GOV Model v2

8/10/2019 GOV Model v2

1/149

BWI Airport 1990

Annapolis

Junction, MD

BWI Airport 2009

Annapolis

Junction, MD

BWI Airport 2005

Annapolis

Junction, MD

BWI Airport 2006

Annapolis

Junction, MD

BWI Airport 2004

Annapolis

Junction, MD

BWI Airport 2002

Annapolis

Junction, MD

BWI Airport 2007

Annapolis

Junction, MD

BWI Airport 2005

Annapolis

Junction, MD

BWI Airport 2006

Annapolis

Junction, MD

BWI Airport 2003

Annapolis

Junction, MD

BWI Airport 2000

Annapolis

Junction, MD

BWI Airport 2000

Annapolis

Junction, MD

BWI Airport 2001

Annapolis

Junction, MD

BWI Airport 2009

Linthicum, MD

BWI Airport 1990

Linthicum, MD

BWI Airport 1981

2701 Technology Drive

1550 West Nursery Road

1306 Concourse Drive

870 Elkridge Landing Road

320 Sentinel Way

318 Sentinel Way

322 Sentinel Way

140 National Business Parkway



2730 Hercules Road

300 Sentinel Drive

304 Sentinel Drive

306 Sentinel Drive




2/149

Linthicum, MD

BWI Airport 1981

Linthicum, MD

BWI Airport 2005

Annapolis

Junction, MD

BWI Airport 2002

Linthicum, MD

BWI Airport 1982

Linthicum, MD

BWI Airport 1988

Linthicum, MD

BWI Airport 1982

Linthicum, MD

BWI Airport 1999

Annapolis

Junction, MD

BWI Airport 1998

Annapolis

Junction, MD

BWI Airport 1997

BWI Airport 1990

Annapolis

Junction, MD

BWI Airport 1996

Linthicum, MD

BWI Airport 1990

Hanover, MD

BWI Airport 1985

Hanover, MD

BWI Airport 1986

Linthicum, MD

BWI Airport 1988

Linthicum, MD

BWI Airport 1987

Linthicum, MD

BWI Airport 1990

Annapolis

Junction, MD

BWI Airport 1988

1099 Winterson Road

1190 Winterson Road


849 International Drive



7467 Ridge Road


7240 Parkway Drive




1199 Winterson Road







3/149

Linthicum, MD

BWI Airport 1985

Linthicum, MD

BWI Airport 1985

Linthicum, MD

BWI Airport 2000

Linthicum, MD

BWI Airport 1991/1996

Hanover, MD

BWI Airport 1984

Hanover, MD

BWI Airport 1984

Linthicum, MD

BWI Airport 1983

Hanover, MD

BWI Airport 1984

Linthicum, MD

BWI Airport 1986

Linthicum, MD

BWI Airport 1988

Linthicum, MD

BWI Airport 1986

Linthicum, MD

BWI Airport 1983

Linthicum, MD

BWI Airport 1983

Linthicum, MD

BWI Airport 1984

Linthicum, MD

BWI Airport 2007

AnnapolisJunction, MD

BWI Airport 1989

Hanover, MD

BWI Airport 1989

Hanover, MD

BWI Airport 1989

Hanover, MD

BWI Airport 2009

BWI Airport 2007

5520 Research Park Drive

302 Sentinel Drive

1340 Ashton Road

1334 Ashton Road

1331 Ashton Road

5522 Research Park Drive







999 Corporate Boulevard

7272 Park Circle Drive

7318 Parkway Drive


7320 Parkway Drive



1201 Winterson Road


4/149

Catonsville,

MD

BWI Airport 1989

Hanover, MD

BWI Airport 1989

Hanover, MD

BWI Airport 1989

Hanover, MD

BWI Airport 1989

Hanover, MD

BWI Airport 2006

Hanover, MD

BWI Airport 2002

AnnapolisJunction, MD

BWI Airport 2008

Annapolis

Junction, MD

BWI Airport 1988

Hanover, MD

Howard

County 1973/1999

Columbia, MD Perimeter

Howard

County 1974/1985


Howard

County 1986


Howard

County 1999


Howard

County 2009


Howard

County 2002


Howard

County 2006-2007


Howard

County 1999


Howard

County 1998

6721 Columbia Gateway Drive





314 Sentinel Way

1348 Ashton Road


Old Annapolis Road

7200 Riverwood Drive


1344 Ashton Road

1341 Ashton Road

1343 Ashton Road

1362 Mellon Road


1350 Dorsey Road


5/149


Howard

County 2005-2006


Howard

County 2001


Howard

County 2001


Howard

County 1988


Howard

County 1992

Columbia, MD PerimeterHoward

County 2000


Howard

County 1999


Howard

County 2002


Howard

County 1990


Howard

County 2002

Howard

County 1982/2005


Howard

County 1989


Howard

County 1994


Howard

County 1983


Howard

County 2000


Howard

County 1986/2001


Howard

County 1988

9140 Guilford Road


9720 Patuxent Woods Drive

6708 Alexander Bell Drive

8671 Robert Fulton Drive


9020 Mendenhall Court









7015 Albert Einstein Drive



6/149


Howard

County 2000


Howard

County 1986/2001


Howard

County 1990


Howard

County 1984


Howard

County 2000

Columbia, MD PerimeterHoward

County 1991


Howard

County 1991


Howard

County 1986/2001


Howard

County 1986/2001


Howard

County 2000


Howard

County 2000


Howard

County 2001


HowardCounty 1990


Howard

County 1984


Howard

County 1988/2001


Howard

County 1988/2001


10280 Old Columbia Road







9150 Guilford Drive


9160 Guilford Road








7/149

Howard

County 1986/2001


Howard

County 1984


Howard

County 1988/2001


Howard

County 2008


Annapolis 2000

Annapolis, MD

Dulles South 1989

Chantilly, VA

Dulles South 2006

Chantilly, VA

Dulles South 2000

Chantilly, VA

Dulles South 1997

Chantilly, VA

Dulles South 1999

Chantilly, VA

Dulles South 1999

Chantilly, VA

Dulles South 2004

Chantilly, VA

Dulles South 2000

Chantilly, VA

Dulles South 2000

Chantilly, VA

Herndon 2002

Herndon, VA

Herndon 1982

Herndon, VA

14840 Conference Center Drive

13200 Woodland Park Drive

2900 Towerview Road

Northern Virginia:






14280 Park Meadow Drive

4851 Stonecroft Boulevard


2500 Riva Road

Subtotal/Average


9130 Guilford Drive




8/149

Herndon 1998

Herndon, VA

Herndon 1998

Herndon, VA

Tysons Corner 1989/1995

McLean, VA

Tysons Corner 1976/2004

McLean, VA

North Silver

Spring 1969/1989

Silver Spring,

MD

Gaithersburg 2000

Gaithersburg,

MD

Frederick 1987/1999

Frederick, MD

Rockville 1987

Rockville, MD

Rockville 1986

Rockville, MD

St. Mary's

County 1984/1997

Lexington

Park, MD

St. Mary's

County 2002

Lexington

Park, MD

St. Mary's

County 2000

Lexington

Park, MD

St. Mary's

County 2005-2006

Lexington

Park, MD

St. Mary's

County 1997

California,

MD

St. Mary's

County 199822299 Exploration Drive

St. Mary's & King George Counties:

22309 Exploration Drive

46579 Expedition Drive


46591 Expedition Drive

44425 Pecan Court

Subtotal/Average

Suburban Maryland

11800 Tech Road

400 Professional Drive

110 Thomas Johnson Drive

45 West Gude Drive

15 West Gude Drive

1753 Pinnacle Drive

Subtotal/Average

13454 Sunrise Valley Road

13450 Sunrise Valley Road

1751 Pinnacle Drive


9/149

Lexington

Park, MD

St. Mary's

County 1986

California,

MD

St. Mary's

County 1984

California,

MD

St. Mary's

County 1997

Lexington

Park, MD

St. Mary's

County 1989

California,

MD

St. Mary's

County 1986

California,

MDSt. Mary's

County 1989

California,

MD

King George 2000

Dahlgren, VA County

King George 1996

King George,

VA County

King George 1990

King George,

VA County

King George 2002

Dahlgren, VA County

King George 2002

Dahlgren, VA County

King George 2002

Dahlgren, VA County

Hunt

Valley/Rte 83 1984/1994

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1985

11311 McCormick Road

10150 York Road

Subtotal/Average

Greater Baltimore:

16539 Commerce Drive




44408 Pecan Court

23535 Cottonwood Parkway


44417 Pecan Court

44414 Pecan Court

44420 Pecan Court




10/149

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1988

Timonium, MD Corridor

Hunt

Valley/Rte 83 1987

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1986

Timonium, MD Corridor

Hunt

Valley/Rte 83 1980

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1982

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1974

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1988/2001

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1978/1997

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1978/1997

Hunt Valley,

MD Corridor

Hunt

Valley/Rte 83 1976

Hunt Valley,

MD Corridor

Baltimore

County 1972

Woodlawn,

MD Westside

Baltimore

County 1986

Baltimore

County 1981/1995

Woodlawn,

MD Westside

Baltimore

County 1985

Woodlawn,

MD Westside

21 Governor's Court

7125 Ambassador Road

7152 Windsor Boulevard

201 International Circle


216 Schilling Circle





9690 Deereco Road

200 International Circle

375 W. Padonia Road



11/149

Baltimore

County 1988

Woodlawn,

MD Westside

Baltimore

County 1981

Woodlawn,

MD Westside

Baltimore

County 1981

Woodlawn,

MD Westside

Baltimore

County 1985

Woodlawn,

MD Westside

Baltimore

County 1985

Woodlawn,

MD Westside

Baltimore

County 1988Woodlawn,

MD Westside

Baltimore

County 1988

Woodlawn,

MD Westside

Baltimore

County 1988

Woodlawn,

MD Westside

Baltimore

County 1985

Woodlawn,

MD Westside

Towson 1984

Towson, MD

Towson 1968/2001

Towson, MD

Towson 1952/1989

Towson, MD

Towson 1971

Towson, MD

Baltimore 2006

Baltimore, MD

White Marsh 1997

White Marsh,

MD

White Marsh 2003

White Marsh,

MD

White Marsh 2001

White Marsh,

MD

White Marsh 1988/2004

8140 Corporate Drive



502 Washington Avenue

102 West Pennsylvania Avenue

100 West Pennsylvania Avenue

109-111 Allegheny Avenue

1501 South Clinton Street

10001 Franklin Square Drive








17 Governor's Court

15 Governor's Court


12/149

White Marsh,

MD

White Marsh 1996

White Marsh,

MD

White Marsh 2005

White Marsh,MD

White Marsh 1997

White Marsh,

MD

White Marsh 1998

White Marsh,

MD

White Marsh 1985

White Marsh,

MD

White Marsh 1990

White Marsh,

MD

White Marsh 1998

White Marsh,

MD

White Marsh 1983

White Marsh 1986

White Marsh,

MD

White Marsh 1986-1988

White Marsh,

MD

White Marsh 2006

White Marsh,

MD

White Marsh 1995

White Marsh,

MD

White Marsh 2001

White Marsh,

MD

White Marsh 1998

White Marsh,

MD

White Marsh 2005

White Marsh,

MD

White Marsh 2002

White Marsh,MD

White Marsh 1990

White Marsh,

MD

White Marsh 1999

White Marsh,

MD


White Marsh,

MD

White Marsh 2000

White Marsh,

MD

5325 Nottingham Ridge Road



5024 Campbell Boulevard



4969 Mercantile Road




8615 Ridgely's Choice Drive

8094 Sandpiper Circle

4979 Mercantile Road





7941-7949 Corporate Drive




13/149


White Marsh,

MD

White Marsh 1984

White Marsh,

MD

White Marsh 1988White Marsh,

MD


White Marsh,

MD

White Marsh 1990

White Marsh,

MD

White Marsh 1988/2004

White Marsh,

MD

White Marsh 1985

White Marsh,MD

White Marsh 1999

White Marsh,

MD

White Marsh 1990

White Marsh,

MD

White Marsh 1990

White Marsh,

MD

Colorado

Springs 2008

Colorado

Springs, CO East

Colorado

Springs 2008

Colorado

Springs, CO East

Colorado

Springs 1989

Colorado

Springs, CO East

Colorado

Springs 2009

Colorado

Springs, CO East

Colorado

Springs 1986-1987

Colorado

Springs, CO East

Colorado

Springs 2007-20081055 North Newport Road

565 Space Center Drive

1670 North Newport Road

Colorado Springs:

3535 Northrop Grumman Point






7939 Honeygo Boulevard

8133 Perry Hall Boulevard




7923 Honeygo Boulevard



14/149

Colorado

Springs, CO East

Colorado

Springs 2006

Colorado

Springs, CO East

Colorado

Springs 1985

Colorado

Springs, CO East

Colorado

Springs 1985

Colorado

Springs, CO East

Colorado

Springs 1995

ColoradoSprings, CO East

Colorado

Springs 1967

Colorado

Springs, CO East

I-25 North

Corridor 2009

Colorado

Springs, CO

I-25 North

Corridor 2001

ColoradoSprings, CO

I-25 North

Corridor 2001

Colorado

Springs, CO

I-25 North

Corridor 2009

Colorado

Springs, CO

I-25 North

Corridor 2006

Colorado

Springs, CO

I-25 North

Corridor 1983/2007

Colorado

Springs, CO

I-25 North

Corridor 2008

Colorado

Springs, CO

Colorado

Springs 1984

10807 New Allegiance Drive

12515 Academy Ridge View

9965 Federal Drive

9925 Federal Drive

5775 Mark Dabling Boulevard


1915 Aerotech Drive

1925 Aerotech Drive

980 Technology Court

525 Babcock Road

9945 Federal Drive

9950 Federal Drive

9960 Federal Drive


15/149

Colorado

Springs, CO Northwest

Colorado

Springs 1984

Colorado


Colorado

Springs 1989

Colorado


San Antonio 1982/1985

San Antonio,

TX

San Antonio 2007

San Antonio,

TX

San Antonio 2009

San Antonio,

TX


San Antonio,

TX


San Antonio,

TX

Blue Bell 1960/92-94

Blue Bell, PA

Blue Bell 1970/1996

Blue Bell, PABlue Bell 1966/1991

Blue Bell, PA

Exit

8ACranbury 1958/1998

Dayton, NJ

Exit

8ACranbury 1962/1996

Dayton, NJ

431 Ridge Road

437 Ridge Road

Blue Bell/Philadelphia:

753 Jolly Road

785 Jolly Road

751 Jolly Road

Subtotal/Average

San Antonio, Texas:

7700 Potranco Road

7700-1 Potranco Road

7700-5 Potranco Road

1560 A Cable Ranch Road

1560 B Cable Ranch Road


Subtotal/Average



16/149

Richmond 2007

Chester, VA Southwest

Southwest

Virginia 2007

Lebanon, VA

Fort Ritchie 1990/2007

Cascade, MD

Fort Ritchie 1993/2008

Cascade, MD

Fort Ritchie 1953

Cascade, MD

Fort Ritchie 2009

Cascade, MD

Atlanta,

GA 1700

Century

Circle Office Atlanta1800

Century

Boulevard Office Atlanta1825

Century

Center Office Atlanta1875

Century

Boulevard Office Atlanta1900

Century

Boulevard Office Atlanta

2200Century

Parkway Office Atlanta2400

Century

Center Office Atlanta

Total/Average

14316 Lake Royer Drive

24949 Lake Wastler Drive

Subtotal/Average

11751 Meadowville Lane

201 Technology Park Drive

14303 Lake Royer Drive

14310 Castle Drive

Subtotal/Average

Other:


17/149

2500

Century

Center Office Atlanta2500/2635

Parking

Garage Office Atlanta

2600Century


Century


Century

Parkway Office Atlanta

50

Glenlake Office Atlanta -16348

NortheastExpresswa

y Industrial Atlanta6438

Northeast

Expresswa

y Industrial Atlanta

Bluegrass

Lakes I Industrial Atlanta

Bluegrass

Place I Industrial Atlanta

Bluegrass

Place II Industrial Atlanta

Bluegrass

Valley Industrial AtlantaBluegrass

Valley

Land Industrial Atlanta

Century

Plaza I Office Atlanta

Century

Plaza II Office Atlanta

Chastain


Chastain

Place II Industrial AtlantaChastain

Place III Industrial Atlanta

Corporate

Lakes Industrial Atlanta

DHS.ICE Office Atlanta

FAA at

Tradeport Office Atlanta -2


18/149

Gwinnett

Distributio

n Center Industrial AtlantaHenry

County

Land Industrial Atlanta

Highwoods

Center I at


Highwoods

Center II at

Tradeport Office Atlanta -1Highwoods

Center III

at


Nat ona

Archives

and

Records

Administra

tion Office Atlanta

Newpoint


Newpoint

Place II Industrial Atlanta

Newpoint

Place III Industrial Atlanta

Newpoint

Place IV Industrial Atlanta

Newpoint

Place V Industrial Atlanta

Norcross I

& II Industrial Atlanta

Nortel Office Atlanta

RiverPoint Land Industrial Atlanta

South Park

Residential

Land

Multi-

Family Atlanta

South Park

Site Land Industrial Atlanta

Industrial Atlanta

Highwoods

Riverpoint

IV


19/149

Southside

Distributio

n Center Industrial Atlanta

Tradeport

I Industrial Atlanta

Tradeport

II Industrial AtlantaTradeport

III Industrial Atlanta

Tradeport

IV Industrial Atlanta

Tradeport

Land Office Atlanta

Tradeport

V Industrial Atlanta

Two Point

Royal Office Atlanta -1

Baltimore,MD

Sportsman

Club Land Office Baltimore

Greenville,

SC

Brookfield

Plaza Office GreenvilleBrookfield-

Jacobs-

Sirrine Office Greenville

MetLife @

Brookfield Office Greenville

Patewood I Office Greenville

Patewood

II Office Greenville

Patewood

III Office Greenville

Patewood

IV Office Greenville

Patewood

V Office Greenville

Patewood

VI Office Greenville

Kansas

City, MO

Country

Club Plaza Mixed-Use

Kansas

CityCorinth

Shops

South Retail

Kansas

City


20/149

Corinth

Square

North

Shops Retail

Kansas

City

Fairway

Shops Retail

Kansas

City

Land -

Hotel Land

- Valencia Office

Kansas

City

Neptune

Apartments

Multi-

Family

Kansas

City 5,862

One Ward

Parkway Office

Kansas

City

Park Plaza Office

Kansas

City -3Prairie

VillageRest &

Bank Retail

Kansas

CityPrairie

Village

Shops Retail

Kansas

City

Somerset Industrial

Kansas

City

Two Brush

Creek Office

Kansas

CityValencia

Place

Office Office

Kansas

City -3

Memphis,

TN 3400

Players

Club

Parkway Office Memphis

6000

Poplar Ave Office Memphis

6060Poplar Ave Office Memphis

Atrium I &

II Office Memphis

Centrum Office MemphisComcast

Corporatio

n Office Memphis


21/149

GSA-

Jackson,

MS Office

Jackson,

MS -2

Internation

al

Place II

Penn Marc Office Memphis 8,010

Shadow

Creek I Office Memphis

Shadow

Creek II Office MemphisSouthwind

Office

Center A Office MemphisSouthwind

Office

Center B Office Memphis

SouthwindOffice

Center C Office MemphisSouthwind

Office

Center D Office Memphis

The

Colonnade Office Memphis

ThyssenKr

upp Office Memphis

Triad

Center Office Memphis

Nashville,

TN

3322 West

End Office Nashville

3401 West

End Office Nashville5310

Maryland

Way Office NashvilleBNA

Corporate

Center Office NashvilleCentury

City

Plaza ICool

Springs 1

& 2 Deck Office Nashville -5

Office Memphis -4

Office Nashville


22/149

Cool

Springs 3

&4 Deck Office Nashville

Cool

Springs I Office Nashville -5

CoolSprings II Office Nashville -5

Cool

Springs III Office Nashville -5

Cool

Springs IV Office Nashville

Cool

Springs V Office NashvilleHarpeth on

the Green

II Office Nashville -1Harpeth on

the GreenIII Office Nashville -1Harpeth on

the Green

IV Office Nashville -1Harpeth on

The Green

V Office Nashville -1

Hickory

Trace Office Nashville -4

Highwoods

Plaza I Office Nashville -1

Highwoods

Plaza II Office Nashville -1Lakeview

Ridge II Office Nashville -1

Lakeview

Ridge III Office Nashville -1Seven

Springs -

Land II Office NashvilleSeven

Springs -

Land I Office Nashville

Seven

Springs I Office NashvilleSouthPoint

e Office Nashville

Southwind

Land Office Nashville

Sparrow

Building Office Nashville


23/149

The

Ramparts

at

Brentwood Office Nashville

Westwood

South Office Nashville -1Winners

Circle Office Nashville -1

Orlando,

FL Berkshire

at Metro

Center Office Orlando

Capital

Plaza III Mixed-Use Orlando

Eola Park

Land Office OrlandoIn Charge

Institute Office Orlando

MetroWest

1 Land Office Orlando

Metrowest


MetroWest

Land Office OrlandoWindsor at

Metro


Piedmont

Triad, NC

101

Stratford Office

Piedmont

Triad

150

Stratford Office

Piedmont

Triad160

Stratford -

Land Office

Piedmont

Triad

6348 Burnt

Poplar Industrial

Piedmont

Triad

6350 BurntPoplar Industrial

PiedmontTriad

7341 West

Friendly

Avenue Office

Piedmont

Triad7343 West

Friendly

Avenue Office

Piedmont

Triad


24/149

7345 West

Friendly

Avenue Office

Piedmont

Triad7347 West

Friendly

Avenue Office

Piedmont

Triad

7349 WestFriendly

Avenue Office

Piedmont

Triad7351 West

Friendly

Avenue Office

Piedmont

Triad7353 West

Friendly

Avenue Office

Piedmont

Triad7355 West

Friendly

Avenue Office

Piedmont

Triad

AirparkEast-

Building 1 Office

Piedmont

TriadAirpark

East-

Building 2 Office

Piedmont

TriadAirpark

East-

Building 3 Office

Piedmont

Triad

Airpark

East-

Building A Office

Piedmont

Triad

AirparkEast-

Building B Office

Piedmont

TriadAirpark

East-

Building C Office

Piedmont

Triad -4Airpark

East-

Building D Office

Piedmont

Triad -4

Airpark

East-

CopierConsultants Industrial

PiedmontTriad

Airpark

East-

HewlettPac

kard Office

Piedmont

TriadAirpark

East-

Highland Industrial

Piedmont

Triad


25/149

Airpark

East-

Inacom

Building Office

Piedmont

TriadAirpark

East-

ServiceCenter 1 Office

PiedmontTriad

Airpark

East-

Service

Center 2 Office

Piedmont

TriadAirpark

East-

Service

Center 3 Office

Piedmont

TriadAirpark

East-

ServiceCenter 4 Office PiedmontTriadAirpark

East-

Service

Court Office

Piedmont

TriadAirpark

East-

Simplex Office

Piedmont

TriadAirpark

East-

Warehouse

1 Industrial

Piedmont

Triad

Airpark

East-

Warehouse

2 Industrial

Piedmont

TriadAirpark

East-

Warehouse

3 Industrial

Piedmont

TriadAirpark

East-

Warehouse

4 Industrial

Piedmont

TriadAirpark

North -

DC1 Industrial

Piedmont

TriadAirpark

North -

DC2 Industrial

Piedmont

