DB RREEE

Managed in partnership with Deutsche Bank $\boxtimes$

DB RREEF Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder

Level 21 83 Clarence Street Sydney NSW 2000

PO Box R1822 Royal Exchange NSW 1225

Telephone 61 2 9249 9500 Direct 61 2 9249 9040 Facsimile 61 2 9279 3090

Email: [email protected]

25 August 2005

The Manager Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam

DB RREEF Trust (ASX: DRT) DRT Property Synopsis 2005

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), is pleased to provide a copy of the DRT Property Synopsis 2005.

For further information, please contact

$\bullet$	Institutional Investors:	Tony Dixon	$(02)$ 9249 9040
$\bullet$	Retail Investors:	Karol O'Reilly	$(03)$ 9270 4419
	• Media inquiries:	Megan Owen	(02) 9249 9904

Yours sincerely

Julija 19

John Easy Company Secretary

DB RREEF Trust property synopsis 2005

Managed in partnership with Deutsche Bank $\overline{\nu}$

Introduction $\mathbbm{1}$
$\bar{Z}$ Summary of properties
$12^{\circ}$ Maps
Office portfolio Australia 16
$28 -$ Car park portfolio ~ Australia
28 Industrial portfolio Australia
43 Industrial portfolio United States
75 Retail portfolio Australia
78 Index
80 Directory

Bent Street, Sydney

introduction

overview di DER REINER

DB RREEF TRUST IS A MAJOR DIVERSIFIED LISTED PROPERTY TRUST WITH INVESTMENTS IN AUSTRALIA. NEW ZEALAND AND THE UNITED STATES. DB RREEF TRUST IS CURRENTLY THE SIXTH LARGEST LPT ON ASX, DB RREEF TRUST IS A TOP 60 LISTED CORPORATE ON ASX WITH A TOTAL MARKET CAPITALISATION OF APPROXIMATELY \$3.7 BILLION AS AT 30 JUNE 2005.

DB RREEF Trust is an integrated real estate platform with two core operating activities:

a direct property portfolio of approximately \$7 billion as at 30 June 2005; and
a 50 per cent share in DB RREEF Funds Management Limited, a property funds management business, with the remaining 50 per cent owned by Deutsche Bank. DB RREEF Funds Management Limited is responsible for managing DB RREEF Trust's entire direct property portfolio, as well as approximately \$3.5 billion of funds under management through three syndicates, two direct property mandates and a wholesale property fund (under delegation).

These combine to give DB RREEF Funds Management Limited total funds under management of approximately \$10.5 billion, making it one of Australia's larger property fund managers. DB RREEF Funds Management Limited is Australian based, with access to global real estate investment opportunities and expertise through its strategic relationship with Deutsche Bank.

objectives

The primary objective of DB RREEF Funds Management Limited is to maximise total returns to investors through active management, within appropriate risk parameters and to provide a combination of income and capital growth over the medium to long term.

DB RREEF Funds Management Limited will seek to capitalise on the global strengths of Deutsche Bank's RREEF/DB Real Estate division in sourcing real estate investment opportunities and expertise by accessing its platform and integrated business model. RREEF/DB Real Estate's business platform focuses on the office and industrial markets giobally, and retail assets where strong partnerships present the opportunity to add value.

summary of properties

Property	Location	Building type	Ownership at 30 June 2005 (% )	Net lettable area adjusted for ownership ('000 m ² )
Australian Office
Garema Court, 140-180 City Walk, Civic Canberra	ACT	A Grade - office	100	11.419
14 Moore Street, Civic	ACT	B Grade – officel	100	10.894
The Zenith, 821 Pacific Highway, Chatswood	NSW	A Grade – office	100	44.467
Victoria Cross, 60 Miller Street, North Sydney	NSW	A Grade - office	100	14.747
Ferguson Centre, 130 George Street, Parramatta	NSW	B Grade – officel	100	19.320
O'Connell House, 15-19 Bent Street, Sydney	NSW	B Grade - office	300	9.871
1 Bligh Street, Sydney?	NSW	B Grade – officel	50	2.205
9–13 Bligh Street, Sydney ³	NSW	B Grade – officel	50	1.555
1 Chifley Square, Sydney (seld Apr-2005) *	NSW		0
45 Clarence Street, Sydney	NSW	A Grade - office	300	32.000
201 Elizabeth Street, Sydney	NSW	A Grade – officel	50	19.413
Governor Phillip and Macquarie Tower Complex, 1 Farrer Place, Sydney	NSW	Premium Grade - office	50	43.296
Austraßa Square Complex, 264 George Street, Sydney	NSW	A Grade - office	50	26.259
30 The Bond, 30-34 Hickson Road, Sydney	NSW	A Grade – office	300	19.797
309-321 Kent Street, Sydney	NSW	A Grade - office	50	23.561
383-395 Kent Street, Sydney	NSW	A Grade - office	300	18.051
One Margaret Street, Sydney	NSW	A Grade - office	100	20.915
44 Market Street, Sydney	NSW	A Grade - office	300	29.991
2 O'Conness Street, Sydney ³	NSW	B Grade - office	50	1.973
4 O'Conness Street, Sydney ²	NSW	B Grade – officel	50	3.164
144 Edward Street, Brisbane (sold Nov-2004) *	QLD		0
Flinders Gate Complex, 172 and 179 Flinders Street, Melbourne	VIC	B Grade - office	300	8.764
8 Nicholson Street, Melbourne	VIC	A Grade – office	100	23.528
Southgate Complex, 3 Southgate Avenue, Southbank	VfC	A Grade - office	100	76.314
Woodside Plaza, 240 Street Georges Terrace, Perth	WA	Premium Grade - office	100	47.152
New Zealand Office
Eurnley Centre, 88 Shortland Street, Auckland ^®	NZ.	Premium Grade - office	100	18.821
Car Parks
383-395 Kent Street, Sydney (Car Park)	NSW	Carpark	300
Albert and Charlotte Streets, Brisbane	QLD	Carpark	100
32-44 Flinders Street, Metbourne	VIC	Carpark	100
Flinders Gate Complex, 172 Fänders Street, Melbourne	VIC	Carpark	100
34-60 Little Collins Street, Melbourne	VíC	Carpark	100
Australian Industrial
52 Holbeche Road, Arndell Park	NSW	Distribution Centre	100	9.814
79 St Hilliers Road, Auburn	NSW	Business Park	300	25.701
1 Garigal Road, Betrose	NSW	Business Park	100	12.583
2 Minna Close, Belrose	NSW	Business Park	100	13.626

Net income 12 months to 30 June 2005 $($ A\$'m $)$	Weighted lease term by income (years)	Leased by area (% )	Market cap rate (% )	Independent valuation $($ A\$'m $)$	Independent valuation date	Book value at 30 June 2005 (As'm)	Acquisition date

4.0	5.7	100	8.50	44.6	$Oc$ t $-03$	44.9	Aug-00
3.1	2.4	100	8.75	36.3	Арт-05	36.3	May-02
17.8	3.4	97	7.75	216.0	Jun-04	223.3	Dec-98
6.2	4.0	91	7.50	86.0	Mar-05	86.3	Dec-98
4.0	1.4	43	9.25	43.8	Jun-03	49.6	May-97
3.9	2.2	100	8.00	55.5	Sep-04	56.3	Aug-00
0.9	2.0	100	7.25	10.5	Sep-04	11.0	Dec-03
0.3	$1.5\,$	71	8.00	$5.5\,$	Sep-04	5.6	$Sep-01$
$3.2\,$						2.4
$3.8\,$	5.7	84	7.00	195.0	Jun-05	195.0	Dec-98
7.9	3.8	94	7.25	117.0	Dec-04	117.2	Aug-00
30.7	7.7	99	6.60	512.5	Dec-04	515.1	Dec-98
$11.0\,$	4.6	80	7.13	184.0	ปแก-05	184.0	Aug-00
$8.8\,$	8.3	100	7.25	122.0	Mar-04	123.4	May-02
10.9	3.7	98	7.75	128.8	Dec-03	131.4	Dec-98
6.3	5.2	95	7.50	104.0	$Sep-03$	104.9	Sep-87
$8.8\,$	8.0	100	7.00	139.0	ปแค-05	139.0	Dec-98
$9.8\,$	$3.1^{\circ}$	95	7.75	144.0	Jun-03	148.4	Sep-87
0.6	1.7	91	8.00	7.8	Sep-04	8.0	$Sep-01$
$0.5\,$	1.3	72	8.00	12.0	Sep-04	12.2	$Sep-01$
$1.2\,$
$1.2\,$	0.8	87	8.25	15.5	Sep-03	15.5	Mar-99
$7.2\,$	8.0	100	7.25	91.8	Jun-05	91.8	Nov-93
28.5	4.5	99	7.00	361.0	$J$ ua-05	361.0	Aug-00
17.8	11.7	98	7.00	270.0	Jun-05	270.0	Jan-01

