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December 31 |
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September 30 |
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June 30 |
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March 31 |
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Assets |
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Investment in real estate: |
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Land - operational |
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$ |
416,632 |
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$ |
416,711 |
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$ |
415,061 |
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$ |
414,870 |
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$ |
412,791 |
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Land - development |
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210,449 |
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214,696 |
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218,890 |
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205,887 |
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193,715 |
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Construction in progress |
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198,514 |
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181,316 |
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193,081 |
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163,811 |
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185,579 |
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Buildings and improvements |
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2,095,178 |
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2,079,963 |
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2,029,300 |
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1,996,094 |
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1,919,555 |
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Less: accumulated depreciation |
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(303,694 |
) |
(288,732 |
) |
(270,899 |
) |
(255,571 |
) |
(236,955 |
) |
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Net investment in real estate |
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2,617,079 |
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2,603,954 |
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2,585,433 |
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2,525,091 |
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2,474,685 |
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Cash and cash equivalents |
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37,607 |
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24,638 |
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21,895 |
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15,123 |
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22,003 |
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Restricted cash |
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16,712 |
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15,121 |
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16,874 |
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20,482 |
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19,030 |
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Accounts receivable, net |
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19,832 |
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24,831 |
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20,680 |
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18,826 |
|
24,478 |
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Deferred rent receivable |
|
56,330 |
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53,631 |
|
50,891 |
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47,579 |
|
44,294 |
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Intangible assets on real estate acquisitions, net |
|
102,647 |
|
108,661 |
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116,368 |
|
123,861 |
|
131,934 |
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Deferred charges, net |
|
48,231 |
|
49,051 |
|
46,019 |
|
47,292 |
|
45,496 |
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Prepaid and other assets |
|
38,306 |
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51,966 |
|
57,863 |
|
56,475 |
|
52,803 |
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Total assets |
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$ |
2,936,744 |
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$ |
2,931,853 |
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$ |
2,916,023 |
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$ |
2,854,729 |
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$ |
2,814,723 |
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Liabilities and shareholders’ equity |
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Liabilities: |
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Mortgage and other loans payable |
|
$ |
1,645,968 |
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$ |
1,625,842 |
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$ |
1,599,912 |
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$ |
1,552,478 |
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$ |
1,515,183 |
|
|
3.5% Exchangeable Senior Notes |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
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Accounts payable and accrued expenses |
|
66,210 |
|
75,535 |
|
80,281 |
|
61,018 |
|
60,560 |
|
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Rents received in advance and security deposits |
|
33,169 |
|
31,234 |
|
25,568 |
|
27,967 |
|
26,731 |
|
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Dividends and distributions payable |
|
22,519 |
|
22,441 |
|
22,433 |
|
20,754 |
|
20,687 |
|
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Deferred revenue associated with acquired operating leases |
|
10,665 |
|
11,530 |
|
12,475 |
|
13,522 |
|
14,607 |
|
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Distributions in excess of investment in unconsolidated real estate joint ventures |
|
4,215 |
|
4,246 |
|
4,124 |
|
3,852 |
|
3,797 |
|
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Other liabilities |
|
10,171 |
|
8,288 |
|
6,855 |
|
6,618 |
|
7,918 |
|
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Total liabilities |
|
1,992,917 |
|
1,979,116 |
|
1,951,648 |
|
1,886,209 |
|
1,849,483 |
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Minority interests: |
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Common units in the Operating Partnership |
|
111,904 |
|
114,127 |
|
115,837 |
|
119,297 |
|
118,614 |
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Preferred units in the Operating Partnership |
|
8,800 |
|
8,800 |
|
8,800 |
|
8,800 |
|
8,800 |
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Other consolidated real estate joint ventures |
|
8,421 |
|
7,168 |
|
6,970 |
|
2,654 |
|
2,408 |
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Total minority interests |
|
129,125 |
|
130,095 |
|
131,607 |
|
130,751 |
|
129,822 |
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Commitments and contingencies |
|
— |
|
— |
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— |
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— |
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— |
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Shareholders’ equity: |
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|
|
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|
|
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Preferred Shares ($0.01 par value; 15,000,000 authorized) |
|
81 |
|
81 |
|
81 |
|
81 |
|
81 |
|
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Common Shares of beneficial interest ($0.01 par value; 75,000,000 authorized, 47,616,438 shares issued as of March 31, 2008) |
|
476 |
|
474 |
|
473 |
|
472 |
|
469 |
|
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Additional paid-in capital |
|
953,473 |
|
950,615 |
|
949,392 |
|
944,818 |
|
932,287 |
|
|||||
|
Cumulative distributions in excess of net income |
|
(134,960 |
) |
(126,156 |
) |
(115,963 |
) |
(107,277 |
) |
(96,516 |
) |
|||||
|
Accumulated other comprehensive loss |
|
(4,368 |
) |
(2,372 |
) |
(1,215 |
) |
(325 |
) |
(903 |
) |
|||||
|
Total shareholders’ equity |
|
814,702 |
|
822,642 |
|
832,768 |
|
837,769 |
|
835,418 |
|
|||||
|
Total shareholders’ equity and minority interests |
|
943,827 |
|
952,737 |
|
964,375 |
|
968,520 |
|
965,240 |
|
|||||
|
Total liabilities and shareholders’ equity |
|
$ |
2,936,744 |
|
$ |
2,931,853 |
|
$ |
2,916,023 |
|
$ |
2,854,729 |
|
$ |
2,814,723 |
|
Note: The above presentation does not separately report discontinued operations.
5
Quarterly Consolidated Statements of Operations
(Dollars and units in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
|
|
|
|
|||||||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rental revenue |
|
$ |
81,834 |
|
$ |
81,169 |
|
$ |
80,163 |
|
$ |
78,463 |
|
$ |
75,399 |
|
|
Tenant recoveries and other real estate operations revenue |
|
15,446 |
|
13,493 |
|
14,082 |
|
12,031 |
|
13,610 |
|
|||||
|
Construction contract revenues |
|
8,514 |
|
7,716 |
|
10,047 |
|
10,620 |
|
8,691 |
|
|||||
|
Other service operations revenues |
|
478 |
|
782 |
|
910 |
|
1,073 |
|
1,386 |
|
|||||
|
Total Revenues |
|
106,272 |
|
103,160 |
|
105,202 |
|
102,187 |
|
99,086 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Property operating expenses |
|
34,563 |
|
31,099 |
|
31,602 |
|
29,046 |
|
31,583 |
|
|||||
|
Depreciation and amortization associated with real estate operations |
|
24,937 |
|
25,933 |
|
26,070 |
|
26,880 |
|
25,997 |
|
|||||
|
Construction contract expenses |
|
8,283 |
|
7,597 |
|
9,507 |
|
10,136 |
|
8,483 |
|
|||||
|
Other service operations expenses |
|
602 |
|
733 |
|
806 |
|
1,126 |
|
1,405 |
|
|||||
|
General and administrative expenses |
|
5,933 |
|
5,758 |
|
5,743 |
|
5,326 |
|
4,877 |
|
|||||
|
Total Operating Expenses |
|
74,318 |
|
71,120 |
|
73,728 |
|
72,514 |
|
72,345 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Operating Income |
|
31,954 |
|
32,040 |
|
31,474 |
|
29,673 |
|
26,741 |
|
|||||
|
Interest expense |
|
(20,329 |
) |
(20,743 |
) |
(20,968 |
) |
(20,437 |
) |
(19,776 |
) |
|||||
|
Amortization of deferred financing costs |
|
(803 |
) |
(970 |
) |
(901 |
) |
(921 |
) |
(884 |
) |
|||||
|
Gain on sales of non-real estate investments |
|
46 |
|
— |
|
— |
|
1,033 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income from continuing operations before equity in loss of unconsolidated entities, income taxes and minority interests |
|
10,868 |
|
10,327 |
|
9,605 |
|
9,348 |
|
6,081 |
|
|||||
|
Equity in loss of unconsolidated entities |
|
(54 |
) |
(27 |
) |
(46 |
) |
(57 |
) |
(94 |
) |
|||||
|
Income tax expense |
|
(112 |
) |
(89 |
) |
(197 |
) |
(178 |
) |
(105 |
) |
|||||
|
Income from continuing operations before minority interests |
|
10,702 |
|
10,211 |
|
9,362 |
|
9,113 |
|
5,882 |
|
|||||
|
Minority
interest in income from continuing operations |
|
(994 |
) |
(919 |
) |
(800 |
) |
(816 |
) |
(293 |
) |
|||||
|
Preferred units in the Operating Partnership |
|
(165 |
) |
(165 |
) |
(165 |
) |
(165 |
) |
(165 |
) |
|||||
|
Other consolidated entities |
|
14 |
|
32 |
|
12 |
|
31 |
|
47 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income from continuing operations |
|
9,557 |
|
9,159 |
|
8,409 |
|
8,163 |
|
5,471 |
|
|||||
|
Income (loss) from discontinued operations, net of minority interests |
|
1,036 |
|
409 |
|
1,984 |
|
(447 |
) |
76 |
|
|||||
|
Income before gain on sales of real estate |
|
10,593 |
|
9,568 |
|
10,393 |
|
7,716 |
|
5,547 |
|
|||||
|
Gain on sales of real estate, net of income taxes and minority interests |
|
802 |
|
361 |
|
1,038 |
|
161 |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net Income |
|
11,395 |
|
9,929 |
|
11,431 |
|
7,877 |
|
5,547 |
|
|||||
|
Preferred share dividends |
|
(4,025 |
) |
(4,025 |
) |
(4,025 |
) |
(4,025 |
) |
(3,993 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net Income Available to Common Shareholders |
|
$ |
7,370 |
|
$ |
5,904 |
|
$ |
7,406 |
|
$ |
3,852 |
|
$ |
1,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For EPS Computations: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Numerator for Dilutive EPS |
|
$ |
7,370 |
|
$ |
5,904 |
|
$ |
7,406 |
|
$ |
3,852 |
|
$ |
1,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Weighted Average Common Shares - Basic |
|
47,001 |
|
46,947 |
|
46,781 |
|
46,686 |
|
45,678 |
|
|||||
|
Dilutive effect of share-based compensation awards |
|
765 |
|
914 |
|
1,005 |
|
1,105 |
|
1,465 |
|
|||||
|
Weighted Average Common Shares - Diluted |
|
47,766 |
|
47,861 |
|
47,786 |
|
47,791 |
|
47,143 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Earnings per diluted share |
|
$ |
0.15 |
|
$ |
0.12 |
|
$ |
0.15 |
|
$ |
0.08 |
|
$ |
0.03 |
|
6
Quarterly Consolidated Reconciliations of Funds From Operations (FFO), Adjusted Funds From
Operations (AFFO) and Earnings per diluted share, as adjusted
(Dollars in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net Income |
|
$ |
11,395 |
|
$ |
9,929 |
|
$ |
11,431 |
|
$ |
7,877 |
|
$ |
5,547 |
|
|
Combined real estate related depreciation and other amortization |
|
24,944 |
|
26,607 |
|
26,266 |
|
27,087 |
|
26,300 |
|
|||||
|
Depreciation and amortization of unconsolidated real estate entities |
|
164 |
|
163 |
|
166 |
|
169 |
|
168 |
|
|||||
|
Depreciation and amortization allocable to minority interests in other consol. entities |
|
(49 |
) |
(51 |
) |
(48 |
) |
(47 |
) |
(42 |
) |
|||||
|
(Gain) loss on sales of real estate properties, excluding development, net of income taxes |
|
(1,380 |
) |
(1,049 |
) |
(2,789 |
) |
11 |
|
— |
|
|||||
|
Funds From Operations (FFO) |
|
35,074 |
|
35,599 |
|
35,026 |
|
35,097 |
|
31,973 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Minority interest - common units, gross |
|
1,324 |
|
1,258 |
|
1,351 |
|
765 |
|
308 |
|
|||||
|
Preferred share dividends |
|
(4,025 |
) |
(4,025 |
) |
(4,025 |
) |
(4,025 |
) |
(3,993 |
) |
|||||
|
Funds From Operations (FFO) - Basic & Diluted |
|
32,373 |
|
32,832 |
|
32,352 |
|
31,837 |
|
28,288 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Straight line rent adjustments |
|
(2,656 |
) |
(2,680 |
) |
(3,247 |
) |
(3,224 |
) |
(2,571 |
) |
|||||
|
Amortization of deferred market rental revenue |
|
(445 |
) |
(416 |
) |
(585 |
) |
(473 |
) |
(511 |
) |
|||||
|
Recurring capital expenditures |
|
(4,782 |
) |
(6,504 |
) |
(4,664 |
) |
(6,526 |
) |
(3,141 |
) |
|||||
|
Adjusted Funds From Operations (AFFO) - Diluted |
|
$ |
24,490 |
|
$ |
23,232 |
|
$ |
23,856 |
|
$ |
21,614 |
|
$ |
22,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred dividends |
|
$ |
4,025 |
|
$ |
4,025 |
|
$ |
4,025 |
|
$ |
4,025 |
|
$ |
3,993 |
|
|
Preferred distributions |
|
165 |
|
165 |
|
165 |
|
165 |
|
165 |
|
|||||
|
Common distributions |
|
2,771 |
|
2,777 |
|
2,777 |
|
2,574 |
|
2,554 |
|
|||||
|
Common dividends |
|
16,182 |
|
16,097 |
|
16,092 |
|
14,613 |
|
14,529 |
|
|||||
|
Total Dividends/Distributions |
|
$ |
23,143 |
|
$ |
23,064 |
|
$ |
23,059 |
|
$ |
21,377 |
|
$ |
21,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Denominator for earnings per share - Diluted |
|
47,766 |
|
47,861 |
|
47,786 |
|
47,791 |
|
47,143 |
|
|||||
|
Common units |
|
8,154 |
|
8,167 |
|
8,297 |
|
8,313 |
|
8,411 |
|
|||||
|
Denominator for funds from operations per share - Diluted |
|
55,920 |
|
56,028 |
|
56,083 |
|
56,104 |
|
55,554 |
|
|||||
7
Quarterly Consolidated Reconciliations of Earnings Before Interest, Income Taxes, Depreciation and Amortization (EBITDA),
Combined Net Operating Income (NOI), Discontinued Operations and Gains on Sales of Real Estate
(Dollars in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net Income |
|
$ |
11,395 |
|
$ |
9,929 |
|
$ |
11,431 |
|
$ |
7,877 |
|
$ |
5,547 |
|
|
Combined interest expense |
|
20,350 |
|
20,799 |
|
21,145 |
|
21,074 |
|
20,264 |
|
|||||
|
Combined amortization of deferred financing costs |
|
803 |
|
970 |
|
901 |
|
921 |
|
884 |
|
|||||
|
Combined income tax expense |
|
685 |
|
1,201 |
|
197 |
|
181 |
|
105 |
|
|||||
|
Depreciation of furniture, fixtures and equipment (ff&e) |
|
384 |
|
358 |
|
339 |
|
342 |
|
326 |
|
|||||
|
Combined real estate related depreciation and other amortization |
|
24,944 |
|
26,607 |
|
26,266 |
|
27,087 |
|
26,300 |
|
|||||
|
Minority interest - preferred units |
|
165 |
|
165 |
|
165 |
|
165 |
|
165 |
|
|||||
|
Minority interest - other consolidated entities |
|
100 |
|
(32 |
) |
(12 |
) |
(31 |
) |
(47 |
) |
|||||
|
Minority interest - common units, gross |
|
1,324 |
|
1,258 |
|
1,351 |
|
765 |
|
308 |
|
|||||
|
Earnings Before Interest, Income Taxes, Depreciation and Amortization (EBITDA) |
|
$ |
60,150 |
|
$ |
61,255 |
|
$ |
61,783 |
|
$ |
58,381 |
|
$ |
53,852 |
|
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
General and administrative |
|
5,933 |
|
5,758 |
|
5,743 |
|
5,326 |
|
4,877 |
|
|||||
|
Depreciation of ff&e included in general and administrative expense |
|
(384 |
) |
(358 |
) |
(339 |
) |
(342 |
) |
(326 |
) |
|||||
|
Income from service operations |
|
(107 |
) |
(168 |
) |
(644 |
) |
(431 |
) |
(189 |
) |
|||||
|
(Gain) loss on sales of depreciated real estate properties |
|
(1,276 |
) |
(1,093 |
) |
(2,789 |
) |
11 |
|
— |
|
|||||
|
Gain on sale of non-real estate investments |
|
(46 |
) |
— |
|
— |
|
(1,033 |
) |
— |
|
|||||
|
