EXHIBIT 99.1 [MACK-CALI LOGO] FOURTH QUARTER 2001 SUPPLEMENTAL OPERATING AND FINANCIAL DATA THIS SUPPLEMENTAL OPERATING AND FINANCIAL DATA IS NOT AN OFFER TO SELL OR SOLICITATION TO BUY ANY SECURITIES OF THE COMPANY. ANY OFFERS TO SELL OR SOLICITATIONS OF THE COMPANY SHALL BE MADE BY MEANS OF A PROSPECTUS. - -------------------------------------------------------------------------------- Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2001 1

INDEX PAGE(S) I. COMPANY BACKGROUND o About the Company/Other Corporate Data..............................................................5 o Board of Directors/Executive Officers...............................................................6 o Equity Research Coverage/Company Contact Information................................................7 II. FINANCIAL HIGHLIGHTS o Quarterly/Annual Summary............................................................................9 o Property Sales/Acquisitions/Development............................................................10 o Financing Activities/Leasing Information...........................................................11 o Key Financial Data.................................................................................12 o Same-Store Results and Analysis....................................................................13 o Unconsolidated Joint Ventures Summary...........................................................14-17 o Select Financial Ratios............................................................................18 o Debt Analysis: o Debt Breakdown/Future Repayments..........................................................19 o Debt Maturities...........................................................................20 o Debt Detail...............................................................................21 III. FINANCIAL STATEMENTS o Consolidated Statements of Operations..............................................................23 o Consolidated Balance Sheets........................................................................24 o Consolidated Statement of Changes in Stockholders' Equity..........................................25 o Statements of Funds from Operations and Cash Available for Distribution............................26 o Reconciliation of Basic-to-Diluted Shares/Units....................................................27 IV. VALUE CREATION PIPELINE o Operating Property Acquisitions ...................................................................29 o Properties Placed in Service.......................................................................30 o Acquisition Property Profile.......................................................................31 o Summary of Construction Projects/Summary of Development Properties in Lease-Up.....................32 o Summary of Land Parcels............................................................................33 o Rental Property Sales..............................................................................34 V. PORTFOLIO/ LEASING STATISTICS o Leasing Statistics..............................................................................36-41 o Market Diversification (MSA's).....................................................................42 o Industry Diversification (Top 30 Tenant Industries)................................................43 o Consolidated Portfolio Analyses: BREAKDOWN BY: (a) Number of Properties........................................................................44 (b) Square Footage..............................................................................45 (c) Base Rental Revenue.........................................................................46 (d) Percentage Leased...........................................................................47 o Consolidated Property Listing (by Property Type)................................................48-71 o Significant Tenants (Top 20 Tenants)...............................................................72 o Schedules of Lease Expirations (by Property Type)...............................................73-76

2 DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Estimates of future Funds From Operations per share are by definition, and certain other matters discussed in this literature may constitute, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws, including Section 21E of the Securities Exchange Act of 1934. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements relate to, without limitation, the Company's future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue" or comparable terminology. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Among the risks, trends and uncertainties are changes in the general economic conditions, including those affecting industries in which the Company's principal tenants compete; any failure of the general economy to recover timely from the current economic downturn; the extent of any tenant bankruptcies; the Company's ability to lease or re-lease space at current or anticipated rents; changes in the supply of and demand for office, office/flex and industrial/warehouse properties; changes in interest rate levels; changes in operating costs; the Company's ability to obtain adequate insurance, including coverage for terrorist acts; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. 3 I. COMPANY BACKGROUND 4 I. COMPANY BACKGROUND ABOUT THE COMPANY Mack-Cali Realty Corporation (NYSE: CLI) is one of the largest real estate investment trusts (REITs) in the United States with a total market capitalization of $3.9 billion at December 31, 2001. Mack-Cali has been involved in all aspects of commercial real estate development, management and ownership for over 50 years and has been a publicly-traded REIT since 1994. Mack-Cali owns or has interests in 267 properties, primarily class A office and office/flex buildings, totaling approximately 28.4 million square feet, serving as home to approximately 2,300 tenants. The properties are located primarily in suburban markets of the Northeast, many with adjacent, Company-controlled developable land sites able to accommodate up to 9.2 million square feet of additional commercial space. HISTORY Established over 50 years ago, in 1994 the New Jersey-based firm became a publicly-traded company listed on the New York Stock Exchange under the ticker symbol CLI. Through combinations with some of the top companies in the real estate industry--most notably New Jersey-based Mack Company and Westchester, New York-based Robert Martin Company--Mack-Cali has become one of the leading real estate companies in the country. STRATEGY Mack-Cali's strategy is to be a significant real estate owner and operator in its core, high-barriers-to-entry markets, primarily in the Northeast. SUMMARY (AS OF DECEMBER 31, 2001) Corporate Headquarters Cranford, New Jersey Fiscal Year End 12/31 Total Properties 267 Total Square Feet 28.4 million square feet Geographic Diversity 10 states and the District of Columbia New Jersey Presence 14.4 million square feet Northeast Presence 22.5 million square feet Common Shares and Units Outstanding 71.0 million Dividend-- Quarter/Annualized $0.62/$2.48 Dividend Yield 8.0% Total Market Capitalization $3.9 billion Insider Ownership 17.6% Senior Debt Rating BBB (S&P and Fitch); Baa3 (Moody's) 5 BOARD OF DIRECTORS William L. Mack, CHAIRMAN OF THE BOARD John J. Cali, CHAIRMAN EMERITUS Earle I. Mack Brendan T. Byrne Alan G. Philibosian John R. Cali Irvin D. Reid Nathan Gantcher Vincent Tese Martin D. Gruss Robert F. Weinberg Mitchell E. Hersh Roy J. Zuckerberg EXECUTIVE OFFICERS Mitchell E. Hersh, CHIEF EXECUTIVE OFFICER Timothy M. Jones, PRESIDENT Barry Lefkowitz, EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER Roger W. Thomas, EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL AND SECRETARY Michael A. Grossman, EXECUTIVE VICE PRESIDENT 6 EQUITY RESEARCH COVERAGE BANC OF AMERICA MONTGOMERY LEHMAN BROTHERS Lee T. Schalop/ Alexis Hughes David Shulman/Stuart Axelrod (212) 847-5677/ (212) 847-5705 (212) 526-3413/ (212) 526-3410 BEAR, STEARNS & CO., INC. MERRILL LYNCH Ross Smotrich Rahul Bhattacharjee/ Steve Sakwa (212) 272-8046 (212) 449-1920/ (212) 449-0335 CS FIRST BOSTON MORGAN STANLEY DEAN WITTER Lawrence Raiman Gregory Whyte (212) 538-2380 (212) 761-6331 DEUTSCHE BANC ALEX. BROWN PRUDENTIAL SECURITIES Louis Taylor James Sullivan/Michael Marron (212) 469-4912 (212) 778-2515/ (212) 778-1724 FRIEDMAN, BILLINGS, RAMSEY & CO. SALOMON SMITH BARNEY David Loeb Jonathan Litt/ Gary Boston (703) 469-1289 (212) 816-0231/ (212) 816-1383 GOLDMAN SACHS WACHOVIA SECURITIES Jim Kammert Christopher Haley (212) 855-0670 (443)263-6773 GREEN STREET ADVISORS James Sullivan (949) 640-8780 COMPANY CONTACT INFORMATION Mack-Cali Realty Corporation Investor Relations Department 11 Commerce Drive Cranford, New Jersey 07016-3599 PHONE: (908) 272-8000 WEB: www.mack-cali.com FAX: (908) 272-6755 E-MAIL: investorrelations@mack-cali.com 7 II. FINANCIAL HIGHLIGHTS 8 II. FINANCIAL HIGHLIGHTS QUARTERLY/ANNUAL SUMMARY Funds from operations (FFO), after adjustment for straight-lining of rents and non-recurring charges, for the quarter ended December 31, 2001 amounted to $66.3 million, or $0.93 per share, versus $64.5 million, or $0.89 per share, for the quarter ended December 31, 2000, a per share increase of 4.5 percent. For the year ended December 31, 2001, FFO, after adjustment for straight-lining of rents and non-recurring charges, amounted to $260.5 million, or $3.66 per share, versus $262.1 million, or $3.59 per share, for the same period last year, a per share increase of 1.9 percent. Cash available for distribution (CAD) for the fourth quarter 2001 equaled $49.4 million, or $0.69 per share, versus $51.2 million, or $0.70 per share, for the same quarter last year, a decrease of 1.4 percent on a per share basis. For the year ended December 31, 2001, CAD equaled $214.7 million, or $3.02 per share, versus $214.3 million, or $2.93 per share, for the same period last year, an increase of 3.1 percent on a per share basis. Total revenues for the fourth quarter 2001 decreased $0.4 million to $143.5 million from $143.9 million for the same quarter last year, a 0.3 percent decrease. For the year ended December 31, 2001, total revenues amounted to $584.3 million, an increase of 1.4 percent over total revenues of $576.2 million for the same period last year. Income from operations before minority interest in Operating Partnership for the fourth quarter 2001 equaled $44.0 million, or $0.62 per share, versus $43.9 million, or $0.61 per share, for the same quarter last year, a per share increase of 1.6 percent. Income from operations before minority interest in Operating Partnership for the year ended December 31, 2001 equaled $177.7 million, or $2.50 per share, versus $178.2 million, or $2.44 per share, for the same period last year, a per share increase of 2.5 percent. Income from operations before minority interest in Operating Partnership excludes realized gains and unrealized losses on disposition of rental property and non-recurring charges. All per share amounts presented are on a diluted basis; basic per share information is included in the accompanying financial tables. The Company had 56,712,270 shares of common stock, 7,954,775 common operating partnership units and 220,340 $1,000-face-value preferred operating partnership units outstanding as of year end. The outstanding preferred units are convertible into 6,359,019 common operating partnership units. Assuming conversion of all preferred units into common units, the Company had a total of 71,026,064 shares/common units outstanding at December 31, 2001. As of December 31, 2001, the Company had total indebtedness of approximately $1.7 billion, with a weighted average annual interest rate of 7.2 percent. Mack-Cali had a total market capitalization of $3.9 billion and a debt-to-undepreciated assets ratio of 41.5 percent at December 31, 2001. The Company had an interest coverage ratio of 3.5 times for the quarter ended December 31, 2001. The Company continues to focus its efforts on its strategy of selling non-core and non-strategic assets and using the proceeds to enhance its presence in the Northeast and Mid-Atlantic regions. 9 PROPERTY SALES During the quarter, the Company sold two office properties and a parcel of land for total proceeds of approximately $39.0 million, as follows: - - In November, Concord Plaza, a 248,700 square-foot office building and an adjacent land parcel located in San Antonio, Texas, was sold for approximately $31.9 million; and - - In December, Katy Plaza, a 112,213 square-foot office building located in Houston, Texas, was sold for approximately $7.1 million. For the year ended December 31, 2001, the Company and its unconsolidated joint ventures sold a total of nine office properties, aggregating 1,394,750 square feet, a 327-unit multi-family residential complex and a parcel of land, for total sales proceeds of approximately $254.1 million. More recently, in January, the Company sold 25 Martine Avenue, a 124-unit multi-family residential property located in White Plains, New York, for approximately $18.1 million. ACQUISITIONS In November, the Company acquired the remaining 50 percent interest in 9 Campus Drive, a 156,495 square-foot office building located in Parsippany, New Jersey, from its joint venture partner for approximately $15.1 million. DEVELOPMENT Progress continues on the Company's three development projects at its Harborside Financial Center, located on the Hudson River Waterfront in Jersey City, New Jersey, as follows: - - Plaza 5, a 34-story, 980,000 square-foot class A office tower with a 1,270-car parking garage pedestal, is under construction and due to be completed by the end of 2002. In the fourth quarter, Garban Intercapital North America leased 111,451 square feet for 15 years. More recently, Trade Web Group LLC leased 35,900 square feet for 15 years. The project is approximately 55 percent pre-leased; - - Plaza 10, a 19-story, 575,000 square-foot class A office building, is expected to be completed in late 2002. The building is 100 percent pre-leased to Charles Schwab & Co., Inc.; and - - Hyatt Regency South Pier Hotel is a 350-room luxury hotel that is being built on the south pier of Harborside through a joint venture between Mack-Cali and Hyatt. Completion of this project is anticipated by late 2002. Additionally, progress continues on construction of a fully pre-leased 33,000 square-foot office/flex building in Elmsford, New York on recently-acquired land, expected to be completed by the second quarter 2002. 10 FINANCING ACTIVITIES In accordance with the Company's Share Repurchase Program, during the fourth quarter, the Company purchased 354,200 shares of its outstanding common stock for an aggregate cost of approximately $10.4 million, representing an average price of $29.37 per share. For the year ended December 31, 2001, the Company purchased 1,269,500 shares of its outstanding common stock for an aggregate cost of approximately $35.4 million, representing an average price of $27.89 per share. LEASING INFORMATION Mack-Cali's consolidated in-service portfolio was 94.6 percent leased at December 31, 2001, compared to 95.1 percent at September 30, 2001. For the quarter ended December 31, 2001, the Company executed 164 leases totaling 1,054,473 square feet, consisting of 825,127 square feet of office space, 218,346 square feet of office/flex space, 3,000 square feet of industrial/warehouse space and 8,000 square feet of retail space. Of these totals, 328,019 square feet were for new leases and 726,454 square feet were for lease renewals and other tenant retention transactions. Highlights of the quarter's leasing transactions include: - - KPMG, LLP renewed 70,000 square feet for 10 years at 150 J.F. Kennedy Parkway in Millburn, New Jersey. 150 J.F. Kennedy Parkway, a 247,476 square-foot class A office property, is 88.5 percent leased. - - Salomon Smith Barney signed a five-year renewal totaling 45,678 square feet at 140 Ridgewood Avenue in Paramus, New Jersey. 140 Ridgewood Avenue, a 239,680 square-foot class A office property, is 100 percent leased. - - BMW of North America, LLC signed a new, five-year lease for 34,539 square feet at 300 Tice Boulevard in Woodcliff Lake, New Jersey. 300 Tice Boulevard, a 230,000 square-foot class A office property, is 99.3 percent leased. - - DFDS Transport leased 25,565 square feet for 10 years at 100 Walnut Avenue in Clark, New Jersey. 100 Walnut Avenue, a 182,555 square-foot class A office property, is 100 percent leased. - - Ameriquest Mortgage Company signed a new, five-year lease for 25,300 square feet at 8 Skyline Drive in Hawthorne, New York. 8 Skyline Drive, a 50,000 square-foot office/flex property, is 98.7 percent leased. 11 KEY FINANCIAL DATA

AS OF OR FOR THE THREE MONTHS ENDED - ---------------------------------------------------------------------------------------------------------------------- 12/31/01 9/30/01 6/30/01 3/31/01 12/31/00 - ---------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------- SHARES AND UNITS: Common Shares Outstanding 56,712,270 56,333,692 56,299,124 56,961,704 56,980,893 Common Units Outstanding (a) 14,313,794 14,314,544 14,315,544 14,316,544 14,322,744 Combined Shares and Units 71,026,064 70,648,236 70,614,668 71,278,248 71,303,637 Weighted Average- Basic (b) 64,658,363 64,084,201 64,475,902 64,767,293 65,772,459 Weighted Average- Diluted (c) 71,383,413 70,761,541 71,043,756 71,353,163 72,440,367 COMMON SHARE PRICE ($'s): At the end of the period 31.0200 31.0000 28.4800 27.0000 28.5625 High during period 32.2000 32.0000 28.7000 28.5000 28.8750 Low during period 28.3800 27.3000 25.7900 25.4900 25.7500 MARKET CAPITALIZATION: ($'s IN THOUSANDS, EXCEPT RATIOS) Market Value of Equity (d) 2,203,229 2,190,095 2,011,106 1,924,513 2,038,535 Total Debt 1,700,150 1,714,418 1,720,800 1,662,184 1,628,512 Total Market Capitalization 3,903,379 3,904,513 3,731,906 3,586,697 3,667,047 Total Debt/ Total Market Capitalization 43.56% 43.91% 46.11% 46.34% 44.41% FINANCIALS: ($'s IN THOUSANDS, EXCEPT RATIOS AND PER SHARE AMOUNTS) Total Assets 3,746,770 3,728,839 3,759,919 3,681,059 3,676,977 Gross Book Value of Real Estate Assets 3,791,076 3,736,121 3,781,334 3,711,631 3,704,354 Total Liabilities 1,867,938 1,854,441 1,873,998 1,803,524 1,774,239 Total Minority Interests 446,244 446,532 448,088 444,848 449,448 Total Stockholders' Equity 1,432,588 1,427,866 1,437,833 1,432,687 1,453,290 Total Revenues 143,512 145,912 148,418 146,506 143,903 Capitalized Interest 4,728 4,680 3,965 3,350 4,042 Scheduled Principal Payments 767 786 769 756 772 Interest Coverage Ratio 3.49 3.38 3.46 3.38 3.50 Fixed Charge Coverage Ratio 2.59 2.55 2.65 2.63 2.62 Funds from Operations (e) 66,274 64,328 66,172 63,723 64,535 FFO per Share--diluted (e) 0.93 0.91 0.93 0.89 0.89 Cash Available for Distribution (f) 49,424 53,491 56,312 55,485 51,248 CAD per Share--diluted (f) 0.69 0.76 0.79 0.78 0.71 Dividends Declared per Share 0.62 0.62 0.61 0.61 0.61 FFO Payout Ratio--diluted (e) 66.78% 68.20% 65.49% 68.30% 68.47% CAD Payout Ratio--diluted (f) 89.55% 82.02% 76.96% 78.45% 86.23% PORTFOLIO SIZE: Properties 267 269 269 268 267 Total Square Footage 28,371,640 28,732,553 28,528,468 28,644,723 28,215,060 Sq. Ft. Leased at End of Period (g) 94.6% 95.1% 96.3% 96.4% 96.8% - ----------------------------------------------------------------------------------------------------------------------

(a) Includes preferred units on a converted basis into common units. (b) Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares. (c) Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants). (d) Includes preferred units on a converted basis into common units and minority interests in partially-owned properties. (e) Funds from Operations ("FFO") is calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition, as published in October 1999, after adjustment for straight-lining of rents and non-recurring charges. (f) Cash Available for Distribution ("CAD") is defined as funds from operations, after adjustment for straight-lining of rents and non-recurring charges, minus non-incremental revenue generating tenant improvements, non-incremental revenue generating leasing commissions and recurring capital expenditures. (g) Reflects square feet leased at the Company's consolidated in-service portfolio, excluding in-service development properties in lease-up. 12 SAME STORE RESULTS AND ANALYSIS (DOLLARS IN THOUSANDS)

- --------------------------------------------------------------------------------------------------------------- FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 2000 CHANGE % CHANGE - --------------------------------------------------------------------------------------------------------------- Property Revenues $ 132,706 $ 132,196 $ 510 0.4 Less: Straight-line rent adjustment 1,620 3,559 (1,939) (54.5) ---------------------------------------------------------- Total Property Revenues 131,086 128,637 2,449 1.9 (excluding straight-line rent adjustment) Real Estate Taxes 14,238 13,433 805 6.0 Utilities 9,260 9,404 (144) (1.5) Operating Services 16,599 17,668 (1,069) (6.1) ---------------------------------------------------------- Total Property Expenses: 40,097 40,505 (408) (1.0) Net Operating Income $ 90,989 $ 88,132 $ 2,857 3.2 ========================================================== Percentage Leased at Period End 94.6% 96.9% ============================ Total Properties: 247 Total Square Footage: 25,644,998

- --------------------------------------------------------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 2001 2000 CHANGE % CHANGE - --------------------------------------------------------------------------------------------------------------- Property Revenues $ 509,565 $ 501,333 $ 8,232 1.6 Less: Straight-line rent adjustment 9,443 11,788 (2,345) (19.9) ---------------------------------------------------------- Total Property Revenues 500,122 489,545 10,577 2.2 (excluding straight-line rent adjustment) Real Estate Taxes 54,231 53,294 937 1.8 Utilities 39,170 37,813 1,357 3.6 Operating Services 59,706 61,109 (1,403) (2.3) ---------------------------------------------------------- Total Property Expenses: 153,107 152,216 891 0.6 Net Operating Income $ 347,015 $ 337,329 $ 9,686 2.9 ========================================================== Percentage Leased at Period End 94.8% 97.2% ============================ Total Properties: 240 Total Square Footage: 24,602,442 - ---------------------------------------------------------------------------------------------------------------

13 UNCONSOLIDATED JOINT VENTURES SUMMARY (DOLLARS IN THOUSANDS) BREAKDOWN OF UNCONSOLIDATED JOINT VENTURES

- ---------------------------- ------------------------- ------------- ------------------- ------------- ----------- -------------- COMPANY'S NUMBER OF PERCENT SQUARE EFFECTIVE JOINT VENTURE NAME PROPERTY BUILDINGS LOCATION LEASED FEET OWNERSHIP % - ---------------------------- ------------------------- ------------- ------------------- ------------- ----------- -------------- OFFICE PROPERTIES: American Financial Exchange L.L.C. Harborside Plaza 10 (a) 1 Jersey City, NJ 100.0% 575,000 50.0% HPMC Lava Ridge 3 Roseville, CA 95.6% 183,200 50.0% HPMC Stadium Gateway (b) 1 Anaheim, CA 49.6% 261,554 32.5% G&G Martco Convention Plaza 1 San Francisco, CA 99.8% 305,618 50.0% Ashford Loop Associates, LP 1001 South Dairy Ashford 1 Houston, TX 50.9% 130,000 20.0% Ashford Loop Associates, LP 2100 West Loop South 1 Houston, TX 69.4% 168,000 20.0% HPMC Pacific Plaza Phase I (c) 1 Daly City, CA 50.7% 369,682 32.5% OFFICE/FLEX PROPERTIES: Ramland Realty Associates, L.L.C. One Ramland Road 1 Orangeburg, NY 72.0% 232,000 50.0% MULTI-USE: HPMC Pacific Plaza Phase II (d) 1 Daly City, CA 100.0% 100,740 32.5% - ---------------------------- ------------------------- ------------- ------------------- ------------- ----------- --------------

(a) Property was being developed and not in service as of December 31, 2001. The joint venture also has a parking lot operation on adjacent land. (b) Property was being developed and not in service as of December 31, 2001. (c) Property was placed in service in August 2001 and is currently in lease-up. (d) Property consisting of a three-story theater and retail complex was being developed and not in service as of December 31, 2001. 14 JOINT VENTURE FINANCIAL INFORMATION The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2001 and December 31, 2000:

DECEMBER 31, 2001 ------------------------------------------------------------------------------------ AMERICAN G&G FINANCIAL RAMLAND ASHFORD PRU-BETA 3 HPMC MARTCO EXCHANGE REALTY LOOP - ----------------------------------------------------------------------------------------------------------------------------- ASSETS: Rental property, net $ -- $ 19,556 $ 9,598 $ 81,070 $ 18,119 $ 37,358 Other assets 732 20,267 2,178 120 4,822 829 - ----------------------------------------------------------------------------------------------------------------------------- Total assets $ 732 $ 39,823 $ 11,776 $ 81,190 $ 22,941 $ 38,187 ============================================================================================================================= LIABILITIES AND PARTNERS'/MEMBERS' CAPITAL: Mortgages and loans payable $ -- $ 13,976 $ 50,000 $ -- $ 15,974 $ -- Other liabilities -- 897 1,175 9,667 83 830 Partners'/members' capital 732 24,950 (39,399) 71,523 6,884 37,357 - ----------------------------------------------------------------------------------------------------------------------------- Total liabilities and partners'/members' capital $ 732 $ 39,823 $ 11,776 $ 81,190 $ 22,941 $ 38,187 ============================================================================================================================= Company's net investment in unconsolidated joint ventures $ 350 $ 24,545 $ 2,795 $ 74,651 $ 3,014 $ 7,809 - -----------------------------------------------------------------------------------------------------------------------------

------------------------------------------------ MC-SJP HARBORSIDE COMBINED ARCAP MORRIS REALTY SOUTH PIER TOTAL - -------------------------------------------------------------------------------------------- ASSETS: Rental property, net $ -- $ 16,607 $ 63,236 $245,544 Other assets 595,937 107 100 625,092 - -------------------------------------------------------------------------------------------- Total assets $595,937 $ 16,714 $ 63,336 $870,636 ============================================================================================ LIABILITIES AND PARTNERS'/MEMBERS' CAPITAL: Mortgages and loans payable $324,819 $ 16,795 $ 34,107 $455,671 Other liabilities 3,736 103 2,927 19,418 Partners'/members' capital 267,382 (184) 26,302 395,547 - -------------------------------------------------------------------------------------------- Total liabilities and partners'/members' capital $595,937 $ 16,714 $ 63,336 $870,636 ============================================================================================ Company's net investment in unconsolidated joint ventures $ 17,897 $ 183 $ 15,296 $146,540 - --------------------------------------------------------------------------------------------