0.4	10.8	$100\,$					Aug-04
3.0	$\sqrt{3}$ ()	100	8.75	40.0	Sep-03	39.4	Sep-87
$3.8\,$	$10\,$	100	9.00	32.0	Sep-03	32.0	Oct-84
3.9	10	100	8.00	24.6	Sep-03	24.6	3un-98
4.1	$10\,$	100	8.25	45.3	Sep-03	45.3	Mar-99
2.0	$10^{\circ}$	100	8.50	41.5	Sep-03	41.5	Nov-84

$1.0\,$	3.1	100	8.50	$11.1\,$	Sep-03	11.1	3ul-98
3.3	2.9	100	8.00	41.0	$J$ uan-05	41.0	Sep-97
2.3	4.9	100	8.50	27.4	Dec-04	27.4	Dec-98
$2.8\,$	3.7	100	8.50	32.4	Dec-04	33.1	Dec-98

summary of properties (continued)

Property	Location	Building type	Ownership at 30 June 2005 (% )	Net lettable area adjusted for ownership ('000 m ² )
Australian Industrial
3-7 Bessemer Street, Blacktown	NSW	Distribution Centre	300	8.033
30-32 Bessemer Street, Blacktown	NSW	Distribution Centre	100	14.652
114-120 Old Pittwater Road, Brookvale.	NSW	Business Park	100	30.780
2 Afspec Place, Eastern Creek.	NSW	Distribution Centre	100	16.875
145-151 Arthur Street, Flemington	NSW	Business Park	100	19.276
436-484 Victoria Road, Gladesville	NSW	Business Park	300	19.892
1 Foundation Place, Greystanes	NSW	Industrial Estate	100	30.746
27-29 Liberty Road, Huntingwood	NSW	Distribution Centre	100	6.829
706 Mowbray Road, Lane Cove	NSW	Business Park	300	17.364
11 Talavera Road, Macquarie Park	NSW	Office Park	300	36.257
40 Talavera Road, Macquarie Park	NSW	Business Park	100	12.772
Kings Park Industrial Estate, Vardys Road, Marayeng	NSW	Industrial Estate	300	58.265
154 O'Riordan Street, Mascot	NSW	Industrial Estate	300	8.156
3 Brookhollow Avenue, Norwest	NSW	Business Park	300	13.422
Rosebery and Rothschild Avenues, Rosebery	NSW	Business Park	300	44.374
10-16 South Street, Rydalmere	NSW	Industrial Estate	100	34.650
Axxess Corporate Park, Station Road, Seven Hills (sold 3ul-Nov--04) ³	NSW		0
75 Carnarvon Street, Silverwater (sold Aug-2004) ³	NSW		0
DB RREEF Industrial Estate, Säverwater	NSW	Business Park	300	29.335
19 Chifley Street, Smithfield	NSW	Industrial Estate	100	18.469
239-251 Woodpark Road, Smithfield	NSW	Distribution Centre	100	5.187
12 Frederick Street, St Leonards	NSW	Business Park	300	19.245
2a Birmingham Street, Villawood	NSW	Distribution Centre	300	11.401
40 Biloela Street, Villawood	NSW	Distribution Centre	100	7.264
27-33 Frank Street, Wetherill Park	NSW	Distribution Centre	100	13.828
30 Bellrick Street, Acacia Ridge	QLD	Distribution Centre	300	17.801
121 Evans Road, Salisbury	QLD	Distribution Centre	100	24.774
25 Donkin Street, West End Brisbane	QLD	Business Park	100	11.163
15-23 Whicker Road, Gillman	SA	Distribution Centre	300	72.115
Target Distribution Centre, Tarras Road, Altona North	VIC	Distribution Centre	300	41.447
114 Fairbank Road, Clayton	VЮ	Distribution Centre	300	18.200
Pound Road West, Dandenong	VIC	Industrial Estate	300	74.281
Redwood Gardens Industrial Estate, Boundary Road, Dingley®	VIC	Industrial Estate	100	34.537
352 Macaulay Road, Kensington	VIC	Industrial Estate	100	6.357
Knoxfield Industrial Estate, Henderson Road, Knoxfield	VЮ	Distribution Centre	100	48.548
250 Forest Road South, Lara	VIC	Distribution Centre	300	117.294
DB RREEF Industrial Estate, Laverton North	VIC	Industrial Estate	100	63.939
Axxess Corporate Park, Chr Femtree Gully and Gilby Roads, Mount Waverley	-VIC	Industrial Estate	100	75.519
68 Hasler Road, Herdsman	WA	Business Park	100	4.703
33 McDowell Street, Weishpool (sold Nov-2004) ⁵	WA		0

100% US assets lettable area ('000 sf)	Acquisition date	Book value at 30 June 2005 (As'm)	Independent valuation date	Independent valuation $($ A\$'m)	Market cap rate (% )	Leased by area (%)	Weighted lease term by income (years)	Net income 12 months to 30 June 2005 (AS'm)

	3un-97	10.2	Sep-03	10.1	8.75	100	4.4	1.0
	May-97	14.5	Sep-03	14.5	9.00	100	5.2	1.2
	Sep-97	42.6	Sep-03	42.0	9.00	96	3.0	$3.8\,$
	Mar-04	23.5	Jan-04			100	9.8	1.3
	Sep-97	31.0	Jun-05	31.0	8.00	100	2.4	2.6
	Sep-97	43.2	Dec-04	43.0	8.50	100	4.7	3.9
	Dec-02	41.9	Dec-04	41.7	8.00	100	7.4	2.6
	3ul-98	7.3	Sep-03	7.3	9.00	100	1.0	0.7
	Sep-97	25.8	$Sep-03$	25.3	9.25	76	6.3	1.6
75% 25%	Apr-2002 Jan-2002	134.0	Jun-03	130.0	8.25	89	4.3	10.0
	Oct-02	29.4	Apr--05	28.5	8.25	100	4.3	$1.7\,$
	May-90	78.5	Jun-05	78.5	8.00	100	5.1	6.2
	3un-97	13.7	$Jum-04$	13.7	7.75	100	1.6	$1.1\,$
	Dec-02	41.8	Dec-03	36.6	10.75	100	3.6	$3.2\,$
	Apr-98 $Oct-01$	81.1	Jun-03	78.7	8.00 /8.75	100	3.6	7.5
	Sep-97	42.6	Jun-04	42.0	8.75	93	2.6	4.0
								0.5
								0.3
	May-97	39.5	Sep-03	39.4	9.00	100	4.0	3.4
	Dec-98	13.5	$Ju$ n-03	13.4	9.75	100	1.5	2.3
	May-97	$5.8\,$	Sep-03	5.8	8.75	100	4.6	0.5
	$3ul-00$	31.5	Jun-05	31.5	8.50	92	2.0	$2.5\,$
	3un-97	$8.8\,$	Sep-03	8.6	9.25	100	1.0	$0.8\,$
	Jul-97	7.0	Sep-03	7.0	8.75	100	2.9	0.6
	Jul-98	12.7	Dec-03	12.7	9.75	100	$1.5\,$	$1.4\,$
	3un-97	11.9	Sep-03	11.9	9.50	100	2.2	$1.3\,$
	3ul-97	18.5	Dec-04	18.5	8.75	100	$5.0\,$	1.6
	Dec-98	20.7	Jun-05	20.7	8.25	96	2.1	1.7
	Dec-02	21.3	$J681 - 05$	21.3	9.75	100	7.0	1.9
	Oct-95	35.0	Jun-05	35.0	8.00	100	6.8	3.1
	3ul-97	10.9	Sep-03	10.8	9.75	100	0.4	$1.2\,$
	Jan-04	56.3	Jun-05	56.3	8.20	100	$5.0\,$	$3.8\,$
	Dec-94	23.0	$Sep-03$	29.0	9.25	92	3.6	2.7
	Oct-98	7.3	Jun-03	7.3	8.72	100	2.9	0.6
	Aug-96	31.9	Sep-03	31.3	8.75	100	$1.5\,$	3.1
	Dec-02	34.6	Jun-05	34.6	9.75	100	7.0	3.4
	3ul-02 Oct-96	42.0 109.3	Jun-04 Jun-03	23.7 89.0	7.75 10.00	100 98	15.8 4.4	0.6 8.1

	Jul-98	8.4	Jua-04	$8.0\,$	8.50	100	4.3	0.7
								0.2

*****

summary of properties (continued)