Non-operational property sales and real estate services |
|
(1,632 |
) |
(1,687 |
) |
(1,227 |
) |
(194 |
) |
— |
|
|||||
|
Equity in loss of unconsolidated entities |
|
54 |
|
27 |
|
46 |
|
57 |
|
94 |
|
|||||
|
Combined Net Operating Income (NOI) |
|
$ |
62,692 |
|
$ |
63,734 |
|
$ |
62,573 |
|
$ |
61,775 |
|
$ |
58,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Revenues from real estate operations |
|
$ |
141 |
|
$ |
454 |
|
$ |
593 |
|
$ |
676 |
|
$ |
1,386 |
|
|
Property operating expenses |
|
(166 |
) |
(283 |
) |
(663 |
) |
(349 |
) |
(504 |
) |
|||||
|
Depreciation and amortization |
|
(7 |
) |
(674 |
) |
(196 |
) |
(207 |
) |
(303 |
) |
|||||
|
Income taxes |
|
— |
|
(44 |
) |
— |
|
— |
|
— |
|
|||||
|
Interest |
|
(21 |
) |
(56 |
) |
(177 |
) |
(637 |
) |
(488 |
) |
|||||
|
Gain (loss) on sales of depreciated real estate properties |
|
1,276 |
|
1,093 |
|
2,789 |
|
(11 |
) |
— |
|
|||||
|
Income (loss) from discontinued operations |
|
1,223 |
|
490 |
|
2,346 |
|
(528 |
) |
91 |
|
|||||
|
Minority interests in discontinued operations |
|
(187 |
) |
(81 |
) |
(362 |
) |
81 |
|
(15 |
) |
|||||
|
Income (loss) from discontinued operations, net of minority interests |
|
$ |
1,036 |
|
$ |
409 |
|
$ |
1,984 |
|
$ |
(447 |
) |
$ |
76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Gain on sales of real estate, net, per statements of operations |
|
$ |
802 |
|
$ |
361 |
|
$ |
1,038 |
|
$ |
161 |
|
$ |
— |
|
|
Add income taxes and minority interest (MI) |
|
830 |
|
1,326 |
|
189 |
|
33 |
|
— |
|
|||||
|
Gain (loss) on sales of real estate from discontinued operations |
|
1,276 |
|
1,093 |
|
2,789 |
|
(11 |
) |
— |
|
|||||
|
Combined gain (loss) on sales of real estate |
|
2,908 |
|
2,780 |
|
4,016 |
|
183 |
|
— |
|
|||||
|
Non-operational property sales and real estate services |
|
(1,632 |
) |
(1,687 |
) |
(1,227 |
) |
(194 |
) |
— |
|
|||||
|
Gain (loss) on sales of depreciated real estate properties |
|
$ |
1,276 |
|
$ |
1,093 |
|
$ |
2,789 |
|
$ |
(11 |
) |
$ |
— |
|
8
Quarterly Equity Analysis
(Amounts in thousands except per share data, share prices and ratios)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
Common Equity - End of Quarter |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Shares |
|
47,616 |
|
47,366 |
|
47,345 |
|
47,155 |
|
46,880 |
|
|||||
|
Common Units |
|
8,151 |
|
8,167 |
|
8,168 |
|
8,319 |
|
8,237 |
|
|||||
|
Total |
|
55,768 |
|
55,533 |
|
55,513 |
|
55,474 |
|
55,117 |
|
|||||
|
End of Quarter Common Share Price |
|
$ |
33.61 |
|
$ |
31.50 |
|
$ |
41.63 |
|
$ |
41.01 |
|
$ |
45.68 |
|
|
Market Value of Common Shares/Units |
|
$ |
1,874,353 |
|
$ |
1,749,290 |
|
$ |
2,310,995 |
|
$ |
2,274,978 |
|
$ |
2,517,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Shares Trading Volume |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Average Daily Volume (Shares) |
|
548 |
|
482 |
|
446 |
|
464 |
|
416 |
|
|||||
|
Average Daily Volume (Dollars in thousands) |
|
$ |
16,981 |
|
$ |
17,714 |
|
$ |
18,121 |
|
$ |
20,650 |
|
$ |
20,933 |
|
|
As a Percentage of Weighted Average Common Shares |
|
1.2 |
% |
1.0 |
% |
1.0 |
% |
1.0 |
% |
0.9 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Share Price Range |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Quarterly High |
|
$ |
36.16 |
|
$ |
45.39 |
|
$ |
44.63 |
|
$ |
48.81 |
|
$ |
56.45 |
|
|
Quarterly Low |
|
$ |
25.43 |
|
$ |
30.81 |
|
$ |
35.21 |
|
$ |
40.47 |
|
$ |
44.85 |
|
|
Quarterly Average |
|
$ |
30.97 |
|
$ |
36.75 |
|
$ |
40.66 |
|
$ |
44.48 |
|
$ |
50.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Convertible Preferred Equity - End of Quarter |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Convertible Series I Preferred Units Outstanding |
|
352 |
|
352 |
|
352 |
|
352 |
|
352 |
|
|||||
|
Conversion Ratio |
|
0.5000 |
|
0.5000 |
|
0.5000 |
|
0.5000 |
|
0.5000 |
|
|||||
|
Common Shares Issued Assuming Conversion |
|
176 |
|
176 |
|
176 |
|
176 |
|
176 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Convertible Series K Preferred Shares Outstanding (1) |
|
532 |
|
532 |
|
532 |
|
532 |
|
532 |
|
|||||
|
Conversion Ratio |
|
0.8163 |
|
0.8163 |
|
0.8163 |
|
0.8163 |
|
0.8163 |
|
|||||
|
Common Shares Issued Assuming Conversion |
|
434 |
|
434 |
|
434 |
|
434 |
|
434 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Nonconvertible Preferred Equity - End of Quarter |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Redeemable Series G Shares Outstanding |
|
2,200 |
|
2,200 |
|
2,200 |
|
2,200 |
|
2,200 |
|
|||||
|
Redeemable Series H Shares Outstanding |
|
2,000 |
|
2,000 |
|
2,000 |
|
2,000 |
|
2,000 |
|
|||||
|
Redeemable Series J Shares Outstanding |
|
3,390 |
|
3,390 |
|
3,390 |
|
3,390 |
|
3,390 |
|
|||||
|
Total Nonconvertible Preferred Equity |
|
7,590 |
|
7,590 |
|
7,590 |
|
7,590 |
|
7,590 |
|
|||||
|
Total Convertible Preferred Equity |
|
884 |
|
884 |
|
884 |
|
884 |
|
884 |
|
|||||
|
Total Preferred Equity |
|
8,474 |
|
8,474 |
|
8,474 |
|
8,474 |
|
8,474 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Nonconvertible Preferred Equity ($25 par value) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Redeemable Series G Shares |
|
$ |
55,000 |
|
$ |
55,000 |
|
$ |
55,000 |
|
$ |
55,000 |
|
$ |
55,000 |
|
|
Redeemable Series H Shares |
|
50,000 |
|
50,000 |
|
50,000 |
|
50,000 |
|
50,000 |
|
|||||
|
Redeemable Series J Shares |
|
84,750 |
|
84,750 |
|
84,750 |
|
84,750 |
|
84,750 |
|
|||||
|
Total Nonconvertible Preferred Equity |
|
$ |
189,750 |
|
$ |
189,750 |
|
$ |
189,750 |
|
$ |
189,750 |
|
$ |
189,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Convertible Preferred Equity ($25 par value) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Convertible Series I Units |
|
$ |
8,800 |
|
$ |
8,800 |
|
$ |
8,800 |
|
$ |
8,800 |
|
$ |
8,800 |
|
|
Convertible Preferred Equity ($50 par value) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Convertible Series K Shares |
|
26,583 |
|
26,583 |
|
26,583 |
|
26,583 |
|
26,583 |
|
|||||
|
Total Convertible Preferred Equity |
|
$ |
35,383 |
|
$ |
35,383 |
|
$ |
35,383 |
|
$ |
35,383 |
|
$ |
35,383 |
|
|
Total Recorded Book Value of Preferred Equity |
|
$ |
225,133 |
|
$ |
225,133 |
|
$ |
225,133 |
|
$ |
225,133 |
|
$ |
225,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Weighted Average Shares: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Shares Outstanding |
|
47,001 |
|
46,947 |
|
46,781 |
|
46,686 |
|
45,678 |
|
|||||
|
Dilutive effect of share-based compensation awards |
|
765 |
|
914 |
|
1,005 |
|
1,105 |
|
1,465 |
|
|||||
|
Common Units |
|
8,154 |
|
8,167 |
|
8,297 |
|
8,313 |
|
8,411 |
|
|||||
|
Denominator for funds from operations per share - diluted |
|
55,920 |
|
56,028 |
|
56,083 |
|
56,104 |
|
55,554 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Capitalization |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Recorded Book Value of Preferred Shares/Units |
|
$ |
225,133 |
|
$ |
225,133 |
|
$ |
225,133 |
|
$ |
225,133 |
|
$ |
225,133 |
|
|
Market Value of Common Shares/Units |
|
1,874,353 |
|
1,749,290 |
|
2,310,995 |
|
2,274,978 |
|
2,517,745 |
|
|||||
|
Total Equity Market Capitalization |
|
$ |
2,099,487 |
|
$ |
1,974,423 |
|
$ |
2,536,128 |
|
$ |
2,500,111 |
|
$ |
2,742,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Debt |
|
$ |
1,845,968 |
|
$ |
1,825,842 |
|
$ |
1,799,912 |
|
$ |
1,752,478 |
|
$ |
1,715,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Market Capitalization |
|
$ |
3,945,455 |
|
$ |
3,800,265 |
|
$ |
4,336,040 |
|
$ |
4,252,589 |
|
$ |
4,458,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Debt to Total Market Capitalization |
|
46.8 |
% |
48.0 |
% |
41.5 |
% |
41.2 |
% |
38.5 |
% |
|||||
|
Debt to Total Assets |
|
62.9 |
% |
62.3 |
% |
61.7 |
% |
61.4 |
% |
60.9 |
% |
|||||
|
Debt to Undepreciated Book Value of Real Estate Assets |
|
61.1 |
% |
60.8 |
% |
60.5 |
% |
60.3 |
% |
60.3 |
% |
|||||
(1) We issued 531,667 Series K Cumulative Redeemable Preferred Shares with a $50.00 per share liquidation preference on January 9, 2007.
9
Quarterly Debt Analysis
(Dollars in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
Debt Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Mortgage Loans |
|
$ |
1,144,879 |
|
$ |
1,160,753 |
|
$ |
1,169,094 |
|
$ |
1,196,512 |
|
$ |
1,174,859 |
|
|
Construction Loans |
|
104,089 |
|
104,089 |
|
103,818 |
|
88,966 |
|
76,324 |
|
|||||
|
Unsecured Revolving Credit Facility |
|
397,000 |
|
361,000 |
|
327,000 |
|
267,000 |
|
264,000 |
|
|||||
|
Exchangeable Senior Notes |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
|||||
|
|
|
$ |
1,845,968 |
|
$ |
1,825,842 |
|
$ |
1,799,912 |
|
$ |
1,752,478 |
|
$ |
1,715,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Average Outstanding Balance |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Mortgage Loans |
|
$ |
1,157,866 |
|
$ |
1,163,419 |
|
$ |
1,172,087 |
|
$ |
1,184,784 |
|
$ |
1,167,459 |
|
|
Construction Loans |
|
104,089 |
|
104,084 |
|
95,025 |
|
85,624 |
|
60,559 |
|
|||||
|
Unsecured Revolving Credit Facility |
|
377,420 |
|
352,043 |
|
312,792 |
|
276,350 |
|
254,419 |
|
|||||
|
Exchangeable Senior Notes |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
|||||
|
|
|
$ |
1,839,375 |
|
$ |
1,819,546 |
|
$ |
1,779,904 |
|
$ |
1,746,758 |
|
$ |
1,682,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest Rate Structure |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Fixed-Mortgage Loans |
|
$ |
1,110,379 |
|
$ |
1,126,253 |
|
$ |
1,134,594 |
|
$ |
1,162,012 |
|
$ |
1,051,243 |
|
|
Fixed-Exchangeable Senior Notes |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
|||||
|
Variable |
|
385,589 |
|
349,589 |
|
365,318 |
|
290,466 |
|
363,940 |
|
|||||
|
Variable Subject to Interest Rate Protection (1) (2) (3) |
|
150,000 |
|
150,000 |
|
100,000 |
|
100,000 |
|
100,000 |
|
|||||
|
|
|
$ |
1,845,968 |
|
$ |
1,825,842 |
|
$ |
1,799,912 |
|
$ |
1,752,478 |
|
$ |
1,715,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
% of Fixed Rate Loans (4) |
|
79.11 |
% |
80.85 |
% |
79.70 |
% |
83.43 |
% |
78.78 |
% |
|||||
|
% of Variable Rate Loans (1) (2) (3) |
|
20.89 |
% |
19.15 |
% |
20.30 |
% |
16.57 |
% |
21.22 |
% |
|||||
|
|
|
100.00 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Average Contract Interest Rates |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Mortgage & Construction Loans |
|
5.81 |
% |
5.96 |
% |
6.01 |
% |
6.08 |
% |
6.12 |
% |
|||||
|
Unsecured Revolving Credit Facility |
|
4.93 |
% |
5.79 |
% |
6.72 |
% |
6.62 |
% |
6.66 |
% |
|||||
|
Exchangeable Senior Notes |
|
3.50 |
% |
3.50 |
% |
3.50 |
% |
3.50 |
% |
3.50 |
% |
|||||
|
Total Weighted Average |
|
5.42 |
% |
5.74 |
% |
5.89 |
% |
5.89 |
% |
5.83 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Coverage Ratios (excluding capitalized interest) — All coverage computations include the effect of discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest Coverage - Combined NOI |
|
3.08 |
x |
3.06 |
x |
2.96 |
x |
2.93 |
x |
2.88 |
x |
|||||
|
Interest Coverage - EBITDA |
|
2.96 |
x |
2.95 |
x |
2.92 |
x |
2.77 |
x |
2.66 |
x |
|||||
|
Debt Service Coverage - Combined NOI |
|
2.59 |
x |
2.51 |
x |
2.49 |
x |
2.49 |
x |
2.09 |
x |
|||||
|
Debt Service Coverage - EBITDA |
|
2.49 |
x |
2.41 |
x |
2.46 |
x |
2.36 |
x |
1.93 |
x |
|||||
|
Fixed Charge Coverage - Combined NOI |
|
2.55 |
x |
2.55 |
x |
2.47 |
x |
2.45 |
x |
2.39 |
x |
|||||
|
Fixed Charge Coverage - EBITDA |
|
2.45 |
x |
2.45 |
x |
2.44 |
x |
2.31 |
x |
2.21 |
x |
|||||
|
(1) |
On March 28, 2006, we entered into a $50.0 million notional amount swap at a fixed one-month LIBOR rate of 5.036%, which commenced on the same day and expires March 30, 2009. |
|
(2) |
On April 27, 2006, we entered into two notional amount swaps aggregating $50.0 million at a fixed one-month LIBOR rate of 5.232%, which commenced May 1, 2006 and expire May 1, 2009. |
|
(3) |
On October 23, 2007, we entered into a $50.0 million notional amount swap at a fixed one-month LIBOR rate of 4.330%, which commenced on the same day and expires October 23, 2009. |
|
(4) |
Includes interest rate protection agreements. |
10
Quarterly Operating Ratios
(Dollars in thousands except per share data and ratios)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
OPERATING RATIOS – All computations include the effect of discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net Income as a % of Combined Real Estate Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(Net Income / Combined Real Estate Revenues) |
|
11.70 |
% |
10.44 |
% |
12.05 |
% |
8.64 |
% |
6.14 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Combined NOI as a % of Combined Real Estate Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(Combined NOI / Combined Real Estate Revenues) |
|
64.35 |
% |
67.01 |
% |
65.98 |
% |
67.76 |
% |
64.50 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
EBITDA as a % of Combined Real Estate Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(EBITDA / Combined Real Estate Revenues) |
|
61.74 |
% |
64.40 |
% |
65.15 |
% |
64.04 |
% |
59.57 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
G&A as a % of Net Income |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(G&A / Net Income) |
|
52.07 |
% |
57.99 |
% |
50.24 |
% |
67.61 |
% |
87.92 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
G&A as a % of Combined Real Estate Revenues |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(G&A / Combined Real Estate Revenues) |
|
6.09 |
% |
6.05 |
% |
6.06 |
% |
5.84 |
% |
5.40 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
G&A as a % of EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(G&A / EBITDA) |
|
9.86 |
% |
9.40 |
% |
9.30 |
% |
9.12 |
% |
9.06 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Recurring Capital Expenditures |
|
$ |
4,782 |
|
$ |
6,504 |
|
$ |
4,664 |
|
$ |
6,526 |
|
$ |
3,141 |
|
|
Recurring Capital Expenditures per average square foot of wholly owned properties |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.26 |
|
$ |
0.37 |
|
$ |
0.19 |
|
|
Recurring Capital Expenditures as a % of NOI (Combined NOI) |
|
7.63 |
% |
10.20 |
% |
7.45 |
% |
10.56 |
% |
5.39 |
% |
|||||
11
Quarterly Dividend Analysis
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
Common Share Dividends |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividends per share/unit |
|
$ |
0.340 |
|
$ |
0.340 |
|
$ |
0.340 |
|
$ |
0.310 |
|
$ |
0.310 |
|
|
Increase over prior quarter |
|
0.0 |
% |
0.0 |
% |
9.7 |
% |
0.0 |
% |
0.0 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Dividend Payout Ratios |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payout - Earnings |
|
219.6 |
% |
272.6 |
% |
217.3 |
% |
379.4 |
% |
934.9 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payout - FFO - Diluted |
|
58.5 |
% |
57.5 |
% |
58.3 |
% |
54.0 |
% |
60.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Payout - AFFO - Diluted |
|
77.4 |
% |
81.2 |
% |
79.1 |
% |
79.5 |
% |
77.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend Coverage - FFO - Diluted |
|
1.71 |
x |
1.74 |
x |
1.71 |
x |
1.85 |
x |
1.66 |
x |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend Coverage - AFFO - Diluted |
|
1.29 |
x |
1.23 |
x |
1.26 |
x |
1.26 |
x |
1.29 |
x |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Dividend Yields |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend Yield |
|
4.05 |
% |
4.32 |
% |
3.27 |
% |
3.02 |
% |
2.71 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Series I Preferred Unit Distributions |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred Unit Distributions Per Unit |
|
$ |
0.46875 |
|
$ |
0.46875 |
|
$ |
0.46875 |
|
$ |
0.46875 |
|
$ |
0.46875 |
|
|
Preferred Unit Distributions Yield |
|
7.500 |
% |
7.500 |
% |
7.500 |
% |
7.500 |
% |
7.500 |
% |
|||||
|
Quarter End Recorded Book Value |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Series G Preferred Share Dividends |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred Share Dividends Per Share |
|
$ |
0.50000 |
|
$ |
0.50000 |
|
$ |
0.50000 |
|
$ |
0.50000 |
|
$ |
0.50000 |
|
|
Preferred Share Dividend Yield |
|
8.000 |
% |
8.000 |
% |
8.000 |
% |
8.000 |
% |
8.000 |
% |
|||||
|
Quarter End Recorded Book Value |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Series H Preferred Share Dividends |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred Share Dividends Per Share |
|
$ |
0.46875 |
|
$ |
0.46875 |
|
$ |
0.46875 |
|
$ |
0.46875 |
|
$ |
0.46875 |
|
|
Preferred Share Dividend Yield |
|
7.500 |
% |
7.500 |
% |
7.500 |
% |
7.500 |
% |
7.500 |
% |
|||||
|
Quarter End Recorded Book Value |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Series J Preferred Share Dividends |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred Share Dividends Per Share |
|
$ |
0.47656 |
|
$ |
0.47656 |
|
$ |
0.47656 |
|
$ |
0.47656 |
|
$ |
0.47656 |
|
|
Preferred Share Dividend Yield |
|
7.625 |
% |
7.625 |
% |
7.625 |
% |
7.625 |
% |
7.625 |
% |
|||||
|
Quarter End Recorded Book Value |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
$ |
25.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Series K Preferred Share Dividends (1) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred Share Dividends Per Share |
|
$ |
0.70000 |
|
$ |
0.70000 |
|
$ |
0.70000 |
|
$ |
0.70000 |
|
$ |
0.63770 |
|
|
Preferred Share Dividend Yield |
|
5.600 |
% |
5.600 |
% |
5.600 |
% |
5.600 |
% |
5.600 |
% |
|||||
|
Quarter End Recorded Book Value |
|
$ |
50.00 |
|
$ |
50.00 |
|
$ |
50.00 |
|
$ |
50.00 |
|
$ |
50.00 |
|
(1) We issued 531,667 Series K Cumulative Redeemable Preferred Shares with a $50.00 per share liquidation preference on January 9, 2007 and paid a dividend of $0.7466 on April 15, 2007, $0.6377 of which was recognized in the first quarter of 2007.