DECEMBER 31, 2000 ------------------------------------------------------------------------------------ AMERICAN G&G FINANCIAL RAMLAND ASHFORD PRU-BETA 3 HPMC MARTCO EXCHANGE REALTY LOOP - ----------------------------------------------------------------------------------------------------------------------------- ASSETS: Rental property, net $ 20,810 $ 78,119 $ 10,589 $ 12,546 $ 18,947 $ 37,665 Other assets 2,737 27,082 2,508 11,851 4,755 849 - ----------------------------------------------------------------------------------------------------------------------------- Total assets $ 23,547 $ 105,201 $ 13,097 $ 24,397 $ 23,702 $ 38,514 ============================================================================================================================= LIABILITIES AND PARTNERS'/MEMBERS' CAPITAL: Mortgages and loans payable $ -- $ 63,486 $ 50,000 $ -- $ 16,666 $ -- Other liabilities 160 5,035 1,368 9,400 522 1,005 Partners'/members' capital 23,387 36,680 (38,271) 14,997 6,514 37,509 - ----------------------------------------------------------------------------------------------------------------------------- Total liabilities and partners'/members' capital $ 23,547 $ 105,201 $ 13,097 $ 24,397 $ 23,702 $ 38,514 ============================================================================================================================= Company's net investment in unconsolidated joint ventures $ 16,110 $ 35,079 $ 3,973 $ 15,809 $ 2,782 $ 7,874 - -----------------------------------------------------------------------------------------------------------------------------

------------------------------------------------ MC-SJP HARBORSIDE COMBINED ARCAP MORRIS REALTY SOUTH PIER TOTAL - -------------------------------------------------------------------------------------------- ASSETS: Rental property, net $ -- $ -- $ -- $178,676 Other assets 310,342 -- -- 360,124 - -------------------------------------------------------------------------------------------- Total assets $310,342 $ -- $ -- $538,800 ============================================================================================ LIABILITIES AND PARTNERS'/MEMBERS' CAPITAL: Mortgages and loans payable $129,562 $ -- $ -- $259,714 Other liabilities 3,750 -- -- 21,240 Partners'/members' capital 177,030 -- -- 257,846 - -------------------------------------------------------------------------------------------- Total liabilities and partners'/members' capital $310,342 $ -- $ -- $538,800 ============================================================================================ Company's net investment in unconsolidated joint ventures $ 19,811 $ -- $ -- $101,438 - --------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------- Mack-Cali Realty Corporation Supplemental Operating and Financial Data for the Quarter Ended December 31, 2001 15 The following is a summary of the results of operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three and twelve month periods ended December 31, 2001 and 2000:

THREE MONTHS ENDED DECEMBER 31, 2001 ---------------------------------------------------------------------------------------------- AMERICAN G&G FINANCIAL RAMLAND ASHFORD PRU-BETA 3 HPMC MARTCO EXCHANGE REALTY LOOP ARCAP - ------------------------------------------------------------------------------------------------------------------------------------ Total revenues $ 7,637 $ 6,407 $ 3,364 $ 160 $ 847 $1,320 $ 19,714 Operating and other expenses (147) (1,110) (987) (10) (286) (545) (24,744) Depreciation and amortization (109) (1,974) (393) (10) (305) (259) -- Interest expense -- (1,254) (591) -- (208) -- (5,921) - ------------------------------------------------------------------------------------------------------------------------------------ Net income $ 7,381 $ 2,069 $ 1,393 $ 140 $ 48 $ 516 $ (10,951) ==================================================================================================================================== Company's equity in earnings of unconsolidated joint ventures $ 57 $ 2,200 $ 540 $ 35 $ 24 $ 93 $ (1,275) - ------------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------- MC-SJP HARBORSIDE COMBINED MORRIS REALTY SOUTH PIER TOTAL - ------------------------------------------------------------------------------------- Total revenues -- -- $ 39,449 Operating and other expenses -- -- (27,829) Depreciation and amortization -- -- (3,050) Interest expense -- -- (7,974) - ------------------------------------------------------------------------------------- Net income -- -- $ 596 ===================================================================================== Company's equity in earnings of unconsolidated joint ventures -- -- $ 1,674 - -------------------------------------------------------------------------------------

THREE MONTHS ENDED DECEMBER 31, 2000 ---------------------------------------------------------------------------------------------- AMERICAN G&G FINANCIAL RAMLAND ASHFORD PRU-BETA 3 HPMC MARTCO EXCHANGE REALTY LOOP ARCAP - ------------------------------------------------------------------------------------------------------------------------------------ Total revenues $1,354 $ 3,063 $ 2,721 $ 230 $ 1,081 $1,508 $ 3,424 Operating and other expenses (409) (1,541) (869) (32) (160) (844) (892) Depreciation and amortization (308) (3,753) (386) (778) (241) (225) 70 Interest expense -- (2,315) (1,071) -- (394) -- (564) - ------------------------------------------------------------------------------------------------------------------------------------ Net income $ 637 $(4,546) $ 395 $(580) $ 286 $ 439 $ 2,038 ==================================================================================================================================== Company's equity in earnings of unconsolidated joint ventures $ 255 $ 2,519 $ (15) $ 183 $ 96 $ 116 $ 500 - ------------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------- MC-SJP MORRIS HARBORSIDE COMBINED REALTY SOUTH PIER TOTAL - ------------------------------------------------------------------------------------- Total revenues -- -- $ 13,381 Operating and other expenses -- -- (4,747) Depreciation and amortization -- -- (5,621) Interest expense -- -- (4,344) - ------------------------------------------------------------------------------------- Net income -- -- $ (1,331) ===================================================================================== Company's equity in earnings of unconsolidated joint ventures -- -- $3,654 - -------------------------------------------------------------------------------------

16

YEAR ENDED DECEMBER 31, 2001 ------------------------------------------------------------------------------------------------- AMERICAN G&G FINANCIAL RAMLAND ASHFORD PRU-BETA 3 HPMC MARTCO EXCHANGE REALTY LOOP ARCAP - ------------------------------------------------------------------------------------------------------------------------------------ Total revenues $ 11,337 $ 22,826 $ 12,515 $ 543 $ 3,718 $ 5,685 $ 64,791 Operating and other expenses (1,322) (2,839) (3,558) (63) (1,191) (2,594) (32,200) Depreciation and amortization (992) (3,530) (1,557) (39) (1,031) (957) -- Interest expense -- (2,995) (3,095) -- (1,126) -- (19,231) - ------------------------------------------------------------------------------------------------------------------------------------ Net income $ 9,023 $ 13,462 $ 4,305 $ 441 $ 370 $ 2,134 $ 13,360 ==================================================================================================================================== Company's equity in earnings of unconsolidated joint ventures $ 785 $ 6,064 $ 1,582 $ (322) $ 232 $ 388 $ 275 - ------------------------------------------------------------------------------------------------------------------------------------

----------------------------------------- MC-SJP MORRIS HARBORSIDE COMBINED REALTY SOUTH PIER TOTAL - ---------------------------------------------------------------------------- Total revenues $ -- $ -- $ 121,415 Operating and other expenses -- -- (43,767) Depreciation and amortization -- -- (8,106) Interest expense -- -- (26,447) - ---------------------------------------------------------------------------- Net income $ -- $ -- $ 43,095 ============================================================================ Company's equity in earnings of unconsolidated joint ventures $ -- $ -- $ 9,004 - ----------------------------------------------------------------------------

YEAR ENDED DECEMBER 31, 2000 ---------------------------------------------------------------------------------------------- AMERICAN G&G FINANCIAL RAMLAND ASHFORD PRU-BETA 3 HPMC MARTCO EXCHANGE REALTY LOOP ARCAP - ------------------------------------------------------------------------------------------------------------------------------------ Total revenues $ 5,075 $ 9,254 $ 10,785 $ 1,009 $ 4,011 $ 5,776 $ 19,931 Operating and other expenses (1,619) (2,628) (3,312) (155) (1,030) (2,773) (3,060) Depreciation and amortization (1,226) (5,908) (1,532) (825) (975) (839) -- Interest expense -- (4,535) (4,060) -- (1,547) -- (5,045) ==================================================================================================================================== Net income $ 2,230 $ (3,817) $ 1,881 $ 29 $ 459 $ 2,164 $ 11,826 ==================================================================================================================================== Company's equity in earnings of unconsolidated joint ventures $ 935 $ 3,248 $ 483 $ 735 $ 180 $ 474 $ 2,000 - ------------------------------------------------------------------------------------------------------------------------------------

------------------------------------- MC-SJP MORRIS HARBORSIDE COMBINED REALTY SOUTH PIER TOTAL - ------------------------------------------------------------------------ Total revenues $ -- $ -- $ 55,841 Operating and other expenses -- -- (14,577) Depreciation and amortization -- -- (11,305) Interest expense -- -- (15,187) ======================================================================== Net income $ -- $ -- $ 14,772 ======================================================================== Company's equity in earnings of unconsolidated joint ventures $ -- $ -- $ 8,055 - ------------------------------------------------------------------------

17 SELECT FINANCIAL RATIOS

- -------------------------------------------------------------------------------------------------------------------- RATIOS COMPUTED FOR INDUSTRY DECEMBER 31, COMPARISONS: 2001 2000 - -------------------------------------------------------------------------------------------------------------------- FINANCIAL POSITION RATIOS: Total Debt/ Total Book Capitalization (BOOK VALUE) (%) 45.38% 44.29% Total Debt/ Total Market Capitalization (MARKET VALUE) (%) 43.56% 44.41% Total Debt/ Total Undepreciated Assets (%) 41.49% 40.85% Secured Debt/ Total Undepreciated Assets (%) 13.27% 12.08% - --------------------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------------------- THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 2001 2000 2001 2000 - -------------------------------------------------------------------------------------------------------------------- OPERATIONAL RATIOS: Interest Coverage 3.49 3.50 3.43 3.65 (FUNDS FROM OPERATIONS+INTEREST EXPENSE)/INTEREST EXPENSE (X) Debt Service Coverage 3.39 3.40 3.34 3.55 (FUNDS FROM OPERATIONS + INTEREST EXPENSE)/(INTEREST EXPENSE + PRINCIPAL AMORT.) (X) Fixed Charge Coverage 2.59 2.62 2.60 2.73 (FUNDS FROM OPERATIONS + INTEREST EXPENSE)/(INTEREST EXPENSE + CAPITALIZED INTEREST+PREF. DIV. +PRIN. AMORT.+GROUND LEASE PAYMENTS)(X) FFO Payout 66.78% 68.47% 67.18% 66.36% (DIVIDENDS DECLARED/FUNDS FROM OPERATIONS (%)) CAD Payout 89.55% 86.23% 81.50% 81.14% (DIVIDENDS DECLARED/ CASH AVAILABLE FOR DISTRIBUTION (%)) - --------------------------------------------------------------------------------------------------------------------

18 DEBT ANALYSIS (AS OF DECEMBER 31, 2001) DEBT BREAKDOWN (DOLLARS IN THOUSANDS)

- ------------------------------- --------------------- -------------------------- ------------------------ ----------------------- WEIGHTED AVERAGE WEIGHTED AVERAGE BALANCE % OF TOTAL INTEREST RATE (a) MATURITY IN YEARS - ------------------------------- --------------------- -------------------------- ------------------------ ----------------------- Fixed Rate Secured Debt $ 511,629 30.09% 7.11% 3.67 Fixed Rate Unsecured Notes 1,096,843 64.52% 7.51% 5.50 Variable Rate Secured Debt 32,178 1.89% 4.13% 7.08 Variable Rate Unsecured Debt 59,500 3.50% 2.98% 1.48 - ------------------------------- --------------------- -------------------------- ------------------------ ----------------------- TOTALS/WEIGHTED AVERAGE: $1,700,150 100.00% 7.17% 4.84 =============================== ===================== ========================== ======================== =======================

FUTURE REPAYMENTS (DOLLARS IN THOUSANDS)

- ------------------------------- ---------------------- ------------------------- ----------------- --------------------------------- SCHEDULED PRINCIPAL WEIGHTED AVERAGE INTEREST RATE PERIOD AMORTIZATION MATURITIES TOTAL OF FUTURE REPAYMENTS (a) - ------------------------------- ---------------------- ------------------------- ----------------- --------------------------------- 2002 $ 3,996 $ -- $ 3,996 7.72% 2003 4,145 251,594 255,739 6.31% 2004 2,922 309,863 312,785 7.34% 2005 2,066 253,178 255,244 7.13% 2006 222 220,000 220,222 7.06% Thereafter 58 656,542 656,600 7.41% - ------------------------------- ---------------------- ------------------------- ----------------- --------------------------------- Sub-total 13,409 1,691,177 1,704,586 7.17% Adjustment for unamortized debt discount/premium, net, as of December 31, 2001 (4,436) -- (4,436) -- - ------------------------------- ---------------------- ------------------------- ----------------- --------------------------------- TOTALS/WEIGHTED AVERAGE: $ 8,973 $1,691,177 $1,700,150 7.17% =============================== ====================== ========================= ================= =================================

(a) Actual weighted average LIBOR contract rates relating to the Company's outstanding debt as of December 31, 2001 of 2.64 percent was used in calculating revolving credit facility and other variable rate debt interest rates. 19 DEBT MATURITIES (DOLLARS IN THOUSANDS)

- ------------------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ 2002 2003 2004 2005 2006 2007 2008 2009 - ------------------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ SECURED DEBT: Mack-Cali Willowbrook $ 6,811 400 Chestnut Ridge $ 9,863 Mack-Cali Centre VI $ 35,000 Prudential Portfolio 150,000 Mack-Cali Bridgewater I 23,000 Mack-Cali Woodbridge II 17,500 Mack-Cali Short Hills 22,089 500 West Putnam Ave 5,589 Harborside Financial Center- Plaza 1 $75,358 Harborside Financial Center- Plazas 2 & 3 144,642 Mack-Cali Airport $9,364 Kemble Plaza I $32,178 - ------------------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ TOTAL SECURED DEBT: -- $ 6,811 $ 9,863 $253,178 $220,000 $9,364 -- $32,178 ========================= ============ ============ ============ ============ ============= ============ ============ ============ UNSECURED DEBT: Unsecured credit facility $59,500 7.180% unsecured notes due 12/03 185,283 7.000% unsecured notes due 3/04 $300,000 7.250% unsecured notes due 3/09 $300,000 7.835% unsecured notes due 12/10 7.750% unsecured notes due 2/11 - ------------------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------ TOTAL UNSECURED DEBT: -- $244,783 $300,000 -- -- -- -- $300,000 ========================= ============ ============ ============ ============ ============= ============ ============ ============ ========================= ============ ============ ============ ============ ============= ============ ============ ============ TOTAL DEBT: -- $251,594 $309,863 $253,178 $220,000 $9,364 -- $332,178 ========================= ============ ============ ============ ============ ============= ============ ============ ============

- ------------------------- ----------- ------------ ------------- 2010 2011 TOTALS - ------------------------- ----------- ------------ ------------- SECURED DEBT: Mack-Cali Willowbrook $ 6,811 400 Chestnut Ridge 9,863 Mack-Cali Centre VI 35,000 Prudential Portfolio 150,000 Mack-Cali Bridgewater I 23,000 Mack-Cali Woodbridge II 17,500 Mack-Cali Short Hills 22,089 500 West Putnam Ave 5,589 Harborside Financial Center- Plaza 1 75,358 Harborside Financial Center- Plazas 2 & 3 144,642 Mack-Cali Airport 9,364 Kemble Plaza I 32,178 - ------------------------- ----------- ------------ ------------- TOTAL SECURED DEBT: -- -- $ 531,394 ========================= =========== ============ ============= UNSECURED DEBT: Unsecured credit facility $ 59,500 7.180% unsecured notes due 12/03 185,283 7.000% unsecured notes due 3/04 300,000 7.250% unsecured notes due 3/09 300,000 7.835% unsecured notes due 12/10 $15,000 15,000 7.750% unsecured notes due 2/11 $300,000 300,000 - ------------------------- ----------- ------------ ------------- TOTAL UNSECURED DEBT: $15,000 $300,000 $1,159,783 ========================= =========== ============ ============= ========================= =========== ============ ============= TOTAL DEBT: $15,000 $300,000 $1,691,177 ========================= =========== ============ =============

20 DEBT DETAIL (DOLLARS IN THOUSANDS)

EFFECTIVE PRINCIPAL BALANCE AT INTEREST DECEMBER 31, DECEMBER 31, DATE OF PROPERTY NAME LENDER RATE 2001 2000 MATURITY - ------------------------------------------------------------------------------------------------------------------------------- SENIOR UNSECURED NOTES: (a) 7.180% Senior Unsecured Notes public debt 7.230% $ 185,283 $ 185,283 12/31/03 7.000% Senior Unsecured Notes public debt 7.270% 299,824 299,744 03/15/04 7.250% Senior Unsecured Notes public debt 7.490% 298,307 298,072 03/15/09 7.835% Senior Unsecured Notes public debt 7.950% 15,000 15,000 12/15/10 7.750% Senior Unsecured Notes public debt 7.930% 298,429 -- 02/15/11 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL SENIOR UNSECURED NOTES: $1,096,843 $ 798,099 - ------------------------------------------------------------------------------------------------------------------------------ REVOLVING CREDIT FACILITIES: 2000 Unsecured facility (b) 22 lenders LIBOR+ 80 BASIS POINTS $ 59,500 $ 348,840 06/22/03 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL REVOLVING CREDIT FACILITIES: $ 59,500 $ 348,840 - ------------------------------------------------------------------------------------------------------------------------------ PROPERTY MORTGAGES: 101 & 225 Executive Drive Sun Life Assurance Co. 6.270% $ -- $ 2,198 06/01/01 Mack-Cali Morris Plains Corestates Bank 7.510% -- 2,169 12/31/01 Mack-Cali Willowbrook CIGNA 8.670% 8,598 9,460 10/01/03 400 Chestnut Ridge Prudential Insurance Co. 9.440% 12,646 13,588 07/01/04 Mack-Cali Centre VI Principal Life Insurance Co. 6.865% 35,000 35,000 04/01/05 Various (c) Prudential Insurance Co. 7.100% 150,000 150,000 05/15/05 Mack-Cali Bridgewater I New York Life Ins. Co. 7.000% 23,000 23,000 09/10/05 Mack-Cali Woodbridge II New York Life Ins. Co. 7.500% 17,500 17,500 09/10/05 Mack-Cali Short Hills Prudential Insurance Co. 7.740% 25,218 25,911 10/01/05 500 West Putnam Avenue New York Life Ins. Co. 6.520% 9,273 10,069 10/10/05 Harborside - Plaza 1 U.S. West Pension Trust 5.610% 57,978 54,370 01/01/06 Harborside - Plazas 2 and 3 Northwestern/Principal 7.363% 162,022 95,630 01/01/06 Mack-Cali Airport Allstate Life Insurance Co. 7.050% 10,394 10,500 04/01/07 Kemble Plaza I Mitsubishi TR & BK Co. LIBOR+0.650% 32,178 32,178 01/31/09 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL PROPERTY MORTGAGES: $ 543,807 $ 481,573 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL DEBT: $1,700,150 $1,628,512 ==============================================================================================================================

(a) Interest rate for unsecured notes reflects effective rate of debt, including cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount on the notes, as applicable. (b) Total borrowing capacity under this facility is $800.0 million. (c) The Company has the option to convert the mortgage loan, which is secured by 12 properties, to unsecured debt, subject to, amongst other things, the Company having an investment grade rating from two rating agencies (at least one of which must be from S&P or Moody's) at the time of conversion. 21 III. FINANCIAL STATEMENTS 22 III. FINANCIAL STATEMENTS MACK-CALI REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

============================================================================================================================ THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, REVENUES 2001 2000 2001 2000 - ---------------------------------------------------------------------------------------------------------------------------- Base rents $ 124,973 $ 123,923 $ 506,557 $ 491,193 Escalations and recoveries from tenants 13,947 13,430 56,083 58,488 Parking and other 2,502 2,341 10,518 15,325 Equity in earnings of unconsolidated joint ventures 1,674 3,654 9,004 8,055 Interest income 416 555 2,186 3,092 - ---------------------------------------------------------------------------------------------------------------------------- Total revenues 143,512 143,903 584,348 576,153 - ---------------------------------------------------------------------------------------------------------------------------- EXPENSES - ---------------------------------------------------------------------------------------------------------------------------- Real estate taxes 15,206 14,231 62,015 59,400 Utilities 9,720 10,038 43,892 42,035 Operating services 16,878 19,292 68,779 70,711 General and administrative 6,857 6,543 28,490 23,276 Depreciation and amortization 23,507 23,641 91,471 92,088 Interest expense 27,311 26,271 112,003 105,394 - ---------------------------------------------------------------------------------------------------------------------------- Total expenses 99,479 100,016 406,650 392,904 - ---------------------------------------------------------------------------------------------------------------------------- Income from operations before minority interests 44,033 43,887 177,698 183,249 Minority interest in partially-owned properties -- -- -- (5,072) - ---------------------------------------------------------------------------------------------------------------------------- Income from operations before minority interest in Operating 44,033 43,887 177,698 178,177 Partnership Minority interest in Operating Partnership (a) (8,876) (8,735) (35,636) (35,181) - ---------------------------------------------------------------------------------------------------------------------------- Income from operations 35,157 35,152 142,062 142,996 Non-recurring charges (b) -- -- -- (32,666) Realized gains (losses) and unrealized losses on disposition of rental property, net (c) (1,918) (749) (10,403) 75,008 - ---------------------------------------------------------------------------------------------------------------------------- Net income $ 33,239 $ 34,403 $ 131,659 $ 185,338 =========================================================================================================================== PER SHARE DATA: Income from operations-basic $ 0.62 $ 0.61 $ 2.51 $ 2.45 Net income-basic $ 0.59 $ 0.60 $ 2.33 $ 3.18 - ---------------------------------------------------------------------------------------------------------------------------- Income from operations-diluted $ 0.62 $ 0.61 $ 2.50 $ 2.44 Net income-diluted $ 0.58 $ 0.59 $ 2.32 $ 3.10 - ---------------------------------------------------------------------------------------------------------------------------- Dividends declared per common share $ 0.62 $ 0.61 $ 2.46 $ 2.38 - ---------------------------------------------------------------------------------------------------------------------------- Basic weighted average shares outstanding 56,703 57,788 56,538 58,338 Diluted weighted average shares outstanding 65,024 66,013 64,775 73,070 - ----------------------------------------------------------------------------------------------------------------------------

(a) Excludes effect of minority interest's share of non-recurring charges and realized gains (losses) and unrealized losses on disposition of rental property. (b) Net of minority interest's share of $4,473 for the year ended December 31, 2000. (c) Net of minority interest's share of $269 and $103 for the three months ended December 31, 2001 and 2000, respectively, and $1,461 and $10,345 for the year ended December 31, 2001 and 2000, respectively. 23 MACK-CALI REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