Property	Location	Building type	Ownership at 30 June 2005 (% )	Net lettable area adjusted for ownership ('000 m ² )
US Industrial
3765 Atlanta Industrial Drive, Atlanta	US	Distribution Centre	-80	12.038
7100 Highlands Parkway, Atlanta	US	Business Park	80	11.148
Stone Mountain, Atlanta	US	Industrial Estate	80	9.971
Town Park Drive, Atlanta	US	Business Park	80	9.022
Williams Drive, Atlanta	US	Distribution Centre	80	15.483
Bristol Court, Baltimore	US	Distribution Centre	80	9.890
Cabot Techs, Baltimore	US	Business Park	80	9.711
Fort Holabird Industrial, Baltimore	US	Distribution Centre	80	12.812
9112 Guilford Road, Baltimore	US	Business Park	80	4.090
MD Food Park, Baltimore	US	Distribution Centre	80	33.735
NE Baltimore, Baltimore	US	Industrial Estate	80	8.083
Patuxent Range Road, Baltimore	US	Business Park	80	11.287
8155 Stayton Drive, Baltimore	US	Industrial Estate	80	9.340
West Narsery, Battimore	US	Industrial Estate	80	6.551
10 Kenwood Circle, Boston	US	Distribution Centre	80	11.399
9900 Brookford Street, Charlotte	US	Distribution Centre	80	9.067
Commerce Park, Charlotte	US	Distribution Centre	80	14.317
Westinghouse, Charlotte	US	Distribution Centre	80	42.255
Airport Exchange, Cincinnati	US	Distribution Centre	80	5.035
124 Commerce, Cincinnati	US	Distribution Centre	80	2.572
Empire Drive, Cincinnati	US	Distribution Centre	80	14.636
International Way, Cincinnati	US	Industrial Estate	80	22.297
Kentucky Drive, Cincinnati	US	Industrial Estate	80.	25.818
Kenwood Road, Cincinnati	US	Distribution Centre	80	57.232
Lake Forest Drive, Cincinnati	US	Distribution Centre	80	30.993
Spiral Drive, Cacinnati	US	Business Park	80	4.575
Turfway Road, Cincinnati	US	Industrial Estate	80	8.320
World Park, Cincinnati	US	Distribution Centre	80	29.491
Equity/Westbelt/Dividend, Columbus	US	Industrial Estate	80	68.354
2700 International Street, Columbus	US	Industrial Estate	80	11.356
SE Columbus, Columbus	US	Distribution Centre	80	26.838
3800 Twin Creeks Drive, Columbus	US	Industrial Estate	80	13.081
10th Street, Dallas	US	Industrial Estate	80	15.380
455 Airline Drive, Dallas	US	Industrial Estate	80	5.574
555 Airline Drive, Dallas	US	Industrial Estate	80	4.202
Arlington, Dallas	US	Business Park	80	9.708
820-860 Avenue F, Dallas	US	Business Park	80	5.432
1413 Bradfey Lane, Dallas	US	Business Park	80	4.202
Capital Ave, Dallas	US	Industrial Estate	80	7.472

100% US assets lettable area $(000 \text{ sf})$	Acquisition date	Book value at 30 June 2005 (As'm)	Independent valuation date	Independent valuation $($ A\$'m $)$	Market cap rate (% )	Leased by area (% )	Weighted lease term by income (years)	Net income 12 months to 30 June 2005 $($ A\$'m $)$



								0.3
								0.3
								0.5
								0.6

								0.0
								$0.5\,$



								0.3






















								$0.5\,$
								$0.2\,$
100.540	Sep-04	5.4	Jun-05	5.4	8.00	100	3.2	0.2

summary of properties (continued)

Property	Location	Building type	Ownership at 30 June 2005 (% )	Net lettable area adjusted for ownership ('000 m ² )
US Industrial
1900 Diplomat Drive, Dallas	US	Business Park	80	6.151
2055 Diplomat Drive, Dallas	US	Business Park	80	3.967
East Collins, Dallas	US	Business Park	80	4.196
3601 East Plano/1000 Shilth, Dallas	US	Industrial Estate	80	21.322
East Plano /2700 Summit, Dallas	US	Industrial Estate	80	22.788
Hillguard, Dallas	US	Industrial Estate	80	18.421
North Lake, Dallas	US	Distribution Centre	80	17.124
11011 Regency Crest Drive, Dallas	US	Distribution Centre	80	13.128
CTC at Valwood, Dallas	US	Business Park	80	3.470
Brackbill, Harrisburg	US	Distribution Centre	80	36.745
181 Fulling Mill Road, Harrisburg	US	Distribution Centre	80	13.824
Mechanicsburg, Harrisburg	US	Distribution Centre	80.	28.079
14555 Alendra/6530 Altura, Los Angeles	US	Distribution Centre	80	22.627
Glendale, Los Angeles	US	Industrial Estate	80	33.519
14489 Industry Circle, Los Angeles	US	Distribution Centre	80	8.394
San Fernando Valley, Los Angeles	US	Industrial Estate	80	13.500
Memphis Industrial, Memphis	US	Distribution Centre	80	24.978
7401 Cahill Road, Minneapolis	US	Industrial Estate	80	3.404
2950 Lexington Avenue S, Minneapolis	US	Distribution Centre	80	13.707
8575 Monticello Lane, Minneapolis	US	Distribution Centre	80	3.005
Mounds View, Minneapolis	US	Distribution Centre	80	23.864
6105 Trenton Lane, Minneapolis	US	Distribution Centre	80	9.070
Alexandria, Northern Virginia	US	Industrial Estate	80	28.875
Beaumeade Telecom, Northern Virginia	US	Business Park	80	12.223
Calvert/Murry's, Northern Virginia	US	Industrial Estate	80	6.140
CTC at Dulles, Northern Virginia	US	Business Park	80	7.693
Guilford, Northern Virginia	US	Business Park	80	13.175
Nokes Boulevard, Northern Virginia	US	Business Park	80	12.424
7500 Exchange Drive, Orlando	US	Industrial Estate	80	8.601
Orlando Central Park, Orlando 844-44th Avenue, Phoenix	US US	Industrial Estate Distribution Centre	80 80	94.746 10.746
1858 East Encanto Drive, Phoenix	US	Distribution Centre	80	6.081
3802-3922 East University Drive, Phoenix	US	Business Park	80	8.152
431 North 47th Avenue, Phoenix	US	Distribution Centre	80	12.129
220 South 9th Street, Phoenix	US	Distribution Centre	80.	6.646
1429-1439 South 40th Avenue, Phoenix	US	Distribution Centre	80	18.833
105-107 South 41st Averaie, Phoenix	US	Distribution Centre	80	28.627
601 South 55th Avenue, Phoenix	US	Distribution Centre	80	7.432
1000 South Priest Drive, Phoenix	US	Business Park	80	4.080

100% US assets lettable area $(000 \text{ sf})$	Acquisition date	Book value at 30 June 2005 (As'm)	Independent valuation date	Independent valuation $($ A\$'m $)$	Market cap rate (% )	Leased by area (% )	Weighted lease term by income (years)	Net income 12 months to 30 June 2005 $($ A\$'m $)$

82.756	Sep-04	4.5	Jun-05	4.5	8.00	100	2.0	0.3
53.375	Sep-04	3.5	$J \cup {1, 2, 3, 5}$	3.5	8.50	$\circ$	0.0	0.0
56.460	Sep-04	4.1	Jun-05	4.1	8.00	75.	3.5	0.1
286.880	Sep-04	14.5	Jun-05	14.5	8.25	44	2.8	0.0
306.616	Sep-04	21.6	Jun-05	21.6	8.25	96	2.6	$1.5\,$
247.852	$Sep-O4$	8.4	Jun-05	8.4	8.25	66	2.1	0.3
230.400	Sep-04	10.9	Jun-05	10.9	8.00	100	4.0	0.7
176.635	Sep-04	6.4	Jun-05	6.4	8.25	62	$1.5\,$	0.2
46.683	Sep-04	$3.8\,$	$J \cup {1, 2, 3, 5}$	3.8	8.00	100	5.0	$\mathcal{O}.1$
494.400	Sep-04	24.1	$Ju$ a $-05$	24.1	8.00	100	2.4	1.6
186.000	Sep-04	9.5	Jun-05	9.5	8.00	62	2.2	0.4
377.800	Sep-04	19.1	$J0 + 05$	19.1	8.00	100	2.1	$1.1$
304,439	Sep-04	21.8	Jun-05	21.8	7.00	100	2.9	$1.2\,$
450.991	Sep-04	58.8	$J \cup 1 - 05$	58.8	8.00	69	2.5	2.4
112.946	Sep-04	8.7	Jun-05	8.7	7.00	100	2.5	0.4
181.635	Sep-04	18.5	Jun-05	18.5	7.00	100	3.5	1.0
336.080	Sep-04	9.9	Jun-05	9.9	9.25	100	2.8	0.7
45,803	Sep-04	2.3	$J \cup 1 - 05$	2.3	8.25	$\circlearrowright$	0.0	0.1
184.432	Sep-04	8.9	Jun-05	8.9	8.25	100	2.4	0.6
40.437	Sep-04	2.0	Jun-05	2.0	8.25	-74	3.7	0.1
321.092	Sep-04	19.8	Jun-05	19.8	8.25	94	4.1	1.1
122.032	Sep-04	7.6	Jun-05	7.6	8.25	100	3.9	0.5
388.511	Sep-04	55.4	Jun-05	55.4	8.00	88	3.4	3.3
164.453	Sep-04	35.6	Jun-05	35.6	7.50	100	10.5	1.8
82.617 103.502	Sep-04	5.4	$J \cup {1, 6}$ $J \cup {1, \ldots 0}$	5.4	8.00	92	3.3	0.3
177.264	Sep-04 Sep-04	27.2 21.8	$J \cup \cap -O5$	27.2 21.8	7.25 7.50	100 96	8.4 1.4	$1.8\,$ $1.1\,$
167.160	Sep-04	28.8	$J \cup 1 - 05$	28.8	7.00	100	3.8	$1.4\,$
115.728	Sep-04	$5.8\,$	$J_{60} - 05$	5.8	8.50	66	2.2	0.3
1,274.800	Sep-04	61.0	$JBA - 05$	61.0	7.50	97	2.7	3.3
144.592	Sep-04	7.5	$J \uplus \hat{a} - 05$	7.5	7.25	100	6.4	$0.4\,$
81.817	Sep-04	4.3	$J0$ a-05	4.3	8.50	100	4.6	0.2
109.684	Sep-04	10.0	$J0$ a-05	10.0	8.75	89	1.7	$\mathfrak{S}.\mathbb{O}$
163.200	Sep-04	7.2	$J0$ a-05	7.2	7.50	100	$1.4\,$	0.4
89,423	Sep-04	7.0	$J \cup {1, 2, 3, 5}$	7.0	7.50	100	3.2	0.3
253,402	Sep-04	10.9	$J \cup 1 - 05$	10.9	7.25	100	2.1	0.6
385.174	Sep-04	15.7	$JBA-OS$	15.7	7.50	100	1.6	$0.6\,$
100.000	Sep-04	4.9	$J$ ua-05	4.9	7.50	100	3.9	0.3
54.900	Sep-04	5.2	Jun-05	5.2	8.50	100	2.9	0.4

