2008 CPN Goldbook - (Page 26) REITS Duke Realty Corp. Duke Realty Corp. owns, develops and manages office, industrial, medical-office and retail real estate. In 2007, the company expanded its operations to include offices in four additional cities, focusing primarily on port and logistics markets. It owns, manages or has under development more than 129 million square feet leased by over DENNIS OKLAK 3,500 tenants. The company also controls Chairman & CEO Duke Realty Corp. 7,600 acres of land, representing 112 million square feet of future development. Highwoods Properties Inc. Since 2005, Highwoods Properties Inc. has delivered more than $400 million worth of new development, 87 percent of it preleased, on average. It plans to deliver at least another $250 million worth of projects through 2009. Highwoods Properties has been working to significantly improve the quality of its portfolio, selling more than $700 million ED FRITSCH worth of non-core older assets since President & CEO Highwoods Properties Inc. 2005. As a result, it is experiencing higher-than-average occupancy in each of the markets in which it operates. The company continues to strengthen its balance sheet through the redemption and repurchase of high-coupon preferred stock and by paying off highcoupon debt. Equity Residential In 2007, Equity Residential continued the repositioning of its portfolio by selling more than 19,000 apartment units for $1.7 billion and acquiring more than 7,500 units for $1.6 billion. The company also delivered over 900 units in new developments. It owns or has investments in 580 properties consisting of 152,821 apartment units in 24 states and Washington, D.C. During 2007, First Industrial Realty Trust Inc. opened offices in Toronto and in Calgary and Edmonton, Alberta, as well as its first European offices, which serve the Netherlands and Belgium. Its land holdings total 4,000 acres, potentially developable to more than 60 million square feet of industrial space. It owns, manages or has under development more than 100 million square feet across more than 30 markets. Kimco Realty Corp. Kimco Realty Corp. owns and operates one of the largest portfolios among neighborhood and community shopping centers in the United States and has substantial investments in Canada and Mexico. The company’s strong balance sheet provides flexibility for external growth, allowing it to stay well positioned for property investments both domestiMILTON COOPER cally and abroad. It owns interests CEO Kimco Realty Corp. in 1,959 properties encompassing 183 million square feet of leasable space. Kimco Realty, which is included in the S&P 500 index, has specialized in shopping-center acquisitions, development and management for more than 45 years. DAVID NEITHERCUT President & CEO Equity Residential First Industrial Realty Trust Inc. MICHAEL BRENNAN President & CEO First Industrial Realty Trust Inc. Liberty Property Trust Liberty Property Trust closed its acquisition of Republic Property Trust in October 2007 in a $900 million transaction. Liberty Property’s 70 million-square-foot portfolio contains more than 700 properties: office, distribution and light-manufacturing facilities serving 2,100 tenants. The company serves clients in the United States and United Kingdom through the development, acquisition, ownership and management of office and industrial properties. General Growth Properties Inc. General Growth Properties Inc.’s portfolio totals 200 million square feet across more than 24,000 retail stores nationwide. The company owns and manages over 200 regional shopping malls in 45 states and has ownership stakes in master-planned community developments and commercial office buildings. JOHN BUCKSBAUM Headquartered in Chicago, it employs Chairman & CEO General Growth Properties Inc. 4,700 people nationwide and is listed on the New York Stock Exchange. Mack-Cali Realty Corp. Mack-Cali Realty Corp. continues to enhance its market presence in the Northeast and MidAtlantic. One of New Jersey’s leading office landlords, the company also has a strong presence in Westchester County, N.Y., as well as holdings in Fairfield County, Conn.; Washington, D.C.; and suburban Philadelphia and Boston. The firm entered Downtown Manhattan in MITCHELL HERSH May 2007 with interests in 125 Broad President & CEO Mack-Cali Realty Corp. St., a 40-story waterfront office tower. The company owns or has interests in 294 properties— primarily office and office/flex buildings in the Northeast—totaling almost 34 million square feet and serving 2,200 tenants. SL Green Realty Corp. SL Green Realty Corp. owns and manages 32 Manhattan office properties totaling almost 25 million square feet. It also holds interests in retail properties encompassing 354,000 square feet, one 85,000square-foot development property and two land interests. It owns 36 suburban assets totaling 8 million square feet in Connecticut; New Jersey; and Brooklyn, Queens, Long Island and Westchester County, N.Y. MARC HOLLIDAY President & CEO SL Green Realty Corp. 26 Commercial Property News 2008 Goldbook
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