Financing and Capital Transactions

The Company closed the following transactions during the quarter:

·                  A $90.0 million secured loan with a five-year term that carries interest at 7.25%.

·                  A $185.0 million secured loan with a seven-year term that carries interest at 7.25%.

Financing and Capital Transactions

The Company executed the following transactions during the quarter:

·                  Issued approximately 3.0 million common shares in an underwritten public offering made in conjunction with the Company’s inclusion in the S&P MidCap 400 Index on April 1, 2009. The shares were issued at a public offering price of $24.35 per share for net proceeds after underwriting discounts but before offering expenses of $72.1 million. The net proceeds were used to pay down the Company’s Revolving Credit Facility and for general corporate purposes.

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Financing and Capital Transactions

The Company executed the following transactions during the year:

·                  Closed on a $221.4 million loan requiring interest only payments for the term at variable rate of LIBOR plus 225 basis points. The loan has a four year term with an option to extend by an additional year.

·                  Closed on a $225.0 million construction loan facility that will be used to fund most of the Company’s construction costs over the next several years. The facility has a three year term with a one year extension option, and requires interest only payments throughout the term.

·                  Repurchased a $37.5 million aggregate principal amount in the Company’s 3.5% Exchangeable Senior Notes for $26.7 million, recognizing a gain of $10.4 million during the fourth quarter 2008.

Financing and Capital Transactions

During the quarter, the Company completed the following transactions:

·                  Issued 3.7 million common shares at a public offering price of $39.00 per share for net proceeds after underwriting discounts but before offering expenses of $139.2 million. The net proceeds were used to pay down the Company’s Revolving Credit Facility.

·                  Closed on a $221.4 million loan requiring interest only payments for the term at variable rate of LIBOR plus 225 basis points. The loan has a four year term with an option to extend by an additional year. The Company used $63.5 million of the proceeds to repay construction loan facilities due to mature in 2008, $11.8 million to repay borrowings under the Company’s Construction Revolver, $142.0 million to repay borrowings under the Company’s Revolving Credit Facility and the balance to fund transaction costs.

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Financing and Capital Transactions

The Company closed on a $225.0 million construction loan facility that will be used to fund most of the Company’s construction costs over the next several years. The facility has a three year term with a one year extension option, and requires interest only payments throughout the term.

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Financing and Capital Transactions

The Company executed the following transactions during the year:

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Financing and Capital Transactions

During the quarter, the Company increased its quarterly common dividend 10%, from $.31 to $.34 per share.

Financing and Capital Transactions

During the quarter, the Company closed a $150.0 million, 5.65% fixed interest rate loan which matures on June 1, 2017 and requires interest only payments. $120.5 million of the loan proceeds were used to retire existing indebtedness scheduled to mature June 2007. The remaining proceeds and cash reserves were used to repay $30.0 million of borrowings outstanding under the Company’s unsecured revolving credit facility.

Financing and Capital Transactions

The Company executed the following transaction during the quarter:

·                  Assumed $38.0 million of indebtedness with an average fixed interest rate of 6.03% and an average term of 8.5 years, in connection with the Nottingham portfolio acquisition. Additionally, we closed on an $89.1 million variable rate loan which matures in June 2007 and bears interest at the same rate as the Company’s Revolving Line of Credit.

Financing and Capital Transactions

The Company executed the following transactions during the year:

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·                  $82.6 million raised through issuance of 2.0 million common shares.

·                  Redeemed its 10.25% Series E Cumulative Redeemable Preferred Shares and its 9.875% Series F Cumulative Redeemable Preferred Shares and recognized a total of $3.9 million for the write-off of original issuance costs related to these redemptions.

·                  $82.1 million raised through issuance of 7.625% Series J Cumulative Redeemable Preferred Shares.

·                  $200.0 million raised through issuance of 3.5% Exchangeable Senior Notes.

·                  Increased quarterly dividend 10.7% from $.28 to $.31 per share.

·                  Closed a $146.5 million, ten year non-recourse secured loan, requiring interest only payments at a fixed rate of 5.43% which matures in January 2017.