================================================================================================================= DECEMBER 31, ASSETS 2001 2000 - ----------------------------------------------------------------------------------------------------------------- Rental property Land and leasehold interests $ 479,358 $ 542,841 Buildings and improvements 2,751,453 2,934,383 Tenant improvements 140,071 106,208 Furniture, fixtures and equipment 7,189 6,445 - ----------------------------------------------------------------------------------------------------------------- 3,378,071 3,589,877 Less - accumulated depreciation and amortization (350,705) (302,932) - ----------------------------------------------------------------------------------------------------------------- 3,027,366 3,286,945 Rental property held for sale, net 384,626 107,458 - ----------------------------------------------------------------------------------------------------------------- Net investment in rental property 3,411,992 3,394,403 Cash and cash equivalents 12,835 13,179 Investments in unconsolidated joint ventures 146,540 101,438 Unbilled rents receivable, net 60,829 50,499 Deferred charges and other assets, net 101,499 102,655 Restricted cash 7,914 6,557 Accounts receivable, net of allowance for doubtful accounts of $752 and $552 5,161 8,246 - ----------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 3,746,770 $ 3,676,977 ================================================================================================================= LIABILITIES AND STOCKHOLDERS' EQUITY - ----------------------------------------------------------------------------------------------------------------- Senior unsecured notes $ 1,096,843 $ 798,099 Revolving credit facilities 59,500 348,840 Mortgages and loans payable 543,807 481,573 Dividends and distributions payable 44,069 43,496 Accounts payable and accrued expenses 64,620 53,608 Rents received in advance and security deposits 33,512 31,146 Accrued interest payable 25,587 17,477 - ----------------------------------------------------------------------------------------------------------------- Total liabilities 1,867,938 1,774,239 - ----------------------------------------------------------------------------------------------------------------- MINORITY INTERESTS: Operating Partnership 446,244 447,523 Partially-owned properties -- 1,925 - ----------------------------------------------------------------------------------------------------------------- Total minority interests 446,244 449,448 - ----------------------------------------------------------------------------------------------------------------- Commitments and contingencies STOCKHOLDERS' EQUITY: Preferred stock, 5,000,000 shares authorized, none issued -- -- Common stock, $0.01 par value, 190,000,000 shares authorized, 56,712,270 and 56,980,893 shares outstanding 567 570 Additional paid-in capital 1,501,623 1,513,037 Dividends in excess of net earnings (64,906) (57,149) Unamortized stock compensation (4,696) (3,168) - ----------------------------------------------------------------------------------------------------------------- Total stockholders' equity 1,432,588 1,453,290 - ----------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,746,770 $ 3,676,977 =================================================================================================================

24 MACK-CALI REALTY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (IN THOUSANDS)

==================================================================================================================================== ADDITIONAL DIVIDENDS IN UNAMORTIZED TOTAL COMMON STOCK PAID-IN EXCESS OF STOCK STOCKHOLDERS' SHARES PAR VALUE CAPITAL NET EARNINGS COMPENSATION EQUITY - ------------------------------------------------------------------------------------------------------------------------------------ Balance at December 31, 2000 56,981 $570 $ 1,513,037 $(57,149) $(3,168) $ 1,453,290 Net income -- -- -- 131,659 -- 131,659 Dividends -- -- -- (139,416) -- (139,416) Redemption of common units for shares of common stock 9 -- 239 -- -- 239 Proceeds from stock options exercised 904 9 20,666 -- -- 20,675 Deferred compensation plan for directors -- -- 156 -- -- 156 Issuance of Restricted Stock Awards 95 1 2,567 -- (2,527) 41 Amortization of stock compensation -- -- -- -- 1,356 1,356 Adjustment to fair value of restricted stock -- -- 557 -- (557) -- Cancellation of Restricted Stock Awards (7) -- (200) -- 200 -- Repurchase of common stock (1,270) (13) (35,399) -- -- (35,412) - ------------------------------------------------------------------------------------------------------------------------------------ BALANCE AT DECEMBER 31, 2001 56,712 $567 $ 1,501,623 $(64,906) $(4,696) $ 1,432,588 ====================================================================================================================================

25 STATEMENTS OF FUNDS FROM OPERATIONS AND CASH AVAILABLE FOR DISTRIBUTION (IN THOUSANDS, EXCEPT PER SHARE/UNIT AMOUNTS)

THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, ======================================================================================================================= 2001 2000 2001 2000 - ----------------------------------------------------------------------------------------------------------------------- Income from operations before minority interest in Operating Partnership $ 44,033 $ 43,887 $ 177,698 $ 178,177 Add: Real estate depreciation and amortization (a) 23,948 24,178 94,198 94,250 Gain on sale of land -- -- -- 2,248 Deduct: Adj. to rental income for straight-lining of rents (b) (1,707) (3,530) (11,399) (12,604) - ----------------------------------------------------------------------------------------------------------------------- Funds from operations (c), after adjustment for straight-lining of rents and non-recurring charges $ 66,274 $ 64,535 $ 260,497 $ 262,071 - ----------------------------------------------------------------------------------------------------------------------- Deduct: Non-incremental revenue generating capital expenditures: Capital expenditures (2,125) (1,378) (5,977) (5,472) Tenant improvements and leasing commissions (14,725) (11,909) (39,808) (42,278) - ----------------------------------------------------------------------------------------------------------------------- Cash available for distribution $ 49,424 $ 51,248 $ 214,712 $ 214,321 ======================================================================================================================= Basic weighted average shares/units outstanding (d) 64,658 65,772 64,495 66,392 Diluted weighted average shares/units outstanding (e) 71,383 72,440 71,134 73,070 PER SHARE/UNIT - BASIC(F): Funds from operations $ 0.96 $ 0.92 $ 3.80 $ 3.71 Cash available for distribution $ 0.70 $ 0.72 $ 3.09 $ 3.00 PER SHARE/UNIT - DILUTED: Funds from operations $ 0.93 $ 0.89 $ 3.66 $ 3.59 Cash available for distribution $ 0.69 $ 0.70 $ 3.02 $ 2.93 Dividend per common share $ 0.62 $ 0.61 $ 2.46 $ 2.38 DIVIDEND PAYOUT RATIOS: Funds from operations-diluted 66.78% 68.47% 67.18% 66.36% Cash available for distribution-diluted 89.55% 86.23% 81.50% 81.14% =======================================================================================================================

(a) Includes the Company's share from unconsolidated joint ventures of $661 and $724 for the three months ended December 31, 2001 and 2000, respectively, and $3,567 and $2,928 for the year ended December 31, 2001 and 2000, respectively. (b) Includes the Company's share from unconsolidated joint ventures of $19 and $6 for the three months ended December 31, 2001 and 2000, respectively, and $83 and $24 for the year ended December 31, 2001 and 2000, respectively. (c) Funds from operations for both periods are calculated in accordance with the National Association of Real Estate Investment Trusts (NAREIT) definition, as published in October 1999. (d) Calculated based on weighted average common shares outstanding, assuming redemption of operating partnership common units into common shares. (e) Calculated based on shares and units included in basic per share/unit computation, plus dilutive Common Stock Equivalents (i.e. convertible preferred units, options and warrants). (f) Amounts calculated after deduction for distributions to preferred unitholders of $3,943 and $3,879 for the three months ended December 31, 2001 and 2000, respectively, and $15,644 and $15,441 for the year ended December 31, 2001 and 2000, respectively. 26 RECONCILIATION OF BASIC-TO-DILUTED SHARES/UNITS (IN THOUSANDS) The following schedule reconciles the Company's basic weighted average shares outstanding to basic and diluted weighted average shares/units outstanding:

- ------------------------------------------------------------------------------------------------------------ THREE MONTHS ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 2001 2000 2001 2000 - ------------------------------------------------------------------------------------------------------------ Basic weighted average shares outstanding: 56,703 57,788 56,538 58,338 Add: Weighted average common units 7,955 7,984 7,957 8,054 - ------------------------------------------------------------------------------------------------------------ Basic weighted average shares/units: 64,658 65,772 64,495 66,392 Add: Weighted average preferred units (after conversion to common units) 6,359 6,427 6,359 6,485 Stock options 325 222 270 188 Restricted Stock Awards 41 19 10 5 - ------------------------------------------------------------------------------------------------------------ Diluted weighted average shares/units outstanding: 71,383 72,440 71,134 73,070 ============================================================================================================

27 IV. VALUE CREATION PIPELINE 28 IV. VALUE CREATION PIPELINE OPERATING PROPERTY ACQUISITIONS (DOLLARS IN THOUSANDS)

FOR THE YEAR ENDED DECEMBER 31, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ ACQUISITION # OF RENTABLE INVESTMENT BY DATE PROPERTY/PORTFOLIO NAME LOCATION BLDGS. SQUARE FEET COMPANY (a) - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE 04/06/01 4 & 6 Campus Drive Parsippany, Morris County, NJ 2 295,766 $48,404 11/06/01 9 Campus Drive (b) Parsippany, Morris County, NJ 1 156,495 15,073 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL OFFICE PROPERTY ACQUISITIONS: 3 452,261 $63,477 - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE/FLEX 02/14/01 31 & 41 Twosome Drive (c)(d) Moorestown, Burlington County, NJ 2 127,250 $ 7,155 04/27/01 1245 & 1247 N. Church Street, 2 Twosome Drive (c)(d) Moorestown, Burlington County, NJ 3 154,200 11,083 08/03/01 5 & 6 Skyline Drive Hawthorne, Westchester County, NY 2 168,177 14,846 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL OFFICE/FLEX PROPERTY ACQUISITIONS: 7 449,627 $33,084 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL OPERATING PROPERTY ACQUISITIONS: 10 901,888 $96,561 ====================================================================================================================================

FOR THE YEAR ENDED DECEMBER 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ ACQUISITION # OF RENTABLE INVESTMENT BY DATE PROPERTY/PORTFOLIO NAME LOCATION BLDGS. SQUARE FEET COMPANY (e) - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE 05/23/00 555 & 565 Taxter Road Elmsford, Westchester County, NY 2 341,108 $ 42,980 06/14/00 Four Gatehall Drive Parsippany, Morris County, NJ 1 248,480 42,381 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL OFFICE PROPERTY ACQUISITIONS: 3 589,588 $ 85,361 - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE/FLEX 03/24/00 Two Executive Drive (c)(d) Moorestown, Burlington County, NJ 1 60,800 $ 4,007 07/14/00 915 North Lenola Road (c)(d) Moorestown, Burlington County, NJ 1 52,488 2,542 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL OFFICE/FLEX PROPERTY ACQUISITIONS: 2 113,288 $ 6,549 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL OPERATING PROPERTY ACQUISITIONS: 5 702,876 $ 91,910 ====================================================================================================================================

SEE FOOTNOTES TO THE ABOVE SCHEDULES ON PAGE 30. 29 PROPERTIES PLACED IN SERVICE (DOLLARS IN THOUSANDS)

FOR THE YEAR ENDED DECEMBER 31, 2001 - ------------------------------------------------------------------------------------------------------------------------------------ DATE PLACED # OF RENTABLE INVESTMENT BY IN SERVICE PROPERTY/PORTFOLIO NAME LOCATION BLDGS. SQUARE FEET COMPANY (f) - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE 01/15/01 105 Eisenhower Parkway Roseland, Essex County, NJ 1 220,000 $47,328 03/01/01 8181 East Tufts Avenue Denver, Denver County, CO 1 185,254 34,993 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL PROPERTIES PLACED IN SERVICE: 2 405,254 $82,321 ====================================================================================================================================

FOR THE YEAR ENDED DECEMBER 31, 2000 - ------------------------------------------------------------------------------------------------------------------------------------ DATE PLACED # OF RENTABLE INVESTMENT BY IN SERVICE PROPERTY/PORTFOLIO NAME LOCATION BLDGS. SQUARE FEET COMPANY (f) - ------------------------------------------------------------------------------------------------------------------------------------ OFFICE 9/01/00 Harborside Plaza 4-A (g) Jersey City, Hudson County, NJ 1 207,670 $61,459 9/15/00 Liberty Corner Corp. Center Bernards Township, Somerset County, NJ 1 132,010 17,430 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL PROPERTIES PLACED IN SERVICE: 2 339,680 $78,889 ====================================================================================================================================

(a) Unless otherwise noted, transactions were funded primarily through draws on the Company's credit facilities. (b) The Company acquired the remaining 50 percent interest in this property from an unconsolidated joint venture. Investment by Company represents the net cost of acquiring the remaining interest. (c) Transactions were funded primarily from net proceeds received in the sale of a rental property, as well as the Company's cash reserves and draws on the Company's credit facilities. (d) The properties were acquired through the exercise of a purchase option obtained in the initial acquisition of the McGarvey portfolio in January 1998. (e) Transactions were funded primarily from net proceeds received in the sale or sales of rental property. (f) Unless otherwise noted, development costs were funded primarily through draws on the Company's credit facilities. (g) Project includes seven-story, 1,100-car parking garage. 30 ACQUISITION PROPERTY PROFILE

============================================================================================================ - ------------------------------------------------------------------------------------------------------------ PROPERTY NAME: 9 Campus Drive PRODUCT TYPE: Office Building LOCATION: Parsippany, Morris County, New Jersey DESCRIPTION: Class A, three-story office building SIZE: 156,495 square feet YEAR CONSTRUCTED: 1983 CLOSING DATE: November 6, 2001 ACQUISITION COST: $15.1 million (represents the net cost to the Company)(a) FUNDING SOURCE: Proceeds from sale of office property PERCENTAGE LEASED: 94.5% NUMBER OF TENANTS: 9 SIGNIFICANT TENANTS: GAB Business Services, Inc. (99,227 square feet) Remedy Corporation (10,857 square feet) Warner-Lambert Company (9,839 square feet) - ------------------------------------------------------------------------------------------------------------

(a) The Company acquired the remaining 50 percent interest in this property from an unconsolidated joint venture. 31 SUMMARY OF CONSTRUCTION PROJECTS (DOLLARS IN THOUSANDS)

- ---------------------------- -------------- --------------- ----------- ---------- ---------- ------------ ------------- ---------- ESTIMATED COSTS PLACED IN NUMBER INCURRED TOTAL SERVICE OF SQUARE THROUGH ESTIMATED CURRENT PROJECT LOCATION TYPE OF SPACE DATE BUILDINGS FEET 12/31/01 COSTS % LEASED - ---------------------------- -------------- --------------- ----------- ---------- ---------- ------------ ------------- ---------- MAJORITY OWNED: 125 Clearbrook Road Elmsford, NY Office/Flex 2002-2Q 1 33,000 $ 2,056 $ 5,200 100.0% Harborside Plaza 5 Jersey City, Office 2002-4Q 1 980,000 113,287 260,000 55.3% NJ - ---------------------------- -------------- --------------- ----------- ---------- ---------- ------------ ------------- ---------- SUB-TOTAL: 2 1,013,000 $115,343 $265,200 56.8% - ---------------------------- -------------- --------------- ----------- ---------- ---------- ------------ ------------- ---------- UNCONSOLIDATED JOINT VENTURES: Stadium Gateway (a) Anaheim, CA Office 2002-2Q 1 261,554 $ 2,680 $ 2,680 49.6% Pacific Plaza Phase II (b) Daly City, CA Retail/Theater 2002-2Q 1 100,740 2,366 2,366 100.0% Hyatt Regency South Pier (c) Jersey City, Hotel 2002-3Q 1 280,000 15,297 18,000 n/a NJ Harborside Plaza 10 (d) Jersey City, Office 2002-4Q 1 575,000 74,034 145,000 100.0% NJ SUB-TOTAL: 4 1,217,294 $ 94,377 $168,046 85.9% - ---------------------------- -------------- --------------- ----------- ---------- ---------- ------------ ------------- ---------- GRAND TOTAL: 6 2,230,294 $209,720 $433,246 72.7% - ---------------------------- -------------- --------------- ----------- ---------- ---------- ------------ ------------- ----------

(a) The Costs Incurred and Total Estimated Costs reflect the Company's funding in this project. The total cost of the project is currently projected to be approximately $44.0 million. (b) The Costs Incurred and Total Estimated Costs reflect the Company's funding in this project. The total cost of the project is currently projected to be approximately $31.0 million. (c) The Costs Incurred and Total Estimated Costs reflect the Company's funding in this project. The total cost of the project is currently projected to be approximately $95.0 million. (d) The Costs Incurred and Total Estimated Costs reflect the Company's funding in this project. The total cost of the project is currently projected to be approximately $145.0 million. SUMMARY OF DEVELOPMENT PROPERTIES IN LEASE-UP (DOLLARS IN THOUSANDS)

- ------------------------------ -------------- ------------- ----------- ---------- ---------- ------------ ------------- ---------- PLACED COSTS IN NUMBER INCURRED TOTAL TYPE OF SERVICE OF SQUARE THROUGH ESTIMATED CURRENT PROJECT LOCATION SPACE DATE BUILDINGS FEET 12/31/01 COSTS % LEASED - ------------------------------ -------------- ------------- ----------- ---------- ---------- ------------ ------------- ---------- MAJORITY OWNED: 105 Eisenhower Parkway Roseland, NJ Office 01/15/01 1 220,000 $47,328 $52,000 64.0% 8181 East Tufts Avenue Denver, CO Office 03/01/01 1 185,254 34,993 36,800 77.2% - ------------------------------ -------------- ------------- ----------- ---------- ---------- ------------ ------------- ---------- SUB-TOTAL: 2 405,254 $82,321 $88,800 70.0% - ------------------------------ -------------- ------------- ----------- ---------- ---------- ------------ ------------- ---------- UNCONSOLIDATED JOINT VENTURES: Pacific Plaza Phase I (a) Daly City, CA Office 08/20/01 1 369,682 $6,822 $6,822 50.7% - ------------------------------ -------------- ------------- ----------- ---------- ---------- ------------ ------------- ---------- SUB-TOTAL: 1 369,682 $6,822 $6,822 50.7% - ------------------------------ -------------- ------------- ----------- ---------- ---------- ------------ ------------- ---------- GRAND TOTAL: 3 774,936 $89,143 $95,622 60.8% - ------------------------------ -------------- ------------- ----------- ---------- ---------- ------------ ------------- ----------

(a) The Costs Incurred and Total Estimated Costs reflect the Company's funding in this project. The total cost of the project is currently projected to be approximately $89.4 million. 32 SUMMARY OF LAND PARCELS

- ------------------------------------- ---------------------- ---------- -------- --------------- ----------------------- DEVELOPMENT POTENTIAL SITE TOWN/ CITY STATE ACRES (SQ. FT.) TYPE OF SPACE - ------------------------------------- ---------------------- ---------- -------- --------------- ----------------------- Horizon Center Hamilton NJ 50.0 575,000 Office/Flex/Retail American Financial Exchange (a) Jersey City NJ 3.6 1,225,000 Office Harborside Financial Center (b) Jersey City NJ 6.5 3,113,500 Office Mack-Cali Business Campus (c) Parsippany & Hanover NJ 110.0 1,350,000 Office Morris V and VI (a) Parsippany NJ 47.5 645,000 Office Commercenter Totowa NJ 5.8 30,000 Office/Flex Princeton Metro (c) West Windsor NJ 10.0 97,000 Office Princeton Overlook II West Windsor NJ 10.0 149,500 Office Cross Westchester Executive Park Elmsford NY 5.0 60,000 Office/Flex Elmsford Distribution Center (d) Elmsford NY 14.5 100,000 Warehouse Mid-Westchester Executive Park (d) Hawthorne NY 8.0 73,000 Office/Flex One Ramland Road (a) Orangeburg NY 20.0 100,000 Office/Flex South Westchester Executive Park (d) Yonkers NY 60.0 500,000 Office/Flex Airport Business Center Lester PA 12.6 135,000 Office Eastpoint II Lanham MD 4.8 122,000 Office/Hotel Tri West Plaza II (d) Dallas TX 4.5 500,000 Office Hilltop Business Center (e) Littleton CO 7.1 128,000 Office Pacific Plaza Phase III (f) Daly City CA 2.5 270,000 Office - ------------------------------------- ---------------------- ---------- -------- --------------- ----------------------- TOTALS 382.4 9,173,000 ===================================== ====================== ========== ======== =============== =======================

(a) Land owned by joint venture in which Mack-Cali is an equity partner. (b) In addition, there are 21 acres of riparian property. (c) Land owned by Mack-Cali which is subject to a contribution agreement to a development joint venture. (d) Mack-Cali holds an option to purchase this land. (e) Land is currently held for sale. (f) Unconsolidated joint venture, in which Mack-Cali is an equity partner, holds an option to purchase this land. 33 RENTAL PROPERTY SALES (DOLLARS IN THOUSANDS)

FOR THE YEAR ENDED DECEMBER 31, 2001 - --------------- -------------------------- ------------------------------ -------- ---------- ----------- -------------- ----------- RENTABLE SALE # OF SQUARE NET SALES NET BOOK REALIZED DATE PROPERTY NAME LOCATION BLDGS. FEET PROCEEDS VALUE GAIN/(LOSS) - --------------- -------------------------- ------------------------------ -------- ---------- ----------- -------------- ----------- OFFICE: 06/01/01 1777 N.E. Loop 410 San Antonio, Bexar County, TX 1 256,137 $21,313 $16,703 $4,610 06/15/01 14511 Falling Creek Houston, Harris County, TX 1 70,999 2,982 2,458 524 07/17/01 8214 Westchester Dallas, Dallas County, TX 1 95,509 8,966 8,465 501 08/01/01 2600 Westown Parkway West Des Moines, Polk 1 72,265 5,165 5,570 (405) County, IA 09/26/01 1709 New York Avenue, NW Washington, DC 1 166,000 65,151 50,640 14,511 11/14/01 200 Concord Plaza Drive San Antonio, Bexar County, TX 1 248,700 30,927 32,609 (1,682) 12/21/01 5225 Katy Freeway Houston, Harris County, TX 1 112,213 6,887 7,393 (506) RESIDENTIAL: 06/21/01 Tenby Chase Apartments Delran, Burlington County, NJ 1 327 units 19,336 2,399 16,937 OTHER: 04/03/01 North Pier-Harborside (a) Jersey City, Hudson County, -- n/a 3,357 2,918 439 NJ - ------------------------------------------------------------------------- -------- ---------- ----------- -------------- ----------- TOTAL PROPERTY SALES: 8 1,021,823 $164,084 $129,155 $34,929 ========================================================================= ======== ========== =========== ============== ===========

FOR THE YEAR ENDED DECEMBER 31, 2000 - ------------ ------------------------- --------------------------- ---------- ------------- ------------- -------------- ----------- SALE # OF RENTABLE NET SALES NET BOOK REALIZED DATE PROPERTY NAME LOCATION BLDGS. SQUARE FEET PROCEEDS VALUE GAIN/(LOSS) - ------------ ------------------------- --------------------------- ---------- ------------- ------------- -------------- ----------- LAND: 02/25/00 Horizon Center Land Hamilton Township, Mercer -- 39.1 acres $ 4,180 $ 1,932 $ 2,248 County, NJ OFFICE: 04/17/00 95 Christopher Columbus Jersey City, Hudson 1 621,900 148,222 80,583 67,639 Dr. County, NJ 04/20/00 6900 IH-40 West Amarillo, Potter County, 1 71,771 1,467 1,727 (260) TX 06/09/00 412 Mt. Kemble Avenue Morris Twp., Morris 1 475,100 81,981 75,439 6,542 County, NJ 09/21/00 Cielo Center Austin, Travis County, TX 1 270,703 45,785 35,749 10,036 11/15/00 210 South 16th Street (b) Omaha, Douglas County, NE 1 319,535 11,976 12,828 (852) - ------------------------------------------------------------------ ---------- ------------- ------------- -------------- ----------- TOTAL PROPERTY SALES: 5 1,759,009 $293,611 $208,258 $85,353 ================================================================== ========== ============= ============= ============== ===========

(a) In connection with the sale of North Pier-Harborside, the Company provided to the purchaser a non-interest-bearing $2,027 note scheduled to mature in 2002. (b) In connection with the sale of the Omaha, Nebraska property, the Company provided to the purchaser an $8,750 mortgage loan bearing interest payable monthly at an annual rate of 9.50 percent. The loan is secured by the Omaha, Nebraska property and will mature on November 14, 2003. 34 V. PORTFOLIO/ LEASING STATISTICS 35 V. PORTFOLIO/ LEASING STATISTICS LEASING STATISTICS (FOR THE THREE MONTHS ENDED DECEMBER 31, 2001) CONSOLIDATED IN-SERVICE PORTFOLIO (a) SUMMARY OF SPACE LEASED

