Exhibit 99.5
| SCHEDULE III |
CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION |
| Initial Cost (b) | Gross Amounts at Which Carried at December 31, 2008 |
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| Properties |
Location | Land | Buildings and Improvements |
Net Improvements (Retirement) since Acquisition |
Land | Buildings and Improvements |
Total (c) | Accumulated Depreciation at December 31, 2008 |
Year of Construction |
Date of Acquisition |
Net Rentable Square Feet (e) |
Units | Depreciation Life (d) | |||||||||||||||||||||
| Office Buildings |
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| 1901 Pennsylvania Avenue |
Washington, DC | $ | 892,000 | $ | 3,481,000 | $ | 13,588,000 | $ | 892,000 | $ | 17,069,000 | $ | 17,961,000 | $ | 11,409,000 | 1960 | May 1977 | 97,000 | 28 Years | |||||||||||||||
| 51 Monroe Street |
Maryland | $ | 840,000 | $ | 10,869,000 | $ | 18,883,000 | $ | 840,000 | $ | 29,752,000 | $ | 30,592,000 | $ | 19,012,000 | 1975 | Aug 1979 | 212,000 | 41 Years | |||||||||||||||
| 515 King Street |
Virginia | $ | 4,102,000 | $ | 3,931,000 | $ | 4,768,000 | $ | 4,102,000 | $ | 8,699,000 | $ | 12,801,000 | $ | 3,185,000 | 1966 | Jul 1992 | 73,000 | 50 Years | |||||||||||||||
| The Lexington Building |
Maryland | $ | 1,180,000 | $ | 1,262,000 | $ | 2,069,000 | $ | 1,180,000 | $ | 3,331,000 | $ | 4,511,000 | $ | 1,495,000 | 1970 | Nov 1993 | 46,000 | 50 Years | |||||||||||||||
| The Saratoga Building |
Maryland | $ | 1,464,000 | $ | 1,554,000 | $ | 2,752,000 | $ | 1,464,000 | $ | 4,306,000 | $ | 5,770,000 | $ | 2,190,000 | 1977 | Nov 1993 | 58,000 | 50 Years | |||||||||||||||
| Brandywine Center |
Maryland | $ | 718,000 | $ | 735,000 | $ | 1,597,000 | $ | 718,000 | $ | 2,332,000 | $ | 3,050,000 | $ | 1,130,000 | 1969 | Nov 1993 | 36,000 | 50 Years | |||||||||||||||
| 6110 Executive Boulevard |
Maryland | $ | 4,621,000 | $ | 11,926,000 | $ | 9,665,000 | $ | 4,621,000 | $ | 21,591,000 | $ | 26,212,000 | $ | 10,937,000 | 1971 | Jan 1995 | 200,000 | 30 Years | |||||||||||||||
| 1220 19th Street |
Washington, DC | $ | 7,803,000 | $ | 11,366,000 | $ | 3,997,000 | $ | 7,802,000 | $ | 15,364,000 | $ | 23,166,000 | $ | 6,940,000 | 1976 | Nov 1995 | 101,000 | 30 Years | |||||||||||||||
| 1600 Wilson Boulevard |
Virginia | $ | 6,661,000 | $ | 16,742,000 | $ | 10,764,000 | $ | 6,661,000 | $ | 27,506,000 | $ | 34,167,000 | $ | 9,460,000 | 1973 | Oct 1997 | 166,000 | 30 Years | |||||||||||||||
| 7900 Westpark Drive |
Virginia | $ | 12,049,000 | $ | 71,825,000 | $ | 28,993,000 | $ | 12,049,000 | $ | 100,818,000 | $ | 112,867,000 | $ | 36,608,000 | 1972/’86/’99 | Nov 1997 | 525,000 | 30 Years | |||||||||||||||
| 600 Jefferson Plaza |
Maryland | $ | 2,296,000 | $ | 12,188,000 | $ | 3,702,000 | $ | 2,296,000 | $ | 15,890,000 | $ | 18,186,000 | $ | 5,317,000 | 1985 | May 1999 | 113,000 | 30 Years | |||||||||||||||
| 1700 Research Boulevard |
Maryland | $ | 1,847,000 | $ | 11,105,000 | $ | 3,006,000 | $ | 1,847,000 | $ | 14,111,000 | $ | 15,958,000 | $ | 5,142,000 | 1982 | May 1999 | 101,000 | 30 Years | |||||||||||||||
| Parklawn Plaza |
Maryland | $ | 714,000 | $ | 4,053,000 | $ | 1,030,000 | $ | 714,000 | $ | 5,083,000 | $ | 5,797,000 | $ | 1,756,000 | 1986 | Nov 1999 | 40,000 | 30 Years | |||||||||||||||