summary of properties (continued)

Property	Location	Building type	Ownership at 30 June 2005 (% )	Net lettable area adjusted for ownership ('000 m ² )
US Industrial
1120-1150 W. Alameda Drive, Phoenix	US	Business Park	80	9.099
10397 West Van Buren Street, Phoenix	US	Distribution Centre	80	20.672
Chino, Riverside	US	Distribution Centre	80	7.774
4190 East Santa Ana Street, Riverside	US	Industrial Estate	80	7.342
12000 Jersey Court, Riverside	US	Distribution Centre	80	6.550
Mira Loma, Riverside	US	Distribution Centre	80	18.624
Ontario, Riverside	US	Industrial Estate	80	42.495
Rancho Cacameriga, Riverside	US	Industrial Estate	80	31.922
Airway Road, San Diego	US	Industrial Estate	80	9.152
1855 Domech Court, San Diego (seld June-06) ⁸	US	Distribution Centre	0
5823 Newton Drive, San Diego	US	Business Park	80	13.357
2210 Oak Ridge Way, San Diego	US	Business Park	80	3.959
26507 79th Avenue South, Seattle	US	Business Park	80	2.666
Kent West, Seattle	US	Industrial Estate	80	29.934
8005 S. 266th Street, Seattle	US	Distribution Centre	80	6.867
West Palm Beach, South Florida	US	Distribution Centre	80	10.957
Retail
Westfield Hurstville, Hurstville	NSW	Maior Regional shopping centre	50	31.338
Westfield Mount Druitt ² , Mount Druitt	NSW	Regional shopping centre	50	29.671
Westfield North Lakes, Mango Hill	QLD	Regional shopping centre	50	12.708
Westfield West Lakes Shopping Centre, West Lakes	SΑ	Regional shopping centre	50	30.791
Plenty Valley Town Centre, South Morang	VIC	Neighbourhood shopping centre	60	3.107
Westfield Whitford City Shopping Centre, Hillarys	WA.	Regional shopping centre/Bulky goods	50	38.674
Total / average				3,289.2

Notes:

All data is based on 30 June 2005 values including future committed acquisitions and is represented in Australian dollars.

Book value and valuation conversion rates as at 30 June 2005; AUD/USD 0.764, Net income conversion rate; AUD/USD 0.7285,

Properties are equity accounted.
Asset sold prior to 30 June 2005.
1 Chilley Square, Sydney sold. Remaining book value represents heritage floor space rights retained.
Fultine committed acquisition of 100 per cent interest in the asset. DRT's interest in the NZ property is held as an interest bearing asset in Current Assets until full settlement. Area is subject to survey.
Redwood Gardens disposal of vacant units between August 2004 and June 2005.
Alt public car parks are assumed to have an income explay of 10 years. $n/a = not$ available.

Net income 12 months to 30 June 2005 $($ A\$'m $)$	Weighted lease term by income (years)	Leased by area (% )	Market cap rate (% )	Independent valuation (A\$'m)	Independent valuation date	Book value at 30 June 2005 (As'm)	Acquisition date	100% US assets lettable area ('000 sf)

0.3	1.1	58	8.50	7.9	$J \text{B} \Omega - 05$	7.9	Sep-04	122.424
$0.5\,$	$1.5\,$	100	7.25	10.9	$J \cup \cap -05$	10.9	Sep-04	278.142
0.3	$2.7^{\circ}$	100.	7.00	$6.8\,$	$J \cup {1, 0}$	$6.8\,$	Sep-04	-104.6
0.3	1.6	100	7.00	$6.2\,$	ปแก--05	6.2	Sep-04	98.782
$-$ (), $\frac{3}{2}$	3.0	81	7.00	5.8	Jun-05	$5.8\,$	Sep-04	88.134
0.7	1.9	100	7.00	14.3	Jun-05	14.3	Sep-04	250.584
$1.9\,$	2.4	97	7.00	37.3	$JBA - 05$	37.3	Sep-04	571.765
$1.1$	2.3	93	7.00	28.5	Jun-05	28.5	Sep-04	429.51
$6.0\,$	4.0	93.	8.00	11.8	$Jum-05$	11.8	Sep-04	123.136
							Sep-04
1.1	4.0	100	7.75	20.1	$J \cup 1 - 05$	20.1	Sep-04	179.721
$0.4\,$	3.7	100	7.75	6.3	$J_{60} - 05$	6.3	Sep-04	53.269
$0.2\,$	2.6	100-	7.50	2.8	Jเศ–05	$2.8\,$	Sep-04	35.872
1.6	1.0	61	7.75	28.4	$J0$ a-05	28.4	Sep-04	402.76
0.4	3.6	87	7.50	7.8	Jua-05.	7.8	Sep-04	-92.4
1.3	5.1	100	7.50	21.5	Jun-05	21.5	Sep-04	147.431
2.4	6.2	100	6.75	232.5	Feb-05.	232.7	May-05
9.7	6.3	100	7.25	132.6	Jul-04	155.0	Aug-04

3.3	7.3.	100	7.50	60.0	Jun-04	65.0	Aug-04
13.4	5.7	100	7.50	86.0	ปแก--03	122.9	Nov-98
0.8	6.1	100	8.50	16.0	ปแก-03	20.6	Nov-99
14.6	5.6	99	7.50	161.3	$Jum-03$	194.6	Oct-84/ Dec-92
426.7	5.3	93				6,432.9		19,725.2

summary of properties (continued)

Australia and New Zealand property portfolio

Note:

Office figures include car parks.

summary of properties (continued)

US property portfolio

OHICA portfolio - Australia

office portfolio - Australia

Garema Court 140-180 City Walk, Canberra, ACT

Garema Court is focated on City Walk, Civic, in Canberra's CBD, close to Canberra's shopping preciret, bus interchange and major car parks.

14 Moore Street. Canberra, ACT

The property is a 14-level office tower, which was built in 1986. The building underwent a major refurbishment, which was completed in February 2002.

The property is located at 14 Moore Street in the north-west quandrant of Civic, which is the main financial precinct in Canberra and caters. for both public and private sector tenants.

The Zenith 821-843 Pacific Highway Chatswood, NSW

A twin-tower office complex, this property is located in the commercial precinct in Chatswood, between the Pacific Highway. and the North Shore railway line.

The towers each have 21 levels of A-grade office accommodation. There is also ground floor retail space, a 250 seat theatre and basement parking for 799 vehicles.