==================================================================================================================================== LEASING ACTIVITY LEASED SQ. FT. SQ. FT. EXPIRING/ NET SQ. FT. PCT. PCT. LEASED ACQUIRED/ ADJUSTMENT INCOMING LEASING LEASED LEASED LEASED REGION/MARKET 9/30/01 SOLD (b) SQ. FT. (c) SQ. FT. ACTIVITY 12/31/01 12/31/01 9/30/01 - ------------------------------------------------------------------------------------------------------------------------------------ NORTHEAST Northern NJ 9,232,047 147,842 (491,235) 491,917 682 9,380,571 95.9% 95.9% Central NJ 2,713,534 -- (139,530) 55,942 (83,588) 2,629,946 94.6% 97.6% Westchester Co., NY 4,576,616 -- (145,843) 139,467 (6,376) 4,570,240 97.6% 97.7% Sub. Philadelphia 2,829,178 -- (169,262) 160,372 (8,890) 2,820,288 91.8% 92.1% Fairfield, CT 649,363 -- (11,439) 11,439 -- 649,363 96.5% 96.5% Washington, DC/MD 445,683 -- (984) -- (984) 444,699 98.7% 98.9% Rockland Co/Long Island, NY 583,639 -- (3,921) 2,790 (1,131) 582,508 98.5% 98.7% ----------------------------------------------------------------------------------------------------- TOTAL NORTHEAST 21,030,060 147,842 (962,214) 861,927 (100,287) 21,077,615 95.7% 96.1% ----------------------------------------------------------------------------------------------------- SOUTHWEST/WEST/OTHER Texas 1,914,439 (323,716) (148,946) 118,493 (30,453) 1,560,270 82.5% 85.0% Colorado 1,383,711 -- (84,374) 69,389 (14,985) 1,368,726 92.0% 93.0% San Francisco 440,205 -- (5,003) 4,664 (339) 439,866 97.6% 97.6% Arizona 416,967 -- -- -- -- 416,967 100.0% 100.0% Other 271,908 -- -- -- -- 271,908 91.4% 91.4% ----------------------------------------------------------------------------------------------------- TOTAL SOUTHWEST/WEST/OTHER 4,427,230 (323,716) (238,323) 192,546 (45,777) 4,057,737 89.3% 90.3% ----------------------------------------------------------------------------------------------------- COMPANY TOTALS 25,457,290 (175,874) (1,200,537) 1,054,473 (146,064) 25,135,352 94.6% 95.1% ===================================================================================================== ====================================================================================================================================

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE Total sq. ft. as of September 30, 2001 26,782,304 Total sq. ft. of properties added this period 156,495 Total sq. ft. of properties sold this period (360,913) ------------- Total sq. ft. as of December 31, 2001 26,577,886 ============= =========================================================================== (a) Consolidated In-Service Portfolio excludes in-service development properties in lease-up, aggregating 405,254 square feet. (b) Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period. (c) Represents the square footage of leases expiring during the period, or scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. 36 LEASING STATISTICS (FOR THE THREE MONTHS ENDED DECEMBER 31, 2001) CONSOLIDATED IN-SERVICE PORTFOLIO (CONTINUED) DETAIL OF TRANSACTION ACTIVITY

- ------------------------------------------------------------------------------------------------------------------------------------ DETAIL BY REGION/MARKET SQ. FT. WTD. WTD. LEASING # OF SQ. FT. RENEWED AND AVG. AVG. COSTS PER TRANS- TOTAL NEW OTHER TERM BASE SQ. FT. PER REGION/MARKET PROPERTY TYPE ACTIONS SQ. FT. LEASES RETAINED (a) (YRS.) RENT (b) YEAR (c) - ------------------------------- ------------------- ---------- ---------- ---------- -------------- -------- --------- ------------- NORTHEAST Northern NJ Office 41 447,939 97,851 350,088 6.6 $26.26 $2.98 Office/Flex 4 43,978 22,302 21,676 5.5 $17.23 $0.78 Central NJ Office 6 53,176 26,523 26,653 8.6 $22.90 $1.79 Office/Flex 1 2,766 - 2,766 2.8 $10.87 $3.04 Westchester Co., NY Office 16 48,584 20,495 28,089 5.0 $22.61 $2.60 Office/Flex 12 79,883 38,530 41,353 5.5 $17.44 $2.51 Industrial/Warehouse 1 3,000 - 3,000 1.0 $13.00 $0.20 Retail 1 8,000 8,000 - 16.0 $37.97 $0.06 Sub. Philadelphia Office 10 68,653 9,288 59,365 2.8 $22.61 $2.23 Office/Flex 8 91,719 17,265 74,454 3.8 $8.26 $0.69 Fairfield, CT Office 1 11,439 11,439 - 2.0 $19.25 $0.20 Office/Flex - - - - - - - Washington, DC/MD Office - - - - - - - Rockland Co/Long Island, NY Office 1 2,790 2,790 - 5.0 $20.40 $1.42 ---------- ---------- ---------- -------------- -------- --------- ------------- TOTAL NORTHEAST 102 861,927 254,483 607,444 5.8 $22.27 $2.45 ---------- ---------- ---------- -------------- -------- --------- ------------- SOUTHWEST/WEST/OTHER Texas Office 43 118,493 32,936 85,557 4.1 $20.59 $2.30 Colorado Office 10 69,389 39,284 30,105 6.7 $19.04 $3.11 San Francisco Office 9 4,664 1,316 3,348 3.6 $37.10 $1.43 Other Office - - - - - - - ---------- ---------- ---------- -------------- -------- --------- ------------- TOTAL SOUTHWEST/WEST/OTHER 62 192,546 73,536 119,010 5.0 $20.44 $2.67 ---------- ---------- ---------- -------------- -------- --------- ------------- COMPANY TOTALS 164 1,054,473 328,019 726,454 5.7 $21.93 $2.49 ========== ========== ========== ============== ======== ========= ============= ==================================================================================================================================== DETAIL BY PROPERTY TYPE Office 137 825,127 241,922 583,205 5.8 $24.05 $2.75 Office/Flex 25 218,346 78,097 140,249 4.8 $13.46 $1.56 Industrial/Warehouse 1 3,000 - 3,000 1.0 $13.00 $0.20 Retail 1 8,000 8,000 - 16.0 $37.97 $0.06 ---------- ---------- ---------- -------------- -------- --------- ------------- COMPANY TOTALS 164 1,054,473 328,019 726,454 5.7 $21.93 $2.49 ========== ========== ========== ============== ======== ========= ============= ==================================================================================================================================== TENANT RETENTION: Leases Retained 59.7% Sq. Ft. Retained 60.5% - ------------------------------------------------------------------------------------------------------------------------------------

(a) "Other Retained" transactions include existing tenants' expansions and relocations within the same building. (b) For Office/Flex properties, equals triple net rent plus common area costs and real estate taxes. (c) Represents estimated workletter costs of $9,717,464 and commissions of $5,102,037 committed, but not necessarily expended, during the period for second generation space aggregating 1,044,935 square feet. 37 LEASING STATISTICS (FOR THE THREE MONTHS ENDED DECEMBER 31, 2001) UNCONSOLIDATED JOINT VENTURE PROPERTIES (a) SUMMARY OF SPACE LEASED

- ---------------------------------------------------------------------------------------------------------------- LEASING ACTIVITY LEASED SQ. FT. SQ. FT. EXPIRING/ NET SQ. FT. PCT. PCT. LEASED ACQUIRED/ ADJUSTMENT INCOMING LEASING LEASED LEASED LEASED STATE 930/01 SOLD (b) SQ. FT. (c) SQ. FT. ACTIVITY 9/30/01 12/31/01 9/30/01 - ---------------------------------------------------------------------------------------------------------------- New Jersey 147,842 (147,842) -- -- -- -- -- 94.5% New York 187,000 -- (20,000) -- (20,000) 167,000 72.0% 80.6% Texas 199,396 -- (17,817) 1,261 (16,556) 182,840 61.4% 66.9% California 480,839 -- (611) -- (611) 480,228 98.2% 98.4% -------------------------------------------------------------------------------------------------- TOTALS 1,015,077 (147,842) (38,428) 1,261 (37,167) 830,068 81.5% 86.4% ================================================================================================== - ----------------------------------------------------------------------------------------------------------------

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE Total sq. ft. as of September 30, 2001 1,175,313 Total sq. ft. of properties sold this period (156,495) ------------- Total sq. ft. as of December 31, 2001 1,018,818 ============= =========================================================================== DETAIL OF TRANSACTION ACTIVITY

- ------------------------------------------------------------------------------------------------------------------------------- SQ. FT. RENEWED AND LEASING COSTS # OF SQ. FT. NEW OTHER WTD. AVG. WTD. AVG. PER SQ. FT. STATE TRANSACTIONS TOTAL SQ. FT. LEASES RETAINED (d) TERM (YRS.) BASE RENT PER YEAR (e) - ------------------------------------------------------------------------------------------------------------------------------- Texas 1 1,261 - 1,261 7.0 $13.34 $0.14 ------------- -------------- -------------- -------------- -------------- -------------- -------------- TOTALS 1 1,261 - 1,261 7.0 $13.34 $0.14 ============= ============== ============== ============== ============== ============== ============== - -------------------------------------------------------------------------------------------------------------------------------

(a) Unconsolidated Joint Venture Properties excludes a 369,682 square foot in-service development property in lease-up. (b) Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period. (c) Represents the square footage of leases expiring during the period or scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. (d) "Other Retained" transactions include existing tenants' expansions and relocations within the building. (e) Represents estimated commissions of $1,261.00 committed, but not necessarily expended, during the period for second generation space aggregating 1,261 square feet. 38 LEASING STATISTICS (FOR THE YEAR ENDED DECEMBER 31, 2001) CONSOLIDATED IN-SERVICE PORTFOLIO (a) SUMMARY OF SPACE LEASED

- ------------------------------------------------------------------------------------------------------------------------------------ LEASING ACTIVITY LEASED SQ. FT. SQ. FT. EXPIRING/ NET SQ. FT. PCT. PCT. LEASED ACQUIRED/ ADJUSTMENT INCOMING LEASING LEASED LEASED LEASED REGION/MARKET 12/31/00 SOLD (b) SQ. FT. (c) SQ. FT. ACTIVITY 12/31/01 12/31/01 12/31/00 - ------------------------------------------------------------------------------------------------------------------------------------ NORTHEAST Northern NJ 9,168,667 421,768 (1,411,268) 1,201,404 (209,864) 9,380,571 95.9% 98.3% Central NJ 2,689,076 -- (545,736) 486,606 (59,130) 2,629,946 94.6% 96.7% Westchester Co., NY 4,411,621 168,177 (775,822) 766,264 (9,558) 4,570,240 97.6% 97.7% Sub. Philadelphia 2,557,156 281,450 (669,762) 651,444 (18,318) 2,820,288 91.8% 91.6% Fairfield, CT 659,804 -- (124,733) 114,292 (10,441) 649,363 96.5% 98.1% Washington, DC/MD 607,942 (166,863) (64,953) 68,573 3,620 444,699 98.7% 98.6% Rockland Co/Long Island, NY 556,918 31,000 (57,577) 52,167 (5,410) 582,508 98.5% 99.3% ----------------------------------------------------------------------------------------------------- TOTAL NORTHEAST 20,651,184 735,532 (3,649,851) 3,340,750 (309,101) 21,077,615 95.7% 97.1% ----------------------------------------------------------------------------------------------------- SOUTHWEST/WEST/OTHER Texas 2,462,200 (688,233) (721,283) 507,586 (213,697) 1,560,270 82.5% 92.1% Colorado 1,484,500 -- (243,805) 128,031 (115,774) 1,368,726 92.0% 99.7% San Francisco 445,490 -- (30,375) 24,751 (5,624) 439,866 97.6% 98.8% Arizona 416,967 -- -- -- -- 416,967 100.0% 100.0% Other 342,466 (71,497) (19,332) 20,271 939 271,908 91.4% 92.6% ----------------------------------------------------------------------------------------------------- TOTAL SOUTHWEST/WEST/OTHER 5,151,623 (759,730) (1,014,795) 680,639 (334,156) 4,057,737 89.3% 95.4% ----------------------------------------------------------------------------------------------------- COMPANY TOTALS 25,802,807 (24,198) (4,664,646) 4,021,389 (643,257) 25,135,352 94.6% 96.8% ===================================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE Total sq. ft. as of December 31, 2000 26,666,821 Total sq. ft. of properties added this period 932,888 Total sq. ft. of properties sold this period (1,021,823) ------------- Total sq. ft. as of December 31, 2001 26,577,886 ============= - --------------------------------------------------------------------------- (a) Consolidated In-Service Portfolio excludes in-service development properties in lease-up, aggregating 405,254 square feet. (b) Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period. (c) Represents the square footage of leases expiring during the period or scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. 39 LEASING STATISTICS (FOR THE YEAR ENDED DECEMBER 31, 2001) CONSOLIDATED IN-SERVICE PORTFOLIO (CONTINUED) DETAIL OF TRANSACTION ACTIVITY

- ----------------------------------------------------------------------------------------------------------------------------------- DETAIL BY REGION/MARKET SQ. FT. WTD. WTD. LEASING # OF SQ. FT. RENEWED AND AVG. AVG. COSTS PER TRANS- TOTAL NEW OTHER TERM BASE SQ. FT. REGION/MARKET PROPERTY TYPE ACTIONS SQ. FT. LEASES RETAINED (a) (YRS.) RENT (b) PER YEAR (c) - ----------------------------------------------------------------------------------------------------------------------------------- NORTHEAST Northern NJ Office 136 1,081,152 338,395 742,757 6.7 $27.68 $2.47 Office/Flex 12 120,252 62,597 57,655 6.7 $17.36 $1.62 Central NJ Office 43 385,080 132,699 252,381 5.7 $26.13 $2.07 Office/Flex 9 101,526 17,435 84,091 8.2 $18.50 $0.88 Westchester Co., NY Office 101 360,121 140,543 219,578 5.5 $25.04 $1.81 Office/Flex 68 385,696 88,378 297,318 4.3 $16.63 $1.33 Industrial/Warehouse 4 12,447 3,000 9,447 1.0 $11.45 $0.38 Retail 1 8,000 8,000 - 16.0 $37.97 $0.06 Sub. Philadelphia Office 50 370,645 110,456 260,189 4.4 $25.31 $2.46 Office/Flex 25 280,799 63,830 216,969 3.6 $9.31 $0.70 Fairfield, CT Office 12 77,320 13,039 64,281 2.9 $25.21 $1.01 Office/Flex 12 36,972 4,250 32,722 2.8 $16.41 $0.45 Washington, DC/MD Office 3 68,573 - 68,573 11.5 $26.60 $1.99 Rockland Co/Long Island, NY Office 15 52,167 12,685 39,482 4.6 $22.97 $1.65 ------------------------------------------------------------------------------ TOTAL NORTHEAST 491 3,340,750 995,307 2,345,443 5.7 $23.17 $2.05 ------------------------------------------------------------------------------ SOUTHWEST/WEST/OTHER Texas Office 149 507,586 158,284 349,302 3.6 $20.36 $2.35 Colorado Office 29 128,031 47,560 80,471 5.5 $19.52 $2.47 San Francisco Office 65 24,751 8,536 16,215 2.6 $45.11 $1.91 Other Office 5 20,271 7,831 12,440 4.7 $18.16 $2.14 ------------------------------------------------------------------------------ TOTAL SOUTHWEST/WEST/OTHER 248 680,639 222,211 458,428 3.9 $21.03 $2.41 ------------------------------------------------------------------------------ COMPANY TOTALS 739 4,021,389 1,217,518 2,803,871 5.4 $22.81 $2.09 ============================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- DETAIL BY PROPERTY TYPE Office 608 3,075,697 970,028 2,105,669 5.5 $25.25 $2.31 Office/Flex 126 925,245 236,490 688,755 4.8 $14.70 $1.25 Industrial/Warehouse 4 12,447 3,000 9,447 1.0 $11.45 $0.38 Retail 1 8,000 8,000 - 16.0 $37.97 $0.06 ------------------------------------------------------------------------------ COMPANY TOTALS 739 4,021,389 1,217,518 2,803,871 5.4 $22.81 $2.09 ============================================================================== - ----------------------------------------------------------------------------------------------------------------------------------- TENANT RETENTION: Leases Retained 60.1% Sq. Ft. Retained 60.1% - -----------------------------------------------------------------------------------------------------------------------------------

(a) "Other Retained" transactions include existing tenants' expansions and relocations within the same building. (b) For Office/Flex properties, equals triple net rent plus common area costs and real estate taxes. (c) Represents estimated workletter costs of $27,300,630 and commissions of $16,292,948 committed, but not necessarily expended, during the period for second generation space aggregating 3,907,359 square feet. 40 LEASING STATISTICS (FOR THE YEAR ENDED DECEMBER 31, 2001) UNCONSOLIDATED JOINT VENTURE PROPERTIES (A) SUMMARY OF SPACE LEASED

- ------------------------------------------------------------------------------------------------------------------------------- LEASING ACTIVITY LEASED SQ. FT. SQ. FT. EXPIRING/ NET SQ. FT. PCT. PCT. LEASED ACQUIRED/ ADJUSTMENT INCOMING LEASING LEASED LEASED LEASED STATE 12/31/00 SOLD (b) SQ. FT. (c) SQ. FT. ACTIVITY 12/31/01 12/31/01 12/31/00 - ------------------------------------------------------------------------------------------------------------------------------- New Jersey 154,749 (147,842) (15,918) 9,011 (6,907) -- -- 98.9% New York 187,000 -- (20,000) -- (20,000) 167,000 72.0% 80.6% Texas 281,016 -- (108,840) 10,664 (98,176) 182,840 61.4% 94.3% California 841,984 (372,926) (611) 11,781 11,170 480,228 98.2% 97.7% ----------------------------------------------------------------------------------------------------- TOTALS 1,464,749 (520,768) (145,369) 31,456 (113,913) 830,068 81.5% 94.6% ===================================================================================================== - -------------------------------------------------------------------------------------------------------------------------------

RECONCILIATION OF TOTAL PROPERTY SQUARE FOOTAGE Total sq. ft. as of December 31, 2000 1,548,239 Total sq. ft. of properties sold this period (529,421) ------------- Total sq. ft. as of December 31, 2001 1,018,818 ============= - ------------------------------------------------------------- ------------- DETAIL OF TRANSACTION ACTIVITY

- ------------------------------------------------------------------------------------------------------------------------------- SQ. FT. RENEWED AND LEASING COSTS # OF SQ. FT. NEW OTHER WTD. AVG. WTD. AVG. PER SQ. FT. STATE TRANSACTIONS TOTAL SQ. FT. LEASES RETAINED (d) TERM (YRS.) BASE RENT PER YEAR (e) - ------------------------------------------------------------------------------------------------------------------------------- New Jersey 2 9,011 7,265 1,746 4.6 $25.94 $1.45 Texas 2 10,664 - 10,664 4.5 $18.32 $0.03 California 2 11,781 6,263 5,518 5.0 $22.20 $2.78 ------------- -------------- -------------- -------------- -------------- -------------- -------------- TOTALS 6 31,456 13,528 17,928 4.7 $21.96 $1.91 ============= ============== ============== ============== ============== ============== ============== - -------------------------------------------------------------------------------------------------------------------------------

(a) Unconsolidated Joint Venture Properties excludes a 369,682 square foot in-service development property in lease-up. (b) Net gain/loss of leased square footage through properties sold, acquired or placed in service during the period. (c) Represents the square footage of leases expiring during the period or scheduled to expire in the future for which new leases or renewals were signed during the period, as well as internal administrative adjustments. (d) "Other Retained" transactions include existing tenants' expansions and relocations within the same building. (e) Represents estimated workletter costs of $133,100 and commissions of $91,962 committed, but not necessarily expended, during the period for second generation space aggregating 25,193 square feet. 41 MARKET DIVERSIFICATION The following table lists the Company's markets (MSAs), based on annualized contractual base rent of the Consolidated Properties:

ANNUALIZED PERCENTAGE OF BASE RENTAL COMPANY TOTAL REVENUE ANNUALIZED BASE PROPERTY SIZE PERCENTAGE OF MARKET (MSA) ($) (a) (b) RENTAL REVENUE (%) RENTABLE AREA RENTABLE AREA (%) - ------------------------------------------------------- ----------------- ---------------------- ----------------- ----------------- Bergen-Passaic, NJ 85,795,008 17.7 4,530,091 16.8 New York, NY (Westchester-Rockland Counties) 85,324,473 17.6 4,864,355 18.0 Newark, NJ (Essex-Morris-Union Counties) 85,027,901 17.5 4,116,859 15.3 Jersey City, NJ 43,470,865 8.9 2,094,470 7.8 Philadelphia, PA-NJ 40,460,353 8.3 2,991,796 11.1 Denver, CO 18,720,330 3.8 1,193,185 4.4 Middlesex-Somerset-Hunterdon, NJ 15,772,224 3.2 791,051 2.9 Trenton, NJ (Mercer County) 14,099,825 2.9 672,365 2.5 Dallas, TX 13,460,321 2.8 863,954 3.2 San Francisco, CA 12,885,972 2.6 450,891 1.7 Washington, DC-MD-VA 12,721,507 2.6 450,549 1.7 Stamford-Norwalk, CT 9,090,436 1.9 527,250 2.0 Monmouth-Ocean, NJ 7,084,732 1.5 577,423 2.1 Houston, TX 6,903,067 1.4 516,796 1.9 Nassau-Suffolk, NY 6,373,398 1.3 292,849 1.1 Phoenix-Mesa, AZ 5,646,402 1.2 416,967 1.5 San Antonio, TX 4,425,870 0.9 435,465 1.6 Tampa-St. Petersburg-Clearwater, FL 3,933,426 0.8 297,429 1.1 Boulder-Longmont, CO 3,655,875 0.8 270,421 1.0 Bridgeport, CT 3,170,791 0.7 145,487 0.5 Colorado Springs, CO 2,961,797 0.6 209,987 0.8 Dutchess County, NY 2,103,516 0.4 118,727 0.4 Atlantic-Cape May, NJ 1,790,343 0.4 80,344 0.3 Fort Worth-Arlington, TX 1,155,062 0.2 74,429 0.3 - ------------------------------------------------------- ----------------- ---------------------- ----------------- --------------- Totals 486,033,494 100.0 26,983,140 100.0 ======================================================= ================= ====================== ================= ===============

(a) Annualized base rental revenue is based on actual December 2001 billings times 12. For leases whose rent commences after January 1, 2002, 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 generally accepted accounting principles ("GAAP") results, historical results may differ from those set forth above. (b) Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. 42 INDUSTRY DIVERSIFICATION The following table lists the Company's 30 largest industry classifications based on annualized contractual base rent of the Consolidated Properties:

ANNUALIZED PERCENTAGE OF PERCENTAGE OF BASE RENTAL COMPANY SQUARE TOTAL COMPANY REVENUE ANNUALIZED BASE FEET LEASED INDUSTRY CLASSIFICATION (a) ($) (b) (c) RENTAL REVENUE (%) LEASED SQ. FT. (%) - ------------------------------------------------------------ -------------- ----------------------- -------------- ----------------- Securities, Commodity Contracts & Other Financial 56,121,434 11.5 2,344,132 9.4 Manufacturing 45,537,999 9.4 2,627,823 10.5 Telecommunications 32,855,538 6.8 1,748,089 7.0 Computer System Design Svcs. 31,430,419 6.5 1,615,175 6.4 Insurance Carriers & Related Activities 30,872,702 6.4 1,525,486 6.1 Legal Services 28,614,936 5.9 1,225,323 4.9 Health Care & Social Assistance 21,262,798 4.4 1,105,824 4.4 Credit Intermediation & Related Activities 20,629,510 4.2 1,176,807 4.7 Wholesale Trade 18,834,448 3.9 1,303,059 5.2 Accounting/Tax Prep. 18,432,329 3.8 798,786 3.2 Other Professional 17,958,955 3.7 942,452 3.8 Information Services 14,480,262 3.0 653,239 2.6 Retail Trade 13,809,551 2.8 800,648 3.2 Publishing Industries 12,863,723 2.6 565,855 2.3 Scientific Research/Development 12,121,662 2.5 690,708 2.7 Arts, Entertainment & Recreation 10,813,042 2.2 718,073 2.9 Real Estate & Rental & Leasing 10,093,912 2.1 494,105 2.0 Architectural/Engineering 9,987,054 2.1 470,093 1.9 Management of Companies & Finance 9,481,822 2.0 411,977 1.6 Other Services (except Public Administration) 9,326,018 1.9 683,458 2.7 Advertising/Related Services 8,806,638 1.8 398,406 1.6 Transportation 7,435,691 1.5 483,716 1.9 Management/Scientific 6,426,163 1.3 296,185 1.2 Data Processing Services 5,292,121 1.1 239,183 0.9 Construction 4,974,994 1.0 270,573 1.1 Educational Services 4,205,381 0.9 220,135 0.9 Utilities 4,000,505 0.8 185,257 0.7 Admin. & Support, Waste Mgt. & Remediation Svc. 3,645,038 0.7 256,062 1.0 Public Administration 3,393,501 0.7 170,696 0.7 Specialized Design Services 3,101,804 0.6 145,959 0.6 Other 9,223,544 1.9 470,619 1.9 - ------------------------------------------------------------ -------------- ----------------------- -------------- ----------------- Totals 486,033,494 100.0 25,037,903 100.0 ============================================================ ============== ======================= ============== =================