| Wayne Plaza |
Maryland | $ | 1,564,000 | $ | 6,243,000 | $ | 7,307,000 | $ | 1,564,000 | $ | 13,550,000 | $ | 15,114,000 | $ | 3,496,000 | 1970 | May 2000 | 92,000 | 30 Years | |||||||||||||||
| Courthouse Square |
Virginia | 0 | $ | 17,096,000 | $ | 3,429,000 | 0 | $ | 20,525,000 | $ | 20,525,000 | $ | 6,406,000 | 1979 | Oct 2000 | 113,000 | 30 Years | |||||||||||||||||
| One Central Plaza |
Maryland | $ | 5,480,000 | $ | 39,107,000 | $ | 9,747,000 | $ | 5,480,000 | $ | 48,854,000 | $ | 54,334,000 | $ | 14,391,000 | 1974 | Apr 2001 | 266,000 | 30 Years | |||||||||||||||
| Atrium Building |
Maryland | $ | 3,182,000 | $ | 11,281,000 | $ | 2,257,000 | $ | 3,182,000 | $ | 13,538,000 | $ | 16,720,000 | $ | 3,971,000 | 1980 | July 2002 | 80,000 | 30 Years | |||||||||||||||
| 1776 G Street |
Washington, DC | $ | 31,500,000 | $ | 54,327,000 | $ | 1,877,000 | $ | 31,500,000 | $ | 56,204,000 | $ | 87,704,000 | $ | 12,477,000 | 1979 | Aug 2003 | 263,000 | 30 Years | |||||||||||||||
| Albermarle Point |
Virginia | $ | 1,326,000 | $ | 18,211,000 | $ | 603,000 | $ | 1,326,000 | $ | 18,814,000 | $ | 20,140,000 | $ | 2,603,000 | 2001/03/’05 | July 2005 | 89,000 | 30 Years | |||||||||||||||
| Dulles Station I |
Virginia | $ | 9,467,000 | $ | 1,225,000 | $ | 42,180,000 | $ | 9,467,000 | $ | 43,405,000 | $ | 52,872,000 | $ | 1,364,000 | 2007 | Dec 2005 | 179,000 | 30 Years | |||||||||||||||
| Dulles Station II (f) |
Virginia | $ | 15,001,000 | $ | 494,000 | $ | 2,334,000 | $ | 15,001,000 | $ | 2,828,000 | $ | 17,829,000 | 0 | n/a | Dec 2005 | 0 | n/a | ||||||||||||||||
| West Gude (a) |
Maryland | $ | 11,580,000 | $ | 43,240,000 | $ | 4,804,000 | $ | 11,580,000 | $ | 48,044,000 | $ | 59,624,000 | $ | 4,916,000 | 1984/86/88 | Aug 2006 | 276,000 | 30 Years | |||||||||||||||
| The Crescent (a) |
Maryland | $ | 2,060,000 | $ | 9,451,000 | $ | 303,000 | $ | 2,061,000 | $ | 9,753,000 | $ | 11,814,000 | $ | 880,000 | 1989 | Aug 2006 | 49,000 | 30 Years | |||||||||||||||
| The Ridges (a) |
Maryland | $ | 4,058,000 | $ | 19,207,000 | $ | 406,000 | $ | 4,058,000 | $ | 19,613,000 | $ | 23,671,000 | $ | 1,869,000 | 1990 | Aug 2006 | 104,000 | 30 Years | |||||||||||||||
| 6565 Arlington Boulevard |
Virginia | $ | 5,584,000 | $ | 23,195,000 | $ | 1,397,000 | $ | 5,584,000 | $ | 24,592,000 | $ | 30,176,000 | $ | 2,424,000 | 1967 | Aug 2006 | 140,000 | 30 Years | |||||||||||||||
| Monument II |
Virginia | $ | 10,244,000 | $ | 65,205,000 | $ | 521,000 | $ | 10,244,000 | $ | 65,726,000 | $ | 75,970,000 | $ | 4,804,000 | 2000 | Mar 2007 | 205,000 | 30 Years | |||||||||||||||
| Woodholme Center |
Maryland | $ | 2,194,000 | $ | 16,711,000 | $ | 321,000 | $ | 2,194,000 | $ | 17,032,000 | $ | 19,226,000 | $ | 1,097,000 | 1989 | Jun 2007 | 74,000 | 30 Years | |||||||||||||||
| 2000 M Street |
Washington, DC | 0 | $ | 61,101,000 | $ | 1,743,000 | 0 | $ | 62,844,000 | $ | 62,844,000 | $ | 2,741,000 | 1971 | Dec 2007 | 227,000 | 30 Years | |||||||||||||||||
| 2445 M Street (a) |
Washington, DC | $ | 46,887,000 | $ | 106,743,000 | $ | (7,000 | ) | $ | 46,887,000 | $ | 106,736,000 | $ | 153,623,000 | $ | 189,000 | 1986 | Dec 2008 | 287,000 | 30 Years | ||||||||||||||