Triad


26/149

Airpark

North -

DC3 Industrial

Piedmont

TriadAirpark

North -

DC4 Industrial

Piedmont

Triad

AirparkSouth

Warehouse

1 Industrial

Piedmont

TriadAirpark

South

Warehouse

2 Industrial

Piedmont

TriadAirpark

South

Warehouse

3 Industrial

Piedmont

TriadAirpark

South

Warehouse

4 Industrial

Piedmont

TriadAirpark

South

Warehouse

6 Industrial

Piedmont

Triad

Airpark

West 1 Office

Piedmont

Triad

Airpark

West 2 Office

Piedmont

Triad

Airpark

West 4 Office

Piedmont

TriadAirpark

West 5 Office

Piedmont

Triad

Airpark

West 6 Office

Piedmont

TriadBrigham

Road -

Land Industrial

Piedmont

Triad

Chimney

Rock A/B Industrial

Piedmont

Triad

Chimney

Rock C Industrial

Piedmont

Triad

ChimneyRock D Industrial

PiedmontTriad

Chimney

Rock E Industrial

Piedmont

Triad

Chimney

Rock F Industrial

Piedmont

Triad

Chimney

Rock G Industrial

Piedmont

Triad


27/149

Consolidat

ed Center/

Building I Office

Piedmont

Triad

Consolidat

ed Center/Building II Office

PiedmontTriad

Consolidat

ed Center/

Building

III Office

Piedmont

Triad

Consolidat

ed Center/

Building

IV Office

Piedmont

Triad

Deep River

Corporate

Center Office

Piedmont

TriadEnterprise

Warehouse

I Industrial

Piedmont

TriadEnterprise

Warehouse

II Industrial

Piedmont

TriadEnterprise

Warehouse

III Office

Piedmont

TriadForsyth

Corporate

Center Office

Piedmont

Triad

hhgregg Retail

Piedmont

TriadHighwoods

Park

Building I Office

Piedmont

TriadHighwoods

Square

CVS Retail

Piedmont

Triad

HighwoodsSquare

Shops Retail

Piedmont

Triad

Jefferson

Pilot Land Office

Piedmont

TriadMadison

Park -

Building

5620 Office

Piedmont

Triad


28/149

Madison

Park -

Building

5630 Office

Piedmont

TriadMadison

Park -

Building5635 Office

PiedmontTriad

Madison

Park -

Building

5640 Office

Piedmont

TriadMadison

Park -

Building

5650 Office

Piedmont

TriadMadison

Park -

Building5655 Office PiedmontTriadMadison

Park -

Building

5660 Office

Piedmont

TriadMadison

Parking

Deck Office

Piedmont

TriadRegency

One-

Piedmont

Center Industrial

Piedmont

Triad

RegencyTwo-

Piedmont

Center Industrial

Piedmont

Triad

7023

Albert Pick Office

Piedmont

Triad -1

The

Knollwood

-380 Retail Office

Piedmont

TriadThe

Knollwood-370 Office

PiedmontTriad

The

Knollwood-

380 Office

Piedmont

Triad

US

Airways Office

Piedmont

Triad


29/149

Westpoint

Business

Park-

Luwabahns

on Office

Piedmont

Triad

Raleigh,NC 3600

Glenwood

Avenue Office Raleigh3737

Glenwood

Avenue Office Raleigh4101

Research

Commons Office Raleigh4201

ResearchCommons Office Raleigh4301

Research


Research


Research

Commons Office Raleigh

4800 North

Park Office Raleigh

4900 North

Park Office Raleigh 533

5000 North

Park Office Raleigh801

Corporate

Center Office Raleigh -5

Blue Ridge

I Office Raleigh -1

Blue Ridge

II Office Raleigh -1

Cape Fear Office Raleigh

Catawba Office RaleighCentreGree

n Five Office Raleigh

CentreGree

n Four Office Raleigh -4CentreGree

n One -

Weston Office Raleigh -4


30/149

CentreGree

n Three

Land -

Weston Office RaleighCentreGree

n Two -

Weston Office Raleigh -4Cottonwoo

d Office Raleigh

Dogwood Office Raleigh

EPA Office Raleigh

GlenLake

Land Office Raleigh

GlenLake

Bldg I Office Raleigh -4

GlenLake

Four Office Raleigh -5

GlenLake

Six Office RaleighHealthsour

ce Office Raleigh -5Highwoods

Centre-

Weston Office Raleigh -1

Highwoods

Office

Center

North Land Office Raleigh

Highwoods

Tower One Office Raleigh

Highwoods

Tower Two Office RaleighHoliday

Inn

Reservatio

ns Center Office RaleighInveresk

Land

Parcel 2 Office RaleighInveresk

LandParcel 3 Office Raleigh

Maplewoo

d Office Raleigh -1

Overlook Office Raleigh

Pamlico Office RaleighParkWest

One -

Weston Office Raleigh


31/149

ParkWest

Three -

Land -

Weston Office RaleighParkWest

Two -

Weston Office Raleigh

Progress

Center

Renovation Office RaleighRaleigh

Corp

Center Lot

D Office Raleigh

RBC Plaza Mixed-Use Raleigh 47,108

RexwoodsCenter I Office Raleigh

Rexwoods

Center II

Rexwoods

Center III

Rexwoods

Center IV

Rexwoods

Center V

Riverbirch Office Raleigh

Situs I Office Raleigh

Situs II Office Raleigh

Situs III Office RaleighSix Forks

Center I Office Raleigh

Six Forks

Center II Office Raleigh

Six Forks

Center III

Smoketree

Tower Office Raleigh

Sycamore Office Raleigh

Weston

Land Mixed-Use Raleigh

WillowOak Office Raleigh

Other

Property Other Raleigh

Richmond,

VA

4900 Cox

Road Office Richmond

Office Raleigh

Office Raleigh

Office Raleigh

Office Raleigh

Office Raleigh


32/149

Colonnade

Building Office Richmond -4

Dominion

Place -

Pitts Parcel Office Richmond

EssexPlaza Office Richmond 10,980

Grove Park

I Office Richmond

Hamilton

Beach Office Richmond

Highwoods

Commons Office Richmond

Highwoods

Five Office Richmond

Highwoods

One Office RichmondHighwoods

Plaza Office Richmond

Highwoods

Two Office Richmond -4

Innsbrooke

Centre Office Richmond 5,202

Innslake

Center Office Richmond -1

Liberty

Mutual Office Richmond

Markel

American Office Richmond 8,656

Markel

Plaza Office Richmond 10,980

North Park Office RichmondNorth

Shore

Commons

A Office Richmond -4North

Shore

Commons

B - Land Office Richmond -4North

ShoreCommons

C - Land Office RichmondNorth

Shore

Commons

D - Land Office Richmond


33/149

Nucklos

Corner

Land Office RichmondOne

Shockoe

Plaza Office Richmond

PavilionLand Office Richmond

Rhodia

Building Office Richmond

Sadler &

Cox Land Office RichmondSaxon

Capital

Building Office Richmond -4

Stony Point

F Land Office Richmond

Stony PointI Office Richmond -4

Stony Point

II Office Richmond

Stony Point

III Office Richmond -4

Stony Point

IV Office Richmond

Technolog

y Park 1 Office Richmond

Technolog

y Park 2 Office Richmond

Vantage

Place A Office Richmond -4Vantage

Place B Office Richmond -4

Vantage

Place C Office Richmond -4

Vantage

Place D Office Richmond -4

Vantage

Pointe Office Richmond -4

Virginia

Mutual Office Richmond

Waterfront

Plaza Office RichmondWest Shore

I Office Richmond -1

West Shore

II Office Richmond -1

West Shore

III Office Richmond -1


34/149

South

Florida The 1800

Eller Drive

Building Office

South

Florida

Tampa,380 Park

Place Office Tampa

4200

Cypress Office Tampa

Anchor

Glass Office Tampa

Avion Park

Land Office Tampa

Bayshore Office Tampa

FBI Field

Office Office Tampa -5Feathersou

nd

Corporate

Center II Office Tampa

Harborvie

w Plaza Office Tampa 21,929

Highwoods

Preserve I Office Tampa -5Highwoods

Preserve

Land Office Tampa

Highwoods