Details Building Type A Grade ~ office Title Leasehold Ownership (%) 300 Year Built 1997 Site Area (ha) $0.2$ Lettable Area ('000m') $31.4$ Typical Floor Area (m2) 1,625 Number of Buildings $\mathbf{1}$ Car Parking Spaces 66 Acquisition Date Aug-2000 Acquisition Price plus Additions (A\$'m) $43.3$ Book Value (A\$'m) 44.9 Independent Valuation Date Oct-2003 independent Valuation (A\$1n) 44.6 Capitalisation Rate (%) 8.50 388 G Average Passing Rent (AS/m²) Average Market Rent (A\$/m2) 381 G initial Yield (%) 9.00 . . . . . . . . . . . . . . Discount Rate (%) 10.00 Commonwealth of Australia Major Tenant -100 Cocupancy (%) $5.7\,$ Weighted Lease Term by Income (years) Year 2006 (%) Ź Year 2007 (%) $\circ$ Year 2008 (%) $11$ Year 2009 (%) 3 ő Year 2010 (%) Year 2011 (%) $\overline{0}$ Year 2012 (%) 84 Year 2013 (%) 0 Year 2014 (%) $\circ$

Year 2015* (%)

$\Omega$

Details
Building Type	8 Grade - office
Title	Leasehold
Ownership (%)	100
Year Built	1986
Site Area (ha)	0.2
Lettable Area ('QCOm'')	10.9
Typical Floor Area (m ² )	870
Number of Buildings
Car Parking Spaces .	79
Acquisition Date	May~2002
Acquisition Price plus Additions (A\$'m)	37.2
Book Value (A\$'m)	36.3
Independent Valuation Date	Apr~2005
Independent Valuation (A\$'m).	36.3
Capitalisation Rate (%)	8.75
Average Passing Rent (A\$/m ² )	333 G
Average Market Rent (A\$/m2)	317 G
Initial Yield (%)	8.91
Discount Rate (%)	10.00
Major Tenant	Commonweath
of Australia (Comcare)
Occupancy (%)	100
Weighted Lease Term by Income (years)	2.4
Year 2006 (%)	36
Year 2007 (%) Year 2008 (%)	14 4
Year 2009 (%)	43
Year 2010 (%)	0
. . Year 2011 (%)	Q
$\mathcal{L}$ Year 2012 (%)	Ó
$\mathcal{L}$ . The contract of $\mathcal{L}$ Year 2013 (%)
Year 2014 (%)	o Ö
Year 2015* (%)	Ó

Details
Building Type	A Grade – office
頂le	Freehold
(Whership (%) $\sim$	100
Year Built	1987
Site Area (ha)	0.8
Lettable Area ('000m'').	44.5
Typical Floor Area (m°)	1,050
Number of Buildings
Car Parking Spaces .	799
Acquisition Date	Dec-1998
Acquisition Price plus Additions (A\$'m)	190.5
Book Value (A\$'m). .	223.3
Independent Valuation Date	Jun~2004
Independent Valuation (A\$'m)	216.0
Capitalisation Rate (%)	7.75
Average Passing Rent (A\$/m ^e )	349
Average Market Rent (A\$/m ^s )	344
Initial Yield (%) .	8.34
Discount Rate (%)	9.75
Optus Vision Pty Limited Major Tenant
Occupancy (%)	97
Weighted Lease Term by income (years)	3.4
Year 2006 (%) —	9
Year 2007 (%) $\mathcal{L}$	3 43
Year 2008 (%) Year 2009 (%)
$\mathbb{R}^2$ Year 2010 (%)	37 16
Year 2011 (%)	$\ddot{c}$
Year 2012 (%).	Ą
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	4

DB RREEF Trust Property Synopsis 2005 17

office portfolio - Australia (continued)

Victoria Cross 60 Miller Street, North Sydney, NSW

Victoria Cross is located in a prominent position. within the North Sydney CBD. The building comprises 12 levels of office accommodation, ground and upper ground retail and three levels of basement parking for 180 vehicles.

Details
Building Type	A Grade – office
Title	Freehold
Ownership (%)	300
Year Built	1987
Site Area (ha) .	0.4
Lettable Area ('000m'')	14.7 .
Typical Floor Area (m2)	1,350
Number of Buildings	.
Car Parking Spaces .	180
Acquisition Date	Dec-1998
Acquisition Price plus Additions (A\$'m)	83.6
Book Value (A\$'m) .	86.3
independent Valuation Date	Mar-2005
independent Valuation (A\$'m)	86.0
Capitalisation Rate (%)	7.50
Average Passing Rent (A\$/m ² )	406
Average Market Rent (A\$/m2)	396
(%) initial Yield	6.73
Discount Rate (%)	9.50
Euro RSCG Pty Limited Makor Tenant
$Oc$ cupancy $(\%)$	91
Weighted Lease Term by Income (years)	4.0
Year 2006 (%)	5
Year 2007 (%)	15
Year 2008 (%)	14
Year 2009 (%)	З 27
Year 2010 (%) Year 2011 (%)	8
Year 2012 (%)	8
Year 2013 (%)	Ö
Year 2014 (%)	O
Year 2015* (%)	13

Ferguson Gentre 130 George Street, Parramatta, NSW

A 16-level office tower of approximately 19,000 square metres currently under refurbishment. Development consent to build an additional office tower has been achieved, atthough this is unlikely to occur until leasing of the current. building is secured.

The site has dual frontage and access to George and Phillip Streets, which constitutes the primary office precinct in Parramatta.

Details

Building Type	8 Grade – office
Title	Freehold
Ownership (%)	100
Year Built	1984
Site Area (ha)	1.0
Ležable Area ('000m°)	19.3
Typical Fioor Area (m2)	1,440
Number of Buildings
Car Parking Spaces	364
Acquisition Date	May~1997
Acquisition Price plus Additions (A\$'m)	61.9
Book Value (A\$'m)	49.6
Independent Valuation Date	Jun~2003
Independent Valuation (A\$'m) [[[[[[[[[[[[[[[[[[]]]]]]]	43.8
Capitalisation Rate (%)	9.25 $\frac{1}{2}$
Average Passing Rent (A\$/m2)	321 G
Average Market Rent (A\$/m2) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	352 G
Initial Yield (%)	10.42
Discount Rate (%)	11.26
Major Tenant
Occupancy (%) =	43
Weighted Lease Term by Income (years)	1.4
Year 2006 (%)	4
Year 2007 (%) –	0
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	34
Year 2011 (%)	0
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%) Year 2015+ (%)	0 0

O'Connell House 15-19 Bent Street, Sydney, NSW

Located in the financial core of the Sydney CBD, on the corner of Bligh, O'Connell and Bent Streets, O'Connell House has expansive harbour and city views from its upper floors. The building includes 18 levels of B-grade office accommodation, ground floor retail and two basement parking levels for 74 vehicles.

Building Type	8 Grade - office
Täle	Freehold
Ownership (%)	100
Year Built	1968
Site Area (ha).	0.1
Lettable Area ('000m')	9,9
Typical Floor Area (m ² ) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	588
Number of Buildings	-1
Car Parking Spaces .	74
Acquisition Date	Aug-2000
Acquisition Price plus Additions (A\$'m)	49.1
Book Value (A\$'m)	56.3
Independent Valuation Date	Sep-2004
Independent Valuation (A\$'m)	55.5
Capitalisation Rate (%)	8.00
Average Passing Rent (A\$/m ^s )	412
Average Market Rent (A\$/m°)	404
Initial Yield (%) .	7.20
Discount Rate (%) ______	9.30
LOOF Holdings Limited Major Tenant
Оссиралсу (%) _	100
Weighted Lease Term by Income (years)	2.2
Year 2006 (%) .	5
Year 2007 (%)	27
Year 2008 (%)	66
Year 2009 (%)	O
Year 2010 (%)	Ö
Year 2011 (%)	0
Year 2012 (%)	$\dot{2}$
Year 2013 (%)	Q
Year 2014 (%)	0
Year 2015+ (%)	û

1-7 Bligh Street Sydney, NSW

1-7 Bligh Street is strategically located within the core precinct of the Sydney CBD. It provides ten levels of office accommodation, ground floor retail area and basement storage.

9-13 Bligh Street Sydney, NSW

9-13 Bligh Street is strategically located within the core precinct of the Sydney CBD, 9-13 Bligh Street provides office accommodation. over eight levels, a ground floor retail area. and basement storage.

45 Clarence Street Sydney, NSW

Details

A modern A-grade office building focated in the western corridor of the Sydney CBD overlooking Darling Harbour, this high rise building includes 28 levels of office accommodation and five levels of basement parking for 160 cars.

Major upgrade works to the upper levels, lobby and lifts were completed in 2005.

Details
Building Type	B Grade - office
îtîe _rmana	Freehold
. ^nee ……………………………………………………………………………………………	60
Co-Owner _Lands Co	DWPF
Year Built .	$\begin{array}{c} \hline \text{1989} \end{array}$
Site Area (ha) .	$\hspace{0.1cm} 0.1 \hspace{0.1cm}$
Lettable Area ('000m ² )	- 4.4
Typical Floor Area (m ² )	356
Number of Buildings	j.
Car Parking Spaces	n/a
Acquisition Date .	Dec-2003
Acquisition Price plus Additions (A\$'m)	$-16.3$
Book Value (A\$'m). .	11.0
independent Valuation Date	Sep-2004
independent Valuation (A\$'m) [10.5] Capitalisation Rate (%)
Average Passing Rent (A\$/m ³ )	7.25 $-504G$
Average Market Rent (A\$/m ² ) [[11] Market Rent (A\$/m ² )	- 461 G
initial Yield (%) .	8.20
Discourt Rate (%) $\ldots$	- 8.90
Major Tenant
(Secupancy (%)	100
(coupancy (%) Weighted Lease Term by Income (years) ====================================
Year 2006 (%)	$\circ$
Year 2007 (%)	78
Year 2008 (%)	22
Year 2009 (%)	0
Year 2010 (%) __	ö
Year 2011 (%)	0
Year 2012 (%)	Ò
Year 2013 (%)	Ő
Year 2014 (%)	Ó ö
Year 2015* (%)
ESWPF: Deutsche Wholesale Property Fand.