12
Investor Composition and Analyst Coverage
(as of March 31, 2008)
|
|
|
|
|
|
|
As if Converted |
|
|
|
Fully Diluted |
|
|
|
|
Common |
|
Common |
|
Preferred |
|
|
|
Ownership |
|
|
SHAREHOLDER CLASSIFICATION |
|
Shares |
|
Units |
|
Shares / Units |
|
Total |
|
% of Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insiders |
|
986,416 |
|
7,047,152 |
|
— |
|
8,033,568 |
|
14.25 |
% |
|
Non-insiders |
|
46,630,022 |
|
1,104,142 |
|
610,000 |
|
48,344,164 |
|
85.75 |
% |
|
|
|
47,616,438 |
|
8,151,294 |
|
610,000 |
|
56,377,732 |
|
100.00 |
% |
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
RESEARCH COVERAGE |
|
2008 |
|
2007 |
|
2007 |
|
2007 |
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A.G. Edwards |
|
n/a |
|
n/a |
|
x |
|
x |
|
x |
|
|
BMO Capital Markets |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
Citigroup Global Markets |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
Ferris, Baker Watts, Incorporated |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
Friedman Billings Ramsey & Co. |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
Green Street Advisors |
|
x |
|
x |
|
x |
|
n/a |
|
n/a |
|
|
Merrill Lynch |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
RBC Capital Markets |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
Raymond James |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
Robert W. Baird & Co. Incorporated |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
Stifel, Nicolaus & Company, Incorporated |
|
x |
|
x |
|
x |
|
x |
|
x |
|
|
Wachovia Securities |
|
x |
|
x |
|
x |
|
x |
|
x |
|
13
Debt Maturity Schedule - March 31, 2008
(Dollars in thousands)
|
|
|
Non-Recourse Debt (1) |
|
Recourse Debt (1) |
|
|
|
||||||||||||||||
|
Year of Maturity |
|
Annual |
|
Due on Maturity |
|
Weighted |
|
Annual |
|
Due on Maturity |
|
Weighted |
|
Revolver |
|
Total
Scheduled |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
April - June |
(3) |
$ |
3,384 |
|
$ |
41,461 |
|
7.63 |
% |
$ |
182 |
|
$ |
85,339 |
|
4.33 |
% |
$ |
— |
|
$ |
130,366 |
|
|
July - September |
|
3,238 |
|
22,557 |
|
6.93 |
% |
185 |
|
54,000 |
|
4.27 |
% |
— |
|
79,980 |
|
||||||
|
October - December |
|
2,877 |
|
66,859 |
|
6.89 |
% |
191 |
|
1,000 |
|
0.00 |
% |
— |
|
70,927 |
|
||||||
|
Total 2008 |
|
$ |
9,499 |
|
$ |
130,877 |
|
7.13 |
% |
$ |
558 |
|
$ |
140,339 |
|
4.28 |
% |
$ |
— |
|
$ |
281,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2009 |
|
$ |
9,620 |
|
$ |
52,228 |
|
|
|
$ |
795 |
|
$ |
— |
|
|
|
$ |
— |
|
$ |
62,643 |
|
|
2010 |
(4) |
9,103 |
|
52,177 |
|
|
|
272 |
|
12,481 |
|
|
|
— |
|
74,033 |
|
||||||
|
2011 |
|
7,309 |
|
102,264 |
|
|
|
241 |
|
— |
|
|
|
397,000 |
|
506,814 |
|
||||||
|
2012 |
|
5,816 |
|
36,123 |
|
|
|
260 |
|
— |
|
|
|
— |
|
42,199 |
|
||||||
|
2013 |
|
2,593 |
|
134,843 |
|
|
|
282 |
|
— |
|
|
|
— |
|
137,718 |
|
||||||
|
2014 |
(5) |
890 |
|
8,212 |
|
|
|
305 |
|
— |
|
|
|
— |
|
9,407 |
|
||||||
|
2015 |
|
552 |
|
114,558 |
|
|
|
329 |
|
— |
|
|
|
— |
|
115,439 |
|
||||||
|
2016 |
|
321 |
|
113,169 |
|
|
|
356 |
|
— |
|
|
|
— |
|
113,846 |
|
||||||
|
2017 |
|
193 |
|
300,610 |
|
|
|
385 |
|
— |
|
|
|
— |
|
301,188 |
|
||||||
|
2018 |
|
— |
|
— |
|
|
|
417 |
|
— |
|
|
|
— |
|
417 |
|
||||||
|
2019 |
|
— |
|
— |
|
|
|
373 |
|
39 |
|
|
|
— |
|
412 |
|
||||||
|
|
|
$ |
45,896 |
|
$ |
1,045,061 |
|
|
|
$ |
4,573 |
|
$ |
152,859 |
|
|
|
$ |
397,000 |
|
$ |
1,645,389 |
|
|
|
|
|
|
Net premium to adjust to fair value of debt |
|
|
|
|
|
579 |
|
|
|
|
|
|
|
Mortgage and Other Loans Payable |
|
|
|
|
|
$ |
1,645,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchangeable Senior Notes (6) |
|
|
|
|
|
$ |
200,000 |
|
|
|
|
|
|
Total Debt |
|
|
|
|
|
$ |
1,845,968 |
|
|
Notes: |
|
(1) |
Certain mortgages contain extension options, generally either for a period of six months or one year, subject to certain conditions. |
|
|
The maturity dates presented above in the table assume that the extension options have not been exercised. |
|
|
|
|
(2) |
For the variable rate loans expiring in 2008, the interest rate used for this calculation was the rate at March 31, 2008. |
|
|
|
|
(3) |
Subsequent to March 31, 2008, we repaid $41.5 million of non-recourse debt scheduled to mature in the second quarter of 2008. |
|
|
|
|
(4) |
Our $9.1 million non-recourse loan that matures in September 2025 will be called in October 2010. |
|
|
The above table includes the $8.5 million amount due on maturity in 2010. |
|
|
|
|
(5) |
We assumed that our $4.8 million non-recourse loan that matures in March 2034 may be prepaid in the three-month period |
|
|
ending March 2014 without penalty. The above table includes the $4.3 million amount due on maturity in 2014. |
|
|
|
|
(6) |
Exchangeable Senior Notes mature in September 2026 but are subject to a put by the holders in September 2011 and |
|
|
every five years thereafter. |
14
Property Summary by Region - March 31, 2008
Wholly Owned Properties
|
Operating |
|
|
|
Submarket |
|
Business Park |
|
Year Built or |
|
S or M |
|
Total |
|
Total Square Feet |
|
|
|
|
Office Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore /Washington Corridor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
2730 Hercules Road |
|
BWI Airport |
|
NBP |
|
1990 |
|
M |
|
240,336 |
|
|
|
|
|
|
300 Sentinel Drive (300 NBP) |
|
BWI Airport |
|
NBP |
|
|
|
M |
|
|
|
187,845 |
|
|
2 |
|
304 Sentinel Drive (304 NBP) |
|
BWI Airport |
|
NBP |
|
2005 |
|
M |
|
162,498 |
|
|
|
|
3 |
|
306 Sentinel Drive (306 NBP) |
|
BWI Airport |
|
NBP |
|
2006 |
|
M |
|
157,896 |
|
|
|
|
4 |
|
302 Sentinel Drive (302 NBP) |
|
BWI Airport |
|
NBP |
|
2007 |
|
M |
|
157,146 |
|
|
|
|
5 |
|
2720 Technology Drive (220 NBP) |
|
BWI Airport |
|
NBP |
|
2004 |
|
M |
|
156,730 |
|
|
|
|
6 |
|
2711 Technology Drive (211 NBP) |
|
BWI Airport |
|
NBP |
|
2002 |
|
M |
|
152,000 |
|
|
|
|
7 |
|
320 Sentinel Way (320 NBP) |
|
BWI Airport |
|
NBP |
|
2007 |
|
M |
|
125,681 |
|
|
|
|
8 |
|
318 Sentinel Way (318 NBP) |
|
BWI Airport |
|
NBP |
|
2005 |
|
M |
|
125,681 |
|
|
|
|
9 |
|
322 Sentinel Way (322 NBP) |
|
BWI Airport |
|
NBP |
|
2006 |
|
M |
|
125,568 |
|
|
|
|
10 |
|
140 National Business Parkway |
|
BWI Airport |
|
NBP |
|
2003 |
|
M |
|
119,904 |
|
|
|
|
11 |
|
132 National Business Parkway |
|
BWI Airport |
|
NBP |
|
2000 |
|
M |
|
118,598 |
|
|
|
|
12 |
|
2721 Technology Drive (221 NBP) |
|
BWI Airport |
|
NBP |
|
2000 |
|
M |
|
118,093 |
|
|
|
|
13 |
|
2701 Technology Drive (201 NBP) |
|
BWI Airport |
|
NBP |
|
2001 |
|
M |
|
117,450 |
|
|
|
|
14 |
|
2691 Technology Drive (191 NBP) |
|
BWI Airport |
|
NBP |
|
2005 |
|
M |
|
103,683 |
|
|
|
|
15 |
|
134 National Business Parkway |
|
BWI Airport |
|
NBP |
|
1999 |
|
M |
|
93,482 |
|
|
|
|
16 |
|
135 National Business Parkway |
|
BWI Airport |
|
NBP |
|
1998 |
|
M |
|
87,655 |
|
|
|
|
17 |
|
133 National Business Parkway |
|
BWI Airport |
|
NBP |
|
1997 |
|
M |
|
87,401 |
|
|
|
|
18 |
|
141 National Business Parkway |
|
BWI Airport |
|
NBP |
|
1990 |
|
M |
|
87,206 |
|
|
|
|
19 |
|
131 National Business Parkway |
|
BWI Airport |
|
NBP |
|
1990 |
|
M |
|
69,039 |
|
|
|
|
20 |
|
114 National Business Parkway |
|
BWI Airport |
|
NBP |
|
2002 |
|
S |
|
9,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,415,955 |
|
187,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
1306 Concourse Drive |
|
BWI Airport |
|
APS |
|
1990 |
|
M |
|
114,046 |
|
|
|
|
2 |
|
870-880 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1981 |
|
M |
|
105,151 |
|
|
|
|
3 |
|
1304 Concourse Drive |
|
BWI Airport |
|
APS |
|
2002 |
|
M |
|
101,710 |
|
|
|
|
4 |
|
900 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1982 |
|
M |
|
97,261 |
|
|
|
|
5 |
|
1199 Winterson Road |
|
BWI Airport |
|
APS |
|
1988 |
|
M |
|
96,636 |
|
|
|
|
6 |
|
920 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1982 |
|
M |
|
96,566 |
|
|
|
|
7 |
|
1302 Concourse Drive |
|
BWI Airport |
|
APS |
|
1996 |
|
M |
|
84,505 |
|
|
|
|
8 |
|
881 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1986 |
|
M |
|
73,572 |
|
|
|
|
9 |
|
1099 Winterson Road |
|
BWI Airport |
|
APS |
|
1988 |
|
M |
|
70,569 |
|
|
|
|
10 |
|
1190 Winterson Road |
|
BWI Airport |
|
APS |
|
1987 |
|
M |
|
69,127 |
|
|
|
|
11 |
|
849 International Drive |
|
BWI Airport |
|
APS |
|
1988 |
|
M |
|
68,758 |
|
|
|
|
12 |
|
911 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1985 |
|
M |
|
68,296 |
|
|
|
|
13 |
|
1201 Winterson Road |
|
BWI Airport |
|
APS |
|
1985 |
|
M |
|
67,903 |
|
|
|
|
14 |
|
999 Corporate Boulevard |
|
BWI Airport |
|
APS |
|
2000 |
|
M |
|
67,455 |
|
|
|
|
15 |
|
891 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1984 |
|
M |
|
58,454 |
|
|
|
|
16 |
|
901 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1984 |
|
M |
|
57,593 |
|
|
|
|
17 |
|
930 International Drive |
|
BWI Airport |
|
APS |
|
1986 |
|
S |
|
57,409 |
|
|
|
|
18 |
|
800 International Drive |
|
BWI Airport |
|
APS |
|
1988 |
|
S |
|
57,379 |
|
|
|
|
19 |
|
900 International Drive |
|
BWI Airport |
|
APS |
|
1986 |
|
S |
|
57,140 |
|
|
|
|
20 |
|
921 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1983 |
|
M |
|
54,175 |
|
|
|
|
21 |
|
939 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1983 |
|
M |
|
53,031 |
|
|
|
|
22 |
|
938 Elkridge Landing Road |
|
BWI Airport |
|
APS |
|
1984 |
|
M |
|
52,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,629,724 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
7467 Ridge Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1990 |
|
M |
|
74,326 |
|
|
|
|
2 |
|
7240 Parkway Drive |
|
BWI Airport |
|
Comm./Pkwy. |
|
1985 |
|
M |
|
74,147 |
|
|
|
|
3 |
|
7272 Park Circle Drive |
|
BWI Airport |
|
Comm./Pkwy. |
|
1991/1996 |
|
M |
|
59,397 |
|
|
|
|
4 |
|
7318 Parkway Drive |
|
BWI Airport |
|
Comm./Pkwy. |
|
1984 |
|
S |
|
59,204 |
|
|
|
|
5 |
|
7320 Parkway Drive |
|
BWI Airport |
|
Comm./Pkwy. |
|
1983 |
|
S |
|
58,453 |
|
|
|
|
6 |
|
1340 Ashton Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1989 |
|
S |
|
46,400 |
|
|
|
|
|
|
1362 Mellon Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
2006 |
|
M |
|
|
|
44,134 |
|
|
7 |
|
1334 Ashton Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1989 |
|
S |
|
37,565 |
|
|
|
|
8 |
|
1331 Ashton Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1989 |
|
S |
|
29,153 |
|
|
|
|
9 |
|
1350 Dorsey Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1989 |
|
S |
|
19,992 |
|
|
|
|
10 |
|
1344 Ashton Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1989 |
|
M |
|
17,062 |
|
|
|
|
11 |
|
1341 Ashton Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1989 |
|
S |
|
15,841 |
|
|
|
|
12 |
|
1343 Ashton Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1989 |
|
S |
|
9,962 |
|
|
|
|
13 |
|
1348 Ashton Road |
|
BWI Airport |
|
Comm./Pkwy. |
|
1988 |
|
S |
|
3,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
504,610 |
|
44,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55 |
|
Subtotal (continued on next page) |
|
|
|
|
|
|
|
|
|
4,550,289 |
|
231,979 |
|
The S or M notation indicates single story or multi-story, respectively.
15
|
Operating |
|
|
|
Submarket |
|
Business Park |
|
Year Built or |
|
S or M |
|
Total |
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55 |
|
Subtotal (continued from prior page) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,550,289 |
|
231,979 |
|
|
|
|
5520 Research Park Drive (UMBC) (1) |
|
BWI Airport |
|
bwtech@UMBC |
|
|
|
M |
|
|
|
106,512 |
|
|
1 |
|
5522 Research Park Drive (UMBC (1) |
|
BWI Airport |
|
bwtech@UMBC |
|
2007 |
|
S |
|
23,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,500 |
|
106,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
2500 Riva Road |
|
Annapolis |
|
|
|
2000 |
|
M |
|
155,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
Old Annapolis Road |
|
Howard Co. Perimeter |
|
Oakland Ridge |
|
1985 |
|
M |
|
171,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
7125 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1973/1999 |
|
M |
|
611,379 |
|
|
|
|
2 |
|
7000 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1999 |
|
M |
|
145,806 |
|
|
|
|
|
|
6721 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
|
|
M |
|
|
|
131,451 |
|
|
3 |
|
6731 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2002 |
|
M |
|
123,911 |
|
|
|
|
4 |
|
6711 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2006-2007 |
|
M |
|
123,410 |
|
|
|
|
5 |
|
6940 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1999 |
|
M |
|
109,003 |
|
|
|
|
6 |
|
6950 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1998 |
|
M |
|
107,778 |
|
|
|
|
7 |
|
8621 Robert Fulton Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2005-2006 |
|
M |
|
86,032 |
|
|
|
|
8 |
|
7067 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2001 |
|
M |
|
82,953 |
|
|
|
|
9 |
|
6750 Alexander Bell Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2001 |
|
M |
|
78,460 |
|
|
|
|
10 |
|
6700 Alexander Bell Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1988 |
|
M |
|
74,859 |
|
|
|
|
11 |
|
6740 Alexander Bell Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1992 |
|
M |
|
63,480 |
|
|
|
|
12 |
|
7015 Albert Einstein Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1999 |
|
S |
|
61,203 |
|
|
|
|
13 |
|
8671 Robert Fulton Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2002 |
|
S |
|
56,350 |
|
|
|
|
14 |
|
6716 Alexander Bell Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1990 |
|
M |
|
52,005 |
|
|
|
|
15 |
|
8661 Robert Fulton Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2002 |
|
S |
|
49,307 |
|
|
|
|
16 |
|
7142 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1994 |
|
S |
|
47,668 |
|
|
|
|
17 |
|
7130 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1989 |
|
S |
|
46,460 |
|
|
|
|
18 |
|
6708 Alexander Bell Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1988 |
|
M |
|
39,203 |
|
|
|
|
19 |
|
7065 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2000 |
|
S |
|
38,560 |
|
|
|
|
20 |
|
7138 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1990 |
|
S |
|
38,225 |
|
|
|
|
21 |
|
7063 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2000 |
|
S |
|
36,813 |
|
|
|
|
22 |
|
6760 Alexander Bell Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1991 |
|
M |
|
36,440 |
|
|
|
|
23 |
|
7150 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1991 |
|
S |
|
35,812 |
|
|
|
|
24 |
|
7061 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2000 |
|
M |
|
29,910 |
|
|
|
|
25 |
|
6724 Alexander Bell Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
2001 |
|
M |
|
28,420 |
|
|
|
|
26 |
|
7134 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
Columbia Gateway |
|
1990 |
|
S |
|
21,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,225,438 |
|
131,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
7200 Riverwood Drive |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
1986 |
|
S |
|
160,000 |
|
|
|
|
2 |
|
7160 Riverwood Drive |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
2000 |
|
M |
|
62,084 |
|
|
|
|
3 |
|
9140 Guilford Road |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
1983 |
|
S |
|
41,704 |
|
|
|
|
4 |
|
7150 Riverwood Drive |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
2000 |
|
M |
|
41,382 |
|
|
|
|
5 |
|
9160 Guilford Road |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
1984 |
|
M |
|
37,034 |
|
|
|
|
6 |
|
7170 Riverwood Drive |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
2000 |
|
M |
|
29,162 |
|
|
|
|
7 |
|
9150 Guilford Road |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
1984 |
|
S |
|
18,592 |
|
|
|
|
8 |
|
10280 Old Columbia Road |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
1988/2001 |
|
S |
|
16,796 |
|
|
|
|
9 |
|
10270 Old Columbia Road |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
1988/2001 |
|
S |
|
16,686 |
|
|
|
|
10 |
|
9130 Guilford Road |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
1984 |
|
S |
|
13,700 |
|
|
|
|
11 |
|
10290 Old Columbia Road |
|
Howard Co. Perimeter |
|
Rivers Corporate Park |
|
1988/2001 |
|
S |
|
10,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
448,030 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
9720 Patuxent Woods Drive |
|
Howard Co. Perimeter |
|
Owen Brown South |
|
1986/2001 |
|
M |
|
40,004 |
|
|
|
|
2 |
|
9740 Patuxent Woods Drive |
|
Howard Co. Perimeter |
|
Owen Brown South |
|
1986/2001 |
|
M |
|
38,292 |
|
|
|
|
3 |
|
9700 Patuxent Woods Drive |
|
Howard Co. Perimeter |
|
Owen Brown South |
|
1986/2001 |
|
M |
|
31,261 |
|
|
|
|
4 |
|
9730 Patuxent Woods Drive |
|
Howard Co. Perimeter |
|
Owen Brown South |
|
1986/2001 |
|
M |
|
30,986 |
|
|
|
|
5 |
|
9710 Patuxent Woods Drive |
|
Howard Co. Perimeter |
|
Owen Brown South |
|
1986/2001 |
|
M |
|
15,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155,772 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
9020 Mendenhall Court |
|
Howard Co. Perimeter |
|
Sieling Business Park |
|
1982/2005 |
|
S |
|
49,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101 |
|
Total Baltimore/Washington Corridor |
|
|
|
|
|
|
|
|
|
7,778,724 |
|
455,776 |
|
The S or M notation indicates single story or multi-story building, respectively.