Preserve V Office Tampa -5

HIW Bay

Center I Office Tampa

HIW Bay

Center II Office Tampa

HIW

Preserve

VII Office TampaHIW

Preserve

VII Garage Office TampaHorizon Office Tampa

LakePointe

I Office Tampa

LakePointe

II Office Tampa

Lakeside Office Tampa


35/149

Lakeside/P

arkside

Garage Office TampaOne

Harbour

Place Office Tampa

Parkside Office TampaPavilion Office TampaPavilion

Parking

Garage Office Tampa

Spectrum Office Tampa

Tower

Place Office Tampa -5Westshore

Square Office Tampa


36/149

240,336 100 % $ 7,725,913

45,422 100 % 1,385,371

162,647 100 % 4,767,015

155,883 100 % 4,678,071

156,730 100 % 5,093,751

152,196 100 % 4,582,120

125,681 100 % 4,469,570

125,681 100 % 5,635,731

125,568 100 % 4,311,377

119,904 100 % 5,804,741

118,598 100 % 3,688,454

118,093 100 % 3,689,934

117,450 100 % 3,628,431

162,101 100 % 3,278,953

116,190 79.5 % 2,183,798

5,627 100 % 202,038


37/149

99,524 100 % 2,248,501

103,683 100 % 3,261,096

101,792 82.8 % 2,335,606

100,824 100 % 2,672,252

96,636 100 % 2,602,169

96,566 100 % 1,872,487

93,482 100 % 2,642,695

87,422 100 % 2,875,863

87,401 100 % 2,699,287

87,206 100 % 2,768,867

84,053 79.2 % 1,739,739

74,136 77.6 % 1,320,994

74,153 97.6 % 1,570,548

73,572 100 % 1,750,880

70,583 29.3 % 509,762

68,899 93.5 % 1,880,134

69,336 100 % 2,083,063

68,768 87.8 % 1,636,024


38/149

68,296 100 % 1,573,540

67,903 100 % 1,398,271

66,889 91.7 % 1,882,720

59,888 74.3 % 1,012,397

59,204 100 % 1,176,733

57,955 91 % 1,408,078

56,964 0 %

58,035 87.4 % 1,259,498

57,272 40.6 % 548,775

57,379 100 % 1,192,485

57,140 100 % 924,514

54,175 100 % 1,159,577

54,211 86.9 % 900,373

52,988 100 % 1,220,706

155,669 78.9 % 4,002,125

46,400 100 % 910,096

37,317 76 % 673,541

28,998 100 % 547,631

105,363 29.4 % 779,722

23,500 100 % 880,774


39/149

19,718 47.4 % 208,591

16,964 100 % 507,522

15,947 100 % 340,531

9,962 0 %

43,283 0 %

9,908 100 % 234,860

4,462 100 % 189,404

3,108 100 % 77,430

611,379 89.6 % 8,325,783

171,436 100 % 6,560,854

160,000 100 % 4,319,200

145,806 100 % 1,643,053

131,451 100 % 3,680,628

123,847 85.5 % 3,017,115

123,599 91.7 % 3,249,420

108,822 100 % 2,688,772

112,861 100 % 2,557,127


40/149

86,033 100 % 1,840,876

86,027 84.4 % 1,689,419

76,134 98.3 % 1,972,744

75,555 93.8 % 1,831,175

63,480 100 % 1,788,771

61,984 100 % 1,776,941

61,203 100 % 1,142,415

56,350 100 % 1,143,029

52,131 93.6 % 1,188,477

49,307 100 % 918,532

49,217 88.6 % 634,202

46,460 40.9 % 372,682

47,668 100 % 741,042

41,180 56.1 % 435,781

39,496 100 % 792,394

40,004 12.4 % 49,588

39,203 100 % 910,138


41/149

38,560 100 % 771,683

38,292 100 % 472,141

38,225 100 % 865,965

37,034 100 % 935,214

36,472 100 % 1,010,296

36,440 93 % 879,864

35,812 100 % 656,309

31,220 93 % 698,750

30,485 100 % 532,319

29,910 100 % 691,008

29,162 100 % 562,018

28,420 100 % 762,345

21,991 100 % 455,858

18,592 100 % 393,266

16,195 100 % 289,547

15,910 100 % 258,453


42/149

15,229 28.2 % 91,541

13,700 0 %

10,263 43.3 % 100,787

4,592 0 %

155,000 100 % 2,174,228

8,277,178 91.6 % $ 196,476,879

471,440 100 % $ 12,264,956

223,610 100 % 7,118,976

145,224 100 % 4,882,414

145,706 99.8 % 4,623,631

127,329 99.4 % 3,672,192

114,126 88.3 % 2,899,614

88,094 100 % 2,650,104

69,711 50.6 % 1,184,598

69,710 100 % 2,157,033

404,665 100 % 12,307,717

139,877 100 % 2,290,846


43/149

112,633 72.4 % 2,057,901

53,776 98.5 % 1,388,101

260,469 96.9 % 8,967,936

186,707 100 % 7,008,307

2,613,077 96.6 % $ 75,474,326

228,179 98.6 % $ 4,079,153

129,355 71 % 2,796,539

122,491 87.1 % 2,812,361

108,588 100 % 2,210,784

106,694 100 % 2,621,230

695,307 91.9 % $ 14,520,067

98,860 100 % $ 1,462,393

61,156 100 % 1,363,610

58,676 100 % 1,267,080

59,483 100 % 1,256,313

58,981 91.1 % 1,081,440

58,363 93.8 % 1,334,393


44/149

50,532 100 % 621,234

46,656 100 % 559,465

44,830 100 % 726,078

29,053 100 % 295,894

25,444 100 % 258,390

25,200 100 % 197,378

70,728 100 % 1,271,063

36,053 100 % 704,971

32,076 70.9 % 326,292

25,518 100 % 520,207

22,833 100 % 473,436

17,370 100 % 419,115

821,812 97.8 % $ 14,138,752

216,127 88.8 % $ 4,347,885

178,286 100 % 3,465,488


45/149

134,268 96.2 % 3,484,027

127,196 95.9 % 2,660,966

110,378 99.6 % 1,904,204

98,640 100 % 2,404,889

78,461 84.1 % 1,569,454

57,550 24.7 % 262,996

36,273 77.1 % 606,207

28,747 73.7 % 435,487

27,574 64.3 % 342,504

23,844 89.8 % 409,433

83,435 100 % 938,586

57,855 100 % 968,980

56,383 59.2 % 615,805

50,604 84.9 % 868,270


46/149

30,081 100 % 550,697

14,454 100 % 278,227

14,568 100 % 240,213

11,630 62.2 % 105,096

11,075 100 % 191,417

8,811 86.7 % 137,523

8,879 49.6 % 77,035

8,899 47.2 % 66,528

7,734 45 % 30,004

91,004 83.9 % 3,941,071

48,808 89 % 952,751

18,715 66.9 % 230,760

18,431 45.7 % 147,126

474,237 87.61 % 13,502,085

218,215 24.6 % 456,808

76,149 92.6 % 1,941,111

75,687 100 % 1,666,055

66,000 100 % 1,219,428


47/149

58,287 0 %

56,271 100 % 1,266,300

50,089 0 %

49,478 88.7 % 834,615

51,198 100 % 733,998

50,393 85.5 % 1,010,065

47,680 100 % 832,871

47,132 100 % 848,406

45,806 77.3 % 923,213

43,791 76.3 % 481,386

42,767 85.4 % 859,038

41,810 84.8 % 644,152

39,750 100 % 885,499

38,487 18.9 % 150,027

37,764 62.5 % 513,216

35,678 76.3 % 608,140

30,003 27.6 % 135,034

33,801 100 % 600,516

33,710 100 % 537,650

32,242 81.9 % 548,109


48/149

30,163 0 %

28,206 83.9 % 554,312

27,995 90.1 % 513,343

26,747 74.7 % 340,690

33,274 76.5 % 496,333

25,000 100 % 464,903

23,482 86.2 % 424,381

17,599 100 % 385,976

15,669 100 % 328,663

9,486 100 % 178,449

124,305 100 % $ 2,236,953

103,970 100 % 1,904,884

104,028 88.5 % 2,149,653

1,949 100 % 35,751

67,500 54.7 % 802,933

59,763 100 % 1,214,386


49/149

51,500 100 % 1,375,260

37,946 32.3 % 188,700

37,946 60.1 % 522,267

33,190 100 % 620,019

14,000 100 % 176,182

74,005 0 %

66,222 83.6 % 865,582

46,948 78.3 % 850,082

46,765 100 % 3,197,275

61,372 100 % 1,404,656

74,749 100 % 1,217,594

53,745 90.8 % 575,213

109,678 100 % 1,941,231


50/149

108,976 100 % 2,206,482

105,997 88.1 % 1,968,174

1,384,554 85.8 % $ 25,453,277

508,412 100 % $ 12,327,935

8,674 100 % 286,233

25,056 100 % 197,942

45,935 100 % 776,725

77,040 100 % 1,707,145

665,117 100 % $ 15,295,980

125,637 100 % $ 2,138,423

219,065 100 % 2,615,636

114,000 99.1 % 1,940,354

171,200 100 % $ 2,028,524

30,000 100 % 321,024


51/149

201,200 100 % $ 2,349,548

193,000 100 % $ 5,494,348

102,842 100 % 3,368,232

9,829 86.5 % 145,772

3,014 100 % 45,210

864 0 %

1,521 100 % 22,815

311,070 99.3 % $ 9,076,377

19,100,773 90.7 % $ 426,598,020

$ - $2,482 $ 2 $ (11)