| $ | 195,314,000 | $ | 653,874,000 | $ | 184,036,000 | $ | 195,314,000 | $ | 837,910,000 | $ | 1,033,224,000 | $ | 178,209,000 | 4,212,000 | ||||||||||||||||||||
| SCHEDULE III | CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION |
| Initial Cost (b) | Gross Amounts at Which Carried at December 31, 2008 |
||||||||||||||||||||||||||||||||
| Properties |
Location | Land | Buildings and Improvements |
Net Improvements (Retirement) since Acquisition |
Land | Buildings and Improvements |
Total (c) | Accumulated Depreciation at December 31, 2008 |
Year of Construction |
Date of Acquisition |
Net Rentable Square Feet (e) |
Units | Depreciation Life (d) | ||||||||||||||||||||
| Medical Office |
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| Woodburn Medical Park I |
Virginia | $ | 2,563,000 | $ | 12,460,000 | $ | 3,204,000 | $ | 2,563,000 | $ | 15,664,000 | $ | 18,227,000 | $ | 5,121,000 | 1984 | Nov 1998 | 72,000 | 30 Years | ||||||||||||||
| Woodburn Medical Park II |
Virginia | $ | 2,632,000 | $ | 17,574,000 | $ | 2,055,000 | $ | 2,632,000 | $ | 19,629,000 | $ | 22,261,000 | $ | 6,465,000 | 1988 | Nov 1998 | 96,000 | 30 Years | ||||||||||||||
| 8501 Arlington Boulevard (a) |
Virginia | $ | 2,071,000 | $ | 26,317,000 | $ | 274,000 | $ | 2,071,000 | $ | 26,591,000 | $ | 28,662,000 | $ | 5,084,000 | 2000 | Oct 2003 | 92,000 | 30 Years | ||||||||||||||
| 8503 Arlington Boulevard (a) |
Virginia | $ | 1,598,000 | $ | 25,850,000 | $ | 127,000 | $ | 1,598,000 | $ | 25,977,000 | $ | 27,575,000 | $ | 4,910,000 | 2001 | Oct 2003 | 88,000 | 30 Years | ||||||||||||||
| 8505 Arlington Boulevard (a) |
Virginia | $ | 2,819,000 | $ | 19,680,000 | $ | 145,000 | $ | 2,819,000 | $ | 19,825,000 | $ | 22,644,000 | $ | 3,788,000 | 2002 | Oct 2003 | 75,000 | 30 Years | ||||||||||||||
| Shady Grove Medical II (a) |
Maryland | $ | 1,995,000 | $ | 16,601,000 | $ | 55,000 | $ | 1,995,000 | $ | 16,656,000 | $ | 18,651,000 | $ | 2,605,000 | 1999 | Aug 2004 | 66,000 | 30 Years | ||||||||||||||
| 8301 Arlington Boulevard |
Virginia | $ | 1,251,000 | $ | 6,589,000 | $ | 698,000 | $ | 1,251,000 | $ | 7,287,000 | $ | 8,538,000 | $ | 1,247,000 | 1965 | Oct 2004 | 49,000 | 30 Years | ||||||||||||||
| Alexandria Professional Center |
Virginia | $ | 6,783,000 | $ | 19,676,000 | $ | 1,845,000 | $ | 6,783,000 | $ | 21,521,000 | $ | 28,304,000 | $ | 2,122,000 | 1968 | Apr 2006 | 112,000 | 30 Years | ||||||||||||||
| 9707 Medical Center Drive (a) |
Maryland | $ | 3,069,000 | $ | 11,777,000 | $ | 515,000 | $ | 3,069,000 | $ | 12,292,000 | $ | 15,361,000 | $ | 1,333,000 | 1994 | Apr 2006 | 38,000 | 30 Years | ||||||||||||||
| 15001 Shady Grove Road |
Maryland | $ | 4,094,000 | $ | 16,410,000 | $ | 611,000 | $ | 4,094,000 | $ | 17,021,000 | $ | 21,115,000 | $ | 1,767,000 | 1999 | Apr 2006 | 51,000 | 30 Years | ||||||||||||||
| 15005 Shady Grove Road (a) |
Maryland | $ | 4,186,000 | $ | 17,548,000 | $ | 121,000 | $ | 4,186,000 | $ | 17,669,000 | $ | 21,855,000 | $ | 1,605,000 | 2002 | Jul 2006 | 52,000 | 30 Years | ||||||||||||||
| Plumtree Medical Center (a) |
Maryland | $ | 1,723,000 | $ | 5,749,000 | $ | 509,000 | $ | 1,723,000 | $ | 6,258,000 | $ | 7,981,000 | $ | 612,000 | 1991 | Jun 2006 | 33,000 | 30 Years | ||||||||||||||