(1) This property is a land-lease property.
16
|
Operating |
|
|
|
Submarket |
|
Business Park |
|
Year Built or |
|
S or M |
|
Total |
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Mary’s & King George Counties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
22309 Exploration Drive |
|
St. Mary’s County |
|
Exploration Park |
|
1984/1997 |
|
M |
|
98,860 |
|
|
|
|
2 |
|
22289 Exploration Drive |
|
St. Mary’s County |
|
Exploration Park |
|
2000 |
|
M |
|
61,059 |
|
|
|
|
3 |
|
22299 Exploration Drive |
|
St. Mary’s County |
|
Exploration Park |
|
1998 |
|
M |
|
58,231 |
|
|
|
|
4 |
|
22300 Exploration Drive |
|
St. Mary’s County |
|
Exploration Park |
|
1997 |
|
M |
|
44,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
262,980 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
46579 Expedition Drive |
|
St. Mary’s County |
|
Expedition Park |
|
2002 |
|
M |
|
61,156 |
|
|
|
|
2 |
|
46591 Expedition Drive |
|
St. Mary’s County |
|
Expedition Park |
|
2005-2006 |
|
M |
|
60,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
121,185 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
44425 Pecan Court |
|
St. Mary’s County |
|
Wildewood Tech Park |
|
1997 |
|
M |
|
59,055 |
|
|
|
|
2 |
|
44408 Pecan Court |
|
St. Mary’s County |
|
Wildewood Tech Park |
|
1986 |
|
S |
|
50,532 |
|
|
|
|
3 |
|
23535 Cottonwood Parkway |
|
St. Mary’s County |
|
Wildewood Tech Park |
|
1984 |
|
M |
|
46,656 |
|
|
|
|
4 |
|
44417 Pecan Court |
|
St. Mary’s County |
|
Wildewood Tech Park |
|
1989 |
|
S |
|
29,053 |
|
|
|
|
5 |
|
44414 Pecan Court |
|
St. Mary’s County |
|
Wildewood Tech Park |
|
1986 |
|
S |
|
25,444 |
|
|
|
|
6 |
|
44420 Pecan Court |
|
St. Mary’s County |
|
Wildewood Tech Park |
|
1989 |
|
S |
|
25,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
235,940 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
16480 Commerce Drive |
|
King George County |
|
Dahlgren Technology Center |
|
2000 |
|
M |
|
70,728 |
|
|
|
|
2 |
|
16541 Commerce Drive |
|
King George County |
|
Dahlgren Technology Center |
|
1996 |
|
S |
|
36,053 |
|
|
|
|
3 |
|
16539 Commerce Drive |
|
King George County |
|
Dahlgren Technology Center |
|
1990 |
|
S |
|
32,076 |
|
|
|
|
4 |
|
16442 Commerce Drive |
|
King George County |
|
Dahlgren Technology Center |
|
2002 |
|
S |
|
25,518 |
|
|
|
|
5 |
|
16501 Commerce Drive |
|
King George County |
|
Dahlgren Technology Center |
|
2002 |
|
S |
|
22,833 |
|
|
|
|
6 |
|
16543 Commerce Drive |
|
King George County |
|
Dahlgren Technology Center |
|
2002 |
|
S |
|
17,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
204,578 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
Total St. Mary’s & King George Counties |
|
|
|
|
|
|
|
|
|
824,683 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
15000 Conference Center Drive |
|
Dulles South |
|
Westfields |
|
1989 |
|
M |
|
470,406 |
|
|
|
|
2 |
|
15010 Conference Center Drive |
|
Dulles South |
|
Westfields |
|
2006 |
|
M |
|
223,610 |
|
|
|
|
3 |
|
15059 Conference Center Drive |
|
Dulles South |
|
Westfields |
|
2000 |
|
M |
|
145,224 |
|
|
|
|
4 |
|
15049 Conference Center Drive |
|
Dulles South |
|
Westfields |
|
1997 |
|
M |
|
145,053 |
|
|
|
|
5 |
|
14900 Conference Center Drive |
|
Dulles South |
|
Westfields |
|
1999 |
|
M |
|
127,857 |
|
|
|
|
6 |
|
14280 Park Meadow Drive |
|
Dulles South |
|
Westfields |
|
1999 |
|
M |
|
114,126 |
|
|
|
|
7 |
|
4851 Stonecroft Boulevard |
|
Dulles South |
|
Westfields |
|
2004 |
|
M |
|
88,094 |
|
|
|
|
8 |
|
14850 Conference Center Drive |
|
Dulles South |
|
Westfields |
|
2000 |
|
M |
|
69,711 |
|
|
|
|
9 |
|
14840 Conference Center Drive |
|
Dulles South |
|
Westfields |
|
2000 |
|
M |
|
69,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,453,791 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
13200 Woodland Park Road |
|
Herndon |
|
Woodland |
|
2002 |
|
M |
|
404,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
13454 Sunrise Valley Road |
|
Herndon |
|
Dulles Tech |
|
1998 |
|
M |
|
112,633 |
|
|
|
|
2 |
|
13450 Sunrise Valley Road |
|
Herndon |
|
Dulles Tech |
|
1998 |
|
M |
|
53,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
166,361 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
1751 Pinnacle Drive |
|
Tysons Corner |
|
|
|
1989/1995 |
|
M |
|
260,469 |
|
|
|
|
2 |
|
1753 Pinnacle Drive |
|
Tysons Corner |
|
|
|
1976/2004 |
|
M |
|
181,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
442,106 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
Total Northern Virginia |
|
|
|
|
|
|
|
|
|
2,466,923 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
11751 Meadowville Lane |
|
Richmond Southwest |
|
Meadowville Technology Park |
|
2007 |
|
M |
|
193,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
201 Technology Park Drive |
|
Southwest Virginia |
|
Russell Regional Business Tech Park |
|
2007 |
|
S |
|
102,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
607 Lakeside Drive |
|
Fort Ritchie |
|
|
|
1990/2007 |
|
S |
|
6,370 |
|
|
|
|
2 |
|
304 Castle Drive |
|
Fort Ritchie |
|
|
|
1993/2008 |
|
S |
|
3,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,384 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
Total Other |
|
|
|
|
|
|
|
|
|
305,226 |
|
— |
|
The S or M notation indicates single story or multi-story building, respectively.
17
|
Operating |
|
|
|
Submarket |
|
Business Park |
|
Year
Built or |
|
S or M |
|
Total
Operational |
|
Total
Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater Philadelphia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
753 Jolly Road |
|
Blue Bell |
|
Unisys campus |
|
1992 |
|
S |
|
419,472 |
|
|
|
|
2 |
|
785 Jolly Road |
|
Blue Bell |
|
Unisys campus |
|
1996 |
|
M |
|
219,065 |
|
|
|
|
3 |
|
760 Jolly Road |
|
Blue Bell |
|
Unisys campus |
|
1994 |
|
M |
|
208,854 |
|
|
|
|
4 |
|
751 Jolly Road |
|
Blue Bell |
|
Unisys campus |
|
1991 |
|
M |
|
112,958 |
|
|
|
|
|
|
Total Greater Philadelphia |
|
|
|
|
|
|
|
|
|
960,349 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central New Jersey |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
431 Ridge Road |
|
Exit 8A — Cranbury |
|
Princeton Tech Cntr. |
|
1998 |
|
S |
|
171,200 |
|
|
|
|
2 |
|
437 Ridge Road |
|
Exit 8A — Cranbury |
|
Princeton Tech Cntr. |
|
1996 |
|
S |
|
30,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
201,200 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
47 Commerce |
|
Exit 8A — Cranbury |
|
Centrepoint North |
|
1998 |
|
S |
|
41,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Total Central New Jersey |
|
|
|
|
|
|
|
|
|
242,598 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Antonio, Texas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
7700 Potranco Road |
|
San Antonio |
|
|
|
1982/1985 |
|
M |
|
468,994 |
|
90,607 |
|
|
3 |
|
7700-1 Potranco Road |
|
San Antonio |
|
|
|
2007 |
|
S |
|
8,674 |
|
|
|
|
|
|
Total San Antonio, Texas |
|
|
|
|
|
|
|
|
|
477,668 |
|
90,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Springs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
655 Space Center Drive |
|
Colorado Springs East |
|
Patriot Park |
|
|
|
M |
|
|
|
103,972 |
|
|
1 |
|
985 Space Center Drive |
|
Colorado Springs East |
|
Patriot Park |
|
1989 |
|
M |
|
102,821 |
|
|
|
|
2 |
|
745 Space Center Drive |
|
Colorado Springs East |
|
Patriot Park |
|
2006 |
|
M |
|
51,500 |
|
|
|
|
3 |
|
980 Technology Court |
|
Colorado Springs East |
|
Patriot Park |
|
1995 |
|
S |
|
33,190 |
|
|
|
|
4 |
|
525 Babcock Road |
|
Colorado Springs East |
|
Patriot Park |
|
1967 |
|
S |
|
14,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
201,511 |
|
103,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
1055 North Newport Road |
|
Colorado Springs East |
|
Aerotech Commerce Park |
|
2007-2008 |
|
M |
|
59,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
1670 North Newport Road |
|
Colorado Springs East |
|
|
|
1986-1987 |
|
M |
|
67,500 |
|
|
|
|
2 |
|
1915 Aerotech Drive |
|
Colorado Springs East |
|
|
|
1985 |
|
S |
|
37,946 |
|
|
|
|
3 |
|
1925 Aerotech Drive |
|
Colorado Springs East |
|
|
|
1985 |
|
S |
|
37,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
143,392 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
9965 Federal Drive |
|
I-25 North Corridor |
|
InterQuest Office |
|
1983/2007 |
|
M |
|
74,749 |
|
|
|
|
|
|
9945 Federal Drive |
|
I-25 North Corridor |
|
InterQuest Office |
|
|
|
S |
|
|
|
73,940 |
|
|
2 |
|
9950 Federal Drive |
|
I-25 North Corridor |
|
InterQuest Office |
|
2001 |
|
S |
|
66,222 |
|
|
|
|
|
|
9925 Federal Drive |
|
I-25 North Corridor |
|
InterQuest Office |
|
|
|
S |
|
|
|
53,745 |
|
|
3 |
|
9960 Federal Drive |
|
I-25 North Corridor |
|
InterQuest Office |
|
2001 |
|
S |
|
46,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
187,919 |
|
127,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
5775 Mark Dabling Boulevard |
|
Colorado Springs Northwest |
|
|
|
1984 |
|
M |
|
109,678 |
|
|
|
|
2 |
|
5725 Mark Dabling Boulevard |
|
Colorado Springs Northwest |
|
|
|
1984 |
|
M |
|
108,976 |
|
|
|
|
3 |
|
5755 Mark Dabling Boulevard |
|
Colorado Springs Northwest |
|
|
|
1989 |
|
M |
|
105,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
323,864 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
Total Colorado Springs |
|
|
|
|
|
|
|
|
|
916,449 |
|
231,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The S or M notation indicates single story or multi-story building, respectively.
18
|
Operating |
|
|
|
Submarket |
|
Business Park |
|
Year Built or |
|
S or M |
|
Total |
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban Maryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
11800 Tech Road |
|
North Silver Spring |
|
Montgomery Industrial |
|
1989 |
|
M |
|
228,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
400 Professional Drive |
|
Gaithersburg |
|
Crown Point |
|
2000 |
|
M |
|
129,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
110 Thomas Johnson Drive |
|
Frederick |
|
|
|
1987/1999 |
|
M |
|
117,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
45 West Gude Drive |
|
Rockville |
|
|
|
1987 |
|
M |
|
108,588 |
|
|
|
|
2 |
|
15 West Gude Drive |
|
Rockville |
|
|
|
1986 |
|
M |
|
106,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
215,282 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
Total Suburban Maryland |
|
|
|
|
|
|
|
|
|
690,575 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban Baltimore |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
11311 McCormick Road |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1984/1994 |
|
M |
|
214,312 |
|
|
|
|
2 |
|
200 International Circle |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1987 |
|
M |
|
128,658 |
|
|
|
|
3 |
|
226 Schilling Circle |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1980 |
|
M |
|
98,640 |
|
|
|
|
4 |
|
201 International Circle |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1982 |
|
M |
|
78,634 |
|
|
|
|
5 |
|
11011 McCormick Road |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1974 |
|
M |
|
56,512 |
|
|
|
|
6 |
|
216 Schilling Circle |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1988/2001 |
|
M |
|
36,003 |
|
|
|
|
7 |
|
222 Schilling Circle |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1978/1997 |
|
M |
|
28,003 |
|
|
|
|
8 |
|
224 Schilling Circle |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1978/1997 |
|
M |
|
27,372 |
|
|
|
|
9 |
|
11101 McCormick Road |
|
Hunt Valley/Rte 83 Corridor |
|
Hunt Valley Business Comm. |
|
1976 |
|
S |
|
24,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
692,366 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
10150 York Road |
|
Hunt Valley/Rte 83 Corridor |
|
|
|
1985 |
|
M |
|
178,286 |
|
|
|
|
2 |
|
9690 Deereco Road |
|
Hunt Valley/Rte 83 Corridor |
|
|
|
1988 |
|
M |
|
134,167 |
|
|
|
|
3 |
|
375 West Padonia Road |
|
Hunt Valley/Rte 83 Corridor |
|
|
|
1986 |
|
M |
|
110,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
422,781 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
7210 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1972 |
|
S |
|
83,435 |
|
|
|
|
2 |
|
7152 Windsor Boulevard |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1986 |
|
S |
|
57,855 |
|
|
|
|
3 |
|
21 Governor’s Court |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1981/1995 |
|
M |
|
56,063 |
|
|
|
|
4 |
|
7125 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1985 |
|
M |
|
50,488 |
|
|
|
|
5 |
|
7253 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1988 |
|
S |
|
38,930 |
|
|
|
|
6 |
|
7104 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1988 |
|
M |
|
30,257 |
|
|
|
|
7 |
|
17 Governor’s Court |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1981 |
|
S |
|
14,619 |
|
|
|
|
8 |
|
15 Governor’s Court |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1981 |
|
S |
|
14,568 |
|
|
|
|
9 |
|
7127 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1985 |
|
S |
|
11,144 |
|
|
|
|
10 |
|
7129 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1985 |
|
S |
|
11,075 |
|
|
|
|
11 |
|
7108 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1988 |
|
S |
|
9,018 |
|
|
|
|
12 |
|
7102 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1988 |
|
S |
|
8,879 |
|
|
|
|
13 |
|
7106 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1988 |
|
S |
|
8,820 |
|
|
|
|
14 |
|
7131 Ambassador Road |
|
Baltimore County Westside |
|
Rutherford Business Center |
|
1985 |
|
S |
|
7,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
402,604 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
502 Washington Avenue |
|
Towson |
|
|
|
1984 |
|
M |
|
91,343 |
|
|
|
|
2 |
|
102 West Pennsylvania Avenue |
|
Towson |
|
|
|
1968/2001 |
|
M |
|
49,497 |
|
|
|
|
3 |
|
100 West Pennsylvania Avenue |
|
Towson |
|
|
|
1952/1989 |
|
M |
|
18,451 |
|
|
|
|
4 |
|
109-111 Allegheny Avenue |
|
Towson |
|
|
|
1971 |
|
M |
|
18,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
177,722 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
Subtotal (continued on next page) |
|
|
|
|
|
|
|
|
|
1,695,473 |
|
— |
|
The S or M notation indicates single story or multi-story building, respectively.
