CLI » Topics » Industrial/Warehouse Properties

This excerpt taken from the CLI 8-K filed Mar 3, 2005.

Industrial/Warehouse Properties

        The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning January 1, 2005, assuming that none of the tenants exercise renewal or termination options. All industrial/warehouse properties are located in the Westchester County, NY market:

Year Of
Expiration

  Number Of
Leases
Expiring(a)

  Net Rentable
Area Subject
To Expiring
Leases
(Sq. Ft.)

  Percentage Of
Total Leased
Square Feet
Represented By
Expiring
Leases (%)

  Annualized
Base Rental
Revenue Under
Expiring
Leases ($)(b)

  Average Annual
Rent Per Net
Rentable
Square Foot
Represented
By Expiring
Leases ($)

  Percentage Of
Annual Base
Rent Under
Expiring
Leases (%)

2005   2   6,678   1.7   51,874   7.77   1.3

2007

 

4

 

12,650

 

3.3

 

205,480

 

16.24

 

5.3

2008

 

3

 

91,369

 

23.7

 

471,377

 

5.16

 

12.1

2009

 

5

 

48,983

 

12.7

 

791,888

 

16.17

 

20.3

2010

 

1

 

28,000

 

7.3

 

294,000

 

10.50

 

7.6

2011

 

1

 

7,600

 

2.0

 

91,200

 

12.00

 

2.4

2013

 

7

 

55,236

 

14.3

 

554,031

 

10.03

 

14.3

2016 and thereafter

 

2

 

135,082

 

35.0

 

1,428,754

 

10.58

 

36.7
   
 
 
 
 
 
Totals/Weighted Average   25   385,598   100.0   3,888,604   10.08   100.0
   
 
 
 
 
 

(a)
Includes industrial/warehouse tenants only. Excludes leases for amenity, retail, parking and month-to-month industrial/warehouse tenants. Some tenants have multiple leases.

(b)
Annualized base rental revenue is based on actual December 2004 billings times 12. For leases whose rent commences after January 1, 2005, annualized base rental revenue is based on the first full month's billing times 12. As annualized base rental revenue is not derived from historical GAAP results, the historical results may differ from those set forth above.
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