(a) The Company's tenants are classified according to the U.S. Government's new North American Industrial Classification System (NAICS) which has replaced the Standard Industrial Code (SIC) system. (b) Annualized base rental revenue is based on actual December 2001 billings times 12. For leases whose rent commences after January 1, 2002, 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, historical results may differ from those set forth above. (c) Includes office, office/flex, industrial/warehouse and stand-alone retail tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. 43 CONSOLIDATED PORTFOLIO ANALYSIS (A) (AS OF DECEMBER 31, 2001) BREAKDOWN BY NUMBER OF PROPERTIES

PROPERTY TYPE: - ------------------------------------------------------------------------------------------------------------------------------------ MULTI- STAND- FAMILY % OF 0FFICE/ % OF INDUSTRIAL/ % OF ALONE % OF RESI- % OF LAND % OF TOTALS % OF STATE OFFICE TOTAL FLEX TOTAL WAREHOUSE TOTAL RETAIL TOTAL DENTIAL TOTAL LEASES TOTAL BY STATE TOTAL - ------------------------------------------------------------------------------------------------------------------------------------ New Jersey 72 27.8% 50 19.3% -- -- -- -- -- -- 1 0.4% 123 47.5% New York 23 8.8% 39 15.0% 6 2.3% 2 0.8% 1 0.4% 2 0.8% 73 28.1% Pennsylvania 13 5.0% -- -- -- -- -- -- -- -- -- -- 13 5.0% Connecticut 3 1.2% 5 1.9% -- -- -- -- -- -- -- -- 8 3.1% Wash., D.C./ Maryland 3 1.2% -- -- -- -- -- -- -- -- -- -- 3 1.2% - ------------------------------------------------------------------------------------------------------------------------------------ SUB-TOTAL NORTHEAST: 114 44.0% 94 36.2% 6 2.3% 2 0.8% 1 0.4% 3 1.2% 220 84.9% - ------------------------------------------------------------------------------------------------------------------------------------ Texas 12 4.6% -- -- -- -- -- -- -- -- -- -- 12 4.6% Arizona 3 1.2% -- -- -- -- -- -- -- -- -- -- 3 1.2% California 2 0.8% -- -- -- -- -- -- -- -- -- -- 2 0.8% Colorado 21 8.1% -- -- -- -- -- -- -- -- -- -- 21 8.1% Florida 1 0.4% -- -- -- -- -- -- -- -- -- -- 1 0.4% - ------------------------------------------------------------------------------------------------------------------------------------ TOTALS BY TYPE: 153 59.1% 94 36.2% 6 2.3% 2 0.8% 1 0.4% 3 1.2% 259 100.0% ====================================================================================================================================

(a) Excludes 8 properties, aggregating approximately 1.4 million square feet, which are not consolidated by the Company. 44 CONSOLIDATED PORTFOLIO ANALYSIS(A) (AS OF DECEMBER 31, 2001) BREAKDOWN BY SQUARE FOOTAGE

PROPERTY TYPE: - --------------------------------------------------------------------------------------------------------------------- STAND- % OF 0FFICE/ % OF INDUSTRIAL/ % OF ALONE % OF TOTALS % OF STATE OFFICE TOTAL FLEX TOTAL WAREHOUSE TOTAL RETAIL TOTAL BY STATE TOTAL - --------------------------------------------------------------------------------------------------------------------- New Jersey 12,103,070 44.9% 2,277,531 8.4% -- -- -- -- 14,380,601 53.3% New York 2,626,484 9.7% 2,244,747 8.3% 387,400 1.4% 17,300 0.1% 5,275,931 19.5% Pennsylvania 1,473,798 5.5% -- -- -- -- -- 1,473,798 5.5% Connecticut 399,737 1.5% 273,000 1.0% -- -- -- -- 672,737 2.5% Wash., D.C./ Maryland 450,549 1.7% -- -- -- -- -- -- 450,549 1.7% - --------------------------------------------------------------------------------------------------------------------- SUB-TOTAL NORTHEAST 17,053,638 63.3% 4,795,278 17.7% 387,400 1.4% 17,300 0.1% 22,253,616 82.5% - --------------------------------------------------------------------------------------------------------------------- Texas 1,890,644 7.0% -- -- -- -- -- -- 1,890,644 7.0% Arizona 416,967 1.5% -- -- -- -- -- -- 416,967 1.5% California 450,891 1.7% -- -- -- -- -- -- 450,891 1.7% Colorado 1,673,593 6.2% -- -- -- -- -- -- 1,673,593 6.2% Florida 297,429 1.1% -- -- -- -- -- -- 297,429 1.1% - --------------------------------------------------------------------------------------------------------------------- TOTALS BY TYPE: 21,783,162 80.8% 4,795,278 17.7% 387,400 1.4% 17,300 0.1% 26,983,140 100.0% =====================================================================================================================

(a) Excludes 8 properties, aggregating approximately 1.4 million square feet, which are not consolidated by the Company. 45 CONSOLIDATED PORTFOLIO ANALYSIS(a) (YEAR ENDED DECEMBER 31, 2001) BREAKDOWN BY BASE RENTAL REVENUE (b) (DOLLARS IN THOUSANDS)

PROPERTY TYPE: - ------------------------------------------------------------------------------------------------------------------------------------ MULTI- STAND- FAMILY % OF 0FFICE/ % OF INDUSTRIAL/ % OF ALONE % OF RESI- % OF LAND % OF TOTALS % OF STATE OFFICE TOTAL FLEX TOTAL WAREHOUSE TOTAL RETAIL TOTAL DENTIAL TOTAL LEASES TOTAL BY STATE TOTAL - ------------------------------------------------------------------------------------------------------------------------------------ New Jersey 245,030 48.4% 17,415 3.4% -- -- -- -- 1,398 0.3% 261 0.1% 264,104 52.2% New York 57,307 11.3% 29,877 5.9% 3,723 0.7% 208 0.1% 2,414 0.5% 258 0.1% 93,787 18.6% Pennsylvania 30,371 6.0% -- -- -- -- -- -- -- -- -- -- 30,371 6.0% Connecticut 8,877 1.8% 3,438 0.6% -- -- -- -- -- -- -- -- 12,315 2.4% Wash., D.C./ Maryland 19,441 3.8% -- -- -- -- -- -- -- -- -- -- 19,441 3.8% - ------------------------------------------------------------------------------------------------------------------------------------ SUB-TOTAL NORTHEAST: 361,026 71.3% 50,730 9.9% 3,723 0.7% 208 0.1% 3,812 0.8% 519 0.2% 420,018 83.0% - ------------------------------------------------------------------------------------------------------------------------------------ Texas 34,246 6.7% -- -- -- -- -- -- -- -- -- -- 34,246 6.7% Arizona 5,739 1.1% -- -- -- -- -- -- -- -- -- -- 5,739 1.1% California 16,039 3.2% -- -- -- -- -- -- -- -- -- -- 16,039 3.2% Colorado 26,030 5.1% -- -- -- -- -- -- -- -- -- -- 26,030 5.1% Florida 4,485 0.9% -- -- -- -- -- -- -- -- -- -- 4,485 0.9% - ------------------------------------------------------------------------------------------------------------------------------------ TOTALS BY TYPE: 447,565 88.3% 50,730 9.9% 3,723 0.7% 208 0.1% 3,812 0.8% 519 0.2% 506,557 100.0% ====================================================================================================================================

(a) Excludes 8 properties, aggregating approximately 1.4 million square feet, which are not consolidated by the Company. (b) Total base rent for the year ended December 31, 2001, determined in accordance with GAAP. Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenants' proportionate share of and/or increases in real estate taxes and certain costs, as defined, and the pass through of charges for electrical usage. For those properties acquired or placed in service during the twelve months ended December 31, 2001, amounts are annualized. These annualized amounts may not be indicative of the property's results had the Company owned or placed such property in service for the entire twelve months ended December 31, 2001. 46 CONSOLIDATED PORTFOLIO ANALYSIS (A) (AS OF DECEMBER 31, 2001) BREAKDOWN BY PERCENTAGE LEASED

PROPERTY TYPE: - ----------------------------- ------------------- ------------------ ----------------------- ---------------------- --------------- WEIGHTED AVG. STATE OFFICE OFFICE/FLEX INDUSTRIAL/WAREHOUSE STAND-ALONE RETAIL BY STATE - ----------------------------- ------------------- ------------------ ----------------------- ---------------------- --------------- New Jersey 96.0% 93.4% -- -- 95.6% New York 97.0% 98.3% 98.0% 100.0% 97.6% Pennsylvania 87.6% -- -- -- 87.6% Connecticut 95.8% 97.6% -- -- 96.5% Washington, D.C./ Maryland 98.7% -- -- -- 98.7% - ----------------------------- ------------------- ------------------ ----------------------- ---------------------- --------------- SUB-TOTAL NORTHEAST 95.5% 96.0% 98.0% 100.0% 95.6% - ----------------------------- ------------------- ------------------ ----------------------- ---------------------- --------------- Texas 82.5% -- -- -- 82.5% Arizona 100.0% -- -- -- 100.0% California 97.6% -- -- -- 97.6% Colorado 92.0% -- -- -- 92.0% Florida 91.4% -- -- -- 91.4% - ----------------------------- ------------------- ------------------ ----------------------- ---------------------- --------------- WEIGHTED AVG. BY TYPE: 94.2% 96.0% 98.0% 100.0% 94.6% ============================= =================== ================== ======================= ====================== ===============

(a) Excludes 8 properties, aggregating approximately 1.4 million square feet, which are not consolidated by the Company, as well as multi-family residential and land lease properties. Also excludes two in-service development properties in lease-up, aggregating 405,254 square feet. 47

PROPERTY LISTING OFFICE PROPERTIES PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- ATLANTIC COUNTY, NEW JERSEY EGG HARBOR 100 Decadon Drive..................... 1987 40,422 100.0 784 737 200 Decadon Drive..................... 1991 39,922 100.0 731 688 BERGEN COUNTY, NEW JERSEY FAIR LAWN 17-17 Route 208 North................. 1987 143,000 100.0 3,248 3,162 FORT LEE One Bridge Plaza...................... 1981 200,000 98.7 4,994 4,643 2115 Linwood Avenue................... 1981 68,000 99.7 1,687 1,292 LITTLE FERRY 200 Riser Road........................ 1974 286,628 100.0 2,081 2,022 MONTVALE 95 Chestnut Ridge Road................ 1975 47,700 100.0 567 567 135 Chestnut Ridge Road............... 1981 66,150 100.0 1,558 1,338 PARAMUS 15 East Midland Avenue................ 1988 259,823 100.0 6,729 6,726 461 From Road......................... 1988 253,554 99.8 6,041 6,034 650 From Road......................... 1978 348,510 92.8 6,083 5,931 140 Ridgewood Avenue ................. 1981 239,680 100.0 5,326 5,187 61 South Paramus Avenue............... 1985 269,191 100.0 6,167 5,670

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- ATLANTIC COUNTY, NEW JERSEY EGG HARBOR 100 Decadon Drive..................... 0.16 19.40 18.23 Computer Sciences Corp. (100%) 200 Decadon Drive..................... 0.15 18.31 17.23 Computer Sciences Corp. (100%) BERGEN COUNTY, NEW JERSEY FAIR LAWN 17-17 Route 208 North................. 0.65 22.71 22.11 Lonza, Inc. (63%) FORT LEE One Bridge Plaza...................... 0.99 25.30 23.52 PricewaterhouseCoopers, LLP (35%), Broadview Associates, LLP (16%), Bozell Worldwide, Inc. (16%) 2115 Linwood Avenue................... 0.34 24.88 19.06 US Depot Inc. (23%), Ameribrom Inc. (14%), Mack Management & Construction (12%), Morgan Stanley Dean Witter (10%) LITTLE FERRY 200 Riser Road........................ 0.41 7.26 7.05 Ford Motor Company (34%), Casio Inc. (33%), Dassault Falcon Jet Corp. (33%) MONTVALE 95 Chestnut Ridge Road................ 0.11 11.89 11.89 Aventis Environmental Science (100%) 135 Chestnut Ridge Road............... 0.31 23.55 20.23 Paycheck Inc. (45%), Automated Resources Group Inc. (26%), Sys-Con Publications Inc. (11%), Lexmark International (10%) PARAMUS 15 East Midland Avenue................ 1.34 25.90 25.89 AT&T Wireless Services (100%) 461 From Road......................... 1.20 23.87 23.85 Toys `R' Us, Inc. (96%) 650 From Road......................... 1.21 18.81 18.34 Movado Group Inc. (18%), Long Beach Acceptance Corp. (10%) 140 Ridgewood Avenue ................. 1.06 22.22 21.64 AT&T Wireless Services (57%), Smith Barney Shearson Inc. (19%) 61 South Paramus Avenue............... 1.23 22.91 21.06 Morgan Stanley Dean Witter, Inc. (10%) 48

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- ROCHELLE PARK 120 Passaic Street.................... 1972 52,000 99.6 1,439 1,366 365 West Passaic Street............... 1976 212,578 95.2 4,219 3,887 SADDLE RIVER 1 Lake Street......................... 1973/94 474,801 100.0 7,466 7,466 UPPER SADDLE RIVER 10 Mountainview Road.................. 1986 192,000 98.0 3,988 3,923 WOODCLIFF LAKE 400 Chestnut Ridge Road............... 1982 89,200 100.0 2,124 2,124 470 Chestnut Ridge Road............... 1987 52,500 100.0 1,192 1,192 530 Chestnut Ridge Road............... 1986 57,204 100.0 1,166 1,166 50 Tice Boulevard..................... 1984 235,000 95.0 5,288 4,570 300 Tice Boulevard.................... 1991 230,000 99.3 4,831 4,647 BURLINGTON COUNTY, NEW JERSEY MOORESTOWN 224 Strawbridge Drive................. 1984 74,000 100.0 1,467 1,104 228 Strawbridge Drive................. 1984 74,000 100.0 1,433 1,072 ESSEX COUNTY, NEW JERSEY MILLBURN 150 J.F. Kennedy Parkway.............. 1980 247,476 88.5 6,228 6,068

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- ROCHELLE PARK 120 Passaic Street.................... 0.29 27.78 26.37 SBC Telecom Inc. (53%), Cantor Fitzgerald LP (46%) 365 West Passaic Street............... 0.84 20.85 19.21 United Retail Inc. (31%), Catalina Marketing Corp. (10%), Regulus LLC (10%) SADDLE RIVER 1 Lake Street......................... 1.49 15.72 15.72 Prentice-Hall Inc. (100%) UPPER SADDLE RIVER 10 Mountainview Road.................. 0.79 21.19 20.85 Thomson Minwax Company (23%), Professional Detailing Inc. (20%), Corning Life Sciences Inc. (15%), ITT Fluid Technology (14%), Pearson Education (14%) WOODCLIFF LAKE 400 Chestnut Ridge Road............... 0.42 23.81 23.81 Timeplex, Inc. (100%) 470 Chestnut Ridge Road............... 0.24 22.70 22.70 Andermatt LP (100%) 530 Chestnut Ridge Road............... 0.23 20.38 20.38 KPMG Peat Marwick, LLP (100%) 50 Tice Boulevard..................... 1.05 23.69 20.47 Syncsort, Inc. (25%) 300 Tice Boulevard.................... 0.96 21.15 20.35 Chase Home Mortgage Corp. (25%), KPMG LLP (20%), BMW of North America, LLC (15%), NYCE Corp. (11%) BURLINGTON COUNTY, NEW JERSEY MOORESTOWN 224 Strawbridge Drive................. 0.29 19.82 14.92 Allstate Insurance Company (49%), Harleysville Mutual Insurance (28%) 228 Strawbridge Drive................. 0.29 19.36 14.49 Cendant Mortgage Corporation (100%) ESSEX COUNTY, NEW JERSEY MILLBURN 150 J.F. Kennedy Parkway.............. 1.24 28.44 27.71 KPMG Peat Marwick, LLP (34%), Budd Larner Gross Et Al (23%) 49

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- ROSELAND 101 Eisenhower Parkway................ 1980 237,000 83.8 4,136 3,778 103 Eisenhower Parkway................ 1985 151,545 90.0 3,157 2,852 105 Eisenhower Parkway (g)(k)......... 2001 220,000 50.9 3,340 2,980 HUDSON COUNTY, NEW JERSEY JERSEY CITY Harborside Financial Center Plaza 1... 1983 400,000 99.0 3,375 3,372 Harborside Financial Center Plaza 2... 1990 761,200 100.0 18,998 18,073 Harborside Financial Center Plaza 3... 1990 725,600 100.0 18,108 17,227 Harborside Financial Center Plaza 4-A (i) 2000 207,670 93.9 5,935 5,715 MERCER COUNTY, NEW JERSEY PRINCETON 103 Carnegie Center................... 1984 96,000 100.0 2,313 2,147 100 Overlook Center................... 1988 149,600 100.0 3,386 3,231 5 Vaughn Drive........................ 1987 98,500 75.7 2,159 2,037

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- ROSELAND 101 Eisenhower Parkway................ 0.82 20.83 19.02 Brach, Eichler, Rosenberg, Silver, Bernstein & Hammer (13%) 103 Eisenhower Parkway................ 0.63 23.15 20.91 CPG Partners L.P. (24%), Lum, Danzis, Drasco Positan & Kleinberg (16%), Salomon Smith Barney, Inc. (11%) 105 Eisenhower Parkway (g)(k)......... 0.67 31.02 27.67 Arthur Andersen (52%) HUDSON COUNTY, NEW JERSEY JERSEY CITY Harborside Financial Center Plaza 1... 0.67 8.52 8.52 Bankers Trust Harborside, Inc. (96%) Harborside Financial Center Plaza 2... 3.78 24.96 23.74 Dean Witter Trust Company (26%), DLJ Securities (24%), Dow Jones & Company, Inc. (11%), Morgan Stanley Dean Witter, Inc. (10%), Lewco Securities Corp. (10%) Harborside Financial Center Plaza 3... 3.61 24.96 23.74 AICPA (36%), BTM Information Services, Inc. (20%), Exodus Communications (10%) Harborside Financial Center Plaza 4-A (i) 1.18 33.91 32.66 TD Waterhouse Securities Inc. (89%) MERCER COUNTY, NEW JERSEY PRINCETON 103 Carnegie Center................... 0.46 24.09 22.36 Ronin Development Corp. (15%), R.G. Vanderweil Engineers (14%), Kurt Salmon Assoc. Inc. (11%) 100 Overlook Center................... 0.67 22.63 21.60 Regus Business Centre Corp. (26%), Xerox Corporation (23%), Paine Webber Inc. (14%) 5 Vaughn Drive........................ 0.43 28.95 27.32 Woodrow Wilson National Fellowship Foundation (17%), Floorgraphics Inc. (14%), Villeroy & Boch Tableware Ltd. (11%) 50

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- MIDDLESEX COUNTY, NEW JERSEY EAST BRUNSWICK 377 Summerhill Road................... 1977 40,000 100.0 373 368 PLAINSBORO 500 College Road East................. 1984 158,235 100.0 3,207 3,163 SOUTH BRUNSWICK 3 Independence Way.................... 1983 111,300 100.0 2,205 2,139 WOODBRIDGE 581 Main Street....................... 1991 200,000 100.0 4,842 4,736 MONMOUTH COUNTY, NEW JERSEY NEPTUNE 3600 Route 66......................... 1989 180,000 100.0 2,410 2,410 WALL TOWNSHIP 1305 Campus Parkway................... 1988 23,350 92.4 389 364 1350 Campus Parkway................... 1990 79,747 99.9 1,430 1,317 MORRIS COUNTY, NEW JERSEY FLORHAM PARK 325 Columbia Turnpike................. 1987 168,144 100.0 4,413 3,959 MORRIS PLAINS 250 Johnson Road...................... 1977 75,000 100.0 1,594 1,433 201 Littleton Road.................... 1979 88,369 80.3 1,796 1,716

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- MIDDLESEX COUNTY, NEW JERSEY EAST BRUNSWICK 377 Summerhill Road................... 0.07 9.33 9.20 Greater New York Mutual Insurance Company (100%) PLAINSBORO 500 College Road East................. 0.64 20.27 19.99 SSB Realty, LLC (72%), Buchanan Ingersoll P.C. (17%), PNC Bank, N.A. (10%) SOUTH BRUNSWICK 3 Independence Way.................... 0.44 19.81 19.22 Merrill Lynch Pierce Fenner & Smith (82%) WOODBRIDGE 581 Main Street....................... 0.96 24.21 23.68 First Investors Management Company, Inc. (38%), Cast North America Ltd. (11%) MONMOUTH COUNTY, NEW JERSEY NEPTUNE 3600 Route 66......................... 0.48 13.39 13.39 United States Life Insurance Company (100%) WALL TOWNSHIP 1305 Campus Parkway................... 0.08 18.03 16.87 Waterford Wedgewood USA Inc. (47%), McLaughlin, Bennett, Gelson (45%) 1350 Campus Parkway................... 0.28 17.95 16.53 Meridan Health Realty Corp. (22%), Milestone Material Inc. (18%), Stephen E. Gertler Law Office (17%), Sportsgolf L.L.C. (12%), Amper Politzner & Mattia PA (11%) MORRIS COUNTY, NEW JERSEY FLORHAM PARK 325 Columbia Turnpike................. 0.88 26.25 23.55 Bressler Amery & Ross (24%), Salomon Smith Barney Inc. (13%), Atlantic Health Systems (12%), Dun & Bradstreet Inc. (12%) MORRIS PLAINS 250 Johnson Road...................... 0.32 21.25 19.11 Electronic Data Systems Corp. (100%) 201 Littleton Road.................... 0.36 25.31 24.18 Xerox Corporation (50%), Bozell Worldwide Inc. (19%), CHEP USA (11%) 51

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- MORRIS TOWNSHIP 340 Mt. Kemble Avenue................. 1985 387,000 100.0 5,530 5,530 PARSIPPANY 4 Campus Drive (g).................... 1983 147,475 86.8 2,461 2,461 6 Campus Drive (g).................... 1983 148,291 82.2 2,734 2,734 7 Campus Drive........................ 1982 154,395 100.0 2,041 1,927 8 Campus Drive........................ 1987 215,265 100.0 5,631 5,401 9 Campus Drive (g).................... 1983 156,495 94.5 693 692 2 Dryden Way.......................... 1990 6,216 100.0 70 68 4 Gatehall Drive...................... 1988 248,480 91.2 5,850 5,802 2 Hilton Court........................ 1991 181,592 100.0 4,764 4,542 600 Parsippany Road................... 1978 96,000 78.2 1,734 1,626 1 Sylvan Way.......................... 1989 150,557 100.0 3,513 3,109 5 Sylvan Way.......................... 1989 151,383 100.0 4,010 3,881 7 Sylvan Way.......................... 1987 145,983 100.0 2,920 2,772 PASSAIC COUNTY, NEW JERSEY CLIFTON 777 Passaic Avenue.................... 1983 75,000 97.9 1,402 1,238 TOTOWA 999 Riverview Drive................... 1988 56,066 65.0 881 782 WAYNE 201 Willowbrook Boulevard............. 1970 178,329 49.1 2,042 2,020

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- MORRIS TOWNSHIP 340 Mt. Kemble Avenue................. 1.10 14.29 14.29 AT&T Corporation (100%) PARSIPPANY 4 Campus Drive (g).................... 0.49 25.99 25.99 Nabisco Inc. (27%), Summit Equities Inc. (20%) 6 Campus Drive (g).................... 0.54 30.32 30.32 Prudential Insurance Company (37%) 7 Campus Drive........................ 0.41 13.22 12.48 Nabisco Inc. (100%) 8 Campus Drive........................ 1.12 26.16 25.09 Prudential Insurance Co. (31%), MCI Telecommunications Corp. (26%), Ayco Company L.P. (13%) 9 Campus Drive (g).................... 0.14 30.54 30.50 GAB Business Service Inc. (63%) 2 Dryden Way.......................... 0.01 11.26 10.94 Bright Horizons Childrens Center (100%) 4 Gatehall Drive...................... 1.17 25.81 25.60 J.B. Hanauer & Company (20%), Royal Indemnity Company (16%), Toyota Motor Credit Corp. (10%) 2 Hilton Court........................ 0.95 26.23 25.01 Deloitte & Touche USA LLP (64%), Sankyo Parke Davis (31%) 600 Parsippany Road................... 0.35 23.10 21.66 Exario Networks Inc. (36%) 1 Sylvan Way.......................... 0.70 23.33 20.65 Cendant Operations Inc. (99%) 5 Sylvan Way.......................... 0.80 26.49 25.64 Integrated Communications (41%), Experian Information Solution (15%), DRS Technologies Inc. (13%) 7 Sylvan Way.......................... 0.58 20.00 18.99 Nabisco Inc. (100%) PASSAIC COUNTY, NEW JERSEY CLIFTON 777 Passaic Avenue.................... 0.28 19.09 16.86 Grosvenor Marketing Ltd. (10%) TOTOWA 999 Riverview Drive................... 0.18 24.17 21.46 Telsource Corporation (19%), Humana Press (15%) WAYNE 201 Willowbrook Boulevard............. 0.41 23.32 23.07 URS Corporation (26%), Meridian Benefit Inc. (22%) 52