1,443 29,081 1 9,863

864 - 303 15,166

- 8,924 - 2,235

- 4,744 - 917

- 14,432 - 3,444

- - 406 15,656


52/149

- - 328 14,285

- - - 6,242

- 10,679 - 3,829

- 21,643 - 3,001

- 20,449 - 2,925

2,500 20,006 - 2,356

275 1,655 - 189

180 2,216 -1 459

816 - 336 2,850

491 2,061 - 321

412 2,583 - 63

1,500 - 373 3,749

19,711 - -14,810 -

1,290 8,567 - 3,299

1,380 7,733 - 1,410

451 - 341 2,966

599 - 193 1,418

539 - 173 1,305

1,265 7,243 - 1,609

3,100 - 2,576 15,844

1,196 - 1,416 15,142


53/149

1,119 5,960 - 1,555

3,010 - 13 -

307 - 139 2,027

641 - 162 2,815

409 - 130 2,161

-

1,484 - - 17,829

819 - 356 2,788

1,499 - 394 3,660

668 - 253 2,181

989 - 406 4,540

2,150 - 816 9,081

323 2,000 - 698

3,342 32,111 - 352

7,250 - 6,005 876

50 - 7 -

1,204 - 754 -

750 8,458 1,037


54/149

804 4,553 - 2,136

557 - 261 2,595

557 - 261 1,966

673 - 370 2,464

667 - 365 2,853

5,243 - -387 -

463 - 180 2,102

1,793 14,964 - 2,031

24,931 - -23,147 -

1,500 8,514 - 2,177

3,050 17,280 -23 4,538

1,039 - 352 10,564

942 5,117 - 1,348

942 5,176 - 1,349

841 4,776 1 1,981

1,219 6,918 - 2,086

1,690 9,589 - 2,500

2,360 - 321 7,760

14,286 146,879 -198 114,936

1,043 4,447 -1,043 -4,447


55/149


56/149

871 296 35,550

3,607 12,200 - 1,083

924 - 467 6,961

734 - 467 7,550

1,004 5,694 - 1,020

1,366 7,754 - 1,162

1,070 - 221 4,817

744 - 193 4,804

1,300 6,481 267 288

1,040 - 25 8,344

1,253 - 29,966

3,025 27,490 - 3,552

5,864 22,917 -2 5,386

1,863 7,201 - 249

- 18,506 - 8,285

- - - 3,958

3,97727,782 -4,884

903 -2,4366,919 -


57/149

- - - 4,418

1,583 - 15 12,609

1,824 - 346 18,418

1,631 - 804 18,160

1,715 - - 20,015

3,688 - 294 52,402

1,419 5,677 - 1,269

1,660 6,649 - 1,814

1,713 6,842 - 1,421

662 - 197 4,242

1,164 - 164 4,881

1,552 - 308 8,348

1,448 - 306 6,087

605 - 187 4,250

1,073 - 400 10,604

3,715 - -1,025 -

3,122 - 1,399 -

2,076 - 592 13,454

1,655 - 310 6,491

3,662 - -592 -

1,262 5,047 -1,262 -5,047


58/149

2,394 12,806 - 1,994

2,106 - 382 8,553

1,497 7,258 - 972

1,265 - 672 12,793

2,994 - 18 -

2,027 - - -

501 - 95 2,703

1,100 - 51 -

1,354 7,687 269 2,046

2,034 - -148 -

- - 2,060 8,841

1,205 6,916 -1 1,334

2,788 11,511 - 923

966 - 1 120

724 2,900 - 556

340 1,374 1 33

113 841 - 266

72 555 - 191


59/149

66 492 - 159

97 719 - 299

53 393 - 79

106 788 - 146

123 912 - 41

72 538 - 177

378 1,516 1 585

463 1,849 -1 407

322 1,293 - 170

509 2,921 - 1,230

739 3,237 - 889

2,393 9,576 - 3,217

850 - 699 3,871

224 1,068 - 298

465 - 380 963

146 1,081 -1 287


60/149

265 - 270 813

237 1,103 - 82

193 946 - 143

305 1,219 - 156

225 928 - 127

171 777 - 141

271 - 238 910

355 1,613 1 358

373 1,523 1 252

341 1,486 - 497

660 2,676 - 743

860 2,919 - 494

1,302 4,392 - 871


61/149

449 1,517 1 344

451 1,514 - 148

546 - - 2,593

749 - - 2,509

603 - - 2,272

499 - - 2,073

1,733 - - 5,317

944 3,831 - 1,002

887 3,550 - 487

227 907 - 375

243 971 - 251

327 1,309 - 812

7,059 - -3,720 -

1,613 4,045 -487 -1,064

236 592 -69 -86

605 1,514 -233 -272

1,696 4,265 -513 -1,123

1,434 3,608 -436 -1,094

1,045 2,622 -319 -767


62/149

625 2,183 -235 306

625 4,435 -203 -962

680 3,572 -217 -963

376 1,655 -123 -349

1,041 5,892 - 968

453 - 360 2,834

2,733 - 881 12,106

814 - - 3,597

328 1,867 1 1,037

1,823 - -1,823 -

1,476 - - 8,608

1,416 - -1,416 -

1,031 - -1,031 -

11,759 - -4,311 -

942 2,220 -561 -1,164


63/149

1,488 3,507 -873 -2,046

894 2,106 -522 -1,121

1,831 6,531 -1,044 -3,710

1,082 2,551 -668 -1,437

1,947 7,123 -1,144 -4,066

1,912 4,506 -1,177 -2,615

5,755 8,822 -3,007 -5,503

515 - 382 2,329

435 - 288 2,142

834 3,459 - 388

- 1 - 234

1,826 7,495 - 918

2,989 12,028 - 2,909

1,451 11,375 -1 1,011


64/149

347 1,389 - 129

- 10,994 - 2,340

- - 318 14,911

1,348 8,346 220 -1,494

1,204 11,858 - -3,178

900 8,237 - 1,079

1,249 9,387 - 3,046

785 5,856 - 1,786

2,678 17,630 - 8,571

770 1,983 - 602

1,010 4,612 -49 2,280

828 - 272 10,279

722 4,606 - 1,293

462 1,410 - 467

131 1,630 - 755

125 1,635 - 2,384

1,280 - 69 12,328

1,779 - -398 10,579

1,529 - -378 8,554


65/149

1,876 - -384 -

1,653 - -389 8,913

609 3,244 - 1,237

766 2,769 - 523

2,601 - -4 1,660

13,003 - -4,900 -

924 - 1,324 21,814

1,659 - 493 22,038

941 - 16 20,855

1,304 - 540 13,583

531 - -267 7,220

355 49 2 -

203 16,744 - 2,874

365 - 503 20,884

867 2,727 - 1,150

657 - 197 -

548 - 306 -

149 - 107 3,055

398 - 293 9,260

289 - - 12,192

242 - - 3,357


66/149

306 - - -

356 - - 4,192

- - - 362

1,211 - 8 -

1,206 - - 70,629

878 3,730 - 1,252

469 4,038 - 1,750

692 4,646 178 -1,185

718 6,254 181 -1,325

440 4,078 119 -1,008

666 2,665 - 1,364

1,086 4,533 - 1,488

2,353 11,743 - 2,755

255 - 217 4,771

22,771 - -7,169 -

458 - 268 5,154

47 9,496 723 4,667

1,324 5,311 - 2,792

2,110862 4,411 -

- 185 4,988 1,301

3,487586 - -

2,816 - 678 919

617362 1,818 -


67/149


68/149

1,258 - 1 -

- - 356 15,137

181 46 20 -46

1,600 8,864 - 3

1,535 - - -

1,918 - 337 13,556

1,841 - - -

1,384 11,630 59 1,771

1,240 - - 11,371

995 - - 9,667

955 - - 11,644

541 2,166 - 192

264 1,058 - 116

203 811 -1 199

233 931 - 152

235 940 - 251

218 873 - 143

1,089 4,500 -1 873

1,301 6,036 - 615

585 2,347 - 888

332 1,431 - 313

489 2,181 - 415

961 - 141 4,029


69/149

- 9,851 - 2,139

1,502 - 240 6,733

2,673 18,962 - 17

1,281 11,318 - 1,400

5,237 - 1,477

2,276 11,817 - 1,373

4,054 - 406 27,230

802 7,463 - 1,349

3,537 29,944 969 -340

991 - - 26,191

1,485 - 485 -

881 - - 27,256

3,565 - -64 37,374

3,482 - - -

790 - - 12,513

- - - 6,789- 6,257 - 2,490

2,106 89 - 35,804

2,000 15,848 672 10,899

- 7,369 - 1,560


70/149

- - - 3,224

2,016 25,252 - 4,482

- 9,407 - 3,373- 16,394 - 1,921

- - - 5,600

1,454 14,502 - 3,357

3,218 19,898 - 2,381

1,126 5,186 - 442

$500,471 ######### ($43,722) #########


71/149

$ 32.15

30.5

29.31

30.01

32.5

30.11

35.56

44.84

34.33

48.41

31.1

31.25

30.89

20.23

23.63

35.91


72/149

22.59

31.45

27.71

26.5

26.93

19.39

28.27

32.9

30.88

31.75

26.12

22.96

21.7

23.8

24.67

29.19

30.04

27.1


73/149

23.04

20.59

30.69

22.76

19.88

26.69

24.84

23.57

20.78

16.18

21.4

19.12

23.04

32.58

19.61

23.73

18.89

25.15

37.48


74/149

22.33

29.92

21.35

23.7

42.45

24.91

15.2

38.27

27

11.27

28

28.5

28.68

24.71

22.66


75/149

21.4

23.26

26.36

25.83

28.18

28.67

18.67

20.28

24.36

18.63

14.55

19.64

15.55

18.85

20.06

10.01

23.22


76/149

20.01

12.33

22.65

25.25

27.7

25.95

18.33

24.05

17.46

23.1

19.27

26.82

20.73

21.15

17.88

16.24


77/149

21.33

22.68

14.03

$ 25.9

$ 26.02

31.84

33.62

31.81

29.01

28.77

30.08

33.56

30.94

30.41

16.38


78/149

25.22

26.2

35.54

37.54

$ 29.9

$ 18.12

30.46

26.37

20.36

24.57

$ 22.73

$ 14.79

22.3

21.59

21.12

20.13

24.36


79/149

12.29

11.99

16.2

10.18

10.16

7.83

17.97

19.55

14.34

20.39

20.73

24.13

$ 17.59

$ 22.66

19.44


80/149

26.97

21.81

17.32

24.38

23.78

18.5

21.66

20.55

19.32

19.12

11.25

16.75

18.46

20.2


81/149

18.31

19.25

16.49

14.53

17.28

18

17.5

15.86

8.62

51.62

21.93

18.44

17.45

32.5

8.51

27.52

22.01

18.48


82/149

22.5

19.01

14.34

23.45

17.47

18

26.07

14.4

23.51

18.16

22.28

20.65

21.74

22.33

16.3

17.77

15.95

20.76


83/149

23.43

20.36

17.05

19.49

18.6

20.98

21.93

20.98

18.81

$ 18

18.32

23.36

18.34

21.75

20.32


84/149

26.7

15.41

22.89

18.68

12.58

15.64

23.11

68.37

22.89

16.29

11.79

17.7


85/149


86/149

$ 11.68

$ 28.47

32.75

17.14

15

15

$ 29.38

$ 24.63

$ 2 $2,471 $2,473

$

345 1983

1,444 38,944 40,388 15,136 1975

1,167 15,166 16,333 3,606 2002

- 11,159 11,159 3,845 1976

- 5,661 5,661 1,978 1971

- 17,876 17,876 5,979 1971

406 15,656 16,062 6,104 1998


87/149

328 14,285 14,613 2,250 2005

- 6,242 6,242 638 2005

- 14,508 14,508 4,764 1973

- 24,644 24,644 8,461 1980

- 23,374 23,374 7,107 1983

2,500 22,362 24,862 6,729 1997

275 1,844 2,119 626 1978

179 2,675 2,854 858 1981

1,152 2,850 4,002 847 1999

491 2,382 2,873 714 1995

412 2,646 3,058 813 1996

1,873 3,749 5,622 1,640 2000

4,901 - 4,901 - N/A

1,290 11,866 13,156 3,356 1981

1,380 9,143 10,523 2,341 1984

792 2,966 3,758 965 1997

792 1,418 2,210 462 1998

712 1,305 2,017 334 1999

1,265 8,852 10,117 2,689 1988

5,676 15,844 21,520 1,222 2007

2,612 15,142 17,754 448 2009


88/149

1,119 7,515 8,634 2,507 1991

3,023 - 3,023 - N/A

446 2,027 2,473 586 1999

803 2,815 3,618 662 1999

539 2,161 2,700 440 2001

1,484 17,829 19,313 2,574 2004

1,175 2,788 3,963 923 1998

1,893 3,660 5,553 1,319 1999

921 2,181 3,102 810 1998

1,395 4,540 5,935 1,476 2001

2,966 9,081 12,047 994 2007

323 2,698 3,021 822 1970

3,342 32,463 35,805 9,576 1998

13,255 876 14,131 4 N/A

57 - 57 - N/A

1,958 - 1,958 - N/A

10,245 2251,787 8,458 2009


89/149

804 6,689 7,493 1,971 1988

818 2,595 3,413 866 1999

818 1,966 2,784 513 1999

1,043 2,464 3,507 595 1999

1,032 2,853 3,885 566 2001