Details
Building Type	B Grade ~ office
Title	Freehold
Ownership (%)	50
Co-Owner	DWPF ¹
Year Built	1938
Site Area (ha)	0.1
Lettable Area ('000m')	3.1
Typical Floor Area (m2)	324
Number of Buildings	1
Car Parking Spaces	n/a
Acquisition Date	Sep-2001
Acquisition Price plus Additions (A\$'m)	4.9
Book Value (A\$'m)	5.6
Independent Valuation Date	Sep-2004
Independent Valuation (A\$'m)	5.5
Capitalisation Rate (%)	8.00
Average Passing Rent (A\$/m2)	389 G
Average Market Rent (A\$/m2)	368 G
Initial Yield (%)	6.80
Discount Rate (%) ______	9.30
Major Tenant	Canon Australia Pty Etd
Occupancy (%) ______	71
Weighted Lease Term by Income (years)	1.5
Year 2006 (%)	0
Year 2007 (%)	38
Year 2008 (%)	41
Year 2009 (%)	0 Ó
Year 2010 (%)
Year 2011 (%) .	Ő Ó
Year 2012 (%)
Year 2013 (%) Year 2014 (%)	Ő Ő
Year 2015* (%)	ö

Building Type A Grade - office Tale Freehold Ownership (%) $100$ Year Built 1990 $0.4$ Site Area (ha) Lettable Area ('000m') 32.0 Typical Floor Area (m²) 1,250 Number of Buildings 1 Car Parking Spaces 160 Acquisition Date Dec-1998 Acquisition Price plus Additions (A\$'m) 197.9 Book Value (A\$'m) 195.0 Independent Valuation Date Jun~2005 Independent Valuation (A\$'m) 195.0 Capitalisation Rate (%) 7.00 Average Passing Rent (A\$/m2) 434 Average Market Rent (A\$/m²) 452 Initial Yield (%) 5.37 $9.25$ Discount Rate (%) Major Tenant Hudson Global Resources (Aus) Pty Ltd Occupancy (%) 84 Weighted Lease Term by Income (years) $5.7$ Year 2006 (%) 5 Year 2007 (%) O Year 2008 (%) $\overline{2}$ 5 Year 2009 (%) Year 2010 (%) ĨÓ, Year 2011 (%) Ö Year 2012 (%) 24 Year 2013 (%) 20 Year 2014 (%) 0 Year 2015+ (%) 18

1 DWPF: Deutsche Wixstesale Property Franci.

office portfolio - Australia (continued)

201-217 Elizabeth Street Sydney, NSW

The building is a prominent A-grade 42-storey effice tower directly opposite Sydney's Hyde Park. It comprises 34 levels of office accommodation, a lower ground plaza of retail shops and two basement parking levels for 184 vehicles.

Details
Building Type	A Grade – office
Title	Freehold
Ownership (%) .	50
Co-Owner	Perron Investments
Year Built	1993
Site Area (ha)	0.4
Letfable Area ('000m'')	38.8
Typical Floor Area (mº)	1,085
Number of Buildings .
Car Parking Spaces	184
Acquisition Date	Aug-2000
Acquisition Price plus Additions (A\$4n)	106.8
Book Value (A\$'m)	117.2
independent Valuation Date	Dec-2004
independent Valuation (A\$'m)	117.0
Capitalisation Rate (%)	7.25
Average Passing Rent (A\$/m ² )	480 N/G
Average Market Rent (A\$/m2)	480 N/G
initial Yield (%) .	7.35
Discount Rate (%) 1.1.1.1	9.25
Major Tenant .	State of NSW
(Accuparicy (%)	94
Weighted Lease Term by Income (years)	3.8
Year 2006 (%)	17
Year 2007 (%)	38
Year 2008 (%)	Ĵ.
Year 2009 (%)	O 3
Year 2010 (%)
Year 2011 (%)	10
Year 2012 (%)	0
Year 2013 (%)	0 Ó
Year 2014 (%)	27
Year 2015* (%)

GPT/GMT Complex and Terraces 1 Farrer Place, Sydney, NSW

Governor Phillip Tower and Governor Macquarie Tower are amongst Sydney's leading premium grade commercial office buildings. The complex is bounded by Bent, Phillip and Young Streets. and is located in the freart of Sydney's CBD.

The complex consists of Governor Phillip Tower, a 64 level premium office building providing 40 levels of office accommodation; Governor Macquarie Tower, a 42 level premium office building providing 25 levels of office accommodation; Philiip Street Terraces, five restored historic terraces; and rane levels of basement parking for 654 cars.

Details

Building Type	Premium Grade ~ office
Title	Freehold
Ownership (%)	50
Co-Owners General Property Trust and APPF
Year Built	1993 and 1994
Site Area (ha)	0.6
Lestable Area ('000m°).	86.6
Typical Pioor Area (m ³ )	1,500/1,150
Number of Buildings
Car Parking Spaces	654 $\ldots$
Acquisition Date	Dec-1998
Acquisition Price plus Additions (A\$'m)	465.6
Book Value (A\$'m)	515.1
Independent Valuation Date	Dec-2004
Independent Valuation (A\$'m)	512.5
Capitalisation Rate (%)	6.60
Average Passing Rent (A\$/m2)	709
Average Market Rent (A\$/m2)	$\ldots$ 737
Initial Yield (%)	6.30
Discount Rate (%)	8.94
Major Tenant	State of NSW (HMGMQE !!)
Occupancy (%)	99
Weighted Lease Term by Income (years) Year 2006 (%)	7.7 4
Year 2007 (%)	14
Year 2008 (%)
Year 2009 (%)	$\overline{0}$ l
Year 2010 (%)
Year 2011 (%)	$\frac{5}{2}$ 4
Year 2012 (%) –
Year 2013 (%)	6
Year 2014 (%)	10
Year 2015* (%)	53

1 APPF: Assiration Prime Property Fund.

Australia Square Complex 264-278 George Street Sydney, NSW

One of Sydney's most enduring prime office properties. Australia Square is situated in the heart of Sydney's CBD. The complex comprises a 48-level circular Tower and the smaller 13-level Plaza building.

The external Plaza courtyard is a feature of this landmark building. Major upgrade works to the public areas and to the Plaza building were completed in the first half of 2004.

Building Type	A Grade – office
Tale	Freehold
Ownership (%)	80
Co-Owner i	General Property Trust
Year Built	1964 and 1968
Site Area (ha)	0.6
Lettable Area ('000m'')	52.5
Typical Floor Area (mº)	1,050/785
Number of Buildings
Car Parking Spaces	450
Acquisition Date	Aug-2000
Acquisition Price plus Additions (A\$'m)	195.4
Book Value (A\$'m)	184.0
Independent Valuation Date	Jun~2005
Independent Valuation (A\$'m)	184.0
Capitalisation Rate (%)	7.13
Average Passing Rent (A\$/m ³ )	508 (CE) N/G
	1928 (Ret) G
Average Market Rent (A\$/m ^s )	527 (Off) N/G
	1850 (Ret) G
Initial Yield (%)	5.88
Discount Rate (%)	9.25
Major Tenant Crigin Energy Corporation Limited
Оссираясу (%)	80
Weighted Lease Term by Income (years)	4.6
Year 2006 (%)	4
Year 2007 (%)	10
Year 2008 (%)	9
Year 2009 (%)	10
Year 2010 (%) ____	7
Year 2011 (%)	5.4.36
Year 2012 (%)
Year 2013 (%)
Year 2014 (%)	3
Year 2015+ (%)	26

30 The Bond 30-34 Hickson Road Sydney, NSW

This contemporary development was the first office building in Australia to achieve a five-star Australian Building Greenhouse Rating (ABGR).

Eocated at Millers Point in the emerging northwestern waterfront precinct, the building provides over 19,700 square metres of office space and basement parking for 93 cars. The building features the very latest in environmental design, including chilled beam air-conditioning, a first for a commercial building in Australia.