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- SOMERSET COUNTY, NEW JERSEY BASKING RIDGE 222 Mt. Airy Road..................... 1986 49,000 100.0 738 686 233 Mt. Airy Road..................... 1987 66,000 100.0 1,315 1,193 BERNARDS 106 Allen Road (i).................... 2000 132,010 66.7 2,073 1,671 BRIDGEWATER 721 Route 202/206..................... 1989 192,741 100.0 4,406 4,228 UNION COUNTY, NEW JERSEY CLARK 100 Walnut Avenue..................... 1985 182,555 100.0 4,399 3,826 CRANFORD 6 Commerce Drive...................... 1973 56,000 93.1 1,073 1,001 11 Commerce Drive (f)................. 1981 90,000 95.8 1,019 912 12 Commerce Drive..................... 1967 72,260 84.1 870 842 20 Commerce Drive..................... 1990 176,600 100.0 4,310 3,897 65 Jackson Drive...................... 1984 82,778 100.0 1,712 1,411 NEW PROVIDENCE 890 Mountain Road..................... 1977 80,000 100.0 2,436 2,363 - ------------------------------------------------------------------------------------------------------- TOTAL NEW JERSEY OFFICE 12,103,070 96.0 245,030 232,214 - -------------------------------------------------------------------------------------------------------

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- SOMERSET COUNTY, NEW JERSEY BASKING RIDGE 222 Mt. Airy Road..................... 0.15 15.06 14.00 Avaya Inc. (100%) 233 Mt. Airy Road..................... 0.26 19.92 18.08 Avaya Inc. (100%) BERNARDS 106 Allen Road (i).................... 0.41 24.37 19.65 KPMG Consulting LLC (59%) BRIDGEWATER 721 Route 202/206..................... 0.88 22.86 21.94 Allstate Insurance Company (37%), Norris, McLaughlin & Marcus, PA (32%), Johnson and Johnson (15%), Datatek Applications Inc. (12%) UNION COUNTY, NEW JERSEY CLARK 100 Walnut Avenue..................... 0.88 24.10 20.96 CAP Gemini America Inc. (40%), DFDS Transport (14%), Mastercare Companies Inc. (10%) CRANFORD 6 Commerce Drive...................... 0.21 20.58 19.20 Kendle International Inc. (50%) 11 Commerce Drive (f)................. 0.20 11.82 10.58 Northeast Administrators (10%), Countrywide Home Loans (10%) 12 Commerce Drive..................... 0.17 14.32 13.86 Registrar & Transfer Company (36%), URS Corporation (28%) 20 Commerce Drive..................... 0.86 24.41 22.07 Public Service Electric & Gas Company (26%), Quintiles Inc. (21%) 65 Jackson Drive...................... 0.34 20.68 17.05 PMK Group Inc. (35%), Allstate Insurance Company (27%), Procter & Gamble Distribution Co., Inc. (18%), Provident Companies Inc. (14%) NEW PROVIDENCE 890 Mountain Road..................... 0.49 30.45 29.54 Aspen Technology Inc. (52%), Dun & Bradstreet (27%), K Line America, Inc. (16%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL NEW JERSEY OFFICE 48.80 21.58 20.47 - ---------------------------------------------------------------------------------------------------------------------------- 53

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- DUTCHESS COUNTY, NEW YORK FISHKILL 300 South Lake Drive.................. 1987 118,727 92.4 2,143 2,107 NASSAU COUNTY, NEW YORK NORTH HEMPSTEAD 600 Community Drive (j)............... 1983 237,274 100.0 5,533 5,533 111 East Shore Road................... 1980 55,575 100.0 1,518 1,504 ROCKLAND COUNTY, NEW YORK SUFFERN 400 Rella Boulevard................... 1988 180,000 100.0 3,882 3,690 WESTCHESTER COUNTY, NEW YORK ELMSFORD 100 Clearbrook Road (f)............... 1975 60,000 100.0 875 803 101 Executive Boulevard............... 1971 50,000 83.8 951 912 555 Taxter Road....................... 1986 170,554 100.0 4,005 4,003 565 Taxter Road....................... 1988 170,554 90.5 3,712 3,673 570 Taxter Road....................... 1972 75,000 94.7 1,594 1,502 HAWTHORNE 1 Skyline Drive....................... 1980 20,400 99.0 342 327 2 Skyline Drive....................... 1987 30,000 98.9 477 433 7 Skyline Drive....................... 1987 109,000 97.9 2,190 2,177

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- DUTCHESS COUNTY, NEW YORK FISHKILL 300 South Lake Drive.................. 0.43 19.53 19.21 Allstate Insurance Company (16%) NASSAU COUNTY, NEW YORK NORTH HEMPSTEAD 600 Community Drive (j)............... 1.10 23.32 23.32 CMP Media, LLC. (100%) 111 East Shore Road................... 0.30 27.31 27.06 Administrators For The Professions, Inc. (100%) ROCKLAND COUNTY, NEW YORK SUFFERN 400 Rella Boulevard................... 0.77 21.57 20.50 Provident Savings Bank F.A. (20%), Allstate Insurance Company (19%), Aetna Life Insurance Company (14%) WESTCHESTER COUNTY, NEW YORK ELMSFORD 100 Clearbrook Road (f)............... 0.17 14.58 13.38 MIM Corporation (18%), Pyrotek Inc. (11%) 101 Executive Boulevard............... 0.19 22.70 21.77 Pennysaver Group Inc. (23%), Kyocera Mita America Inc. (11%) 555 Taxter Road....................... 0.80 23.48 23.47 Fuji Photo Film USA Inc. (71%), Royal Indemnity Company (12%) 565 Taxter Road....................... 0.74 24.05 23.80 Nextel of New York Inc. (29%), KLM Royal Dutch Airlines (10%), National Mutual Insurance (10%) 570 Taxter Road....................... 0.32 22.44 21.15 New York State United Teachers Association (15%), Wilder Balter Partners LLC (15%) HAWTHORNE 1 Skyline Drive....................... 0.07 16.93 16.19 Boxx International Corp. (50%), Childtime Childcare Inc. (49%) 2 Skyline Drive....................... 0.10 16.08 14.59 MW Samara (56%), Perini Construction (43%) 7 Skyline Drive....................... 0.44 20.52 20.40 E.M. Industries Inc. (42%), Cortlandt Group Inc. (14%) 54

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- 17 Skyline Drive...................... 1989 85,000 100.0 1,359 1,333 19 Skyline Drive...................... 1982 248,400 100.0 4,407 3,972 TARRYTOWN 200 White Plains Road................. 1982 89,000 77.0 1,527 1,366 220 White Plains Road................. 1984 89,000 99.4 2,074 1,983 WHITE PLAINS 1 Barker Avenue....................... 1975 68,000 99.0 1,666 1,612 3 Barker Avenue....................... 1983 65,300 100.0 1,142 1,080 50 Main Street........................ 1985 309,000 99.7 8,347 7,828 11 Martine Avenue..................... 1987 180,000 100.0 4,563 4,215 1 Water Street........................ 1979 45,700 68.1 1,037 997 YONKERS 1 Executive Boulevard................. 1982 112,000 99.4 2,536 2,414 3 Executive Plaza..................... 1987 58,000 100.0 1,427 1,305 - ------------------------------------------------------------------------------------------------------- TOTAL NEW YORK OFFICE 2,626,484 97.0 57,307 54,769 - -------------------------------------------------------------------------------------------------------

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- 17 Skyline Drive...................... 0.27 15.99 15.68 IBM Corporation (100%) 19 Skyline Drive...................... 0.88 17.74 15.99 IBM Corporation (100%) TARRYTOWN 200 White Plains Road................. 0.30 22.28 19.93 Allmerica Financial (17%), NYS Dept. of Environmental Services (13%) 220 White Plains Road................. 0.41 23.44 22.42 Eagle Family Foods Inc. (17%), ATM Services Inc. (10%) WHITE PLAINS 1 Barker Avenue....................... 0.33 24.75 23.95 O'Connor McGuinness Conte (19%), United Skys Realty Corp. (18%) 3 Barker Avenue....................... 0.23 17.49 16.54 Trigen Energy Corporation (56%), TNS Intersearch Corporation (10%) 50 Main Street........................ 1.66 27.09 25.41 TMP Worldwide Inc. (15%), National Economic Research (10%) 11 Martine Avenue..................... 0.91 25.35 23.42 Salomon Smith Barney Inc. (12%), McCarthy Fingar Donovan Et Al (11%), David Worby (11%), Dean Witter Reynolds Inc. (11%) 1 Water Street........................ 0.21 33.32 32.04 AMG In-Store Inc. (32%) YONKERS 1 Executive Boulevard................. 0.51 22.78 21.68 Bronx Healthplan Inc. (18%), AVR Realty Company (11%), Protective Tech International (11%), York International Agency Inc. (11%) 3 Executive Plaza..................... 0.28 24.60 22.50 Montefiore Medical Center (46%), Metropolitan Life Insurance (21%), Allstate Insurance Company (19%), City & Suburban Federal Savings Bank (14%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL NEW YORK OFFICE 11.42 22.49 21.49 - ---------------------------------------------------------------------------------------------------------------------------- 55

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- CHESTER COUNTY,PENNSYLVANIA BERWYN 1000 Westlakes Drive.................. 1989 60,696 93.4 1,545 1,531 1055 Westlakes Drive.................. 1990 118,487 52.0 1,108 1,071 1205 Westlakes Drive.................. 1988 130,265 83.7 2,695 2,612 1235 Westlakes Drive.................. 1986 134,902 93.3 3,225 3,110 DELAWARE COUNTY, PENNSYLVANIA LESTER 100 Stevens Drive..................... 1986 95,000 100.0 2,554 2,379 200 Stevens Drive..................... 1987 208,000 100.0 5,493 5,252 300 Stevens Drive..................... 1992 68,000 52.2 1,402 1,330 MEDIA 1400 Providence Road - Center I....... 1986 100,000 91.4 1,954 1,874 1400 Providence Road - Center II...... 1990 160,000 77.2 2,816 2,625 MONTGOMERY COUNTY, PENNSYLVANIA LOWER PROVIDENCE 1000 Madison Avenue................... 1990 100,700 89.4 1,832 1,796 PLYMOUTH MEETING 1150 Plymouth Meeting Mall............ 1970 167,748 98.0 3,212 3,082

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- CHESTER COUNTY,PENNSYLVANIA BERWYN 1000 Westlakes Drive.................. 0.31 27.25 27.01 Drinker Biddle & Reath (42%), PNC Bank, NA (38%) 1055 Westlakes Drive.................. 0.22 17.98 17.38 Regus Business Centre Corp. (35%), Zarix Inc. (18%) 1205 Westlakes Drive.................. 0.54 24.72 23.96 Oracle Corporation (30%), Provident Mutual Life Insurance Co. (11%), International Rehab Assoc. (10%) 1235 Westlakes Drive.................. 0.64 25.62 24.71 Ratner & Prestia (19%), Chartwell Investment Partners (17%) Turner Investment Partners (16%) DELAWARE COUNTY, PENNSYLVANIA LESTER 100 Stevens Drive..................... 0.51 26.88 25.04 Keystone Mercy Health Plan (100%) 200 Stevens Drive..................... 1.09 26.41 25.25 Keystone Mercy Health Plan (100%) 300 Stevens Drive..................... 0.28 39.50 37.47 Hewlett Packard Company (35%) MEDIA 1400 Providence Road - Center I....... 0.39 21.38 20.50 General Services Admin. (13%), Erie Insurance Company (11%) 1400 Providence Road - Center II...... 0.56 22.80 21.25 Barnett International (36%) MONTGOMERY COUNTY, PENNSYLVANIA LOWER PROVIDENCE 1000 Madison Avenue................... 0.36 20.35 19.95 Reality Online Inc. (42%), Banc One National Processing (21%), Seton Company (15%) PLYMOUTH MEETING 1150 Plymouth Meeting Mall............ 0.64 19.54 18.75 Lincoln Technical Institute (18%), Ken-Crest Services (18%), Ikea US General Partners Inc. (14%), ECC Management Services (13%) 56

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- Five Sentry Parkway East.............. 1984 91,600 100.0 1,700 1,666 Five Sentry Parkway West.............. 1984 38,400 100.0 835 813 - ------------------------------------------------------------------------------------------------------- TOTAL PENNSYLVANIA OFFICE 1,473,798 87.6 30,371 29,141 - ------------------------------------------------------------------------------------------------------- FAIRFIELD COUNTY, CONNECTICUT GREENWICH 500 West Putnam Avenue................ 1973 121,250 96.0 3,042 2,897 NORWALK 40 Richards Avenue.................... 1985 145,487 91.7 3,312 3,065 SHELTON 1000 Bridgeport Avenue................ 1986 133,000 100.0 2,523 2,332 - ------------------------------------------------------------------------------------------------------- TOTAL CONNECTICUT OFFICE 399,737 95.8 8,877 8,294 - ------------------------------------------------------------------------------------------------------- WASHINGTON, D.C. 1201 Connecticut Avenue, NW........... 1940 169,549 100.0 5,201 5,025 1400 L Street, NW..................... 1987 159,000 100.0 6,267 6,089 1709 New York Avenue, NW (h).......... 1972 -- -- 5,491 5,270 - ------------------------------------------------------------------------------------------------------- TOTAL DISTRICT OF COLUMBIA OFFICE 328,549 100.0 16,959 16,384 - -------------------------------------------------------------------------------------------------------

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- Five Sentry Parkway East.............. 0.34 18.56 18.19 Merck & Co. Inc. (77%), Selas Fluid Processing Corp. (23%) Five Sentry Parkway West.............. 0.17 21.74 21.17 Merck & Co. Inc. (70%), David Cutler Group (30%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL PENNSYLVANIA OFFICE 6.05 23.52 22.57 - ---------------------------------------------------------------------------------------------------------------------------- FAIRFIELD COUNTY, CONNECTICUT GREENWICH 500 West Putnam Avenue................ 0.61 26.13 24.89 Hachette Filipacchi Magazines (27%), McMahan Securities Co, LP (15%), Greenwich Hospital (13%), Winklevoss Consultants Inc. (12%) NORWALK 40 Richards Avenue.................... 0.67 24.83 22.97 South Beach Beverage Co., LLC (17%), Media Horizons Inc. (12%), Programmed Solutions Inc. (10%) SHELTON 1000 Bridgeport Avenue................ 0.50 18.97 17.53 William Carter Company (23%), Weseley Software Development (22%), Toyota Motor Credit Corporation (11%), LandStar Gemini Inc. (11%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL CONNECTICUT OFFICE 1.78 23.19 21.67 - ---------------------------------------------------------------------------------------------------------------------------- WASHINGTON, D.C. 1201 Connecticut Avenue, NW........... 1.04 30.68 29.64 Zuckerman Spaeder Goldstein (30%), Leo A. Daly Company (18%), RFE/RL Inc. (16%) 1400 L Street, NW..................... 1.25 39.42 38.30 Winston & Strawn (68%) 1709 New York Avenue, NW (h).......... 1.09 -- -- -- - ---------------------------------------------------------------------------------------------------------------------------- TOTAL DISTRICT OF COLUMBIA OFFICE 3.38 51.62 49.87 - ---------------------------------------------------------------------------------------------------------------------------- 57

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- PRINCE GEORGE'S COUNTY, MARYLAND LANHAM 4200 Parliament Place................. 1989 122,000 95.2 2,482 2,321 - ------------------------------------------------------------------------------------------------------- TOTAL MARYLAND OFFICE 122,000 95.2 2,482 2,321 - ------------------------------------------------------------------------------------------------------- BEXAR COUNTY, TEXAS SAN ANTONIO 200 Concord Plaza Drive (h)........... 1986 -- -- 3,991 3,990 84 N.E. Loop 410...................... 1971 187,312 90.9 2,675 2,674 1777 N.E. Loop 410 (h)................ 1986 -- -- 1,437 1,436 111 Soledad........................... 1918 248,153 49.9 2,004 1,996 COLLIN COUNTY, TEXAS PLANO 555 Republic Place.................... 1986 97,889 93.6 1,286 1,269 DALLAS COUNTY, TEXAS DALLAS 3030 LBJ Freeway (f).................. 1984 367,018 86.2 6,725 6,640 3100 Monticello....................... 1984 173,837 84.3 2,743 2,713 8214 Westchester (h).................. 1983 -- -- 720 705 IRVING 2300 Valley View...................... 1985 142,634 84.1 2,492 2,447

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- PRINCE GEORGE'S COUNTY, MARYLAND LANHAM 4200 Parliament Place................. 0.49 21.37 19.98 Group I Software Inc. (56%), Infinity Broadcasting Company (16%), State Farm Mutual Auto Ins. Co. (11%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL MARYLAND OFFICE 0.49 21.37 19.98 - ---------------------------------------------------------------------------------------------------------------------------- BEXAR COUNTY, TEXAS SAN ANTONIO 200 Concord Plaza Drive (h)........... 0.79 -- -- -- 84 N.E. Loop 410...................... 0.53 15.71 15.70 KBL Cable, Inc. (26%), Chase Bank and Services Inc. (25%), Philip Morris Mgmt. Corp. (25%) 1777 N.E. Loop 410 (h)................ 0.29 -- -- -- 111 Soledad........................... 0.40 16.18 16.12 -- COLLIN COUNTY, TEXAS PLANO 555 Republic Place.................... 0.26 14.04 13.85 William F. Smith Enterprises (19%), Dayton Hudson Corporation (14%) DALLAS COUNTY, TEXAS DALLAS 3030 LBJ Freeway (f).................. 1.34 21.26 20.99 Club Corporation of America (38%) 3100 Monticello....................... 0.55 18.72 18.51 Insignia Commercial, Inc. (23%), Time Marketing Corporation/Evans Group (12%), Tarragon Realty Adv. Inc. (11%), Heath Insurance Brokers, Inc. (10%) 8214 Westchester (h).................. 0.14 -- -- -- IRVING 2300 Valley View...................... 0.50 20.77 20.40 Alltel Information Services, Inc. (18%), US Personnel Inc. (18%), Allied Integrated Services (16%), Tricon Restaurant Services (12%) 58

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- RICHARDSON 1122 Alma Road........................ 1977 82,576 100.0 607 607 HARRIS COUNTY, TEXAS HOUSTON 14511 Falling Creek (h)............... 1982 -- -- 289 289 5225 Katy Freeway (h)................. 1983 -- -- 1,445 1,440 5300 Memorial......................... 1982 155,099 87.6 2,278 2,269 1717 St. James Place.................. 1975 109,574 97.0 1,487 1,485 1770 St. James Place.................. 1973 103,689 68.3 1,216 1,211 10497 Town & Country Way.............. 1981 148,434 82.9 1,756 1,751 TARRANT COUNTY, TEXAS EULESS 150 West Parkway...................... 1984 74,429 98.1 1,095 1,086 - ------------------------------------------------------------------------------------------------------- TOTAL TEXAS OFFICE 1,890,644 82.5 34,246 34,008 - ------------------------------------------------------------------------------------------------------- MARICOPA COUNTY, ARIZONA GLENDALE 5551 West Talavi Boulevard............ 1991 181,596 100.0 1,709 1,707 PHOENIX 19640 North 31st Street............... 1990 124,171 100.0 1,599 1,567 SCOTTSDALE 9060 E. Via Linda Boulevard........... 1984 111,200 100.0 2,431 2,429 - ------------------------------------------------------------------------------------------------------- TOTAL ARIZONA OFFICE 416,967 100.0 5,739 5,703 - -------------------------------------------------------------------------------------------------------

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- RICHARDSON 1122 Alma Road........................ 0.12 7.35 7.35 MCI Telecommunications Corp. (100%) HARRIS COUNTY, TEXAS HOUSTON 14511 Falling Creek (h)............... 0.06 -- -- -- 5225 Katy Freeway (h)................. 0.29 -- -- -- 5300 Memorial......................... 0.45 16.77 16.70 Datavox, Inc. (20%), HCI Chemicals USA, Inc. (19%) 1717 St. James Place.................. 0.30 13.99 13.97 MCX Corp (14%) 1770 St. James Place.................. 0.24 17.17 17.10 -- 10497 Town & Country Way.............. 0.35 14.27 14.23 Vastar Resources, Inc. (23%) TARRANT COUNTY, TEXAS EULESS 150 West Parkway...................... 0.22 15.00 14.87 Warrantech Automotive, Inc. (34%), Mike Bowman Realtors/Century 21 Inc. (17%), Landmark Bank-Mid Cities (16%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL TEXAS OFFICE 6.83 21.95 21.80 - ---------------------------------------------------------------------------------------------------------------------------- MARICOPA COUNTY, ARIZONA GLENDALE 5551 West Talavi Boulevard............ 0.34 9.41 9.40 Honeywell, Inc. (100%) PHOENIX 19640 North 31st Street............... 0.32 12.88 12.62 American Express Travel Related Services Co., Inc. (100%) SCOTTSDALE 9060 E. Via Linda Boulevard........... 0.48 21.86 21.84 Sentry Insurance (63%), PCS Health Systems Inc. (37%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL ARIZONA OFFICE 1.14 13.76 13.68 - ---------------------------------------------------------------------------------------------------------------------------- 59

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- ARAPAHOE COUNTY, COLORADO AURORA 750 South Richfield Street............ 1997 108,240 100.0 2,901 2,901 DENVER 400 South Colorado Boulevard.......... 1983 125,415 98.6 2,259 2,228 ENGLEWOOD 9359 East Nichols Avenue.............. 1997 72,610 100.0 900 900 5350 South Roslyn Street.............. 1982 63,754 100.0 1,256 1,245 BOULDER COUNTY, COLORADO BROOMFIELD 105 South Technology Court............ 1997 37,574 100.0 558 558 303 South Technology Court-A.......... 1997 34,454 100.0 403 403 303 South Technology Court-B.......... 1997 40,416 100.0 472 472 LOUISVILLE 248 Centennial Parkway................ 1996 39,266 100.0 644 643 1172 Century Drive.................... 1996 49,566 100.0 511 511 285 Century Place..................... 1997 69,145 100.0 1,092 1,092 DENVER COUNTY, COLORADO DENVER 3600 South Yosemite................... 1974 133,743 100.0 1,287 1,287 DOUGLAS COUNTY, COLORADO ENGLEWOOD 8181 East Tufts Avenue (g) (k)........ 2001 185,254 77.2 2,776 2,741

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- ARAPAHOE COUNTY, COLORADO AURORA 750 South Richfield Street............ 0.58 26.80 26.80 T.R.W. Inc. (100%) DENVER 400 South Colorado Boulevard.......... 0.45 18.27 18.02 Community Health Plan (36%), State of Colorado (12%), Wells Fargo Bank West NA (11%), Senter Goldfarb & Rice LLC (11%) ENGLEWOOD 9359 East Nichols Avenue.............. 0.18 12.39 12.39 First Tennessee Bank NA (100%) 5350 South Roslyn Street.............. 0.25 19.70 19.53 Alliance Metro Real Estate (19%), Business Word Inc. (17%), Walker Parking Consultants (12%), First Industrial Realty Trust (10%) BOULDER COUNTY, COLORADO BROOMFIELD 105 South Technology Court............ 0.11 14.85 14.85 Sun Microsystems Inc. (100%) 303 South Technology Court-A.......... 0.08 11.70 11.70 Sun Microsystems Inc. (100%) 303 South Technology Court-B.......... 0.09 11.68 11.68 Sun Microsystems Inc. (100%) LOUISVILLE 248 Centennial Parkway................ 0.13 16.40 16.38 Walnut Brewery Inc. (80%), Global Imaging Inc. (10%), RX Kinetix Inc. (10%) 1172 Century Drive.................... 0.10 10.31 10.31 nCube Corporation (33%), Evolving Systems Inc. (18%), MCI Systemhouse Corp. (18%), Aircell Inc. (18%), RX Kinetix Inc. (13%) 285 Century Place..................... 0.22 15.79 15.79 HBO & Company of Georgia (100%) DENVER COUNTY, COLORADO DENVER 3600 South Yosemite................... 0.26 9.62 9.62 MDC Holding Inc. (100%) DOUGLAS COUNTY, COLORADO ENGLEWOOD 8181 East Tufts Avenue (g) (k)........ 0.55 23.15 22.86 URS Greiner (63%) 60