4,856 - 4,856 - N/A

643 2,102 2,745 443 2002

1,793 16,995 18,788 4,947 1997

1,784 - 1,784 - N/A

1,500 10,691 12,191 3,449 1987

3,027 21,818 24,845 7,282 1990

1,391 10,564 11,955 3,728 2001

942 6,465 7,407 2,468 1985

942 6,525 7,467 2,429 1987

842 6,757 7,599 2,768 1989

1,219 9,004 10,223 3,483 1989

1,690 12,089 13,779 4,258 1990

2,681 7,760 10,441 2,359 1999

14,088 261,815 275,903 75,485 1920-2002

- - - - 1953


90/149

- - - - 1962

- - - - 1940

1,089 - 1,089 - N/A

1,098 6,947 8,045 1,923 1988

681 5,505 6,186 1,492 1980

1,384 8,357 9,741 2,739 1983

- - - - 1948

- - - - 1948

- - - - 1998

984 5,670 6,654 1,504 1983

2,546 34,129 36,675 10,555 1999

1,213 5,218 6,431 1,670 1997

1,491 14,242 15,733 3,659 1985

1,576 10,693 12,269 2,655 1987

1,570 8,484 10,054 2,867 1984

1,013 7,145 8,158 2,314 1979

946 8,622 9,568 573 2008


91/149

1,167 35,550 36,717 274 2007

3,607 13,283 16,890 1,329 2008

1,391 6,961 8,352 1,768 2000

1,201 7,550 8,751 1,983 2001

1,004 6,714 7,718 2,130 1991

1,366 8,916 10,282 3,037 1990

1,291 4,817 6,108 1,327 1998

937 4,804 5,741 1,282 1999

1,567 6,769 8,335 2,070 1998

1,065 8,344 9,409 1,101 2007

1,253 29,966 31,219 123 2009

3,025 31,042 34,067 8,073 1986

5,862 28,303 34,165 10,293 1982

1,863 7,450 9,313 2,494 1994

- 26,791 26,791 9,316 1985

- 3,958 3,958 215 2007

36,6434,884 31,759 198810,995

903 1,6094,483 5,386 1987


92/149

- 4,418 4,418 304 2007

1,598 12,609 14,207 3,698 1999

2,170 18,418 20,588 4,804 1999

2,435 18,160 20,595 2,755 2006

1,715 20,015 21,730 374 2008

3,982 52,402 56,384 3,280 2007

1,419 6,946 8,365 2,313 1984

1,660 8,463 10,123 2,699 1987

1,713 8,263 9,976 2,757 1989

859 4,242 5,101 1,322 1998

1,328 4,881 6,209 973 2001

1,860 8,348 10,208 2,680 1996

1,754 6,087 7,841 2,101 1997

792 4,250 5,042 1,327 1998

1,473 10,604 12,077 4,023 1999

2,690 - 2,690 - N/A

4,521 - 4,521 - N/A

2,668 13,454 16,122 3,834 2002

1,965 6,491 8,456 1,929 1998

3,070 - 3,070 - N/A

- - - - 1982


93/149

2,394 14,800 17,194 3,525 1986

2,488 8,553 11,041 2,300 1999

1,497 8,230 9,727 2,549 1987

1,937 12,793 14,730 1,186 2007

3,012 - 3,012 - N/A

2,027 - 2,027 - N/A

596 2,703 3,299 1,280 2000

1,151 - 1,151 - N/A

1,623 9,733 11,356 3,613 1988

1,886 - 1,886 - N/A

2,060 8,841 10,901 2,359 2002

1,204 8,250 9,454 2,742 1986

2,788 12,434 15,222 4,634 1991

967 120 1,087 11 N/A

724 3,456 4,180 1,455 1990

341 1,407 1,748 526 1992

113 1,107 1,220 426 1988

72 746 818 225 1988


94/149

66 651 717 207 1988

97 1,018 1,115 331 1988

53 472 525 155 1988

106 934 1,040 305 1988

123 953 1,076 338 1988

72 715 787 233 1988

379 2,101 2,480 796 1990

462 2,256 2,718 732 1986

322 1,463 1,785 547 1986

509 4,151 4,660 1,598 1986

739 4,126 4,865 1,609 1988

2,393 12,793 15,186 5,397 1990

1,549 3,871 5,420 1,229 1997

224 1,366 1,590 511 1990

845 963 1,808 354 1996

145 1,368 1,513 420 1990


95/149


96/149

450 1,861 2,311 685 1988

451 1,662 2,113 637 1988

546 2,593 3,139 823 1998

749 2,509 3,258 661 1999

603 2,272 2,875 557 1999

499 2,073 2,572 490 1999

1,733 5,317 7,050 2,194 1999

944 4,833 5,777 1,558 1984

887 4,037 4,924 1,544 1985

227 1,282 1,509 486 1985

243 1,222 1,465 461 1985

327 2,121 2,448 607 1985

3,339 - 3,339 - N/A

1,126 2,981 4,107 1,221 1981

167 506 673 223 1983

372 1,242 1,614 433 1983

1,183 3,142 4,325 1,313 1985

998 2,514 3,512 1,042 1987

726 1,855 2,581 770 1987


97/149


98/149

615 1,461 2,076 936 1983

372 985 1,357 625 1986

787 2,821 3,608 1,759 1985

414 1,114 1,528 738 1984

803 3,057 3,860 2,041 1987

735 1,891 2,626 1,282 1984

2,748 3,319 6,067 2,633 1987

897 2,329 3,226 712 1996

723 2,142 2,865 590 1996

834 3,847 4,681 1,358 1989

- 235 235 126 1995

1,826 8,413 10,239 2,973 1994

2,989 14,937 17,926 5,674 1990

1,450 12,386 13,836 3,684 1970-1987


99/149

347 1,518 1,865 557 1990

- 13,334 13,334 3,603 1986

318 14,911 15,229 4,056 1999

1,568 6,852 8,420 2,096 1999

1,204 8,680 9,884 3,146 1991

900 9,316 10,216 3,468 1989

1,249 12,433 13,682 4,948 1987

785 7,642 8,427 2,640 1985

2,678 26,201 28,879 9,240 1985

770 2,585 3,355 1,113 1984

961 6,892 7,853 2,954 1980

1,100 10,279 11,379 2,439 2002

722 5,899 6,621 2,516 1982

462 1,877 2,339 1,075 1988

131 2,385 2,516 1,969 1979

125 4,019 4,144 2,223 1980

1,349 12,328 13,677 661 2008

1,381 10,579 11,960 2,610 2002

1,151 8,554 9,705 1,754 2000


100/149

1,492 - 1,492 - N/A

1,264 8,913 10,177 2,013 2001

609 4,481 5,090 1,887 1983

766 3,292 4,058 1,326 1983

2,597 1,660 4,257 586 2003

8,103 - 8,103 - N/A

2,248 21,814 24,062 4,611 2002

2,152 22,038 24,190 2,594 2006

957 20,855 21,812 921 2008

1,844 13,583 15,427 4,891 1996

264 7,220 7,484 2,078 1998

357 49 406 27 N/A

203 19,618 19,821 8,976 1991

868 20,884 21,752 4,917 2001

867 3,877 4,744 1,484 1984

854 - 854 - N/A

854 - 854 - N/A

256 3,055 3,311 774 2001

691 9,260 9,951 2,729 1999

289 12,192 12,481 8,273 1980

242 3,357 3,599 720 2001


101/149

306 - 306 - N/A

356 4,192 4,548 1,164 2001

- 362 362 132 2003

1,219 - 1,219 - N/A

1,206 70,629 71,835 2,533 2008

878 4,982 5,860 2,389 1990

469 5,788 6,257 2,510 1987

870 3,461 4,331 1,084 1996

899 4,929 5,828 1,465 1998

559 3,070 3,629 688 2000

666 4,029 4,695 1,621 1982

1,086 6,021 7,107 2,224 1983

2,353 14,498 16,851 5,679 1984

472 4,771 5,243 1,537 1997

15,602 - 15,602 - N/A

726 5,154 5,880 1,754 1995

773 14,163 14,937 6,938 N/A

1,324 8,103 9,427 2,407 1991

7,383 2,391 1987862 6,521

1,501 19981,486 4,988 6,474

4,073 1,244 1995586 3,487

1,504 1992919 3,494 4,413

2,797 1,030 1993362 2,435


102/149

1,364 6,858 8,222 1,392 2003

907 110 1,017 - N/A

1,581 12,849 14,430 4,210 1999

1,032 5,161 6,193 1,562 1997

1,086 6,290 7,376 2,166 1986

967 3,257 4,224 982 1999

783 5,522 6,305 1,808 1998

1,688 9,920 11,608 3,375 1996

1,085 5,842 6,927 1,857 2000

999 5,968 6,967 1,766 1997

1,300 6,544 7,844 925 1987

1,041 5,634 6,675 1,339 2001

1,205 5,609 6,814 1,883 1990

842 8,499 9,341 1,292 1998

1,700 11,601 13,301 1,722 1989

2,149 10,565 12,714 3,697 1989

951 11,480 12,431 3,041 2002

1,964 11,456 13,420 1,017 N/A

1,497 - 1,497 - N/A

1,261 - 1,261 - N/A


103/149

1,259 - 1,259 - N/A

356 15,137 15,493 5,471 1996

201 - 201 - N/A

1,600 8,867 10,467 1,735 1996

1,535 - 1,535 - N/A

2,255 13,556 15,811 2,451 2005

1,841 - 1,841 - N/A

1,443 13,401 14,844 4,058 1990

1,240 11,371 12,611 3,073 1999

995 9,667 10,662 2,633 2002

955 11,644 12,599 1,637 2006

541 2,358 2,899 866 1991

264 1,174 1,438 418 1991

202 1,010 1,212 397 1987

233 1,083 1,316 400 1988

235 1,191 1,426 412 1987

218 1,016 1,234 377 1988

1,088 5,373 6,461 1,945 1990

1,301 6,651 7,952 1,785 1996

585 3,235 3,820 1,157 1988

332 1,744 2,076 589 1995

489 2,596 3,085 872 1995

1,102 4,029 5,131 1,231 1997


104/149

- 11,990 11,990 4,149 1983

1,742 6,733 8,475 1,517 2001

2,673 18,979 21,652 273 1989

1,281 12,718 13,999 4,005 1988

5,237 1,477 6,714 46 N/A

2,276 13,190 15,466 4,185 1990

4,460 27,230 31,690 3,693 2005

802 8,812 9,614 2,858 1986

4,506 29,604 34,110 9,031 2001

991 26,191 27,182 9,398 1999

1,970 - 1,970 - N/A

881 27,256 28,137 7,049 2001

3,501 37,374 40,875 2,890 2007

3,482 - 3,482 - N/A

790 12,513 13,303 842 2007

- 6,789 6,789 495 2007- 8,747 8,747 2,905 1980

2,106 35,893 37,999 10,842 1986

2,672 26,747 29,419 9,673 1999

- 8,929 8,929 2,852 1978


105/149

- 3,224 3,224 416 2004

2,016 29,734 31,750 7,744 1985

- 12,780 12,780 4,554 1979- 18,315 18,315 5,434 1982

- 5,600 5,600 1,428 1999

1,454 17,859 19,313 5,418 1984

3,218 22,279 25,497 7,982 1988

1,126 5,628 6,754 1,627 1976

$456,749 ######### #########

$

782,556


106/149


107/149


108/149


109/149


110/149


111/149


112/149


113/149


114/149


115/149


116/149


117/149


118/149


119/149


120/149


121/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


122/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


123/149

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

N/A

N/A

5-40 yrs.


124/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


125/149

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


126/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


127/149


128/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

N/A

5-40 yrs.

N/A

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


129/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


130/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


131/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


132/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

N/A

5-40 yrs.


133/149


134/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


135/149

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


136/149

N/A

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


137/149

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

N/A


138/149

N/A

5-40 yrs.

N/A

5-40 yrs.

N/A

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


139/149

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs.