Financing and Capital Transactions

The Company completed the following transactions during the quarter:

·                  Increased its borrowing capacity under the Company’s unsecured line of credit from $400.0 million to $500.0 million and simultaneously repaid $60.2 million on two fixed rate loans with a weighted average interest rate of 7.8%.

·                  Redeemed all of its 1,150,000 outstanding 10.25% Series E Cumulative Redeemable Preferred Shares, at a price of $25.00.

·                  Issued 3,390,000 Series J Cumulative Redeemable Preferred Shares with a $25.00 per share par value and an annual dividend of 7.625%, generating net proceeds of $82.1 million after payment of the underwriters discount, but before offering expenses.

·                  Issued $200.0 million of Exchangeable Senior Notes. The notes are interest only with a fixed rate of 3.5% and may be exchanged at any time on or after September 20, 2011. Interest is payable semi-annually commencing March 15, 2007 and the notes mature in 2026. In connection with this offering, the Company repaid $186.4 million of floating rate debt at an average interest rate of 6.7%.

·                  Early repayment of fixed and floating rate debt during the quarter generated a $217,000 write-off in unamortized loan fees.

·                  10.7% increase in quarterly common dividend from $.28 to $.31 per share.

Financing and Capital Transactions

The Company completed the following transactions during the quarter:

·                  Issued 2,000,000 common shares, generating proceeds of $82.6 million before offering expenses. The Company used the net proceeds of the sale to repay borrowings under the unsecured revolving credit facility and subsequently to fund the redemption of all of its outstanding 10.25% Series E Cumulative Redeemable Preferred Shares.

·                  Executed swaps for an aggregate notional amount of $50.0 million at a fixed one month LIBOR rate of 5.232%, which commenced May 1, 2006 and expire May 1, 2009.

·                  Closed a $48.0 million construction loan facility maturing in June 2008 that will be used to fund construction costs of two buildings located at NBP.

Financing and Capital Transactions

The Company executed the following transactions during the quarter:

Financing and Capital Transactions

The Company executed the following transactions during the year:

•      $75.3 million raised through issuance of 2.3 million common shares.

•      $212 million financed under two non recourse loans, both with a ten year term, at an average fixed interest rate of 5.5%.

Financing and Capital Transactions

The Company executed the following transactions during the quarter:

•                  $36.0 million bridge loan that the Company repaid in October 2005,

•                  $19.5 million credit facility to fund the construction of 6711 Columbia Gateway Drive in Columbia, Maryland,

•                  9.8% increase in quarterly common dividend from $.255 to $.28 per share, and

•                  2,300,000 common shares issued, generating proceeds of $75.3 million before expenses.

Financing and Capital Transactions

The Company completed the following transactions during the quarter:

•                  Executed a $73.4 million notional amount forward starting swap at a fixed rate of 5.02%, which commences in July 2005 and expires in July 2015.

•                  Closed on a $44.0 million credit facility to fund the construction of two buildings at The National Business Park.

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Financing and Capital Transactions

In March, the Company closed on a $32.0 million construction facility to fund the construction of Washington Technology Park II in Chantilly, Virginia.

Financing and Capital Transactions

The Company executed the following transactions during the year:

•      10% Series B Cumulative Redeemable Preferred Shares redeemed at $25.00 per share. The Company recorded a $1.8 million charge in the third quarter for the write-off of initial offering costs associated with the issuance of the Series B shares.

•      352,000 Series I convertible preferred units issued at $25.00 par for a total of $8.8 million in connection with the purchase of Pinnacle Towers.

•      $115.7 million in proceeds raised through the issuance of 5.0 million common shares during 2004. Proceeds from the offerings were utilized to repay debt, redeem preferred shares, and fund new acquisitions.

•      $300.0 million unsecured revolving line of credit closed March 2004, replacing a $150.0 million secured line.

•      $115.0 million seven year mortgage loan with a fixed rate of 5.47% closed, with $43.6 million in floating rate debt repaid.

•      $63.0 million loan to finance construction of three buildings at National Business Park closed during September 2004.

•      8.5% increase in quarterly common dividend from $.235 to $.255 per share.

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