19
|
Operating |
|
|
|
Submarket |
|
Business Park |
|
Year Built or |
|
S or M |
|
Total |
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
Subtotal (continued from prior page) |
|
|
|
|
|
|
|
|
|
1,695,473 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
4940 Campbell Boulevard |
|
White Marsh |
|
Campbell Corporate Center |
|
1990 |
|
M |
|
49,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
8140 Corporate Drive |
|
White Marsh |
|
Corporate Place |
|
2003 |
|
M |
|
75,687 |
|
|
|
|
2 |
|
8110 Corporate Drive |
|
White Marsh |
|
Corporate Place |
|
2001 |
|
M |
|
75,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
151,374 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
9910 Franklin Square Drive |
|
White Marsh |
|
Franklin Ridge |
|
2005 |
|
S |
|
56,271 |
|
|
|
|
2 |
|
9920 Franklin Square Drive |
|
White Marsh |
|
Franklin Ridge |
|
2006 |
|
S |
|
44,566 |
|
|
|
|
3 |
|
9930 Franklin Square Drive |
|
White Marsh |
|
Franklin Ridge |
|
2001 |
|
S |
|
39,750 |
|
|
|
|
4 |
|
9900 Franklin Square Drive |
|
White Marsh |
|
Franklin Ridge |
|
1999 |
|
S |
|
33,912 |
|
|
|
|
5 |
|
9940 Franklin Square Drive |
|
White Marsh |
|
Franklin Ridge |
|
2000 |
|
S |
|
33,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
207,633 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
8020 Corporate Drive |
|
White Marsh |
|
McLean Ridge |
|
1997 |
|
S |
|
51,600 |
|
|
|
|
2 |
|
8094 Sandpiper Circle |
|
White Marsh |
|
McLean Ridge |
|
1998 |
|
S |
|
50,812 |
|
|
|
|
3 |
|
8098 Sandpiper Circle |
|
White Marsh |
|
McLean Ridge |
|
1998 |
|
S |
|
47,680 |
|
|
|
|
4 |
|
8010 Corporate Drive |
|
White Marsh |
|
McLean Ridge |
|
1998 |
|
S |
|
39,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
189,443 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
5325 Nottingham Ridge Road |
|
White Marsh |
|
Nottingham Ridge |
|
2002 |
|
S |
|
37,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
7941-7949 Corporate Drive |
|
White Marsh |
|
Tyler Ridge |
|
1996 |
|
S |
|
57,600 |
|
|
|
|
2 |
|
8007 Corporate Drive |
|
White Marsh |
|
Tyler Ridge |
|
1995 |
|
S |
|
43,197 |
|
|
|
|
3 |
|
8013 Corporate Drive |
|
White Marsh |
|
Tyler Ridge |
|
1990 |
|
S |
|
38,618 |
|
|
|
|
4 |
|
8019 Corporate Drive |
|
White Marsh |
|
Tyler Ridge |
|
1990 |
|
S |
|
25,461 |
|
|
|
|
5 |
|
8003 Corporate Drive |
|
White Marsh |
|
Tyler Ridge |
|
1999 |
|
S |
|
18,327 |
|
|
|
|
6 |
|
8015 Corporate Drive |
|
White Marsh |
|
Tyler Ridge |
|
1990 |
|
S |
|
16,610 |
|
|
|
|
7 |
|
8023 Corporate Drive |
|
White Marsh |
|
Tyler Ridge |
|
1990 |
|
S |
|
9,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
209,299 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
5020 Campbell Boulevard |
|
White Marsh |
|
White Marsh Business Center |
|
1986-1988 |
|
S |
|
44,701 |
|
|
|
|
2 |
|
5024 Campbell Boulevard |
|
White Marsh |
|
White Marsh Business Center |
|
1986-1988 |
|
S |
|
33,858 |
|
|
|
|
3 |
|
5026 Campbell Boulevard |
|
White Marsh |
|
White Marsh Business Center |
|
1986-1988 |
|
S |
|
30,868 |
|
|
|
|
4 |
|
5022 Campbell Boulevard |
|
White Marsh |
|
White Marsh Business Center |
|
1986-1988 |
|
S |
|
27,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137,028 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
10001 Franklin Square Drive |
|
White Marsh |
|
White Marsh Commerce Center |
|
1997 |
|
S |
|
216,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
8114 Sandpiper Circle |
|
White Marsh |
|
White Marsh Health Center |
|
1986 |
|
S |
|
44,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
4979 Mercantile Road |
|
White Marsh |
|
White Marsh Hi-Tech Center |
|
1985 |
|
S |
|
50,498 |
|
|
|
|
2 |
|
4969 Mercantile Road |
|
White Marsh |
|
White Marsh Hi-Tech Center |
|
1983 |
|
S |
|
47,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,072 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
7939 Honeygo Boulevard |
|
White Marsh |
|
White Marsh Professional Center |
|
1984 |
|
M |
|
28,081 |
|
|
|
|
2 |
|
8133 Perry Hall Boulevard |
|
White Marsh |
|
White Marsh Professional Center |
|
1988 |
|
M |
|
27,803 |
|
|
|
|
3 |
|
7923 Honeygo Boulevard |
|
White Marsh |
|
White Marsh Professional Center |
|
1985 |
|
M |
|
24,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,937 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
8031 Corporate Drive |
|
White Marsh |
|
|
|
1988/2004 |
|
S |
|
66,000 |
|
|
|
|
2 |
|
8615 Ridgely’s Choice Drive |
|
White Marsh |
|
|
|
2005 |
|
M |
|
37,841 |
|
|
|
|
3 |
|
8029 Corporate Drive |
|
White Marsh |
|
|
|
1988/2004 |
|
S |
|
25,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128,841 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64 |
|
Total Suburban Baltimore |
|
|
|
|
|
|
|
|
|
3,245,225 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
230 |
|
TOTAL PORTFOLIO |
|
|
|
|
|
|
|
|
|
17,908,420 |
|
792,206 |
|
The S or M notation indicates single story or multi-story building, respectively.
20
Property Summary by Region - March 31, 2008
Joint Venture Properties
|
Operating |
|
|
|
Submarket |
|
Business Park |
|
Year Built or |
|
S or M |
|
Total |
|
Total Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated Joint Venture Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater Harrisburg |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
2605 Interstate Drive |
|
East Shore |
|
Commerce Park |
|
1990 |
|
M |
|
79,456 |
|
|
|
|
2 |
|
2601 Market Place |
|
East Shore |
|
Commerce Park |
|
1989 |
|
M |
|
65,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
144,867 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
6345 Flank Drive |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1989 |
|
S |
|
69,443 |
|
|
|
|
2 |
|
6340 Flank Drive |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1988 |
|
S |
|
68,200 |
|
|
|
|
3 |
|
6400 Flank Drive |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1992 |
|
S |
|
52,439 |
|
|
|
|
4 |
|
6360 Flank Drive |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1988 |
|
S |
|
46,500 |
|
|
|
|
5 |
|
6385 Flank Drive |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1995 |
|
S |
|
32,921 |
|
|
|
|
6 |
|
6380 Flank Drive |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1991 |
|
S |
|
32,668 |
|
|
|
|
7 |
|
6405 Flank Drive |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1991 |
|
S |
|
32,000 |
|
|
|
|
8 |
|
95 Shannon Road |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1999 |
|
S |
|
21,976 |
|
|
|
|
9 |
|
75 Shannon Road |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1999 |
|
S |
|
20,887 |
|
|
|
|
10 |
|
6375 Flank Drive |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
2000 |
|
S |
|
19,783 |
|
|
|
|
11 |
|
85 Shannon Road |
|
East Shore |
|
Gtwy Corp. Ctr. |
|
1999 |
|
S |
|
12,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
409,680 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
5035 Ritter Road |
|
West Shore |
|
Rossmoyne Bus. Ctr. |
|
1988 |
|
S |
|
56,556 |
|
|
|
|
2 |
|
5070 Ritter Road - Building A |
|
West Shore |
|
Rossmoyne Bus. Ctr. |
|
1989 |
|
S |
|
32,309 |
|
|
|
|
3 |
|
5070 Ritter Road - Building B |
|
West Shore |
|
Rossmoyne Bus. Ctr. |
|
1989 |
|
S |
|
28,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117,212 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
Total Greater Harrisburg |
|
|
|
|
|
|
|
|
|
671,759 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
Total Unconsolidated Joint Venture Properties |
|
|
|
|
|
|
|
|
|
671,759 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Joint Venture Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban Maryland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5825 University Research Court |
|
College Park |
|
M Square Business Park |
|
|
|
M |
|
|
|
116,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
4230 Forbes Boulevard |
|
Lanham |
|
Forbes 50 |
|
2003 |
|
S |
|
55,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Suburban Maryland |
|
|
|
|
|
|
|
|
|
55,866 |
|
116,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore/Washington Corridor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7468 Candlewood Road |
|
BWI Airport |
|
Baltimore Commons |
|
1979/1982 |
|
M |
|
|
|
356,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7740 Milestone Parkway |
|
BWI Airport |
|
Arundel Preserve |
|
|
|
M |
|
|
|
151,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Baltimore/Washington Corridor |
|
|
|
|
|
|
|
|
|
— |
|
507,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern Virginia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
2900 Towerview Road |
|
Route 28 South |
|
Renaissance Park |
|
1982 |
|
M |
|
78,171 |
|
58,866 |
|
|
|
|
13849 Park Center Road |
|
Route 28 South |
|
Renaissance Park |
|
1982 |
|
M |
|
|
|
4,265 |
|
|
|
|
Total Northern Virginia |
|
|
|
|
|
|
|
|
|
78,171 |
|
63,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
Total Consolidated Joint Venture Properties |
|
|
|
|
|
|
|
|
|
134,037 |
|
687,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
TOTAL PORTFOLIO |
|
|
|
|
|
|
|
|
|
805,796 |
|
687,038 |
|
The S or M notation indicates single story or multi-story building, respectively.
21
Property Occupancy Rates by Region by Quarter
Wholly Owned Properties
|
|
|
Baltimore / |
|
Northern |
|
Suburban |
|
Suburban |
|
St. Mary’s & |
|
Colorado |
|
San |
|
Greater |
|
Central |
|
Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
101 |
|
14 |
|
64 |
|
5 |
|
18 |
|
14 |
|
3 |
|
4 |
|
3 |
|
4 |
|
230 |
|
|
Rentable Square Feet |
|
7,778,724 |
|
2,466,923 |
|
3,245,225 |
|
690,575 |
|
824,683 |
|
916,449 |
|
477,668 |
|
960,349 |
|
242,598 |
|
305,226 |
|
17,908,420 |
|
|
Occupied % |
|
91.89 |
% |
99.34 |
% |
83.84 |
% |
97.58 |
% |
93.20 |
% |
96.73 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
92.89 |
% |
|
Leased % |
|
93.39 |
% |
99.34 |
% |
86.57 |
% |
97.58 |
% |
94.09 |
% |
96.73 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
94.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
101 |
|
14 |
|
64 |
|
5 |
|
18 |
|
13 |
|
2 |
|
4 |
|
4 |
|
3 |
|
228 |
|
|
Rentable Square Feet |
|
7,668,383 |
|
2,466,149 |
|
3,243,814 |
|
690,575 |
|
824,683 |
|
822,953 |
|
468,994 |
|
960,349 |
|
384,983 |
|
300,746 |
|
17,831,629 |
|
|
Occupied % |
|
92.59 |
% |
98.60 |
% |
84.77 |
% |
97.80 |
% |
91.55 |
% |
96.66 |
% |
100.00 |
% |
100.00 |
% |
70.82 |
% |
100.00 |
% |
92.59 |
% |
|
Leased % |
|
93.13 |
% |
98.77 |
% |
87.39 |
% |
98.28 |
% |
93.34 |
% |
96.66 |
% |
100.00 |
% |
100.00 |
% |
70.82 |
% |
100.00 |
% |
93.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
101 |
|
14 |
|
66 |
|
5 |
|
18 |
|
13 |
|
2 |
|
4 |
|
4 |
|
2 |
|
229 |
|
|
Rentable Square Feet |
|
7,569,985 |
|
2,466,149 |
|
3,336,709 |
|
690,575 |
|
824,683 |
|
821,453 |
|
468,994 |
|
960,349 |
|
384,983 |
|
197,904 |
|
17,721,784 |
|
|
Occupied % |
|
93.46 |
% |
99.23 |
% |
83.87 |
% |
97.80 |
% |
92.32 |
% |
96.05 |
% |
100.00 |
% |
100.00 |
% |
70.82 |
% |
100.00 |
% |
92.80 |
% |
|
Leased % |
|
93.85 |
% |
99.33 |
% |
84.69 |
% |
97.80 |
% |
94.11 |
% |
96.05 |
% |
100.00 |
% |
100.00 |
% |
70.82 |
% |
100.00 |
% |
93.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
101 |
|
14 |
|
66 |
|
5 |
|
18 |
|
12 |
|
2 |
|
4 |
|
6 |
|
1 |
|
229 |
|
|
Rentable Square Feet |
|
7,536,565 |
|
2,466,149 |
|
3,336,085 |
|
698,584 |
|
824,710 |
|
808,031 |
|
468,994 |
|
960,349 |
|
417,314 |
|
193,000 |
|
17,709,781 |
|
|
Occupied % |
|
93.54 |
% |
99.23 |
% |
84.34 |
% |
95.91 |
% |
92.15 |
% |
94.50 |
% |
100.00 |
% |
100.00 |
% |
68.73 |
% |
100.00 |
% |
92.68 |
% |
|
Leased % |
|
94.11 |
% |
99.23 |
% |
85.65 |
% |
95.91 |
% |
92.95 |
% |
96.23 |
% |
100.00 |
% |
100.00 |
% |
68.73 |
% |
100.00 |
% |
93.28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
100 |
|
14 |
|
66 |
|
5 |
|
18 |
|
11 |
|
2 |
|
4 |
|
6 |
|
n/a |
|
226 |
|
|
Rentable Square Feet |
|
7,463,037 |
|
2,466,149 |
|
3,335,160 |
|
698,584 |
|
824,710 |
|
766,911 |
|
468,994 |
|
960,349 |
|
417,314 |
|
n/a |
|
17,401,208 |
|
|
Occupied % |
|
94.11 |
% |
99.39 |
% |
85.22 |
% |
94.79 |
% |
92.15 |
% |
94.21 |
% |
100.00 |
% |
100.00 |
% |
68.73 |
% |
n/a |
|
92.97 |
% |
|
Leased % |
|
94.94 |
% |
99.39 |
% |
86.91 |
% |
94.79 |
% |
92.35 |
% |
94.21 |
% |
100.00 |
% |
100.00 |
% |
68.73 |
% |
n/a |
|
93.66 |
% |
22
Property Occupancy Rates by Region by Quarter
Joint Venture Properties
|
|
|
Unconsolidated |
|
Consolidated |
|
|
|
||
|
|
|
Greater |
|
Suburban |
|
Northern |
|
Total |
|
|
|
|
Harrisburg |
|
Maryland |
|
Virginia |
|
Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
16 |
|
1 |
|
1 |
|
18 |
|
|
Rentable Square Feet |
|
671,759 |
|
55,866 |
|
78,171 |
|
805,796 |
|
|
Occupied % |
|
89.64 |
% |
76.15 |
% |
100.00 |
% |
89.71 |
% |
|
Leased % |
|
89.88 |
% |
76.15 |
% |
100.00 |
% |
89.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
16 |
|
1 |
|
1 |
|
18 |
|
|
Rentable Square Feet |
|
671,759 |
|
55,866 |
|
78,171 |
|
805,796 |
|
|
Occupied % |
|
90.46 |
% |
76.15 |
% |
100.00 |
% |
90.39 |
% |
|
Leased % |
|
90.46 |
% |
76.15 |
% |
100.00 |
% |
90.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
16 |
|
1 |
|
1 |
|
18 |
|
|
Rentable Square Feet |
|
671,759 |
|
55,866 |
|
78,171 |
|
805,796 |
|
|
Occupied % |
|
90.46 |
% |
76.15 |
% |
100.00 |
% |
90.39 |
% |
|
Leased % |
|
90.46 |
% |
76.15 |
% |
100.00 |
% |
90.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
16 |
|
1 |
|
1 |
|
18 |
|
|
Rentable Square Feet |
|
671,759 |
|
55,866 |
|
78,171 |
|
805,796 |
|
|
Occupied % |
|
90.96 |
% |
75.00 |
% |
100.00 |
% |
90.73 |
% |
|
Leased % |
|
91.13 |
% |
75.00 |
% |
100.00 |
% |
90.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
16 |
|
1 |
|
1 |
|
18 |
|
|
Rentable Square Feet |
|
671,759 |
|
55,866 |
|
78,171 |
|
805,796 |
|
|
Occupied % |
|
91.25 |
% |
47.95 |
% |
100.00 |
% |
89.09 |
% |
|
Leased % |
|
91.25 |
% |
74.94 |
% |
100.00 |
% |
90.97 |
% |
Reconciliation of Wholly Owned Properties to Entire
Portfolio as of March 31, 2008
|
|
|
|
|
Square |
|
|
|
|
|
|
|
|
Count |
|
Feet |
|
Occupied % |
|
Leased % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wholly Owned Properties |
|
230 |
|
17,908,420 |
|
92.89 |
% |
94.07 |
% |
|
Add: Consolidated Joint Venture Properties |
|
2 |
|
134,037 |
|
90.06 |
% |
90.06 |
% |
|
Subtotal |
|
232 |
|
18,042,457 |
|
92.87 |
% |
94.04 |
% |
|
Add: Unconsolidated Joint Venture Properties |
|
16 |
|
671,759 |
|
89.64 |
% |
89.88 |
% |
|
Entire Portfolio |
|
248 |
|
18,714,216 |
|
92.75 |
% |
93.89 |
% |
23
Top Twenty Office Tenants of Wholly Owned Properties as of March 31, 2008 (1)
(Dollars in thousands)
|
|
|
|
|
|
|
Percentage of |
|
Total |
|
Percentage |
|
Weighted |
|
|
|
|
|
|
|
Total |
|
Total |
|
Annualized |
|
of Total |
|
Average |
|
|
|
|
|
Number of |
|
Occupied |
|
Occupied |
|
Rental |
|
Annualized Rental |
|
Remaining |
|
|
|
Tenant |
|
Leases |
|
Square Feet |
|
Square Feet |
|
Revenue (2) (3) |
|
Revenue |
|
Lease Term (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States of America (5) |
|
63 |
|
2,500,678 |
|
15.0 |
% |
$ |
58,283 |
|
16.0 |
% |
6.2 |
|
|
Northrop Grumman Corporation (6) |
|
17 |
|
1,045,442 |
|
6.3 |
% |
25,938 |
|
7.1 |
% |
7.4 |
|
|
|
Booz Allen Hamilton, Inc. |
|
8 |
|
714,233 |
|
4.3 |
% |
20,202 |
|
5.6 |
% |
6.3 |
|
|
|
Computer Sciences Corporation (6) |
|
4 |
|
454,645 |
|
2.7 |
% |
11,774 |
|
3.2 |
% |
3.3 |
|
|
|
Unisys Corporation (7) |
|
4 |
|
760,145 |
|
4.6 |
% |
8,866 |
|
2.4 |
% |
1.5 |
|
|
|
L-3 Communications Holdings, Inc. (6) |
|
3 |
|
211,493 |
|
1.3 |
% |
8,722 |
|
2.4 |
% |
6.0 |
|
|
|
General Dynamics Corporation (6) |
|
10 |
|
298,562 |
|
1.8 |
% |
7,926 |
|
2.2 |
% |
2.3 |
|
|
|
The Aerospace Corporation |
|
2 |
|
231,785 |
|
1.4 |
% |
6,844 |
|
1.9 |
% |
6.7 |
|
|
|
Wachovia Corporation (6) |
|
4 |
|
183,577 |
|
1.1 |
% |
6,613 |
|
1.8 |
% |
10.4 |
|
|
|
Comcast Corporation |
|
11 |
|
342,266 |
|
2.1 |
% |
6,494 |
|
1.8 |
% |
3.9 |
|
|
|
AT&T Corporation (6) |
|
8 |
|
306,988 |
|
1.8 |
% |
5,605 |
|
1.5 |
% |
5.1 |
|
|
|
ITT Corporation |
|
8 |
|
178,472 |
|
1.1 |
% |
4,276 |
|
1.2 |
% |
4.4 |
|
|
|
The Boeing Company (6) |
|
4 |
|
143,480 |
|
0.9 |
% |
4,128 |
|
1.1 |
% |
3.5 |
|
|
|
Ciena Corporation |
|
3 |
|
221,609 |
|
1.3 |
% |
3,742 |
|
1.0 |
% |
3.9 |
|
|
|
Science Applications International Corp. |
|
11 |
|
167,007 |
|
1.0 |
% |
3,290 |
|
0.9 |
% |
0.9 |
|
|
|
BAE Systems PLC (6) |
|
7 |
|
212,339 |
|
1.3 |
% |
3,099 |
|
0.9 |
% |
3.7 |
|
|
|
The Johns Hopkins Institutions (6) |
|
4 |
|
124,749 |
|
0.7 |
% |
2,911 |
|
0.8 |
% |
8.3 |
|
|
|
Merck & Co., Inc. (Unisys) (7) |
|
2 |
|
227,273 |
|
1.4 |
% |
2,697 |
|
0.7 |
% |
1.2 |
|
|
|
Magellan Health Services, Inc. |
|
2 |
|
113,727 |
|
0.7 |
% |
2,613 |
|
0.7 |
% |
3.3 |
|
|
|
Wyle Laboratories, Inc. |
|
4 |
|
174,792 |
|
1.1 |
% |
2,469 |
|
0.7 |
% |
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Top 20 Office Tenants |
|
179 |
|
8,613,262 |
|
51.8 |
% |
196,491 |
|
54.0 |
% |
5.5 |
|
|
|
All remaining tenants |
|
761 |
|
8,021,314 |
|
48.2 |
% |
167,243 |
|
46.0 |
% |
4.1 |
|
|
|
Total/Weighted Average |
|
940 |
|
16,634,576 |
|
100.0 |
% |
$ |
363,733 |
|
100.0 |
% |
4.8 |
|
(1) Table excludes owner occupied leasing activity which represents 146,399 square feet with a weighted average remaining lease term of 7.0 years as of March 31, 2008.