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- 400 Inverness Drive................... 1997 111,608 100.0 2,366 2,351 67 Inverness Drive East............... 1996 54,280 0.0 492 488 384 Inverness Drive South............. 1985 51,523 78.4 742 734 5975 South Quebec Street(f)........... 1996 102,877 49.1 1,882 1,871 PARKER 9777 Mount Pyramid Court.............. 1995 120,281 100.0 1,323 1,323 EL PASO COUNTY, COLORADO COLORADO SPRINGS 8415 Explorer......................... 1998 47,368 100.0 605 604 1975 Research Parkway................. 1997 115,250 100.0 1,792 1,757 2375 Telstar Drive.................... 1998 47,369 100.0 605 603 JEFFERSON COUNTY, COLORADO LAKEWOOD 141 Union Boulevard................... 1985 63,600 100.0 1,164 1,146 - ------------------------------------------------------------------------------------------------------- TOTAL COLORADO OFFICE 1,673,593 92.0 26,030 25,858 - ------------------------------------------------------------------------------------------------------- SAN FRANCISCO COUNTY, CALIFORNIA SAN FRANCISCO 795 Folsom Street..................... 1977 183,445 100.0 7,428 6,666

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- 400 Inverness Drive................... 0.47 21.20 21.06 Cochlear Corporation (33%), Ciber Inc. (22%) Compuware Corp. (18%), HQ Global Workplaces Inc. (16%) 67 Inverness Drive East............... 0.10 -- -- -- 384 Inverness Drive South............. 0.15 18.37 18.17 Quickpen International Corp. (37%), Worth Group Architects (10%) 5975 South Quebec Street(f)........... 0.37 37.26 37.04 Silicon Graphics Inc. (28%), Qwest Communications Corp. (15%) PARKER 9777 Mount Pyramid Court.............. 0.26 11.00 11.00 Evolving System Inc. (100%) EL PASO COUNTY, COLORADO COLORADO SPRINGS 8415 Explorer......................... 0.12 12.77 12.75 Encoda Systems Inc. (74%), URS Greiner Consultants Inc. (22%) 1975 Research Parkway................. 0.36 15.55 15.25 Bombardier Capital Florida Inc. (52%), Concert Management Services (18%), General Dynamics Govt Systems (17%) 2375 Telstar Drive.................... 0.12 12.77 12.73 Narwhal Corporation (44%), Memorial Hospital (38%), Aerotek Inc. (13%) JEFFERSON COUNTY, COLORADO LAKEWOOD 141 Union Boulevard................... 0.23 18.30 18.02 Arbitration Forums Inc. (18%), Frontier Real Estate - HB&G (15%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL COLORADO OFFICE 5.18 17.26 17.14 - ---------------------------------------------------------------------------------------------------------------------------- SAN FRANCISCO COUNTY, CALIFORNIA SAN FRANCISCO 795 Folsom Street..................... 1.48 40.49 36.34 Move.com Operations Inc.(51%), AT&T Corp. (34%), Regus Business Centre Corp. (15%) 61

PROPERTY LISTING OFFICE PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- 760 Market Street..................... 1908 267,446 95.9 8,611 8,309 - ------------------------------------------------------------------------------------------------------- TOTAL CALIFORNIA OFFICE 450,891 97.6 16,039 14,975 - ------------------------------------------------------------------------------------------------------- HILLSBOROUGH COUNTY, FLORIDA TAMPA 501 Kennedy Boulevard................. 1982 297,429 91.4 3,829 3,769 - ------------------------------------------------------------------------------------------------------- TOTAL FLORIDA OFFICE 297,429 91.4 3,829 3,769 - ------------------------------------------------------------------------------------------------------- POLK COUNTY, IOWA WEST DES MOINES 2600 Westown Parkway (h).............. 1988 -- -- 656 628 - ------------------------------------------------------------------------------------------------------- TOTAL IOWA OFFICE -- -- 656 628 - ------------------------------------------------------------------------------------------------------- TOTAL OFFICE PROPERTIES 21,783,162 94.2 447,565 428,064 =======================================================================================================

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- 760 Market Street..................... 1.72 33.57 32.40 R.H. Macy & Company, Inc. (19%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL CALIFORNIA OFFICE 3.20 36.46 34.04 - ---------------------------------------------------------------------------------------------------------------------------- HILLSBOROUGH COUNTY, FLORIDA TAMPA 501 Kennedy Boulevard................. 0.76 14.08 13.86 Fowler, White, Gillen, Boggs, Villareal & Banker, PA (33%), Sykes Enterprises Inc. (23%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL FLORIDA OFFICE 0.76 14.08 13.86 - ---------------------------------------------------------------------------------------------------------------------------- POLK COUNTY, IOWA WEST DES MOINES 2600 Westown Parkway (h).............. 0.13 -- -- -- - ---------------------------------------------------------------------------------------------------------------------------- TOTAL IOWA OFFICE 0.13 -- -- - ---------------------------------------------------------------------------------------------------------------------------- TOTAL OFFICE PROPERTIES 89.16 22.12 21.17 ============================================================================================================================ 62

PROPERTY LISTING OFFICE/FLEX PROPERTIES PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- BURLINGTON COUNTY, NEW JERSEY BURLINGTON 3 Terri Lane.......................... 1991 64,500 61.4 302 287 5 Terri Lane.......................... 1992 74,555 82.2 525 503 MOORESTOWN 2 Commerce Drive...................... 1986 49,000 100.0 371 367 101 Commerce Drive.................... 1988 64,700 100.0 336 296 102 Commerce Drive.................... 1987 38,400 100.0 187 185 201 Commerce Drive.................... 1986 38,400 100.0 203 197 202 Commerce Drive.................... 1988 51,200 100.0 268 268 1 Executive Drive..................... 1989 20,570 100.0 207 165 2 Executive Drive .................... 1988 60,800 75.5 403 394 101 Executive Drive................... 1990 29,355 100.0 254 205 102 Executive Drive................... 1990 64,000 100.0 372 319 225 Executive Drive................... 1990 50,600 100.0 318 300

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- BURLINGTON COUNTY, NEW JERSEY BURLINGTON 3 Terri Lane.......................... 0.06 7.63 7.25 Tempel Steel Company (18%), ATC Group Services Inc. (10%), General Service Administrators (10%) 5 Terri Lane.......................... 0.10 8.57 8.21 United Rentals Inc. (22%), Lykes Dispensing Systems Inc. (20%), West Electronics Inc. (12%) MOORESTOWN 2 Commerce Drive...................... 0.07 7.57 7.49 Computer Sciences Corporation (100%) 101 Commerce Drive.................... 0.07 5.19 4.57 Beckett Corporation (100%) 102 Commerce Drive.................... 0.04 4.87 4.82 Nelson Associates (25%), Compaq Computer Company (13%), D&A Eastern Fasteners Inc. (13%), Moorestown Weightlifting Club (13%), Opex Corporation (13%), RGP Impressions Inc. (13%), Transaction Payment Systems (10%) 201 Commerce Drive.................... 0.04 5.29 5.13 Flow Thru Metals Inc. (25%), Franchise Stores Realty Corp. (25%), RE/Com Group (25%), Tropicana Products Inc. (25%) 202 Commerce Drive.................... 0.05 5.23 5.23 Standard Register Co. (100%) 1 Executive Drive..................... 0.04 10.06 8.02 Bechtel Infrastructure Corp. (57%), T.T.I. (18%) 2 Executive Drive .................... 0.08 8.78 8.58 CSI Computer Specialists Inc. (32%), On-Campus Marketing Concepts (16%), Nia Zia D/B/A Alpha Academy (10%) 101 Executive Drive................... 0.05 8.65 6.98 Bayada Nurses Inc. (56%), Foundations Inc. (15%), ABC Financial (10%), Bechtel Infrastructure Corp. (10%) 102 Executive Drive................... 0.07 5.81 4.98 Comtrex Systems Corp. (29%), Kencom Communications & Svcs. (21%), Schermerhorn Bros. Co. (20%), Xermis Inc. (20%), Innovasystems Inc. (10%) 225 Executive Drive................... 0.06 6.28 5.93 Eastern Research Inc. (77%), Langston 21, LLC (14%) 63

PROPERTY LISTING OFFICE/FLEX PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- 97 Foster Road........................ 1982 43,200 100.0 188 188 1507 Lancer Drive..................... 1995 32,700 100.0 139 130 1510 Lancer Drive..................... 1998 88,000 100.0 370 370 1245 North Church Street (g).......... 1998 52,810 100.0 252 252 1247 North Church Street (g).......... 1998 52,790 100.0 313 312 1256 North Church Street.............. 1984 63,495 100.0 227 190 840 North Lenola Road................. 1995 38,300 100.0 218 198 844 North Lenola Road................. 1995 28,670 100.0 217 209 915 North Lenola Road................. 1998 52,488 100.0 261 261 2 Twosome Drive (g)................... 2000 48,600 100.0 265 265 30 Twosome Drive...................... 1997 39,675 89.9 221 221 31 Twosome Drive (g).................. 1998 84,200 100.0 385 385 40 Twosome Drive...................... 1996 40,265 93.4 267 263 41 Twosome Drive (g).................. 1998 43,050 89.2 259 259

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- 97 Foster Road........................ 0.04 4.35 4.35 Consumer Response Company Inc. (50%), Pioneer and Company Inc. (33%), Colornet Inc. (17%) 1507 Lancer Drive..................... 0.03 4.25 3.98 Tad's Delivery Service Inc. (100%) 1510 Lancer Drive..................... 0.07 4.20 4.20 Tad's Delivery Service Inc. (100%) 1245 North Church Street (g).......... 0.05 6.99 6.99 Health Ink, LLC (38%), C&L Properties L.L.C. (35%), C&L Packaging Inc. (27%) 1247 North Church Street (g).......... 0.06 8.69 8.66 Otis Elevator Company (23%), Dilks Agency Inc. (23%), Telesciences Inc. (17%), Spot-Coolers Inc. (14%) 1256 North Church Street.............. 0.05 3.58 2.99 Weiler Labeling Systems, Inc. (50%), James C. Anderson Associates (30%), Ketec Inc. (20%) 840 North Lenola Road................. 0.04 5.69 5.17 Millar Elevator Service (31%), Omega Storage Inc. (31%), Payroll Associates (20%), Innovasystems Inc. (18%) 844 North Lenola Road................. 0.04 7.57 7.29 Lockheed Martin Corp. (41%), Curbell Inc. (34%), James J. Martin Inc. (25%) 915 North Lenola Road................. 0.05 4.97 4.97 Premier Percussion USA Inc. (37%), Vision Realty LLC (23%), Riley Sales Inc. (18%), United States Postal Service (13%) 2 Twosome Drive (g)................... 0.05 7.99 7.99 Sterling Medical Services LLC (100%) 30 Twosome Drive...................... 0.04 6.20 6.20 Hartman Cards Inc. (28%), Commercial Office Furniture (24%), Aramark Sports Entertainment (14%), The Closet Factory (12%), C&L Packaging Inc. (12%) 31 Twosome Drive (g).................. 0.08 5.20 5.20 Cort Furniture Rental Corp. (56%), Prism Color Corp. (44%) 40 Twosome Drive...................... 0.05 7.10 6.99 Neighborcare - TCI Inc. (49%), Marconi Communications Inc. (30%), Bellstar Inc. (14%) 41 Twosome Drive (g).................. 0.05 7.67 7.67 Kit Industries Inc. (22%), Momentum Systems Limited (22%), DIA - Nielsen USA Inc. (11%), Harrington Robb Company (11%), S&S Specialty Products (11%), Williams Communications (11%) 64

PROPERTY LISTING OFFICE/FLEX PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- 50 Twosome Drive...................... 1997 34,075 86.6 258 256 WEST DEPTFORD 1451 Metropolitan Drive............... 1996 21,600 100.0 148 148 MERCER COUNTY, NEW JERSEY HAMILTON TOWNSHIP 100 Horizon Drive..................... 1989 13,275 100.0 192 170 200 Horizon Drive..................... 1991 45,770 100.0 475 457 300 Horizon Drive..................... 1989 69,780 86.4 1,124 1,096 500 Horizon Drive..................... 1990 41,205 100.0 349 326 MONMOUTH COUNTY, NEW JERSEY WALL TOWNSHIP 1325 Campus Parkway................... 1988 35,000 100.0 466 435 1340 Campus Parkway................... 1992 72,502 100.0 856 729 1345 Campus Parkway................... 1995 76,300 62.6 744 736 1433 Highway 34....................... 1985 69,020 65.1 701 522 1320 Wyckoff Avenue................... 1986 20,336 100.0 176 166 1324 Wyckoff Avenue................... 1987 21,168 100.0 220 175

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- 50 Twosome Drive...................... 0.05 8.74 8.68 Wells Fargo Alarm Services (44%), Sussex Wine Merchants (42%) WEST DEPTFORD 1451 Metropolitan Drive............... 0.03 6.85 6.85 Garlock Bearings Inc. (100%) MERCER COUNTY, NEW JERSEY HAMILTON TOWNSHIP 100 Horizon Drive..................... 0.04 14.46 12.81 PSEG Energy Technologies Inc. (100%) 200 Horizon Drive..................... 0.10 10.38 9.98 O.H.M. Remediation Services Corp. (100%) 300 Horizon Drive..................... 0.22 18.64 18.18 State of New Jersey/DEP (50%), Lucent Technologies Inc. (26%), Stephen Gould of Pennsylvania (10%) 500 Horizon Drive..................... 0.07 8.47 7.91 Yardville National Bank (42%), Lakeview Child Center Inc. (19%), New Jersey Builders Assoc. (14%), Diedre Moire Corp. (11%) MONMOUTH COUNTY, NEW JERSEY WALL TOWNSHIP 1325 Campus Parkway................... 0.09 13.31 12.43 Cisco Systems Inc. (100%) 1340 Campus Parkway................... 0.17 11.81 10.05 Groundwater & Environmental Services Inc. (33%), GEAC Computers Inc. (22%), State Farm Mutual Insurance (17%), Association For Retarded Citizens (11%), Digital Lightwave, Inc. (11%) 1345 Campus Parkway................... 0.15 15.58 15.41 Quadramed Corp. (24%), De Vine Corp. (11%) 1433 Highway 34....................... 0.14 15.60 11.62 State Farm Mutual Insurance Co. (48%), Applied Image Inc. (11%) 1320 Wyckoff Avenue................... 0.04 8.65 8.16 The County of Monmouth (100%) 1324 Wyckoff Avenue................... 0.04 10.39 8.27 Blackhawk Management Corp. (53%), Systems Fulfillment (25%), Supply Saver, Inc. (22%) 65

PROPERTY LISTING OFFICE/FLEX PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- PASSAIC COUNTY, NEW JERSEY TOTOWA 1 Center Court........................ 1999 38,961 100.0 366 265 2 Center Court........................ 1998 30,600 99.3 348 237 11 Commerce Way....................... 1989 47,025 100.0 507 434 20 Commerce Way....................... 1992 42,540 75.9 387 375 29 Commerce Way....................... 1990 48,930 100.0 285 236 40 Commerce Way....................... 1987 50,576 100.0 512 422 45 Commerce Way....................... 1992 51,207 100.0 502 461 60 Commerce Way....................... 1988 50,333 83.2 483 416 80 Commerce Way....................... 1996 22,500 100.0 282 174 100 Commerce Way...................... 1996 24,600 100.0 308 190 120 Commerce Way...................... 1994 9,024 99.6 100 95

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- PASSAIC COUNTY, NEW JERSEY TOTOWA 1 Center Court........................ 0.07 9.39 6.80 Rock-Tenn Converting Company (46%), Eizo Nanao Technologies Inc. (38%), Onyx Waste Services Inc. (16%) 2 Center Court........................ 0.07 11.45 7.80 Nomadic Display (36%), Electro Rent Corp. (33%), Alpine Electronics of America (30%) 11 Commerce Way....................... 0.10 10.78 9.23 Coram Alternative Site Services (56%), D.A. Kopp & Associates Inc. (22%), Gentiva Health Services (22%) 20 Commerce Way....................... 0.08 11.99 11.61 Lodan Totowa Inc. F/K/A Emersub (62%), Dish Network Service Corp. (14%) 29 Commerce Way....................... 0.06 5.82 4.82 ADT Security Services Inc. (55%), Patterson Dental Supply Inc. (23%), Fujitec America Inc. (22%) 40 Commerce Way....................... 0.10 10.12 8.34 Thales Components Corporation (43%), Intertek Testing Services Inc. (29%), System 3R USA Inc. (14%), Pitney Bowes Inc. (14%) 45 Commerce Way....................... 0.10 9.80 9.00 Ericsson Inc. (52%), Woodward Clyde Consultants (27%), Oakwood Corporate Housing (21%) 60 Commerce Way....................... 0.10 11.53 9.93 Jen Mar Graphics Inc. (27%), Dolan & Traynor Building Prod (16%), Prestige Telecom Ltd. (14%), HW Exhibits (14%), Bearings Ltd. (12%) 80 Commerce Way....................... 0.06 12.53 7.73 Learning Stop LLC (40%), Idexx Veterinary Services (37%), Inter-American Safety Council (12%), Haas Publishing Companies (11%) 100 Commerce Way...................... 0.06 12.52 7.72 Geri Script LLC (34%), Minolta Business Systems Inc. (34%), CCH Incorporated (32%) 120 Commerce Way...................... 0.02 11.13 10.57 Senior Care Centers of America (62%), Showa Tool USA Inc. (19%), Telsource Corporation (19%) 66

PROPERTY LISTING OFFICE/FLEX PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- 140 Commerce Way...................... 1994 26,881 99.6 298 285 - ------------------------------------------------------------------------------------------------------- TOTAL NEW JERSEY OFFICE/FLEX 2,277,531 93.4 17,415 15,795 - ------------------------------------------------------------------------------------------------------- WESTCHESTER COUNTY, NEW YORK ELMSFORD 11 Clearbrook Road.................... 1974 31,800 100.0 384 379 75 Clearbrook Road.................... 1990 32,720 100.0 816 816 150 Clearbrook Road................... 1975 74,900 100.0 1,095 1,049 175 Clearbrook Road................... 1973 98,900 98.5 1,492 1,429 200 Clearbrook Road................... 1974 94,000 99.8 1,209 1,137 250 Clearbrook Road................... 1973 155,000 94.5 1,340 1,281 50 Executive Boulevard................ 1969 45,200 75.8 265 256 77 Executive Boulevard................ 1977 13,000 100.0 126 122 85 Executive Boulevard................ 1968 31,000 99.4 432 423 300 Executive Boulevard............... 1970 60,000 99.7 633 595 350 Executive Boulevard............... 1970 15,400 98.8 263 262

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- 140 Commerce Way...................... 0.06 11.13 10.64 Universal Hospital Services (36%), Advanced Image Systems Inc. (25%), Alpha Testing Laboratories (13%), Holder Group Inc. (13%), Dairygold (12%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL NEW JERSEY OFFICE/FLEX 3.45 8.41 7.65 - ---------------------------------------------------------------------------------------------------------------------------- WESTCHESTER COUNTY, NEW YORK ELMSFORD 11 Clearbrook Road.................... 0.08 12.08 11.92 Eastern Jungle Gym Inc. (27%), MCS Marketing Group Inc. (24%), Treetops Inc. (21%), Portables Unlimited Inc. (14%), Karate Kat Inc. (14%) 75 Clearbrook Road.................... 0.16 24.94 24.94 Evening Out Inc. (100%) 150 Clearbrook Road................... 0.22 14.62 14.01 Sportive Ventures I LLC (24%), Philips Medical Systems N.A. (18%), Transwestern Publications (12%), ADT Security Services Inc. (11%) 175 Clearbrook Road................... 0.30 15.32 14.67 Nextel of New York Inc. (35%), Hypres Inc. (15%), Perk-Up Inc. (10%) 200 Clearbrook Road................... 0.24 12.89 12.12 Brunschwig & Fils Inc. (39%), Proftech Corp (20%) 250 Clearbrook Road................... 0.27 9.15 8.75 AFP Imaging Corp (31%), The Artina Group Inc. (14%), Prints Plus Inc. (13%), Conri Services Inc. (13%), Merrill-Sharpe Ltd (10%) 50 Executive Boulevard................ 0.05 7.73 7.47 MMO Music Group (74%) 77 Executive Boulevard................ 0.03 9.69 9.38 Bright Horizons Children Center (55%), Richmonds Childrens Center Inc. (45%) 85 Executive Boulevard................ 0.09 14.02 13.73 VREX Inc. (49%), Westhab Inc. (32%), Wald Optics Laboratory Inc. (13%) 300 Executive Boulevard............... 0.13 10.58 9.95 Princeton Ski Outlet Corp. (57%), Varta Batteries Inc. (31%), Infovalue Computing Inc. (12%) 350 Executive Boulevard............... 0.05 17.29 17.22 Fujitsu Network Communication (99%) 67

PROPERTY LISTING OFFICE/FLEX PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- 399 Executive Boulevard............... 1962 80,000 100.0 965 928 400 Executive Boulevard............... 1970 42,200 100.0 656 602 500 Executive Boulevard............... 1970 41,600 100.0 647 604 525 Executive Boulevard............... 1972 61,700 100.0 894 865 1 Westchester Plaza................... 1967 25,000 100.0 307 289 2 Westchester Plaza................... 1968 25,000 100.0 452 441 3 Westchester Plaza................... 1969 93,500 100.0 1,405 1,383 4 Westchester Plaza................... 1969 44,700 99.8 627 600 5 Westchester Plaza................... 1969 20,000 100.0 277 272 6 Westchester Plaza................... 1968 20,000 100.0 312 291 7 Westchester Plaza................... 1972 46,200 100.0 652 646 8 Westchester Plaza................... 1971 67,200 100.0 864 766

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- 399 Executive Boulevard............... 0.19 12.06 11.60 American Banknote Holographic (72%), Game Sportswear Ltd (28%) 400 Executive Boulevard............... 0.13 15.55 14.27 Baker Engineering NY, Inc. (39%), Ultra Fabrics Inc. (25%), Blum Promotions and Display (10%) 500 Executive Boulevard............... 0.13 15.55 14.52 Original Consume (36%), Thyssen Krupp Elevator Corp. (16%), Angelica Corporation (16%), Olympia Sports Inc. (13%), Philips Medical Systems N.A. (13%) 525 Executive Boulevard............... 0.18 14.49 14.02 Vie De France Yamazaki Inc. (59%), New York Blood Center Inc. (21%) 1 Westchester Plaza................... 0.06 12.28 11.56 British Apparel (40%), Thin Film Concepts Inc. (20%), RS Knapp (20%), JT Lynne Representatives (20%) 2 Westchester Plaza................... 0.09 18.08 17.64 Board of Cooperative Education (80%), Kin-Tronics (10%), Squires Productions Inc. (10%) 3 Westchester Plaza................... 0.28 15.03 14.79 Reveo Inc. (51%), Kangol Headwear (28%), Esperya USA Inc. (12%) 4 Westchester Plaza................... 0.12 14.05 13.45 Metropolitan Life Insurance (38%), Marconi Applied Technologies (34%) 5 Westchester Plaza................... 0.06 13.85 13.60 Apria Healthcare Inc. (38%), Rokonet Industries USA Inc. (25%), UA Plumbers Education Fund (25%), BBA Project Inc. (12%) 6 Westchester Plaza................... 0.06 15.60 14.55 Pinkerton Systems Integration (28%), Xerox Corporation (28%), Game Parts Inc. (24%), Girard Rubber Co. (12%) 7 Westchester Plaza................... 0.13 14.11 13.98 Emigrant Savings Bank (69%), Fire End Croker Corp. (27%) 8 Westchester Plaza................... 0.17 12.86 11.40 Mamiya America Corp. (24%), Ciba Specialty Chemicals Corp. (17%), Kubra Data Transfer Ltd. (15%) 68