| 2440 M Street |
Washington, DC | $ | 12,500,000 | $ | 37,321,000 | $ | 2,169,000 | $ | 12,500,000 | $ | 39,490,000 | $ | 51,990,000 | $ | 3,049,000 | 1986/06 | Mar 2007 | 110,000 | 30 Years | ||||||||||||||
| Woodholme Medical Center (a) |
Maryland | $ | 3,744,000 | $ | 24,587,000 | $ | 853,000 | $ | 3,744,000 | $ | 25,440,000 | $ | 29,184,000 | $ | 1,705,000 | 1996 | Jun 2007 | 125,000 | 30 Years | ||||||||||||||
| Ashburn Farm Professional Cntr (a) |
Virginia | $ | 3,770,000 | $ | 19,200,000 | $ | 484,000 | $ | 3,770,000 | $ | 19,684,000 | $ | 23,454,000 | $ | 1,210,000 | 1998/00/02 | Jun 2007 | 75,000 | 30 Years | ||||||||||||||
| CentreMed I & II |
Virginia | $ | 2,062,000 | $ | 12,506,000 | $ | 702,000 | $ | 2,062,000 | $ | 13,208,000 | $ | 15,270,000 | $ | 676,000 | 1998 | Aug 2007 | 51,000 | 30 Years | ||||||||||||||
| 4661 Kenmore Avenue (f) |
Virginia | $ | 3,764,000 | 0 | $ | 1,051,000 | $ | 4,815,000 | $ | 4,815,000 | 0 | n/a | Aug 2007 | 0 | n/a | ||||||||||||||||||
| Sterling Medical Office Bldg |
Virginia | $ | 970,000 | $ | 5,274,000 | $ | 337,000 | $ | 970,000 | $ | 5,611,000 | $ | 6,581,000 | $ | 169,000 | 1986 | May 2008 | 36,000 | 30 Years | ||||||||||||||
| $ | 61,594,000 | $ | 295,119,000 | $ | 15,755,000 | $ | 62,645,000 | $ | 309,823,000 | $ | 372,468,000 | $ | 43,468,000 | 1,221,000 | |||||||||||||||||||
| SCHEDULE III | CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION |
| Initial Cost (b) | Gross Amounts at Which Carried at December 31, 2008 |
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| Properties |
Location | Land | Buildings and Improvements |
Net Improvements (Retirement) since Acquisition |
Land | Buildings and Improvements |
Total (c) | Accumulated Depreciation at December 31, 2008 |
Year of Construction |
Date of Acquisition |
Net Rentable Square Feet (e) |
Units | Depreciation Life (d) | ||||||||||||||||||||
| Retail Centers |
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| Takoma Park |
Maryland | $ | 415,000 | $ | 1,084,000 | $ | 95,000 | $ | 415,000 | $ | 1,179,000 | $ | 1,594,000 | $ | 1,062,000 | 1962 | Jul 1963 | 51,000 | 50 Years | ||||||||||||||
| Westminster |
Maryland | $ | 519,000 | $ | 1,775,000 | $ | 9,392,000 | $ | 519,000 | $ | 11,167,000 | $ | 11,686,000 | $ | 4,563,000 | 1969 | Sep 1972 | 150,000 | 37 Years | ||||||||||||||
| Concord Centre |
Virginia | $ | 413,000 | $ | 850,000 | $ | 3,278,000 | $ | 413,000 | $ | 4,128,000 | $ | 4,541,000 | $ | 2,593,000 | 1960 | Dec 1973 | 76,000 | 33 Years | ||||||||||||||
| Wheaton Park |
Maryland | $ | 796,000 | $ | 857,000 | $ | 4,047,000 | $ | 796,000 | $ | 4,904,000 | $ | 5,700,000 | $ | 2,573,000 | 1967 | Sep 1977 | 72,000 | 50 Years | ||||||||||||||
| Bradlee |
Virginia | $ | 4,152,000 | $ | 5,383,000 | $ | 7,762,000 | $ | 4,152,000 | $ | 13,145,000 | $ | 17,297,000 | $ | 7,516,000 | 1955 | Dec 1984 | 168,000 | 40 Years | ||||||||||||||
| Chevy Chase Metro Plaza |
Washington, DC | $ | 1,549,000 | $ | 4,304,000 | $ | 4,171,000 | $ | 1,549,000 | $ | 8,475,000 | $ | 10,024,000 | $ | 4,432,000 | 1975 | Sep 1985 | 49,000 | 50 Years | ||||||||||||||
| Montgomery Village Center |