(2) Total Annualized Rental Revenue is the monthly contractual base rent as of March 31, 2008, multiplied by 12, plus the estimated annualized expense reimbursements under existing office leases.
(3) Order of tenants is based on Annualized Rent.
(4) The weighting of the lease term was computed using Total Rental Revenue.
(5) Many of our government leases are subject to early termination provisions which are customary to government leases. The weighted average remaining lease term was computed assuming no exercise of such early termination rights.
(6) Includes affiliated organizations or agencies.
(7) Merck & Co., Inc. subleases 219,065 rentable square feet from Unisys’ 960,349 leased rentable square feet in our Greater Philadelphia region.
24
Combined Real Estate Revenue by Geographic Region by Quarter
(Dollars in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Office Properties: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Baltimore/Washington Corridor |
|
$ |
45,577 |
|
$ |
43,101 |
|
$ |
43,850 |
|
$ |
42,722 |
|
$ |
43,837 |
|
|
Northern Virginia |
|
19,004 |
|
18,421 |
|
18,554 |
|
18,255 |
|
17,172 |
|
|||||
|
Suburban Baltimore |
|
13,910 |
|
14,464 |
|
13,576 |
|
13,448 |
|
13,081 |
|
|||||
|
Suburban Maryland |
|
4,584 |
|
4,355 |
|
4,410 |
|
3,943 |
|
3,967 |
|
|||||
|
St. Mary’s and King George Counties |
|
3,160 |
|
3,200 |
|
3,338 |
|
3,029 |
|
3,098 |
|
|||||
|
Colorado Springs |
|
4,172 |
|
3,794 |
|
4,311 |
|
3,605 |
|
3,595 |
|
|||||
|
San Antonio |
|
1,908 |
|
1,895 |
|
1,832 |
|
1,862 |
|
1,781 |
|
|||||
|
Greater Philadelphia |
|
2,506 |
|
2,506 |
|
2,506 |
|
2,506 |
|
2,506 |
|
|||||
|
Central New Jersey |
|
752 |
|
943 |
|
1,110 |
|
1,006 |
|
1,786 |
|
|||||
|
Other |
|
2,577 |
|
2,749 |
|
1,704 |
|
858 |
|
267 |
|
|||||
|
Subtotal |
|
98,150 |
|
95,428 |
|
95,191 |
|
91,234 |
|
91,090 |
|
|||||
|
Eliminations / other |
|
(729 |
) |
(312 |
) |
(353 |
) |
(64 |
) |
(695 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Combined Real Estate Revenue |
|
$ |
97,421 |
|
$ |
95,116 |
|
$ |
94,838 |
|
$ |
91,170 |
|
$ |
90,395 |
|
Combined Net Operating Income by Geographic Region by Quarter
(Dollars in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Office Properties: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Baltimore/Washington Corridor |
|
$ |
29,362 |
|
$ |
28,822 |
|
$ |
29,169 |
|
$ |
29,346 |
|
$ |
29,302 |
|
|
Northern Virginia |
|
12,020 |
|
11,868 |
|
12,026 |
|
11,772 |
|
10,844 |
|
|||||
|
Suburban Baltimore |
|
7,587 |
|
8,643 |
|
8,110 |
|
8,472 |
|
7,310 |
|
|||||
|
Suburban Maryland |
|
2,920 |
|
2,743 |
|
2,664 |
|
2,288 |
|
2,299 |
|
|||||
|
St. Mary’s and King George Counties |
|
2,418 |
|
2,440 |
|
2,554 |
|
2,286 |
|
2,322 |
|
|||||
|
Colorado Springs |
|
2,590 |
|
2,337 |
|
2,339 |
|
2,412 |
|
2,306 |
|
|||||
|
San Antonio |
|
1,475 |
|
1,438 |
|
1,457 |
|
1,477 |
|
1,419 |
|
|||||
|
Greater Philadelphia |
|
2,442 |
|
2,477 |
|
2,471 |
|
2,477 |
|
2,469 |
|
|||||
|
Central New Jersey |
|
543 |
|
653 |
|
433 |
|
621 |
|
1,086 |
|
|||||
|
Other |
|
1,838 |
|
2,095 |
|
1,230 |
|
588 |
|
(323 |
) |
|||||
|
Subtotal |
|
63,195 |
|
63,516 |
|
62,453 |
|
61,739 |
|
59,034 |
|
|||||
|
Eliminations / other |
|
(503 |
) |
218 |
|
120 |
|
36 |
|
(726 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Combined NOI |
|
$ |
62,692 |
|
$ |
63,734 |
|
$ |
62,573 |
|
$ |
61,775 |
|
$ |
58,308 |
|
25
Same Office Property Cash Net Operating Income by Quarter
(Dollars in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Office Properties: (1) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Baltimore/Washington Corridor |
|
$ |
25,659 |
|
$ |
25,816 |
|
$ |
25,811 |
|
$ |
26,953 |
|
$ |
27,162 |
|
|
Northern Virginia |
|
11,309 |
|
11,146 |
|
11,062 |
|
10,798 |
|
9,551 |
|
|||||
|
Suburban Baltimore |
|
2,796 |
|
2,978 |
|
2,910 |
|
3,165 |
|
2,656 |
|
|||||
|
Suburban Maryland |
|
2,679 |
|
2,529 |
|
2,486 |
|
2,095 |
|
2,091 |
|
|||||
|
St. Mary’s and King George Counties |
|
2,360 |
|
2,394 |
|
2,463 |
|
2,314 |
|
2,347 |
|
|||||
|
Colorado Springs |
|
2,326 |
|
2,065 |
|
1,832 |
|
1,941 |
|
2,112 |
|
|||||
|
San Antonio |
|
1,136 |
|
1,171 |
|
1,128 |
|
1,146 |
|
1,136 |
|
|||||
|
Greater Philadelphia |
|
2,665 |
|
2,697 |
|
2,692 |
|
2,644 |
|
2,638 |
|
|||||
|
Central New Jersey |
|
547 |
|
566 |
|
451 |
|
413 |
|
388 |
|
|||||
|
Total Office Properties |
|
$ |
51,477 |
|
$ |
51,362 |
|
$ |
50,835 |
|
$ |
51,469 |
|
$ |
50,081 |
|
|
Less: Lease termination fees |
|
(99 |
) |
(200 |
) |
(610 |
) |
(921 |
) |
(1,160 |
) |
|||||
|
Same Office Cash NOI, adjusted for lease termination fees |
|
$ |
51,378 |
|
$ |
51,162 |
|
$ |
50,225 |
|
$ |
50,548 |
|
$ |
48,921 |
|
Same Office Property GAAP Net Operating Income by Quarter
(Dollars in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Office Properties: (1) |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Baltimore/Washington Corridor |
|
$ |
26,481 |
|
$ |
26,664 |
|
$ |
26,682 |
|
$ |
27,619 |
|
$ |
27,863 |
|
|
Northern Virginia |
|
11,794 |
|
11,635 |
|
11,836 |
|
11,481 |
|
10,624 |
|
|||||
|
Suburban Baltimore |
|
3,040 |
|
3,218 |
|
3,304 |
|
3,519 |
|
2,932 |
|
|||||
|
Suburban Maryland |
|
2,920 |
|
2,742 |
|
2,662 |
|
2,291 |
|
2,297 |
|
|||||
|
St. Mary’s and King George Counties |
|
2,420 |
|
2,441 |
|
2,558 |
|
2,287 |
|
2,324 |
|
|||||
|
Colorado Springs |
|
2,458 |
|
2,324 |
|
2,108 |
|
2,221 |
|
2,322 |
|
|||||
|
San Antonio |
|
1,451 |
|
1,485 |
|
1,477 |
|
1,496 |
|
1,485 |
|
|||||
|
Greater Philadelphia |
|
2,446 |
|
2,478 |
|
2,473 |
|
2,479 |
|
2,473 |
|
|||||
|
Central New Jersey |
|
565 |
|
585 |
|
658 |
|
551 |
|
526 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Office Properties |
|
$ |
53,575 |
|
$ |
53,572 |
|
$ |
53,758 |
|
$ |
53,944 |
|
$ |
52,846 |
|
(1) Same office properties represent buildings owned and 100% operational for a minimum of five reporting quarters. Amounts reported do not include the effects of eliminations.
26
Average Occupancy Rates by Region for Same Office Properties (1)
|
|
|
Baltimore/ |
|
|
|
|
|
|
|
St.Mary’s and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington |
|
Northern |
|
Suburban |
|
Suburban |
|
King George |
|
Colorado |
|
|
|
Greater |
|
Central |
|
Total |
|
|
|
|
Corridor |
|
Virginia |
|
Baltimore |
|
Maryland |
|
Counties |
|
Springs |
|
San Antonio |
|
Philadelphia |
|
New Jersey |
|
Office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st Quarter 2008 Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
84 |
|
14 |
|
23 |
|
6 |
|
18 |
|
11 |
|
2 |
|
4 |
|
2 |
|
164 |
|
|
Rentable Square Feet |
|
6,906,830 |
|
2,466,428 |
|
1,425,292 |
|
746,441 |
|
824,683 |
|
767,937 |
|
468,994 |
|
960,349 |
|
201,200 |
|
14,768,154 |
|
|
Percent Occupied |
|
92.74 |
% |
99.34 |
% |
83.08 |
% |
96.18 |
% |
92.42 |
% |
96.10 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
94.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4th Quarter 2007 Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
84 |
|
14 |
|
23 |
|
6 |
|
18 |
|
11 |
|
2 |
|
4 |
|
2 |
|
164 |
|
|
Rentable Square Feet |
|
6,906,248 |
|
2,466,149 |
|
1,424,752 |
|
746,441 |
|
824,683 |
|
766,833 |
|
468,994 |
|
960,349 |
|
201,200 |
|
14,765,649 |
|
|
Percent Occupied |
|
93.46 |
% |
98.88 |
% |
82.68 |
% |
96.18 |
% |
91.81 |
% |
96.20 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
94.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Quarter 2007 Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
84 |
|
14 |
|
23 |
|
6 |
|
18 |
|
11 |
|
2 |
|
4 |
|
2 |
|
164 |
|
|
Rentable Square Feet |
|
6,906,852 |
|
2,466,149 |
|
1,424,364 |
|
751,780 |
|
824,701 |
|
766,718 |
|
468,994 |
|
960,349 |
|
201,200 |
|
14,771,107 |
|
|
Percent Occupied |
|
94.24 |
% |
99.23 |
% |
81.94 |
% |
95.46 |
% |
92.34 |
% |
94.97 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
94.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Quarter 2007 Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
84 |
|
14 |
|
23 |
|
6 |
|
18 |
|
11 |
|
2 |
|
4 |
|
2 |
|
164 |
|
|
Rentable Square Feet |
|
6,885,315 |
|
2,466,149 |
|
1,423,590 |
|
754,450 |
|
824,710 |
|
766,911 |
|
468,994 |
|
960,349 |
|
201,200 |
|
14,751,668 |
|
|
Percent Occupied |
|
94.89 |
% |
99.33 |
% |
83.91 |
% |
92.72 |
% |
92.15 |
% |
94.21 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
94.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st Quarter 2007 Average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Buildings |
|
84 |
|
14 |
|
23 |
|
6 |
|
18 |
|
11 |
|
2 |
|
4 |
|
2 |
|
164 |
|
|
Rentable Square Feet |
|
6,888,097 |
|
2,466,149 |
|
1,424,674 |
|
754,450 |
|
824,710 |
|
766,911 |
|
468,994 |
|
960,349 |
|
201,200 |
|
14,755,534 |
|
|
Percent Occupied |
|
94.92 |
% |
93.76 |
% |
82.85 |
% |
91.32 |
% |
92.15 |
% |
94.02 |
% |
100.00 |
% |
100.00 |
% |
100.00 |
% |
93.74 |
% |
(1) Same office properties represent buildings owned and 100% operational for a minimum of five reporting quarters.
27
Office Lease Expiration Analysis by Year for Wholly Owned Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
||
|
|
|
|
|
|
|
|
|
Total Annualized |
|
Percentage |
|
Annual. Rental |
|
||
|
|
|
|
|
Square |
|
|
|
Rental |
|
of Total |
|
Revenue of |
|
||
|
Year of |
|
Number |
|
Footage |
|
Percentage of |
|
Revenue of |
|
Annualized Rental |
|
Expiring Leases |
|
||
|
Lease |
|
of Leases |
|
of Leases |
|
Total Occupied |
|
Expiring |
|
Revenue |
|
per Occupied |
|
||
|
Expiration (1) |
|
Expiring |
|
Expiring |
|
Square Feet |
|
Leases (2) |
|
Expiring |
|
Square Foot |
|
||
|
|
|
|
|
|
|
|
|
(000’s) |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
April - June |
|
42 |
|
199,151 |
|
1.2 |
% |
$ |
4,696 |
|
1.3 |
% |
$ |
23.58 |
|
|
July - September |
|
47 |
|
794,810 |
|
4.8 |
% |
17,427 |
|
4.8 |
% |
21.93 |
|
||
|
October - December |
|
38 |
|
190,991 |
|
1.1 |
% |
4,244 |
|
1.2 |
% |
22.22 |
|
||
|
Total 2008 |
|
127 |
|
1,184,952 |
|
7.1 |
% |
$ |
26,367 |
|
7.2 |
% |
$ |
22.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
2009 |
|
179 |
|
3,235,069 |
|
19.4 |
% |
55,683 |
|
15.3 |
% |
17.21 |
|
||
|
2010 |
|
164 |
|
2,132,376 |
|
12.8 |
% |
50,318 |
|
13.8 |
% |
23.60 |
|
||
|
2011 |
|
137 |
|
1,667,588 |
|
10.0 |
% |
34,793 |
|
9.6 |
% |
20.86 |
|
||
|
2012 |
|
122 |
|
2,308,340 |
|
13.9 |
% |
51,145 |
|
14.1 |
% |
22.16 |
|
||
|
2013 |
|
65 |
|
1,297,959 |
|
7.8 |
% |
30,142 |
|
8.3 |
% |
23.22 |
|
||
|
2014 |
|
29 |
|
733,466 |
|
4.4 |
% |
20,991 |
|
5.8 |
% |
28.62 |
|
||
|
2015 |
|
30 |
|
1,318,342 |
|
7.9 |
% |
31,962 |
|
8.8 |
% |
24.24 |
|
||
|
2016 |
|
19 |
|
476,827 |
|
2.9 |
% |
12,283 |
|
3.4 |
% |
25.76 |
|
||
|
2017 |
|
31 |
|
773,657 |
|
4.7 |
% |
19,356 |
|
5.3 |
% |
25.02 |
|
||
|
2018 |
|
9 |
|
508,556 |
|
3.1 |
% |
12,295 |
|
3.4 |
% |
24.18 |
|
||
|
2019 |
|
2 |
|
38,292 |
|
0.2 |
% |
458 |
|
0.1 |
% |
11.96 |
|
||
|
2020 |
|
— |
|
— |
|
0.0 |
% |
— |
|
0.0 |
% |
0.00 |
|
||
|
2021 |
|
1 |
|
104,695 |
|
0.6 |
% |
2,454 |
|
0.7 |
% |
23.44 |
|
||
|
2022 |
|
2 |
|
295,842 |
|
1.8 |
% |
7,622 |
|
2.1 |
% |
25.77 |
|
||
|
2023 |
|
— |
|
— |
|
0.0 |
% |
— |
|
0.0 |
% |
0.00 |
|
||
|
2024 |
|
— |
|
— |
|
0.0 |
% |
— |
|
0.0 |
% |
0.00 |
|
||
|
2025 |
|
3 |
|
477,668 |
|
2.9 |
% |
6,748 |
|
1.9 |
% |
14.13 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Other (3) |
|
20 |
|
80,947 |
|
0.5 |
% |
1,116 |
|
0.3 |
% |
13.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total / Average |
|
940 |
|
16,634,576 |
|
100.0 |
% |
$ |
363,733 |
|
100.0 |
% |
$ |
21.87 |
|
NOTE: As of March 31, 2008, the weighted average lease term for the wholly owned properties is 4.8 years.