PROPERTY LISTING OFFICE/FLEX PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- HAWTHORNE 200 Saw Mill River Road............... 1965 51,100 100.0 656 622 4 Skyline Drive....................... 1987 80,600 100.0 1,405 1,286 5 Skyline Drive (g)................... 1980 124,022 100.0 657 657 6 Skyline Drive (g)................... 1980 44,155 100.0 290 290 8 Skyline Drive....................... 1985 50,000 98.7 618 487 10 Skyline Drive...................... 1985 20,000 100.0 285 263 11 Skyline Drive...................... 1989 45,000 100.0 724 674 12 Skyline Drive...................... 1999 46,850 100.0 806 633 15 Skyline Drive...................... 1989 55,000 100.0 966 843 YONKERS 100 Corporate Boulevard............... 1987 78,000 98.2 1,384 1,307 200 Corporate Boulevard South......... 1990 84,000 99.8 1,377 1,348 4 Executive Plaza..................... 1986 80,000 99.0 939 867 6 Executive Plaza..................... 1987 80,000 98.7 1,184 1,162 1 Odell Plaza......................... 1980 106,000 90.8 1,217 1,166

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- HAWTHORNE 200 Saw Mill River Road............... 0.13 12.84 12.17 Walter DeGruyter Inc. (21%), Abscoa Industries Inc. (18%), TJ Quatroni Plumbing and Heat (17%), Cablevision Lighpath Inc. (12%), SI International Instruments Inc. (10%) 4 Skyline Drive....................... 0.28 17.43 15.96 Alstom USA Inc. (33%), Evonyx Inc. (23%) 5 Skyline Drive (g)................... 0.13 12.81 12.81 Taro Pharmaceuticals USA Inc. (75%), Westco Closet Corp. (20%) 6 Skyline Drive (g)................... 0.06 15.88 15.88 Evonyx Inc. (73%), Anvik Corporation (27%) 8 Skyline Drive....................... 0.12 12.52 9.87 Ameriquest Mortgage Company (51%), Evonyx Inc. (29%), Minolta Business Solutions Inc. (20%) 10 Skyline Drive...................... 0.06 14.25 13.15 Bi-Tronic Inc/LCA Sales Corp. (51%), Phoenix Systems Int'l (32%), ENSR Corp. (17%) 11 Skyline Drive...................... 0.14 16.09 14.98 Xand Corporation (100%) 12 Skyline Drive...................... 0.16 17.20 13.51 Creative Visual Enterprises (38%), Medelec Inc. (32%), Savin Corporation (30%) 15 Skyline Drive...................... 0.19 17.56 15.33 Accorda Therapeutics Inc. (54%), Tellabs Operations Inc. (46%) YONKERS 100 Corporate Boulevard............... 0.28 18.07 17.06 Montefiore Medical Center (28%), Sempra Energy Trading Corp. (13%), Minami International Corp. (12%), Otis Elevator Company (11%), Genzyme Genetics Corp. (11%) 200 Corporate Boulevard South......... 0.27 16.43 16.08 Belmay Inc. (32%), Montefiore Medical Center (23%), Advanced Viral Research Corp. (20%), Micromold Products Inc. (10%) 4 Executive Plaza..................... 0.19 11.86 10.95 Wise Contact US Optical Corp. (35%), E&B Giftware Inc. (22%), TT Systems LLC (10%) 6 Executive Plaza..................... 0.24 14.99 14.72 CSC Holdings Inc. (52%), Yonkers Savings & Loan Assoc. (11%), Empire Managed Care Inc. (10%) 1 Odell Plaza......................... 0.24 12.64 12.11 Sportive Ventures 2 LLC (19%), Market Dynamics Group LLC (11%) 69

PROPERTY LISTING OFFICE/FLEX PROPERTIES (CONTINUED) PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- 5 Odell Plaza......................... 1983 38,400 99.6 599 577 7 Odell Plaza......................... 1984 42,600 95.9 657 650 - ------------------------------------------------------------------------------------------------------- TOTAL NEW YORK OFFICE/FLEX 2,244,747 98.3 29,877 28,268 - ------------------------------------------------------------------------------------------------------- FAIRFIELD COUNTY, CONNECTICUT STAMFORD 419 West Avenue....................... 1986 88,000 99.7 1,282 1,233 500 West Avenue....................... 1988 25,000 74.9 349 294 550 West Avenue....................... 1990 54,000 100.0 808 685 600 West Avenue....................... 1999 66,000 100.0 826 789 650 West Avenue....................... 1998 40,000 100.0 173 61 - ------------------------------------------------------------------------------------------------------- TOTAL CONNECTICUT OFFICE/FLEX 273,000 97.6 3,438 3,062 - ------------------------------------------------------------------------------------------------------- TOTAL OFFICE/FLEX PROPERTIES 4,795,278 96.0 50,730 47,125 =======================================================================================================

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- 5 Odell Plaza......................... 0.12 15.66 15.09 Voyetra Technologies Inc. (44%), Photo File Inc. (34%), The New Geri Care of Yonkers (22%) 7 Odell Plaza......................... 0.13 16.08 15.91 US Postal Service (41%), TT Systems Company (24%), Bright Horizons Childrens Center (16%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL NEW YORK OFFICE/FLEX 5.96 14.14 13.41 - ---------------------------------------------------------------------------------------------------------------------------- FAIRFIELD COUNTY, CONNECTICUT STAMFORD 419 West Avenue....................... 0.26 14.61 14.05 Fuji Medical Systems USA Inc. (90%), Instill and Company Inc. (10%) 500 West Avenue....................... 0.07 18.64 15.70 Lead Trackers Inc. (47%), Iner Tel Technologies Inc. (17%), M Cohen and Sons Inc. (11%) 550 West Avenue....................... 0.16 14.96 12.69 Lifecodes Corp. (68%), Davidoff of Geneva (CT) Inc. (32%) 600 West Avenue....................... 0.16 12.52 11.95 Clarence House Imports, Ltd (100%) 650 West Avenue....................... 0.03 4.33 1.53 Davidoff of Geneva (CT) Inc. (100%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL CONNECTICUT OFFICE/FLEX 0.68 12.90 11.49 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL OFFICE/FLEX PROPERTIES 10.09 11.42 10.64 ============================================================================================================================ 70

PROPERTY LISTING INDUSTRIAL/WAREHOUSE PROPERTIES PERCENTAGE NET LEASED 2001 2001 RENTABLE AS OF BASE EFFECTIVE PROPERTY YEAR AREA 12/31/01 RENT RENT LOCATION BUILT (SQ. FT.) (%) (a) ($000's)(b)(f) ($000's)(c)(f) - ------------------------------------------------------------------------------------------------------- WESTCHESTER COUNTY, NEW YORK ELMSFORD 1 Warehouse Lane...................... 1957 6,600 100.0 71 71 2 Warehouse Lane...................... 1957 10,900 96.3 134 127 3 Warehouse Lane...................... 1957 77,200 100.0 290 279 4 Warehouse Lane...................... 1957 195,500 97.4 1,941 1,890 5 Warehouse Lane...................... 1957 75,100 97.1 776 668 6 Warehouse Lane...................... 1982 22,100 100.0 511 509 - ------------------------------------------------------------------------------------------------------- TOTAL INDUSTRIAL/WAREHOUSE PROPERTIES 387,400 98.0 3,723 3,544 - ------------------------------------------------------------------------------------------------------- TOTAL OFFICE, OFFICE/FLEX, AND INDUSTRIAL/WAREHOUSE PROPERTIES 26,965,840 94.6 502,018 478,733 =======================================================================================================

PERCENTAGE OF TOTAL 2001 2001 OFFICE, 2001 AVERAGE OFFICE/FLEX AVERAGE EFFECTIVE TENANTS LEASING 10% OR AND INDUSTRIAL/ BASE RENT RENT MORE OF NET RENTABLE PROPERTY WAREHOUSE PER SQ. FT. PER SQ. FT. AREA PER PROPERTY LOCATION BASE RENT(%) ($)(d)(f) ($)(e)(f) AS OF 12/31/01 (f) - ----------------------------------------------------------------------------------------------------------- WESTCHESTER COUNTY, NEW YORK ELMSFORD 1 Warehouse Lane...................... 0.01 10.76 10.76 JP Trucking Service Center Inc. (100%) 2 Warehouse Lane...................... 0.03 12.77 12.10 RJ Bruno Roofing Inc. (55%), Teleport Communications Group (41%) 3 Warehouse Lane...................... 0.06 3.76 3.61 United Parcel Service (100%) 4 Warehouse Lane...................... 0.40 10.19 9.93 San Mar Laboratories Inc. (63%), Westinghouse Air Brake Co. Inc. (14%) 5 Warehouse Lane...................... 0.15 10.64 9.16 Great Spring Waters of America (48%), Chamart Exclusives Inc. (16%), Mallory Kotzen Tire Company (11%) 6 Warehouse Lane...................... 0.10 23.12 23.03 Conway Central Express (100%) - ---------------------------------------------------------------------------------------------------------------------------- TOTAL INDUSTRIAL/WAREHOUSE PROPERTIES 0.75 9.80 9.33 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL OFFICE, OFFICE/FLEX, AND INDUSTRIAL/WAREHOUSE PROPERTIES 100.0 20.00 19.08 ============================================================================================================================

(a) Based on all leases in effect as of December 31, 2001. (b) Total base rent for 2001, determined in accordance with generally accepted accounting principles ("GAAP"). Substantially all of the leases provide for annual base rents plus recoveries and escalation charges based upon the tenant's proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass through of charges for electrical usage. (c) Total base rent for 2001 minus total 2001 amortization of tenant improvements, leasing commissions and other concessions and costs, determined in accordance with GAAP. (d) Base rent for 2001 divided by net rentable square feet leased at December 31, 2001. For those properties acquired or placed in service during 2001, amounts are annualized, as per Note g. (e) Effective rent for 2001 divided by net rentable square feet leased at December 31, 2001 For those properties acquired or placed in service during 2001, amounts are annualized, as per Note g. (f) Excludes space leased by the Company. (g) As this property was acquired or placed in service by the Company during 2001, the amounts represented in 2001 base rent and 2001 effective rent reflect only that portion of the year during which the Company owned or placed the property in service. Accordingly, these amounts may not be indicative of the property's full year results. For comparison purposes, the amounts represented in 2001 average base rent per sq. ft. and 2001 average effective rent per sq. ft. for this property have been calculated by taking 2001 base rent and 2001 effective rent for such property and annualizing these partial-year results, dividing such annualized amounts by the net rentable square feet leased at December 31, 2001. These annualized per square foot amounts may not be indicative of the property's results had the Company owned or placed such property in service for the entirety of 2001. (h) The property was sold by the Company in 2001. (i) Calculation based on square feet in service as of December 31, 2001. (j) The Company constructed an expansion to this building increasing its size by 31,000 square feet. (k) Property is excluded from weighted average percentage leased as it was a development property in lease-up as of December 31, 2001. Had these properties been included, total office, office/flex and industrial/warehouse properties' weighted average percentage leased would be 94.1 percent. 71 SIGNIFICANT TENANTS The following table sets forth a schedule of the Company's 20 largest tenants for the Consolidated Properties as of December 31, 2001, based upon annualized base rents:

PERCENTAGE OF ANNUALIZED COMPANY SQUARE PERCENTAGE YEAR OF NUMBER OF BASE RENTAL ANNUALIZED BASE FEET TOTAL COMPANY LEASE PROPERTIES REVENUE ($) (a) RENTAL REVENUE (%) LEASED LEASED SQ. FT. (%) EXPIRATION - ---------------------------------- ------------- ---------------- --------------------- ------------ ------------------- ----------- AT&T Wireless Services 2 9,819,454 2.0 395,955 1.6 2007 (b) Donaldson, Lufkin & Jenrette Securities Corp. 1 8,317,176 1.7 271,953 1.1 2011 AT&T Corporation 2 7,268,746 1.5 450,278 1.8 2009 (c) Keystone Mercy Health Plan 2 7,017,899 1.4 303,149 1.2 2015 Prentice-Hall Inc. 1 6,744,495 1.4 474,801 1.9 2014 IBM Corporation 3 6,390,275 1.3 361,688 1.4 2007 (d) Nabisco Inc. 3 6,066,357 1.2 340,746 1.4 2006 (e) Toys `R' Us - NJ, Inc. 1 5,342,672 1.1 242,518 1.0 2012 Waterhouse Securities, Inc. 1 5,314,805 1.1 184,222 0.7 2015 American Institute of Certified Public Accountants 1 4,981,357 1.0 249,768 1.0 2012 CMP Media Inc. 1 4,817,298 1.0 237,274 0.9 2014 Allstate Insurance Company 9 4,798,224 1.0 224,321 0.9 2009 (f) Winston & Strawn 1 4,472,348 0.9 108,100 0.4 2003 Dean Witter Trust Company 1 4,319,508 0.9 221,019 0.9 2008 Morgan Stanley Dean Witter, Inc. 5 4,025,077 0.8 163,253 0.7 2010 (g) Move.com Operations, Inc. 1 3,891,597 0.8 94,917 0.4 2006 Regus Business Centre Corp. 3 3,671,129 0.8 107,608 0.4 2011 (h) Bank of Tokyo - Mitsubishi Ltd. 1 3,378,923 0.7 137,076 0.5 2009 KPMG, LLP 2 3,313,701 0.7 142,317 0.6 2012 (i) BT Harborside 1 3,272,500 0.7 385,000 1.5 2003 - ---------------------------------- ------------- ---------------- --------------------- ------------ ------------------- ----------- Totals 107,223,541 22.0 5,095,963 20.3 ================================== ============= ================ ===================== ============ =================== ===========

(a) Annualized base rental revenue is based on actual December 2001 billings times 12. For leases whose rent commences after January 1, 2002, 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, historical results may differ from those set forth above. (b) 12,150 square feet expire September 2004; 345,799 square feet expire March 2007; 38,006 square feet expire June 2007. (c) 63,278 square feet expire May 2004; 387,000 square feet expire January 2009. (d) 28,289 square feet expire January 2005; 85,000 square feet expire December 2005; 248,399 square feet expire December 2007. (e) 300,378 square feet expire December 2005; 40,368 square feet expire March 2006. (f) 18,882 square feet expire April 2003; 4,398 square feet expire January 2004; 36,305 square feet expire January 2005; 23,024 square feet expire October 2005; 22,444 square feet expire July 2006; 6,108 square feet expire August 2006; 70,517 square feet expire June 2007; 31,143 square feet expire April 2008; 11,500 square feet expire April 2009. (g) 7,500 square feet expire September 2003; 18,539 square feet expire April 2005; 85,151 square feet expire February 2008; 19,500 square feet expire June 2008; 7,000 square feet expire October 2009; 25,563 square feet expire January 2010. (h) 27,803 square feet expire January 2011; 38,930 square feet expire April 2011; 40,875 square feet expire June 2011. (i) 15,113 square feet expire September 2002; 57,204 square feet expire July 2007; 70,000 square feet expire September 2012. 72 SCHEDULE OF LEASE EXPIRATIONS ALL CONSOLIDATED PROPERTIES The following table sets forth a schedule of lease expirations for the total of the Company's office, office/flex, industrial/warehouse and stand-alone retail properties, included in the Consolidated Properties, beginning January 1, 2002, assuming that none of the tenants exercise renewal options:

AVERAGE ANNUAL PERCENTAGE OF RENT PER NET NET RENTABLE TOTAL LEASED ANNUALIZED RENTABLE PERCENTAGE OF AREA SUBJECT SQUARE FEET BASE RENTAL SQUARE FOOT ANNUAL BASE NUMBER OF TO EXPIRING REPRESENTED BY REVENUE UNDER REPRESENTED RENT UNDER YEAR OF LEASES LEASES EXPIRING EXPIRING BY EXPIRING EXPIRING EXPIRATION EXPIRING (a) (SQ. FT.) LEASES (%) (b) LEASES ($) (c) LEASES ($) LEASES (%) - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- 2002 448 2,130,311 8.5 36,854,419 17.30 7.6 2003 487 3,951,403 15.8 71,598,719 18.12 14.7 2004 384 2,234,380 8.9 42,473,250 19.01 8.7 2005 373 3,179,979 12.7 60,296,606 18.96 12.4 2006 352 2,935,237 11.7 60,353,314 20.56 12.4 2007 168 2,314,745 9.2 48,673,525 21.03 10.0 2008 101 1,500,299 6.0 26,600,000 17.73 5.5 2009 55 1,369,891 5.5 25,512,500 18.62 5.3 2010 87 1,213,079 4.9 23,653,243 19.50 4.9 2011 61 1,436,628 5.7 35,215,623 24.51 7.2 2012 27 865,861 3.5 19,035,316 21.98 3.9 2013 and thereafter 35 1,906,090 7.6 35,766,979 18.76 7.4 - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- Totals/Weighted Average 2,578 25,037,903(d) 100.0 486,033,494 19.41 100.0 ========================= ============== ================= ================== ================== ==================== ==============

(a) Includes office, office/flex, industrial/warehouse and stand-alone retail property tenants only. Excludes leases for amenity, retail, parking and month-to-month tenants. Some tenants have multiple leases. (b) Excludes all unleased space as of December 31, 2001. (c) Annualized base rental revenue is based on actual December 2001 billings times 12. For leases whose rent commences after January 1, 2002, 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, historical results may differ from those set forth above. (d) Reconciliation to Company's total net rentable square footage is as follows:

Square Feet ----------- Square footage leased to commercial tenants 25,037,903 Square footage used for corporate offices, management offices, building use, retail tenants, food services, other ancillary service tenants and occupancy adjustments 352,407 Square footage unleased 1,592,830 ----------- Total net rentable square footage (does not include residential, land lease, or not-in-service properties) 26,983,140 ==========

73 SCHEDULE OF LEASE EXPIRATIONS OFFICE PROPERTIES The following table sets forth a schedule of lease expirations for the office properties beginning January 1, 2002, assuming that none of the tenants exercise renewal options:

AVERAGE ANNUAL PERCENTAGE OF RENT PER NET NET RENTABLE TOTAL LEASED ANNUALIZED RENTABLE PERCENTAGE OF AREA SUBJECT SQUARE FEET BASE RENTAL SQUARE FOOT ANNUAL BASE NUMBER OF TO EXPIRING REPRESENTED BY REVENUE UNDER REPRESENTED RENT UNDER YEAR OF LEASES LEASES EXPIRING EXPIRING BY EXPIRING EXPIRING EXPIRATION EXPIRING (a) (SQ. FT.) LEASES (%) (b) LEASES ($) (c) LEASES ($) LEASES (%) - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- 2002 350 1,443,177 7.2 29,947,927 20.75 7.0 2003 397 3,180,278 15.8 64,042,823 20.14 15.0 2004 312 1,572,593 7.8 34,967,523 22.24 8.2 2005 296 2,508,329 12.5 52,699,906 21.01 12.3 2006 287 2,319,244 11.6 52,198,688 22.51 12.2 2007 145 1,927,069 9.6 43,455,258 22.55 10.1 2008 83 1,182,186 5.9 23,582,800 19.95 5.5 2009 37 1,195,103 6.0 23,357,006 19.54 5.5 2010 56 822,428 4.1 17,584,655 21.38 4.1 2011 55 1,355,737 6.8 34,067,977 25.13 8.0 2012 23 798,999 4.0 18,214,549 22.80 4.2 2013 and thereafter 30 1,739,655 8.7 33,761,607 19.41 7.9 - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- Totals/Weighted Average 2,071 20,044,798 100.0 427,880,719 21.35 100.0 ========================= ============== ================= ================== ================== ==================== ==============

(a) Includes office tenants only. Excludes leases for amenity, retail, parking and month-to-month office tenants. Some tenants have multiple leases. (b) Excludes all unleased space as of December 31, 2001. (c) Annualized base rental revenue is based on actual December 2001 billings times 12. For leases whose rent commences after January 1, 2002, 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, historical results may differ from those set forth above. 74 SCHEDULE OF LEASE EXPIRATIONS OFFICE/FLEX PROPERTIES The following table sets forth a schedule of lease expirations for the office/flex properties beginning January 1, 2002, assuming that none of the tenants exercise renewal options:

AVERAGE ANNUAL PERCENTAGE OF RENT PER NET NET RENTABLE TOTAL LEASED ANNUALIZED RENTABLE PERCENTAGE OF AREA SUBJECT SQUARE FEET BASE RENTAL SQUARE FOOT ANNUAL BASE NUMBER OF TO EXPIRING REPRESENTED BY REVENUE UNDER REPRESENTED RENT UNDER YEAR OF LEASES LEASES EXPIRING EXPIRING BY EXPIRING EXPIRING EXPIRATION EXPIRING (a) (SQ. FT.) LEASES (%) (b) LEASES ($) (c) LEASES ($) LEASES (%) - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- 2002 92 633,362 13.8 6,326,002 9.99 11.7 2003 85 670,151 14.6 7,011,158 10.46 13.0 2004 62 452,367 9.8 5,010,227 11.08 9.3 2005 74 658,496 14.3 7,414,824 11.26 13.7 2006 65 615,993 13.4 8,154,626 13.24 15.1 2007 23 387,676 8.4 5,218,267 13.46 9.6 2008 18 318,113 6.9 3,017,200 9.48 5.6 2009 17 162,988 3.5 2,049,294 12.57 3.8 2010 31 390,651 8.5 6,068,588 15.53 11.2 2011 6 80,891 1.8 1,147,646 14.19 2.1 2012 4 66,862 1.5 820,767 12.28 1.5 2013 and thereafter 4 158,435 3.5 1,830,372 11.55 3.4 - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- Totals/Weighted Average 481 4,595,985 100.0 54,068,971 11.76 100.0 ========================= ============== ================= ================== ================== ==================== ==============

(a) Includes office/flex tenants only. Excludes leases for amenity, retail, parking and month-to-month office/flex tenants. Some tenants have multiple leases. (b) Excludes all unleased space as of December 31, 2001. (c) Annualized base rental revenue is based on actual December 2001 billings times 12. For leases whose rent commences after January 1, 2002, 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, historical results may differ from those set forth above. 75 SCHEDULE OF LEASE EXPIRATIONS INDUSTRIAL/WAREHOUSE PROPERTIES The following table sets forth a schedule of lease expirations for the industrial/warehouse properties beginning January 1, 2002, assuming that none of the tenants exercise renewal options:

AVERAGE ANNUAL PERCENTAGE OF RENT PER NET NET RENTABLE TOTAL LEASED ANNUALIZED RENTABLE PERCENTAGE OF AREA SUBJECT SQUARE FEET BASE RENTAL SQUARE FOOT ANNUAL BASE NUMBER OF TO EXPIRING REPRESENTED BY REVENUE UNDER REPRESENTED RENT UNDER YEAR OF LEASES LEASES EXPIRING EXPIRING BY EXPIRING EXPIRING EXPIRATION EXPIRING (a) (SQ. FT.) LEASES (%) (b) LEASES ($) (c) LEASES ($) LEASES (%) - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- 2002 6 53,772 14.1 580,490 10.80 15.6 2003 5 100,974 26.6 544,738 5.39 14.7 2004 9 200,120 52.7 2,300,500 11.50 61.9 2005 3 13,154 3.5 181,876 13.83 4.9 2009 1 11,800 3.1 106,200 9.00 2.9 - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- Totals/Weighted Average 24 379,820 100.0 3,713,804 9.78 100.0 ========================= ============== ================= ================== ================== ==================== ==============

(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) Excludes all unleased space as of December 31, 2001. (c) Annualized base rental revenue is based on actual December 2001 billings times 12. For leases whose rent commences after January 1, 2002, 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. STAND-ALONE RETAIL PROPERTIES The following table sets forth a schedule of lease expirations for the stand-alone retail properties beginning January 1, 2002, assuming that none of the tenants exercise renewal options:

AVERAGE ANNUAL PERCENTAGE OF RENT PER NET NET RENTABLE TOTAL LEASED ANNUALIZED RENTABLE PERCENTAGE OF AREA SUBJECT SQUARE FEET BASE RENTAL SQUARE FOOT ANNUAL BASE NUMBER OF TO EXPIRING REPRESENTED BY REVENUE UNDER REPRESENTED RENT UNDER YEAR OF LEASES LEASES EXPIRING EXPIRING BY EXPIRING EXPIRING EXPIRATION EXPIRING (a) (SQ. FT.) LEASES (%) (b) LEASES ($) (c) LEASES ($) LEASES (%) - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- 2004 1 9,300 53.8 195,000 20.97 52.7 2013 and thereafter 1 8,000 46.2 175,000 21.87 47.3 - ------------------------- -------------- ----------------- ------------------ ------------------ -------------------- -------------- Totals/Weighted Average 2 17,300 100.0 370,000 21.39 100.0 ========================= ============== ================= ================== ================== ==================== ==============

(a) Includes stand-alone retail property tenants only. (b) Annualized base rental revenue is based on actual December 2001 billings times 12. For leases whose rent commences after January 1, 2002, 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, historical results may differ from those set forth above. 76