Details

Building Type	A Grade~office
Title	Freehold
Ownership (%)	ЮC
Year Built .	2004
Site Area (ha)	0.4
Lettable Area ('000m')	39.8
Typical Floor Area (m2)	-2,000
Number of Buildings .
Car Parking Spaces .	93
Acquisition Dafe	May~2002
Acquisition Price plus Additions (A\$'m)	117.7
Book Value (A\$'m)	123.4
independent Valuation Date	Mar-2004
independent Valuation (A\$'m)	122.0
Capitalisation Rate (%) .	7.25
Average Passing Rent (A\$/m2)	433
Average Market Rent (A\$/m2)	$-416$ $\mathbf{r}$
initial Yield (%) .	6.45
Discount Rate (%) [1000000000000000000000000000000000000	9.50
Major Tenant Lend Lease Corporation Limited
(Scoupancy (%) .	100
Weighted Lease Term by Income (years)	83
Year 2006 (%)	Ċ
Year 2007 (%)	Ç
Year 2008 (%)	C
Year 2009 (%)	٦
Year 2010 (%)	ïέ
Year 2011 (%)	C
Year 2012 (%)	Ċ
Year 2013 (%)	Ç
Year 2014 (%)	89
Year 2015+ (%)	Ċ

309-321 Kent Street Sydney, NSW

A two office tower complex (ocated in the western corridor of the Sydney CBD overlooking Darling Harbour. The complex comprises 36 levels of office accommodation, with 19 levels in the Ernst & Young building and 17 levels in Lumely House, a ground level retail. plaza and five levels of basement parking for 479 vehicles.

A major refurbishment is currently in progress at 321 Kent Street.

Details
Building Type	A Grade – office
Title	Freehold
Ownership (%)	60
Co-Owner	AMP
Year Built .	1976 and 1991
Site Area (ha)	0.6
Lettable Area ('000m').	47.1
Typical Floor Area (mi)	1,065/1,550
Number of Buildings
Car Parking Spaces	479
Acquisition Date .	Dec-1998
Acquisition Price plus Additions (A\$'m)	142.9
Book Value (A\$'m)	131.4
Independent Valuation Date	Dec-2003
Independent Valuation (A\$'m)	128.8
Capitalisation Rate (%)	7.75
Average Passing Rent (A\$/m2)	453 G
Average Market Rent (A\$/m2)	509 G
Initial Yield (%)	7.38 .
Discount Rate (%)	10.25
Major Tenant	Ernst & Young
	Nominees (NSW) Pty Ltd
Occupancy (%)	98
Weighted Lease Term by Income (years)	3.7
Year 2006 (%)	44
Year 2007 (%)	$\frac{2}{2}$
Year 2008 (%)
Year 2009 (%) –	Ϊì
Year 2010 (%)	\$
Year 2011 (%)	9.0 0.0
Year 2012 (%)
Year 2013 (%)
Year 2014 (%)	0
Year 2015+ (%)	24

383-395 Kent Street Sydney, NSW

A 14-fevel 18,058 square metre A-Grade office tower which was completed in May 2002. The tower was constructed above the Trust's car park.

383 Kent Street is focated along the western corridor of Sydney and has dual frontage to Kent and Sussex Streets.

Details
Building Type	A Grade - office
Title	Freehold
(%) Cwnership	100
Year Built	2002
Site Area (ha)	- 0.4
Lettable Area ('000m'')	18.1
Typical Floor Area (m ² )	1,577
Number of Buildings $\mathbf{r}$
Car Parking Spaces .	55
Acquisition Date	Sep-1987
Acquisition Price plus Additions (A\$'m)	104.6
Book Value (A\$'m)	104.9
Independent Valuation Date	Sep-2003
Independent Valuation (A\$'m) ^>	104.0
Capitalisation Rate (%)	7.50
Average Passing Rent (A\$/m°)	- 426
Average Market Rent (A\$/m ^s ) -	418
Initial Yield (%)	5.47
Discount Rate (%) $\ldots$	10.00
Major Tenant $\cdots \cdots$ .	AXA 95
Occupancy (%) . Weighted Lease Term by income (years)	5.2
Year 2006 (%)	9
Year 2007 (%)
Year 2008 (%)	$\frac{2}{27}$
Year 2009 (%)
Year 2010 (%)	$\frac{1}{26}$
Year 2011 (%)	12
Year 2012 (%)	O
Year 2013 (%)	28
Year 2014 (%)	0
Year 2015+ (%)	9

1 Expudes car park companent (reler page 26).

office portfolio - Australia (continued)

One Margaret Street Sydney, NSW

One Margaret Street is (ocated in the western corridor of the Sydney CBD overlooking Darling Harbour. The building includes 18 levels of Agrade office accommodation and three levels of car parking for 103 vehicles. The building was completely refurbished in 2002.

44 Market Street Sydney, NSW

A 26-level freestanding office tower. The building is of A-Grade standing following a substantial upgrade in 1996.

It is located along the western corridor of the Sydney CBD at the corner of Market, York and Clarence Streets.

2 O'Connell Street Sydney, NSW

2 O'Connell Street is strategically located within the core precinct of the Sydney CBD, it provides 12 levels of office accommodation, ground floor retail and basement parking.

Details
Building Type	A Grade -- office
Title	Freehold
Ownership (%)	100
Year Built	1984
Site Area (ha)	0.2
Letiable Area ('000m')	20.9
Typical Floor Area (m2)	1,000
Number of Buildings	Contract
Car Parking Spaces .	303
Acquisition Date	Dec~1998
Acquisition Price plus Additions (A\$'m)	141.4
Book Value (A\$'m)	139.0
independent Valuation Date	Jun-2005
independent Valuation (A\$'m)	139.0
Capitalisation Rate (%)	7.00
Average Passing Rent (A\$/m ² )	435
Average Market Rent (A\$/m ² )	429
initial Yield (%)	7.23
Discount Rate (%)	9.00
Makor Tenant	Credit Union Services
	Corporation (Australia) Limited
(Jecupancy (%)	300
Weighted Lease Term by Income (years)	8.0
Year 2006 (%)	C
Year 2007 (%) Year 2008 (%)	¢ Ċ
Year 2009 (%)	з
Year 2010 (%)	Ś
Year 2011 (%)	15
Year 2012 (%)	3
Year 2013 (%)	28
Year 2014 (%)	15
Year 2015* (%)	31

Details

Building Type	A Grade ~ office
Title	Freehold
Ownership (%)	100
Year Built	1978
Site Area (ha)	$-0.3$
Ležable Area ('000m°)	-30.0
Typical Floor Area (m2)	1,000
Number of Buildings	1
Car Parking Spaces	138
Acquisition Date	Sep-1987
Acquisition Price plus Additions (A\$'m)	159.6
Book Value (A\$'m)	148.4
Independent Valuation Dafe	Jun--2003
Independent Valuation (A\$'m)	144.0
Capitalisation Rate (%)	7.75
Average Passing Rent (A\$/m ² )	401
Average Market Rent (A\$/m2)	389
Initial Yield (%)	7.89
Discount Rate (%)	10.25
Major Tenant Commonwealth Bank of Australia
Occupancy (%)	95
Weighted Lease Term by Income (years)	3.1
Year 2006 (%)	18
Year 2007 (%)	15
Year 2008 (%)	31
Year 2009 (%)	6
Year 2010 (%)	6
Year 2011 (%)	8 Ö
Year 2012 (%)
Year 2013 (%)	380
Year 2014 (%) Year 2015+ (%)	8

Details Building Type B Grade ~ office Freehold Title -50 Ownership (%) Co-Owner DWPF Year Built 1962 Site Area (ha) $0.01$ Lettable Area ('000m") 3.9 $\sim$ $\ldots$ Typical Floor Area (mº) 290 Number of Buildings -i Car Parking Spaces $\overline{13}$ Acquisition Date Sep-2001 Acquisition Price plus Additions (A\$'m) 6.8 $\mathcal{L}_{\text{max}}$ $\mathcal{L}$ Book Value (A\$'m) 80 Independent Valuation Date Sep-2004 Independent Valuation (A\$'m) 7.8 Capitalisation Rate (%) $8.00$ Average Passing Rent (A\$/m²) 384 G Average Market Rent (A\$/m²) 342 G Initial Yield (%) 8.30 Discount Rate (%) 9.50 Major Tenant Nestana Pty Limited . . . . . . . . . . . . . . . . . . . . Occupancy (%) 91 Weighted Lease Term by Income (years) $1.7$ ğ Year 2006 (%) Year 2007 (%) 59 Year 2008 (%) $\frac{22}{3}$ Year 2009 (%) 0 Year 2010 (%) $\overline{0}$ ö Year 2011 (%) Year 2012 (%) $\Omega$ Year 2013 (%) 0 0 Year 2014 (%) Year 2015+ (%) Ö

1 DWPF: Deutsche Woolesale Property Fund.

4 O'Connell Street Sydney, NSW

4 O'Connell Street is strategically located. within the core precinct of the Sydney CBD. {t provides 15 levels of office accommodation, a gymnasium and parking on the basement level.

Flinders Gate Complex 172 Flinders Street (and 189 Flinders Lane), Melbourne, VIC

Flinders Gate comprises two small boutique office buildings totalling around 9,000 square metres. They have undergone progressive refurbishment since their acquisition by the Trust in 1999.