N/A

5-40 yrs.

5-40 yrs. 5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


140/149

5-40 yrs.

5-40 yrs.

5-40 yrs. 5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.

5-40 yrs.


141/149

Comparable Office REITS

GOV HIW PDM SLG ARE OFC CLI BXPPrice $27.13 $32.22 $19.44 $55.71 $68.14 $41.46 $35.80 $76.99

Shares 31.3 71.4 170.7 77.8 44.3 58.4 79.2 139.0Market cap $848.0 $2,299.3 $3,318.7 $4,335.8 $3,017.7 $2,420.7 $2,835.0 $10,699.0

Enterprise value $845.2 $3,775.7 $4,766.5 $8,748.9 $5,646.7 $4,449.7 $4,825.1 $15,938.02010 EBTIDA $78.0 $265.6 $343.7 $522.9 $329.0 $265.6 $409.8 $961.5

EV / EBITDA 10.8x 14.2x 13.9x 16.7x 17.2x 16.8x 11.8x 16.6xNet debt / EBITDA n/m 5.6x 4.2x 8.4x 8.0x 7.6x 4.9x 5.4x

Dividend yield 5.9% 5.3% 6.5% 0.7% 2.1% 3.8% 5.0% 2.6%P / 10FFO 10.9x 13.4x 12.2x 13.8x 15.4x 17.4x 12.5x 18.4x

P / 10E n/m 44.4x 36.0x 74.8x 22.3x 25.0x 21.1x 23.5xGovernment tenant % 94.0% 9.0% 12.0% n/m 2.7% 18.6% 1.1% 4.0%

Occupancy rate 99.9% 88.2% 90.1% 93.4% 89.0% 90.7% 90.1% 92.4%Moody's/S&P Ratings NR Ba1/BBB- BBB NR NR NR Baa3/BBB Baa3/A-Total properties 34 381 73 60 156 247 263 146

Total Assets $734.5 $2,887.1 $4,395.3 $10,622.6 $5,457.2 $3,380.0 $4,721.6 $12,348.7Tangible Assets $734.5 $2,887.1 $4,215.2 $10,487.6 $5,457.2 $3,279.4 $4,721.6 $12,348.7

Total Liabilities $28.9 $1,624.2 $1,713.3 $5,873.1 $3,051.1 $2,259.4 $2,578.4 $7,224.0Net tangible / share $22.58 $17.70 $14.66 $59.29 $54.33 $17.47 $27.06 $36.88


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Government Properties Income Trust

Company despcription

Government Properties Income Trust is a real estate company formed to invest in properties that are majority leased to government tenants.

Ownership despcription

HRPT Properties 32%; Perkins Investment 3.4%; Mac-per-Wolf (Janus) 3.4%

EventSpun out of HRPT Properties Trust in June of 2009; on 03/23/10 ammended credit facility to drop Libor floor

Strategy

Company plans on acquiring aggressively stated $50-$400MM of acquistions in 2010. Guidelines for acquisitions are 8%+ cap rate governmen

Capital structure

(US$ in millions)Date 11/9/2014

03/31/10 cash $27.6Libor 0.29%

Cash $27.6Revolver availability $250.0

Liquidity $277.6

Amount Matuirty Coupon Rate Price Yield InterestCredit Facility - $250 $0.0 4/24/2012 L + 300bps 3.29% $0.0Secured debt $0.0 $0.0

Secured debt in Landover MD $24.8 8/1/2016 6.21% 6.21% $1.5Secured debt in Lakewood, CO $11.3 3/1/2021 8.15% 8.15% $0.9Mortgage debt assumed in trxn $36.1 $2.5

Price $27.13Shares 31.3Market capitalization $848.0Net debt -$2.8Enterprise value $845.2

P / 10E FFO per share 10.9xDividend yield 5.9%

Consolidated financials Annual2007 2008 2009 PF Yr 1 PF Yr 2 3/31/2008 6/30/2008

Revenues $73.1 $75.4 $79.0 n/a $18.9Real estate taxes -$7.2 -$8.0 -$8.5 n/a -$2.0Utility expenses -$5.6 -$6.2 -$6.3 n/a -$1.4Operating expenses -$11.1 -$12.2 -$12.2 n/a -$2.8Gross margin $49.1 $49.1 $51.9 $84.0 $122.3 n/a $12.6G&A -$2.9 -$3.0 -$4.2 -$6.0 -$8.0 n/a -$0.7EBITDA $46.2 $46.1 $47.7 $78.0 $114.3 n/a $11.9D&A -$13.8 -$14.2 -$15.2 n/a -$3.5

Acquisition costs $0.0 $0.0 -$1.0 n/a $0.0

Interest, net -$0.3 -$0.1 -$5.5 $0.0 -$22.5 n/a $0.0Net income $32.1 $31.8 $26.0 n/a $8.3

Gross margin 67.2% 65.1% 65.7% 65.7% 65.7%EBITDA margin 63.2% 61.1% 60.4% 63.1%

EPS n/a n/a $1.72 n/aFFO per share $2.80Reported FFO $46.0 $42.2 $78.0 $91.8Reported FFO/share $1.35

Stock based comp $0.0 $0.0 $0.3 $0.0 $0.0 $0.0Adj. EBITDA $46.2 $46.1 $48.0 $78.0 $114.3 $11.9

Free cash flow Annual(US$ and in millions) 2007 2008 2009 PF Yr 1 PF Yr 2 3/31/2008 6/30/2008

Adj. EBITDA $46.2 $46.1 $48.0 $78.0 $114.3 $11.9Capex & acquisitions -$2.0 -$2.4 -$105.2 -$1.1Interest paid -$0.4 -$0.2 -$3.9 -$0.1


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

NAV $845.2Share count 31.3

Todays PF cap rate2010 property net operating income $54.3Total assets $543.5Cap rate 9.99%

Acquistions in 2010 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.02010 property net operating income $54.3 $58.5 $62.8 $67.0 $71.3 $75.5 $79.8Implied cap rate 6.42% 6.93% 7.43% 7.93% 8.44% 8.94% 9.44%Current dividend yield 5.90%

Wells Fargo assigns a 7% to GOV's risk/reward curve; RBC assign a 7.8% to GOV's risk/rewar2010 property net operating income $62.8 $62.8 $62.8 $62.8 $62.8 $62.8 $62.8Cap rates 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% 8.00%NAV $966.1 $930.3 $897.1 $866.1 $837.2 $810.2 $784.9Implied share price $31.00 $29.85 $28.79 $27.80 $26.88 $26.01 $25.20

Wells Fargo assigns a 7% to GOV's risk/reward curve; RBC assign a 7.8% to GOV's risk/rewar2010 property net operating income $75.5 $75.5 $75.5 $75.5 $75.5 $75.5 $75.5Cap rates 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% 8.00%NAV $1,162.2 $1,119.2 $1,079.2 $1,042.0 $1,007.2 $974.8 $944.3Implied share price $37.27 $35.90 $34.62 $33.43 $32.32 $31.28 $30.30


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Property Location(1) Year Rentable

Built(2) Square Feet

201 East Indianola Avenue, Phoenix, AZ(3) 1997 97,145

9797 Aero Drive, San Diego, CA(3) 1994 94,272

4560 Viewridge Drive, San Diego, CA(3)

1996 147,9559174 Sky Park Court, San Diego, CA

(3) 1986 43,918

5045 East Butler Avenue, Fresno, CA(3) 1971 531,976

915 L Street, Sacramento, CA 1988 163,425

9800 Goethe Road, Sacramento, CA 1993 110,500

16194 West 45th

Drive, Golden, CO(3) 1997 43,232

7201 West Mansfield Avenue, Lakewood, CO(3) 1981 71,208



20 Massachusetts Avenue, Washington, DC(3) 2002 339,541

1 Corporate Boulevard, Atlanta, GA(3) 1967 37,554





12 Executive Park Drive, Atlanta, GA(3) 2001 128,3902020 S. Arlington Heights Road, Arlington Heigh 2002 57,770

20400 Century Boulevard, Germantown, MD(3) 1995 80,550

1401 Rockville Pike, Rockville, MD(3) 1986 188,444

4201 Patterson Avenue, Baltimore, MD(3) 1986 84,674

2645 & 2655 Long Lake Road, Roseville, MN(3) 1987 61,426

4241 & 4300 NE 34th

Street, Kansas City, MO(3) 1995 98,073

10-12 Celina Drive, Nashua, NH 1997 321,800130-138 Delaware Avenue, Buffalo, NY

(3) 1994 124,647

110 Centerview Drive, Columbia, SC(3) 1985 71,580

701 Clay Road, Waco, TX(3) 1997 137,782

5600 Columbia Pike, Falls Church, VA(3) 1993 164,746

2420 Stevens Drive, Richland, WA(3) 1995 92,914

2430 Stevens Drive, Richland, WA(3) 1995 47,238


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882 TJ Jackson Drive, Falling Waters, WV(3) 1993 36,818

5353 Yellowstone Road, Cheyenne, WY(3) 1995 122,647

Average Age / Total: 16 states and 21.1 years 3,957,335


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Primary Occupant(s)

Federal Bureau of Investigation

Federal Bureau of Investigation

Drug Enforcement AdministrationCalifornia Department of Water Quality Control Board

California Department of Motor Vehicles

Internal Revenue Service

California Department of Finance

California National Guard

Environmental Protection Agency

Bureau of Reclamation

Bureau of Reclamation

Department of the Interior

Immigration and Customs Enforcement Department of Justice

Centers for Disease Control

Centers for Disease Control

Centers

GOV Model v2

Documents

Transcript of GOV Model v2