Maryland | $ | 11,625,000 | $ | 9,105,000 | $ | 2,174,000 | $ | 11,625,000 | $ | 11,279,000 | $ | 22,904,000 | $ | 3,891,000 | 1969 | Dec 1992 | 198,000 | 50 Years | ||||||||||||||
| Shoppes of Foxchase |
Virginia | $ | 5,838,000 | $ | 2,979,000 | $ | 12,922,000 | $ | 5,838,000 | $ | 15,901,000 | $ | 21,739,000 | $ | 2,508,000 | 1960 | Jun 1994 | 134,000 | 50 Years | ||||||||||||||
| Frederick County Square |
Maryland | $ | 6,561,000 | $ | 6,830,000 | $ | 2,384,000 | $ | 6,561,000 | $ | 9,214,000 | $ | 15,775,000 | $ | 4,487,000 | 1973 | Aug 1995 | 227,000 | 30 Years | ||||||||||||||
| 800 S. Washington Street |
Virginia | $ | 2,904,000 | $ | 5,489,000 | $ | 5,352,000 | $ | 2,904,000 | $ | 10,841,000 | $ | 13,745,000 | $ | 1,880,000 | 1951/’55/’59/’90 | Jun 1998 | 47,000 | 30 YEars | ||||||||||||||
| Centre at Hagerstown |
Maryland | $ | 13,029,000 | $ | 25,415,000 | $ | 433,000 | $ | 13,029,000 | $ | 25,848,000 | $ | 38,877,000 | $ | 5,969,000 | 2000 | Jun 2002 | 332,000 | 30 Years | ||||||||||||||
| Frederick Crossing (a) |
Maryland | $ | 12,759,000 | $ | 35,477,000 | $ | 650,000 | $ | 12,759,000 | $ | 36,127,000 | $ | 48,886,000 | $ | 5,085,000 | 1999-2003 | Mar 2005 | 295,000 | 30 Years | ||||||||||||||
| Randolph Shopping Center |
Maryland | $ | 4,928,000 | $ | 13,025,000 | $ | 686,000 | $ | 4,928,000 | $ | 13,711,000 | $ | 18,639,000 | $ | 1,426,000 | 1972 | May 2006 | 82,000 | 30 Years | ||||||||||||||
| Montrose Shopping Center |
Maryland | $ | 11,612,000 | $ | 22,410,000 | $ | 1,708,000 | $ | 11,612,000 | $ | 24,118,000 | $ | 35,730,000 | $ | 2,294,000 | 1970 | May 2006 | 147,000 | 30 Years | ||||||||||||||
| $ | 77,100,000 | $ | 134,983,000 | $ | 55,054,000 | $ | 77,100,000 | $ | 190,037,000 | $ | 267,137,000 | $ | 50,279,000 | 2,028,000 | |||||||||||||||||||
| Multifamily Properties |
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| 3801 Connecticut Avenue (a) |
Washington, DC | $ | 420,000 | $ | 2,678,000 | $ | 7,388,000 | $ | 420,000 | $ | 10,066,000 | $ | 10,486,000 | $ | 7,084,000 | 1951 | Jan 1963 | 177,000 | 307 | 30 Years | |||||||||||||
| Roosevelt Towers (a) |
Virginia | $ | 336,000 | $ | 1,996,000 | $ | 8,620,000 | $ | 336,000 | $ | 10,616,000 | $ | 10,952,000 | $ | 5,296,000 | 1964 | May 1965 | 168,000 | 190 | 40 Years | |||||||||||||
| Country Club Towers (a) |
Virginia | $ | 299,000 | $ | 2,562,000 | $ | 12,932,000 | $ | 299,000 | $ | 15,494,000 | $ | 15,793,000 | $ | 6,549,000 | 1965 | Jul 1969 | 159,000 | 227 | 35 Years | |||||||||||||
| Park Adams (a) |
Virginia | $ | 287,000 | $ | 1,654,000 | $ | 7,523,000 | $ | 287,000 | $ | 9,177,000 | $ | 9,464,000 | $ | 5,519,000 | 1959 | Jan 1969 | 172,000 | 200 | 35 Years | |||||||||||||
| Munson Hill Towers (a) |
Virginia | $ | 322,000 | $ | 3,337,000 | $ | 13,268,000 | $ | 322,000 | $ | 16,605,000 | $ | 16,927,000 | $ | 9,436,000 | 1963 | Jan 1970 | 259,000 | 279 | 33 Years | |||||||||||||
| The Ashby at McLean (a) |
Virginia | $ | 4,356,000 | $ | 17,102,000 | $ | 12,749,000 | $ | 4,356,000 | $ | 29,851,000 | $ | 34,207,000 | $ | 12,387,000 | 1982 | Aug 1996 | 252,000 | 250 | 30 Years | |||||||||||||
| Walker House Apartments (a) |
Maryland | $ | 2,851,000 | $ | 7,946,000 | $ | 5,641,000 | $ | 2,851,000 | $ | 13,587,000 | $ | 16,438,000 | $ | 6,047,000 | 1971/03 | Mar 1996 | 159,000 | 212 | 30 Years | |||||||||||||