(1) Many of our government leases are subject to certain early termination provisions which are customary to government leases. The year of lease expiration was computed assuming no exercise of such early termination rights.
(2) Total Annualized Rental Revenue is the monthly contractual base rent as of March 31, 2008 multiplied by 12 plus the estimated annualized expense reimbursements under existing office leases.
(3) Other consists primarily of amenities, including cafeterias, concierge offices and property management space. In addition, month-to-month leases and leases which have expired but the tenant remains in holdover are included in this line as the exact expiration date is unknown.
28
Quarterly Office Renewal Analysis for Wholly Owned Properties as of March 31, 2008
|
|
|
Baltimore/ |
|
Northern |
|
Suburban |
|
Suburban |
|
St. Mary’s and |
|
Colorado |
|
Central New |
|
Total |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Quarter Ended March 31, 2008: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Expiring Square Feet |
|
264,701 |
|
55,997 |
|
240,784 |
|
3,021 |
|
92,211 |
|
49,858 |
|
— |
|
706,572 |
|
||||||||
|
Vacated Square Feet |
|
45,117 |
|
11,118 |
|
55,560 |
|
3,021 |
|
3,832 |
|
— |
|
— |
|
118,648 |
|
||||||||
|
Renewed Square Feet |
|
219,584 |
|
44,879 |
|
185,224 |
|
— |
|
88,379 |
|
49,858 |
|
— |
|
587,924 |
|
||||||||
|
Retention Rate (% based upon square feet) |
|
82.96 |
% |
80.15 |
% |
76.93 |
% |
0.00 |
% |
95.84 |
% |
100.00 |
% |
0.00 |
% |
83.21 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Renewed Space Only: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average Committed Cost per Square Foot |
|
$ |
6.83 |
|
$ |
3.34 |
|
$ |
1.27 |
|
$ |
— |
|
$ |
3.61 |
|
$ |
0.22 |
|
$ |
— |
|
$ |
3.77 |
|
|
Weighted Average Lease Term in years |
|
4.0 |
|
2.1 |
|
1.4 |
|
— |
|
4.7 |
|
2.9 |
|
— |
|
3.1 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Change in Total Rent - GAAP |
|
12.60 |
% |
11.20 |
% |
3.38 |
% |
0.00 |
% |
18.05 |
% |
39.10 |
% |
0.00 |
% |
12.29 |
% |
||||||||
|
Change in Total Rent - Cash |
|
4.56 |
% |
2.63 |
% |
2.24 |
% |
0.00 |
% |
12.11 |
% |
33.38 |
% |
0.00 |
% |
6.39 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Renewed & Retenanted Space: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average Committed Cost per Square Foot |
|
$ |
11.06 |
|
$ |
4.21 |
|
$ |
2.78 |
|
$ |
— |
|
$ |
3.67 |
|
$ |
0.40 |
|
$ |
— |
|
$ |
6.48 |
|
|
Weighted Average Lease Term in years |
|
4.8 |
|
2.1 |
|
1.7 |
|
— |
|
4.7 |
|
2.9 |
|
— |
|
3.6 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Change in Total Rent - GAAP |
|
9.88 |
% |
7.53 |
% |
2.27 |
% |
0.00 |
% |
17.08 |
% |
37.74 |
% |
0.00 |
% |
9.90 |
% |
||||||||
|
Change in Total Rent - Cash |
|
1.90 |
% |
0.33 |
% |
1.02 |
% |
0.00 |
% |
11.23 |
% |
32.14 |
% |
0.00 |
% |
3.91 |
% |
||||||||
|
Notes: |
No renewal or retenanting activity transpired in our Greater Philadelphia, San Antonio or Other regions. |
|
|
Activity is exclusive of owner occupied space and leases with less than a one-year term. |
|
|
Expiring square feet includes early renewals and early terminations. |
29
Year to Date Wholly Owned Disposition Summary as of March 31, 2008 (1)
(Dollars in thousands)
|
|
|
Submarket |
|
Disposition |
|
Square Feet |
|
Contractual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
429 Ridge Road |
|
Exit 8A — Cranbury |
|
1/31/2008 |
|
142,385 |
|
$ |
17,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
142,385 |
|
$ |
17,000 |
|
(1) Includes operational buildings only.
30
Development Summary as of March 31, 2008
(Dollars in thousands)
|
|
|
|
|
|
|
Wholly |
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual or |
|
|
|
||||||
|
|
|
|
|
|
|
Owned |
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Anticipated |
|
|
|
||||||
|
|
|
|
|
|
|
or Joint |
|
|
|
Rentable |
|
Percentage |
|
Anticipated |
|
|
|
Outstanding |
|
Construction |
|
Anticipated |
|
||||||
|
|
|
|
|
|
|
Venture |
|
Demand |
|
Square |
|
Leased/ |
|
Total |
|
Cost |
|
Loan as of |
|
Completion |
|
Operational |
|
||||||
|
Property and Location |
|
Submarket |
|
(JV) |
|
Driver |
|
Feet |
|
Committed (1) |
|
Cost |
|
to date |
|
3/31/2008 |
|
Date |
|
Date |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Under Construction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1362 Mellon Road |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Hanover, Maryland |
|
BWI Airport |
|
Owned |
|
Market Demand |
|
44,134 |
|
0.00 |
% |
$ |
10,332 |
|
$ |
8,321 |
|
$ |
— |
|
2Q 07 |
|
2Q 08 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
7740 Milestone Parkway |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Hanover, Maryland |
|
BWI Airport |
|
JV |
|
Market Demand |
|
151,800 |
|
0.00 |
% |
35,528 |
|
24,040 |
|
— |
|
3Q 08 |
|
3Q 09 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
5520 Research Park Drive (UMBC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Baltimore, Maryland |
|
BWI Airport |
|
Land Lease |
|
Research Park |
|
106,512 |
|
0.00 |
% |
24,666 |
|
13,292 |
|
— |
|
3Q 08 |
|
3Q 09 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
6721 Columbia Gateway Drive |
|
Howard Co. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Columbia, Maryland |
|
Perimeter |
|
Owned |
|
Market Demand |
|
131,451 |
|
0.00 |
% |
26,918 |
|
10,281 |
|
— |
|
1Q 09 |
|
1Q 10 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
300 Sentinel Drive (300 NBP) |
|
|
|
|
|
Defense Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Annapolis Junction, Maryland |
|
BWI Airport |
|
Owned |
|
Technology |
|
187,845 |
|
0.00 |
% |
45,296 |
|
5,735 |
|
— |
|
1Q 09 |
|
1Q 10 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Subtotal Baltimore/Washington Corridor |
|
|
|
|
|
|
|
621,742 |
|
0.00 |
% |
$ |
142,740 |
|
$ |
61,669 |
|
$ |
— |
|
|
|
|
|
|||||
|
% of Total Regions |
|
|
|
|
|
|
|
58.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
655 Space Center Drive (Patriot Park 6) (2) |
|
Colorado |
|
|
|
Defense Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Colorado Springs, Colorado |
|
Springs East |
|
Owned |
|
Technology |
|
103,972 |
|
100.00 |
% |
$ |
18,081 |
|
$ |
17,026 |
|
$ |
— |
|
1Q 08 |
|
3Q 08 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
9945 Federal Drive (Hybrid I) |
|
I-25 North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Colorado Springs, Colorado |
|
Corridor |
|
Owned |
|
Market Demand |
|
73,940 |
|
0.00 |
% |
12,432 |
|
4,851 |
|
— |
|
3Q 08 |
|
3Q 09 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
9925 Federal Drive (Hybrid II) (2) |
|
I-25 North |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Colorado Springs, Colorado |
|
Corridor |
|
Owned |
|
Market Demand |
|
53,745 |
|
81.35 |
% |
8,285 |
|
3,344 |
|
— |
|
3Q 08 |
|
3Q 09 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Subtotal Colorado Springs |
|
|
|
|
|
|
|
231,657 |
|
63.75 |
% |
$ |
38,798 |
|
$ |
25,221 |
|
$ |
— |
|
|
|
|
|
|||||
|
% of Total Regions |
|
|
|
|
|
|
|
21.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
7700 Potranco Road, Building C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
San Antonio, Texas (1) |
|
San Antonio |
|
Owned |
|
Government |
|
38,255 |
|
100.00 |
% |
$ |
4,723 |
|
$ |
231 |
|
$ |
— |
|
4Q 08 |
|
4Q 08 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
7700 Potranco Road, Building HI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
San Antonio, Texas (1) |
|
San Antonio |
|
Owned |
|
Government |
|
52,352 |
|
100.00 |
% |
3,905 |
|
174 |
|
— |
|
4Q 08 |
|
4Q 08 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Subtotal San Antonio |
|
|
|
|
|
|
|
90,607 |
|
100.00 |
% |
$ |
8,628 |
|
$ |
405 |
|
$ |
— |
|
|
|
|
|
|||||
|
% of Total Regions |
|
|
|
|
|
|
|
8.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
5825 University Research Court |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
College Park, Maryland (2) |
|
College Park |
|
JV |
|
Research Park |
|
116,107 |
|
35.74 |
% |
$ |
23,802 |
|
$ |
18,868 |
|
$ |
— |
|
1Q 08 |
|
1Q 09 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Subtotal Suburban Maryland |
|
|
|
|
|
|
|
116,107 |
|
35.74 |
% |
$ |
23,802 |
|
$ |
18,868 |
|
$ |
— |
|
|
|
|
|
|||||
|
% of Total Regions |
|
|
|
|
|
|
|
10.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Under Construction |
|
|
|
|
|
|
|
1,060,113 |
|
26.39 |
% |
$ |
213,968 |
|
$ |
106,163 |
|
$ |
— |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
% of Total |
|
Total Rentable |
|
Percentage |
|
|
Type of Demand Driver |
|
Demand Drivers |
|
Square Feet |
|
Leased/Committed (1) |
|
|
Government |
|
8.55 |
% |
90,607 |
|
100.00 |
% |
|
Defense Information Technology |
|
27.53 |
% |
291,817 |
|
35.63 |
% |
|
Market Demand |
|
42.93 |
% |
455,070 |
|
9.61 |
% |
|
Research Park |
|
21.00 |
% |
222,619 |
|
18.64 |
% |
|
Total Under Construction by Demand Driver |
|
100.00 |
% |
1,060,113 |
|
26.39 |
% |
(1) These two development properties have not yet been leased but are considered committed based upon the prospective tenant and their proximity to two existing operating properties. Excluding the commitment on these two development projects, the overall leased percentage would be 17.85%.
(2) A portion of this property’s leasing occurred after March 31, 2008.
Demand Driver Categories (as classified by COPT management):
Defense Information Technology: Development opportunity created through our current and future relationships with defense information technology contractors and, possibly, minor Government tenancy.
Government: Development opportunity created through our existing and future relationship with various agencies of the government of the United States of America. Excludes Government tenancy included in Defense Information Technology.
Market Demand: Development opportunity created through perceived unfulfilled space requirements within a specific submarket; potential submarket demand exceeds existing supply.
Research Park: Development opportunity created through specific research park relationship.
Anticipated Operational Date: Date in which the earlier of one year following substantial completion or 100% occupancy has been achieved.
31
|
|
|
|
|
|
|
Wholly |
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual or |
|
|
|
|||
|
|
|
|
|
|
|
Owned |
|
|
|
Total |
|
|
|
|
|
|
|
|
|
Anticipated |
|
|
|
|||
|
|
|
|
|
|
|
or Joint |
|
|
|
Rentable |
|
Percentage |
|
Anticipated |
|
|
|
Outstanding |
|
Construction |
|
Anticipated |
|
|||
|
|
|
|
|
|
|
Venture |
|
Demand |
|
Square |
|
Leased/ |
|
Total |
|
Cost |
|
Loan as of |
|
Completion |
|
Operational |
|
|||
|
Property and Location |
|
|
|
Submarket |
|
(JV) |
|
Driver |
|
Feet |
|
Committed (1) |
|
Cost |
|
to date |
|
3/31/2008 |
|
Date |
|
Date |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Redevelopment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
2900 Towerview Road |
|
Route 28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Herndon, Virginia (1) |
|
South |
|
JV |
|
N/A |
|
137,037 |
|
57.04 |
% |
$ |
18,400 |
|
$ |
16,731 |
|
$ |
— |
|
4Q 07 |
|
4Q 08 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Subtotal Northern Virginia |
|
|
|
|
|
|
|
137,037 |
|
57.04 |
% |
$ |
18,400 |
|
$ |
16,731 |
|
$ |
— |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
7468 Candlewood Road |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Hanover, Maryland |
|
BWI Airport |
|
JV |
|
N/A |
|
356,000 |
|
0.00 |
% |
$ |
37,193 |
|
$ |
25,568 |
|
$ |
— |
|
4Q 08 |
|
4Q 09 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Subtotal Baltimore/Washington Corridor |
|
|
|
|
|
|
|
356,000 |
|
0.00 |
% |
$ |
37,193 |
|
$ |
25,568 |
|
$ |
— |
|
|
|
|
|
||
|
Total Redevelopment |
|
|
|
|
|
|
|
493,037 |
|
15.85 |
% |
$ |
55,593 |
|
$ |
42,299 |
|
$ |
— |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Under Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Riverwood I & II |
|
Howard Co. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Columbia, Maryland |
|
Perimeter |
|
Owned |
|
Government |
|
70,000 |
|
|
|
$ |
15,333 |
|
$ |
1,968 |
|
$ |
— |
|
4Q 09 |
|
1Q 10 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
324 Sentinel Drive (324 NBP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Annapolis Junction, Maryland |
|
BWI Airport |
|
Owned |
|
Government |
|
125,000 |
|
|
|
26,250 |
|
1,702 |
|
— |
|
4Q 09 |
|
3Q 10 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Subtotal Government |
|
|
|
|
|
|
|
195,000 |
|
|
|
$ |
41,583 |
|
$ |
3,670 |
|
$ |
— |
|
|
|
|
|
||
|
% of Total Drivers |
|
|
|
|
|
|
|
21.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
10807 New Allegiance Drive (Epic One) |
|
I-25 North |
|
|
|
Defense Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Colorado Springs, Colorado |
|
Corridor |
|
Owned |
|
Technology |
|
145,723 |
|
|
|
$ |
30,837 |
|
$ |
5,742 |
|
$ |
— |
|
2Q 09 |
|
1Q 10 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
16444 Commerce Drive |
|
King George |
|
|
|
Defense Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Dahlgren, Virginia |
|
County |
|
Owned |
|
Technology |
|
57,000 |
|
|
|
10,752 |
|
962 |
|
— |
|
2Q 09 |
|
2Q 10 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
565 Space Center Drive (Patriot Park 7) |
|
Colorado |
|
|
|
Defense Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Colorado Springs, Colorado |
|
Springs East |
|
Owned |
|
Technology |
|
89,773 |
|
|
|
17,340 |
|
1,921 |
|
— |
|
2Q 09 |
|
2Q 10 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
110 Thomas Johnson Drive, Bldg #2 |
|
|
|
|
|
Defense Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Frederick, Maryland |
|
Frederick |
|
Owned |
|
Technology |
|
85,000 |
|
|
|
16,137 |
|
1,807 |
|
— |
|
3Q 09 |
|
3Q 10 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Northgate Business Park (Lot A) |
|
Harford |
|
|
|
Defense Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Aberdeen, Maryland |
|
County |
|
Owned |
|
Technology |
|
80,000 |
|
|
|
16,524 |
|
1,543 |
|
— |
|
4Q 09 |
|
4Q 10 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Subtotal Defense Information Technology |
|
|
|
|
|
|
|
457,496 |
|
|
|
$ |
91,590 |
|
$ |
11,975 |
|
$ |
— |
|
|
|
|
|
||
|
% of Total Drivers |
|
|
|
|
|
|
|
50.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
8130 Corporate Drive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
White Marsh, Maryland |
|
White Marsh |
|
Owned |
|
Market Demand |
|
125,000 |
|
|
|
$ |
26,458 |
|
$3,903 |
|
$ |
— |
|
2Q 09 |
|
2Q 10 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Subtotal Market Demand |
|
|
|
|
|
|
|
125,000 |
|
|
|
$ |
26,458 |
|
$ |
3,903 |
|
$ |
— |
|
|
|
|
|
||
|
% of Total Drivers |
|
|
|
|
|
|
|
13.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
5850 University Research Court |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
College Park, Maryland |
|
College Park |
|
JV |
|
Research Park |
|
120,000 |
|
|
|
$ |
21,423 |
|
$ |
1,672 |
|
$ |
— |
|
3Q 09 |
|
3Q 10 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Subtotal Research Park |
|
|
|
|
|
|
|
120,000 |
|
|
|
$ |
21,423 |
|
$ |
1,672 |
|
$ |
— |
|
|
|
|
|
||
|
% of Total Drivers |
|
|
|
|
|
|
|
13.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total Under Development |
|
|
|
|
|
|
|
897,496 |
|
|
|
$ |
181,054 |
|
$ 21,220 |
|
$ |
— |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
% of Total |
|
Total Rentable |
|
|
Type of Demand Driver |
|
Demand Drivers |
|
Square Feet |
|
|
Government |
|
21.73 |
% |
195,000 |
|
|
Defense Information Technology |
|
50.97 |
% |
457,496 |
|
|
Market Demand |
|
13.93 |
% |
125,000 |
|
|
Research Park |
|
13.37 |
% |
120,000 |
|
|
Total Under Development by Demand Driver |
|
100.00 |
% |
897,496 |
|
(1) Although classified as “Redevelopment,” 78,171 square feet located at 2900 Towerview Road are operational.
Demand Driver Categories (as classified by COPT management):
Defense Information Technology: Development opportunity created through our current and future relationships with defense information technology contractors and, possibly, minor Government tenancy.
Government: Development opportunity created through our existing and future relationship with various agencies of the government of the United States of America. Excludes Government tenancy included in Defense Information Technology.
Market Demand: Development opportunity created through perceived unfulfilled space requirements within a specific submarket; potential submarket demand exceeds existing supply.
Research Park: Development opportunity created through a specific research park relationship.
Anticipated Operational Date: Date in which the earlier of one year following substantial completion or 100% occupancy has been achieved.
32
Total Development Placed into Service as of March 31, 2008
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
Development Square Feet Placed |
|
Percentage of |
|
||
|
|
|
|
|
|
|
|
|
|
Development Square |
|
|||
|
|
|
|
|
Wholly Owned |
|
Total |
|
Into Service |
|
Feet Placed Into |
|
||
|
|
|
|
|
or Joint Venture |
|
Rentable |
|
Year 2007 |
|
Year 2008 |
|
Service Leased |
|
|
Property and Location |
|
Submarket |
|
(JV) |
|
Square Feet |
|
1st Quarter |
|
as of 3/31/08 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
302 Sentinel
Drive (302 NBP) |
|
BWI Airport |
|
Owned |
|
157,146 |
|
48,377 |
|
108,769 |
(1) |
53.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9965 Federal
Drive |
|
I-25 North Corridor |
|
Owned |
|
74,749 |
|
41,120 |
|
33,629 |
(2) |
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1055 North
Newport Road |
|
Colorado Springs East |
|
Owned |
|
59,763 |
|
— |
|
59,763 |
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Development Placed Into Service |
|
|
|
|
|
291,658 |
|
89,497 |
|
202,161 |
|
74.85 |
% |
(1) In March 2008, 100% of this building became operational. As of December 31, 2007, 48,377 square feet were placed into service.
(2) In March 2008, 100% of this building became operational. As of December 31, 2007, 41,120 square feet were placed into service.
33
Land Inventory as of March 31, 2008
|
|
|
|
|
|
|
Non-Wholly Owned |
|
Wholly Owned |
|
||||
|
|
|
|
|
|
|
|
|
Developable |
|
|
|
Developable |
|
|
Location |
|
Submarket |
|
Status |
|
Acres |
|
Square Feet |
|
Acres |
|
Square Feet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Westfields Corporate Center |
|
Dulles South |
|
owned |
|
— |
|
— |
|
19 |
|
246,800 |
|
|
Westfields Corporate Center |
|
Dulles South |
|
owned |
|
— |
|
— |
|
17 |
|
377,300 |
|
|
Westfields Corporate Center |
|
Dulles South |
|
owned |
|
— |
|
— |
|
32 |
|
674,200 |
|
|
Woodland Park |
|
Herndon |
|
owned |
|
— |
|
— |
|
5 |
|
225,000 |
|
|
Total Northern Virginia |
|
|
|
|
|
— |
|
— |
|
73 |
|
1,523,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Business Park (Phase II) |
|
BWI Airport |
|
owned |
|
— |
|
— |
|
31 |
|
730,165 |
|
|
National Business Park (Phase III) |
|
BWI Airport |
|
owned |
|
— |
|
— |
|
194 |
|
1,125,000 |
|
|
1243 Winterson Road (AS 22) |
|
BWI Airport |
|
owned |
|
— |
|
— |
|
2 |
|
30,000 |
|
|
940 Elkridge Landing Road (AS 7) |
|
BWI Airport |
|
owned |
|
— |
|
— |
|
3 |
|
53,941 |
|
|
Arundel Preserve |
|
BWI Airport |
|
under contract/JV |
|
56 |
up to |
1,648,200 |
|
— |
|
— |
|
|
1460 Dorsey Road |
|
BWI Airport |
|
owned |
|
— |
|
— |
|
6 |
|
60,000 |
|
|
Columbia Gateway Parcel T-11 |
|
Howard Co. Perimeter |
|
owned |
|
— |
|
— |
|
14 |
|
220,000 |
|
|
7125 Columbia Gateway Drive |
|
Howard Co. Perimeter |
|
owned |
|
— |
|
— |
|
5 |
|
120,000 |
|
|
Total Baltimore / Washington Corridor |
|
|
|
|
|
56 |
|
1,648,200 |
|
255 |
|
2,339,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
White Marsh |
|
White Marsh |
|
owned |
|
— |
|
— |
|
145 |
|
1,567,000 |
|
|
37 Allegheny Avenue |
|
Towson |
|
owned |
|
— |
|
— |
|
0.3 |
|
40,000 |
|
|
Northgate Business Park |
|
Harford County |
|
owned |
|
— |
|
— |
|
51 |
|
720,000 |
|
|
Total Suburban Baltimore |
|
|
|
|
|
— |
|
— |
|
196 |
|
2,327,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110 Thomas Johnson Drive |
|
Frederick |
|
owned |
|
— |
|
— |
|
3 |
|
85,000 |
|
|
Rockville Corporate Center |
|
Rockville |
|
owned |
|
— |
|
— |
|
10 |
|
220,000 |
|
|
M Square Research Park |
|
College Park |
|
JV - 45% ownership |
|
49 |
|
513,893 |
|
— |
|
— |
|
|
Total Suburban Maryland |
|
|
|
|
|
49 |
|
513,893 |
|
13 |
|
305,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unisys Campus |
|
Blue Bell |
|
owned |
|
— |
|
— |
|
45 |
|
600,000 |
|
|
Total Greater Philadelphia |
|
|
|
|
|
— |
|
— |
|
45 |
|
600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Princeton Technology Center |
|
Exit 8A - Cranbury |
|
owned |
|
— |
|
— |
|
19 |
|
250,000 |
|
|
Total Central New Jersey |
|
|
|
|
|
— |
|
— |
|
19 |
|
250,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dahlgren Technology Center |
|
King George County |
|
owned |
|
— |
|
— |
|
32 |
|
65,000 |
|
|
Expedition Park |
|
St. Mary’s County |
|
owned |
|
— |
|
— |
|
6 |
|
60,000 |
|
|
Total St. Mary’s & King George Counties |
|
|
|
|
|
— |
|
— |
|
38 |
|
125,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
InterQuest |
|
I-25 North Corridor |
|
owned |
|
— |
|
— |
|
111 |
|
1,626,492 |
|
|
9965 Federal Drive |
|
I-25 North Corridor |
|
owned |
|
— |
|
— |
|
4 |
|
30,000 |
|
|
Patriot Park |
|
Colorado Springs East |
|
owned |
|
— |
|
— |
|
71 |
|
770,000 |
|
|
Aerotech Commerce |
|
Colorado Springs East |
|
owned |
|
— |
|
— |
|
6 |
|
90,000 |
|
|
Total Colorado Springs |
|
|
|
|
|
— |
|
— |
|
192 |
|
2,516,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Antonio |
|
San Antonio |
|
owned |
|
— |
|
— |
|
27 |
|
350,000 |
|
|
San Antonio |
|
San Antonio |
|
owned |
|
— |
|
— |
|
31 |
|
375,000 |
|
|
Total San Antonio |
|
|
|
|
|
— |
|
— |
|
58 |
|
725,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indian Head |
|
Charles County, MD |
|
JV- 75% ownership |
|
169 |
|
827,250 |
|
— |
|
— |
|
|
Fort Ritchie (1) |
|
Cascade, MD |
|
owned |
|
— |
|
— |
|
591 |
|
1,700,000 |
|
|
Total Other |
|
|
|
|
|
169 |
|
827,250 |
|
591 |
|
1,700,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
|
|
274 |
|
2,989,343 |
|
1,479 |
|
12,410,898 |
|
This land inventory schedule excludes all properties listed as under construction, redevelopment or under development as detailed on pages 31 and 32.
(1) The Fort Ritchie acquisition includes 298,120 square feet of existing office space targeted for future redevelopment and 110 existing usable residential units.
34
Joint Venture Summary as of March 31, 2008
(Dollars in thousands)
Consolidated Properties
|
|
|
Joint Venture |
|
|
|
|
|
|
|
|
|
|
|
|
|
Option to |
|
||
|
|
|
Interest |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
Acquire |
|
||
|
|
|
Held By |
|
|
|
Square |
|
|
|
Total |
|
Debt as |
|
Recourse |
|
Partner’s |
|
||
|
Property and Location |
|
COPT |
|
Status |
|
Feet |
|
Acreage |
|
Assets (1) |
|
of 3/31/08 |
|
to COPT |
|
Interest |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
4230 Forbes
Boulevard |
|
50.0% |
|
Operating |
|
55,866 |
|
5 acres |
|
$ |
4,396 |
|
$ |
— |
|
N/A |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
7468 Candlewood
Road (2) |
|
92.5% |
|
Redevelopment |
|
356,000 |
|
19 acres |
|
26,089 |
|
— |
|
N/A |
|
Yes |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
2900 Towerview
Road |
|
92.5% |
|
Operating/ Redevelopment |
|
137,037 |
|
8 acres |
|
17,030 |
|
— |
|
N/A |
|
Yes |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
13849 Park
Center Road (3) |
|
92.5% |
|
Redevelopment |
|
4,265 |
|
.1 acre |
|
535 |
|
— |
|
N/A |
|
Yes |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Indian Head
Technology Center Business Park |
|
75.0% |
|
Land Inventory |
|
827,250 |
|
169 acres |
|
4,655 |
|
— |
|
N/A |
|
No |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
7740-7744
Milestone Parkway (4) |
|
50.0% |
|
Construction/ Land Inventory |
|
455,400 |
|
23 acres |
|
24,044 |
|
— |
|
N/A |
|
No |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
5825 University
Research Court |
|
45.0% |
|
Construction |
|
116,107 |
|
8 acres |
|
18,948 |
|
— |
|
N/A |
|
No |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
M Square
Research Park |
|
45.0% |
|
Land Inventory |
|
633,893 |
|
57 acres |
|
3,775 |
|
— |
|
N/A |
|
No |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
TOTAL |
|
|
|
|
|
|
|
|
|
$ |
99,472 |
|
$ |
— |
|
|
|
|
|
Unconsolidated Properties
|
|
|
Joint Venture |
|
|
|
|
|
|
|
|
|
|
|
Option to |
|
||
|
|
|
Interest |
|
|
|
|
|
|
|
Off-Balance |
|
|
|
Acquire |
|
||
|
|
|
Held By |
|
|
|
Square |
|
COPT |
|
Sheet Debt as |
|
Recourse |
|
Partner’s |
|
||
|
Property and Location |
|
COPT |
|
Status |
|
Feet |
|
Investment |
|
of 3/31/08 |
|
to COPT |
|
Interest |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Greater
Harrisburg Portfolio |
|
20.0% |
|
Operating |
|
671,759 |
|
$ |
(4,215 |
) |
$ |
66,600 |
|
No |
|
No |
|
(1) Total assets includes any outside investment basis related to the applicable joint venture plus the total assets recorded on the books of the consolidated joint venture.
(2) The 7468 Candlewood Road project is currently being redeveloped into approximately 356,000 rentable square feet of warehouse/flex space.
(3) In the first quarter of 2008, 53,575 square feet were sold, and we realized a $554,000 gain, net of income taxes and minority interests.
(4) Of this joint venture entity, one building totaling 151,800 square feet is currently under construction.
35
Reconciliations of Non GAAP Measurements
(Dollars in thousands)
|
|
|
2008 |
|
2007 |
|
|||||||||||
|
|
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Assets or Denominator for Debt to Total Assets |
|
$ |
2,936,744 |
|
$ |
2,931,853 |
|
$ |
2,916,023 |
|
$ |
2,854,729 |
|
$ |
2,814,723 |
|
|
Accumulated depreciation |
|
303,694 |
|
288,732 |
|
270,899 |
|
255,571 |
|
236,955 |
|
|||||
|
Intangible assets on real estate acquisitions, net |
|
102,647 |
|
108,661 |
|
116,368 |
|
123,861 |
|
131,934 |
|
|||||
|
Assets other than assets included in investment in real estate |
|
(319,665 |
) |
(327,899 |
) |
(330,590 |
) |
(329,638 |
) |
(340,038 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Denominator for Debt to Undepreciated Book Value of Real Estate Assets |
|
$ |
3,023,420 |
|
$ |
3,001,347 |
|
$ |
2,972,700 |
|
$ |
2,904,523 |
|
$ |
2,843,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP Revenues from Real Estate Operations |
|
$ |
97,280 |
|
$ |
94,662 |
|
$ |
94,245 |
|
$ |
90,494 |
|
$ |
89,009 |
|
|
Revenues from discontinued operations |
|
141 |
|
454 |
|
593 |
|
676 |
|
1,386 |
|
|||||
|
Combined Real Estate Revenues |
|
$ |
97,421 |
|
$ |
95,116 |
|
$ |
94,838 |
|
$ |
91,170 |
|
$ |
90,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP Revenues from Real Estate Operations |
|
$ |
97,280 |
|
$ |
94,662 |
|
$ |
94,245 |
|
$ |
90,494 |
|
$ |
89,009 |
|
|
Property operating expenses |
|
(34,563 |
) |
(31,099 |
) |
(31,602 |
) |
(29,046 |
) |
(31,583 |
) |
|||||
|
Revenues from discontinued operations |
|
141 |
|
454 |
|
593 |
|
676 |
|
1,386 |
|
|||||
|
Property operating expenses from discontinued operations |
|
(166 |
) |
(283 |
) |
(663 |
) |
(349 |
) |
(504 |
) |
|||||
|
Combined Net Operating Income |
|
$ |
62,692 |
|
$ |
63,734 |
|
$ |
62,573 |
|
$ |
61,775 |
|
$ |
58,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP Net Operating Income for Same Office Properties |
|
$ |
53,575 |
|
$ |
53,572 |
|
$ |
53,758 |
|
$ |
53,944 |
|
$ |
52,846 |
|
|
Less: Straight-line rent adjustments |
|
(1,722 |
) |
(1,781 |
) |
(2,368 |
) |
(2,046 |
) |
(2,275 |
) |
|||||
|
Less: Amortization of deferred market rental revenue |
|
(376 |
) |
(429 |
) |
(555 |
) |
(429 |
) |
(490 |
) |
|||||
|
Cash Net Operating Income for Same Office Properties |
|
$ |
51,477 |
|
$ |
51,362 |
|
$ |
50,835 |
|
$ |
51,469 |
|
$ |
50,081 |
|
|
Less: Lease termination fees, gross |
|
(99 |
) |
(200 |
) |
(610 |
) |
(921 |
) |
(1,160 |
) |
|||||
|
Cash Net Operating Income for Same Office Properties, adjusted for lease termination fees |
|
$ |
51,378 |
|
$ |
51,162 |
|
$ |
50,225 |
|
$ |
50,548 |
|
$ |
48,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Depreciation and amortization |
|
$ |
24,937 |
|
$ |
25,933 |
|
$ |
26,070 |
|
$ |
26,880 |
|
$ |
25,997 |
|
|
Depreciation and amortization from discontinued operations |
|
7 |
|
674 |
|
196 |
|
207 |
|
303 |
|
|||||
|
Combined real estate related depreciation and other amortization |
|
$ |
24,944 |
|
$ |
26,607 |
|
$ |
26,266 |
|
$ |
27,087 |
|
$ |
26,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total tenant improvements and incentives on operating properties |
|
$ |
3,847 |
|
$ |
2,692 |
|
$ |
4,605 |
|
$ |
7,673 |
|
$ |
6,517 |
|
|
Total capital improvements on operating properties |
|
1,017 |
|
4,748 |
|
2,514 |
|
2,387 |
|
1,581 |
|
|||||
|
Total leasing costs for operating properties |
|
1,245 |
|
1,850 |
|
719 |
|
2,014 |
|
2,979 |
|
|||||
|
Less: Nonrecurring tenant improvements and incentives on operating properties |
|
(795 |
) |
(811 |
) |
(1,887 |
) |
(3,636 |
) |
(5,858 |
) |
|||||
|
Less: Nonrecurring capital improvements on operating properties |
|
(502 |
) |
(1,442 |
) |
(1,198 |
) |
(1,446 |
) |
(408 |
) |
|||||
|
Less: Nonrecurring leasing costs for operating properties |
|
(30 |
) |
(575 |
) |
(89 |
) |
(494 |
) |
(1,698 |
) |
|||||
|
Add: Recurring improvements on operating properties held through joint ventures |
|
— |
|
42 |
|
— |
|
28 |
|
28 |
|
|||||
|
Recurring capital expenditures |
|
$ |
4,782 |
|
$ |
6,504 |
|
$ |
4,664 |
|
$ |
6,526 |
|
$ |
3,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest expense from continuing operations |
|
$ |
20,329 |
|
$ |
20,743 |
|
$ |
20,968 |
|
$ |
20,437 |
|
$ |
19,776 |
|
|
Interest expense from discontinued operations |
|
21 |
|
56 |
|
177 |
|
637 |
|
488 |
|
|||||
|
Combined interest expense or denominator for interest coverage |
|
$ |
20,350 |
|
$ |
20,799 |
|
$ |
21,145 |
|
$ |
21,074 |
|
$ |
20,264 |
|
|
Scheduled principal amortization |
|
3,820 |
|
4,611 |
|
3,936 |
|
3,696 |
|
7,685 |
|
|||||
|
Denominator for Debt Service Coverage |
|
$ |
24,170 |
|
$ |
25,410 |
|
$ |
25,081 |
|
$ |
24,770 |
|
$ |
27,949 |
|
|
Scheduled principal amortization |
|
(3,820 |
) |
(4,611 |
) |
(3,936 |
) |
(3,696 |
) |
(7,685 |
) |
|||||
|
Preferred dividends - redeemable non-convertible |
|
4,025 |
|
4,025 |
|
4,025 |
|
4,025 |
|
3,993 |
|
|||||
|
Preferred distributions |
|
165 |
|
165 |
|
165 |
|
165 |
|
165 |
|
|||||
|
Denominator for Fixed Charge Coverage |
|
$ |
24,540 |
|
$ |
24,989 |
|
$ |
25,335 |
|
$ |
25,264 |
|
$ |
24,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common dividends for Earnings Payout Ratio |
|
$ |
16,182 |
|
$ |
16,097 |
|
$ |
16,092 |
|
$ |
14,613 |
|
$ |
14,529 |
|
|
Common distributions |
|
2,771 |
|
2,777 |
|
2,777 |
|
2,574 |
|
2,554 |
|
|||||
|
Dividends and distributions for FFO and AFFO Payout Ratio |
|
$ |
18,953 |
|
$ |
18,874 |
|
$ |
18,869 |
|
$ |
17,187 |
|
$ |
17,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income tax expense from continuing operations |
|
$ |
112 |
|
$ |
89 |
|
$ |
197 |
|
$ |
178 |
|
$ |
105 |
|
|
Income tax expense from gain on sales of discontinued operations |
|
— |
|
44 |
|
— |
|
— |
|
— |
|
|||||
|
Income tax expense from gain on other sales of real estate |
|
573 |
|
1,068 |
|
— |
|
3 |
|
— |
|
|||||
|
Combined income tax expense |
|
$ |
685 |
|
$ |
1,201 |
|
$ |
197 |
|
$ |
181 |
|
$ |
105 |
|
36