| Bethesda Hill Apartments (a) |
Maryland | $ | 3,900,000 | $ | 13,412,000 | $ | 10,824,000 | $ | 3,900,000 | $ | 24,236,000 | $ | 28,136,000 | $ | 8,536,000 | 1986 | Nov 1997 | 226,000 | 194 | 30 Years | |||||||||||||
| Avondale |
Maryland | $ | 3,460,000 | $ | 9,244,000 | $ | 4,524,000 | $ | 3,460,000 | $ | 13,768,000 | $ | 17,228,000 | $ | 4,701,000 | 1987 | Sep 1999 | 170,000 | 236 | 30 Years | |||||||||||||
| Bennett Park |
Virginia | $ | 2,861,000 | $ | 917,000 | $ | 78,105,000 | $ | 4,774,000 | $ | 77,109,000 | $ | 81,883,000 | $ | 4,732,000 | 2007 | Feb 2001 | 269,000 | 224 | 28 Years | |||||||||||||
| The Clayborne |
Virginia | $ | 269,000 | 0 | $ | 30,229,000 | $ | 699,000 | $ | 29,799,000 | $ | 30,498,000 | $ | 1,678,000 | 2008 | Jun 2003 | 92,000 | 74 | 26 Years | ||||||||||||||
| The Kenmore |
Washington, DC | $ | 28,222,000 | $ | 33,955,000 | $ | 102,000 | $ | 28,222,000 | $ | 34,057,000 | $ | 62,279,000 | $ | 392,000 | 1948 | Sep 2008 | 264,000 | 374 | 30 Years | |||||||||||||
| $ | 47,583,000 | $ | 94,803,000 | $ | 191,905,000 | $ | 49,926,000 | $ | 284,365,000 | $ | 334,291,000 | $ | 72,357,000 | 2,367,000 | 2,767 | ||||||||||||||||||
| SCHEDULE III | CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION |
| Initial Cost (b) | Gross Amounts at Which Carried at December 31, 2008 |
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| Properties |
Location | Land | Buildings and Improvements |
Net Improvements (Retirement) since Acquisition |
Land | Buildings and Improvements |
Total (c) |
Accumulated Depreciation at December 31, 2008 |
Year of Construction |
Date of Acquisition |
Net Rentable Square Feet (e) |
Units |
Depreciation Life (d) | |||||||||||||||||||||
| Industrial Properties |
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| Fullerton Business Center |
Virginia | $ | 950,000 | $ | 3,317,000 | $ | 1,231,000 | $ | 950,000 | $ | 4,548,000 | $ | 5,498,000 | $ | 2,277,000 | 1980 | Sep 1985 | 104,000 | 50 Years | |||||||||||||||
| Charleston Busines Center |
Maryland | $ | 2,045,000 | $ | 2,091,000 | $ | 798,000 | $ | 2,045,000 | $ | 2,889,000 | $ | 4,934,000 | $ | 1,053,000 | 1973 | Nov 1993 | 85,000 | 50 Years | |||||||||||||||
| Tech 100 Industrial Park |
Maryland | $ | 2,086,000 | $ | 4,744,000 | $ | 2,277,000 | $ | 2,086,000 | $ | 7,021,000 | $ | 9,107,000 | $ | 3,168,000 | 1990 | May 1995 | 166,000 | 30 Years | |||||||||||||||
| Crossroads Distribution Center |
Maryland | $ | 894,000 | $ | 1,946,000 | $ | 915,000 | $ | 894,000 | $ | 2,861,000 | $ | 3,755,000 | $ | 1,286,000 | 1987 | Dec 1995 | 85,000 | 30 Years | |||||||||||||||
| The Alban Business Center |
Virginia | $ | 878,000 | $ | 3,298,000 | $ | 692,000 | $ | 878,000 | $ | 3,990,000 | $ | 4,868,000 | $ | 1,819,000 | 1981/’82 | Oct 1996 | 87,000 | 30 Years | |||||||||||||||
| Ammendale Technology Park I |
Maryland | $ | 1,335,000 | $ | 6,466,000 | $ | 2,163,000 | $ | 1,335,000 | $ | 8,629,000 | $ | 9,964,000 | $ | 3,700,000 | 1985 | Feb 1997 | 167,000 | 30 Years | |||||||||||||||
| Ammendale Technology Park II |
Maryland | $ | 862,000 | $ | 4,996,000 | $ | 1,972,000 | $ | 862,000 | $ | 6,968,000 | $ | 7,830,000 | $ | 2,824,000 | 1986 | Feb 1997 | 109,000 | 30 Years | |||||||||||||||
| Pickett Industrial Park |
Virginia | $ | 3,300,000 | $ | 4,920,000 | $ | 1,671,000 | $ | 3,300,000 | $ | 6,591,000 | $ | 9,891,000 | $ | 2,629,000 | 1973 | Oct 1997 | 246,000 | 30 Years | |||||||||||||||
| Northern Virginia Industrial Park |
Virginia | $ | 4,971,000 | $ | 25,670,000 | $ | 10,790,000 | $ | 4,971,000 | $ | 36,460,000 | $ | 41,431,000 | $ | 14,839,000 | 1968/91 | May 1998 | 787,000 | 30 Years | |||||||||||||||
| 8900 Telegraph Road |
Virginia | $ | 372,000 | $ | 1,489,000 | $ | 160,000 | $ | 372,000 | $ | 1,649,000 | $ | 2,021,000 | $ | 661,000 | 1985 | Sep 1998 | 32,000 | 30 Years | |||||||||||||||
| Dulles South IV |
Virginia | $ | 913,000 | $ | 5,997,000 | $ | 1,445,000 | $ | 913,000 | $ | 7,442,000 | $ | 8,355,000 | $ | 2,192,000 | 1988 | Jan 1999 | 83,000 | 30 Years | |||||||||||||||
| Sully Square |
Virginia | $ | 1,052,000 | $ | 6,506,000 | $ | 1,160,000 | $ | 1,052,000 | $ | 7,666,000 | $ | 8,718,000 | $ | 2,334,000 | 1986 | Apr 1999 | 95,000 | 30 Years | |||||||||||||||
| Amvax |
Maryland | $ | 246,000 | $ | 1,987,000 | $ | (2,000 | ) | $ | 246,000 | $ | 1,985,000 | $ | 2,231,000 | $ | 615,000 | 1986 | Sep 1999 | 31,000 | 30 Years | ||||||||||||||
| Fullerton Industrial Center |
Virginia | $ | 2,465,000 | $ | 8,397,000 | $ | 654,000 | $ | 2,465,000 | $ | 9,051,000 | $ | 11,516,000 | $ | 1,871,000 | 1980/82 | Jan 2003 | 137,000 | 30 Years | |||||||||||||||
| 8880 Gorman Road |
Maryland | $ | 1,771,000 | $ | 9,230,000 | $ | 322,000 | $ | 1,771,000 | $ | 9,552,000 | $ | 11,323,000 | $ | 1,510,000 | 2000 | Mar 2004 | 141,000 | 30 Years | |||||||||||||||
| Dulles Business Park (a) |
Virginia | $ | 6,085,000 | $ | 50,504,000 | $ | 2,177,000 | $ | 6,085,000 | $ | 52,681,000 | $ | 58,766,000 | $ | 8,606,000 | 1999/04/05 | Dec 04/Apr 05 | 324,000 | 30 Years | |||||||||||||||
| Albemarle Point Place |
Virginia | $ | 6,159,000 | $ | 40,154,000 | $ | 449,000 | $ | 6,159,000 | $ | 40,603,000 | $ | 46,762,000 | $ | 5,444,000 | 2001/03/05 | Jul 2005 | 207,000 | 30 Years | |||||||||||||||
| Hampton |
Maryland | $ | 7,048,000 | $ | 16,223,000 | $ | 791,000 | $ | 7,048,000 | $ | 17,014,000 | $ | 24,062,000 | $ | 2,095,000 | 1989/05 | Feb 2006 | 300,000 | 30 Years | |||||||||||||||
| 9950 Business Parkway |
Maryland | $ | 2,035,000 | $ | 9,236,000 | $ | 272,000 | $ | 2,035,000 | $ | 9,508,000 | $ | 11,543,000 | $ | 1,029,000 | 2005 | May 2006 | 102,000 | 30 Years | |||||||||||||||
| 270 Technology Park |
Maryland | $ | 4,704,000 | $ | 21,115,000 | $ | 152,000 | $ | 4,704,000 | $ | 21,267,000 | $ | 25,971,000 | $ | 1,786,000 | 1986/87 | Feb 2007 | 157,000 | 30 Years | |||||||||||||||
| 6100 Columbia Park Drive |
Maryland | $ | 4,724,000 | $ | 5,519,000 | $ | 737,000 | $ | 4,724,000 | $ | 6,256,000 | $ | 10,980,000 | $ | 190,000 | 1969 | Feb 2008 | 150,000 | 30 Years | |||||||||||||||
| $ | 54,895,000 | $ | 233,805,000 | $ | 30,826,000 | $ | 54,895,000 | $ | 264,631,000 | $ | 319,526,000 | $ | 61,928,000 | 3,595,000 | ||||||||||||||||||||
| Total |
$ | 436,486,000 | $ | 1,412,584,000 | $ | 477,576,000 | $ | 439,880,000 | $ | 1,886,766,000 | $ | 2,326,646,000 | $ | 406,241,000 | 13,423,000 | 2,767 | ||||||||||||||||||
Notes
| a) | At December 31, 2008, our properties were encumbered by non-recourse mortgage amounts as follows: $32,815,000 on West Gude Drive, $22,277,000 on The Ridges and The Crescent, $91,830,000 on 2445 M Street, $45,811,000 on Prosperity Medical Center, $9,992,000 on Shady Grove Medical Village, $5,278,000 on 9707 Medical Center Drive, $8,468,000 on 15005 Shady Grove Road, $4,684,000 on Plum Tree Medical Center, $20,897,000 on Woodholme Medical Center, $5,291,000 on Ashburn Farm Office Park II, $23,304,000 on Frederick Crossing, $8,360,000 on Roosevelt Towers, $7,755,000 on Country Club Towers, $9,625,000 on Park Adams, $10,560,000 on Munson Hill Towers, $13,700,000 on the Ashby, $35,399,000 on 3801 Connecticut Avenue, $16,531,000 on Walker House, $29,099,000 on Bethesda Hill and $19,610,000 on Dulles Business Park. |
| b) | The purchase cost of real estate investments has been divided between land and buildings and improvements on the basis of management’s determination of the relative fair values. |
| c) | At December 31, 2008, total land, buildings and improvements are carried at $2,457,864,000 for federal income tax purposes. |
| d) | The useful life shown is for the main structure. Buildings and improvements are depreciated over various useful lives ranging from 3 to 50 years. |
| e) | Residential properties are presented in gross square feet. |
| f) | As of December 31, 2008, WRIT had under development an office project with 360,000 square feet of office space and a parking garage to be developed in Herndon, VA (Dulles Station Phase II). WRIT also held a 0.8 acre parcel of land at 4661 Kenmore for future medical office development. Additionally, WRIT had investments in various smaller development or redevelopment projects. The total land value not yet placed in service of our development projects at December 31, 2008 was $19.8 million. |
WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES
SUMMARY OF REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION
(IN THOUSANDS)
The following is a reconciliation of real estate assets and accumulated depreciation for the years ended December 31, 2008, 2007 and 2006:
| (In Thousands) |
2008 | 2007 | 2006 | |||||||||
| Real estate assets |
||||||||||||
| Balance, beginning of period |
$ | 2,093,268 | $ | 1,716,457 | $ | 1,309,160 | ||||||
| Additions - property acquisitions* |
219,380 | 313,355 | 295,853 | |||||||||
| - improvements* |
45,105 | 106,805 | 111,784 | |||||||||
| Deductions - write-off of disposed assets |
(1,004 | ) | (454 | ) | (340 | ) | ||||||
| Deductions - property sales |
(30,103 | ) | (42,895 | ) | — | |||||||
| Balance, end of period |
$ | 2,326,646 | $ | 2,093,268 | $ | 1,716,457 | ||||||
| Accumulated depreciation |
||||||||||||
| Balance, beginning of period |
$ | 338,468 | $ | 290,003 | $ | 240,153 | ||||||
| Additions - depreciation |
75,254 | 62,274 | 50,190 | |||||||||
| Deductions - write-off of disposed assets |
(1,004 | ) | (454 | ) | (340 | ) | ||||||
| Deductions - property sales |
(6,477 | ) | (13,355 | ) | — | |||||||
| Balance, end of period |
$ | 406,241 | $ | 338,468 | $ | 290,003 | ||||||
| * | Includes non-cash accruals for capital items and assumed mortgages. |