The buildings are located close to Flinders Street Station, Swanston Street and, in the case of 172 Flinders Street, opposite Federation Square.

8 Nicholson Street Melbourne, VIC

Details

A freestanding office tower of 23,725 square metres with 91 car spaces.

It is located on the eastern edge of the Melbourne CBD close to Parliament Station. The property is located in a State/Federal Government precinct.

Details
Building Type	B Grade ~ office
Title	Freehold
Ownership (%)	ŝС
Co-Owner	DWPF
Year Built	1972
Site Area (ha)	0.01
Lettable Area ('000m')	-6.3
Typical Floor Area (m ² )	449
Number of Buildings .	1
Car Parking Spaces .	16
Acquisition Dafe $\sim$ . $\sim$	Sep-2001
Acquisition Price plus Additions (A\$'m)	$-10.7$
Book Value (A\$'m)	12.2
independent Valuation Date	Sep-2004
independent Valuation (A\$'m)	$\frac{1}{2}$
Capitalisation Rate (%)	8.00
Average Passing Rent (A\$/m ³ )	386 G
Average Market Rent (A\$/m2)	360 G
initial Yield (%)	3.8C
Discourt Rate (%)	9.60
Sydney IVF Pty Ltd Major Tenant
(Secupancy (%)	72
Weighted Lease Term by Income (years)	1.3
Year 2006 (%)	Ź
Year 2007 (%)	50
Year 2008 (%) .	23
Year 2009 (%)	C
Year 2010 (%)	Ċ
Year 2011 (%)	Ç
Year 2012 (%)	Ċ
Year 2013 (%) $\cdots$	Ç
Year 2014 (%)	Ċ
Year 2015+ (%)	Ĉ

3 DWPF: Deutsche Wholesale Property Fand.

Building Type	8 Grade – office
litle	Freehold
Ownership (%) _.	100
Year Built	1920's
Site Area (ha)	0.4
Leftable Area ('Q00m'').	8.8
fypical Fioor Area (mª).	710/510
Number of Buildings
Car Parking Spaces.	n/a
Acquisition Date	Mar-1999
Acquisition Price plus Additions (A\$'m)	13.6
Book Value (A\$'m)	16.5
Independent Valuation Dafe	Sep~2003
Independent Valuation (A\$^m).	15.5
Capitalisation Rate (%)	8.25
Average Passing Rent (A\$/m ² ).	250 G
Average Market Rent (A\$/m ³ ).	246 G
Initial Yield (%)	8.34
Discount Rate (%)	9.50
Major Tenant Carlson Wagonlit Travel
Occupancy (%)	87
Weighted Lease Term by Income (years)	0.8
Year 2006 (%)	28
Year 2007 (%)	39
Year 2008 (%)	$\overline{1}$
Year 2009 {%}	$^{2}{2}$ $^{2}{0}$
Year 2010 (%)
Year 2011 (%).
Year 2012 (%)	$\circ$
Year 2013 (%)	Ó
Year 2014 (%)	0
Year 2015* (%)	18

Building Type	A Grade - office
Täle	Freehold
Ownership (%)	100
Year Built .	1991
Site Area (ha)	0.3
Lettable Area ('000m')	23.5
Typical Floor Area (m ² )	1,650
Number of Buildings
Car Parking Spaces .	91
Acquisition Date	Nov-1993
Acquisition Price plus Additions (A\$'m)	68.0
Book Value (A\$'m)	91.8
Independent Valuation Date	Jun~2005
Independent Valuation (A\$'m)	91.8
Capitalisation Rate (%)	7.25
Average Passing Rent (A\$/m ^e )	307
Average Market Rent (A\$/m°) -	-291
Initial Yield (%) .	8.21
Discount Rate (%) as a	9.00
Major Tenant .	State of Victoria
Occupancy (%)	100
Weighted Lease Term by income (years)	8.0
Year 2006 (%) Pear 2006	Ω
Year 2007 (%)	O
Year 2008 (%)	0
Year 2009 (%)	Ó
Year 2010 (%)	Ö
Year 2011 (%)	O
Year 2012 (%)	О
Year 2013 (%)	100
Year 2014 (%)	0
Year 2015+ (%)	û

office portfolio - Australia (continued)

Southgate Complex 3 Southgate Avenue, Southbank, VIC

The Southgate Complex is one of Melbourne's most prestigious commercial and retail properties, located on the banks of the Yarra River in the Southbank arts leisure precinct of Melbourne.

The complex comprises two high-quality office towers, IBM and HWT, of 29 and 24 levels. respectively, a three level retail plaza and a large underground car park for 1,042 vehicles.

Details
Building Type	A Grade ~ office
Title	Freehold
Ownership (%)	100
Year Built	1992 and 1993
Site Area (ha)	$^{2.1}$
Lettable Area ('000m')	76.3
Typical Floor Area (m2)	1,250
Number of Buildings
Car Parking Spaces .	1,042
Acquisition Date	Aug~2000
Acquisition Price plus Additions (A\$'m)	346.7
Book Value (A\$'m)	361.0
independent Valuation Date	Jun-2005
independent Valuation (A\$'m).	361.0 .
Capitalisation Rate (%)	7.00
Average Passing Rent (A\$/m2)	333 (Off)
	974 (Ref) G
Average Market Rent (A\$/m ² )	274 (Off)
	1007 (Ret) G 8.53
initial Yield (%)	$1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1$
Discount Rate (%)	8.75 . IBM Australia Limited
Major Tenant . (Secupancy (%)	99
Weighted Lease Term by Income (years)	4.5
Year 2006 (%)	4
Year 2007 (%)	5
Year 2008 (%)	4
Year 2009 (%)	47
Year 2010 (%)
Year 2011 (%)	$\frac{1}{2}$
Year 2012 (%)	C
Year 2013 (%)	4
Year 2014 (%)	Ć
Year 2015+ (%)	14

Woodside Plaza 240 St George's Terrace, Perth, WA

Woodside Plaza is Perth's newest premiumgrade office building, located in a prime position. along the northern side of St Georges Terrace.

The building comprises over 46,000 square metres of office space over 24 (evels, a ground floor retail arcade and basement. parking for 251 cars.

Artist's impression

Lumley Centre 88 Shortland Street Auckland, NZ

A premium grade office tower development located within the Auckland CBD. Construction of the tower is due to complete in August 2005. The tower will be fully tenanted on completion to major legal and insurance companies.

Details

Building Type	Premium Grade - office
Title	Freehold
Ownership (%)	100
Year Built	2003
Site Area (ha)	0.6
Ležable Area ('000m°)	47.2
Typical Floor Area (m2)	2.000
Number of Buildings
Car Parking Spaces	251
Acquisition Date	Jan~2001
Acquisition Price plus Additions (A\$'m)	238.8
Book Value (A\$'m)	270.0
Independent Valuation Dafe	Jun-2005
Independent Valuation (A\$'m)	270.0
Capitalisation Rate (%)	7.00
Average Passing Rent (A\$/rn ² )	376
Average Market Rent (A\$/m2)	370
Initial Yield (%)	6.73
Discount Rate (%)	9.25
Major Tenant	Woodside Energy
	Corporation Limited
Occupancy (%)	98
Weighted Lease Term by Income (years)	11.7
Year 2006 (%)	0
Year 2007 (%)	0 Ò
Year 2008 (%) Year 2009 (%)
Year 2010 (%)	Ő 4
Year 2011 (%)	Ő
Year 2012 (%)	ő
Year 2013 (%)	0
Year 2014 (%)	14
Year 2015* (%)	79

Details
Building Type	Premium Grade - office
Tale	Freehold
Ownership (%)	1001
Year Built	2005
Site Area (ha)	0.5 .
Lettable Area ('000m')	18.8
Typical Floor Area (m ² ) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	n/a
Number of Buildings	ı
Car Parking Spaces	n/a . .
Acquisition Date	Aug-2004
Acquisition Price plus Additions (A\$'m)	n/a
Book Value (A\$'m)	n/a
Independent Valuation Date	n/a
Independent Valuation (A\$'m) -	n/a
Capitalisation Rate (%)	n/a
Average Passing Rent (A\$/m°)	n/a
Average Market Rent (A\$/m°)	n/a
Initial Yield (%)	n/a
Discount Rate (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	n/a
Major Tenant	100
Оссираясу (%) — Weighted Lease Term by Income (years)	10.8
Year 2006 (%)	9
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%).	0
Year 2010 (%)	Ó
Year 2011 (%)	0
Year 2012 (%)	0
Year 2013 (%)	О
Year 2014 (%)	Ο
Year 2015+ (%)	100

1 Future committed acquisition.

car park portfolio - Australia

383-395 Kent Street, Sydney, NSW

A 785 bay car park below an 18,000 square metre office tower, which is also owned by the Trust and was completed in May 2002.

it is located along the western corridor of the Sydney CBD and has dual street frontage with Kent and Sussex Streets.

Albert and Charlotte Streets Brisbane, QLD

A 669 bay freestanding car park built over six levels. Several retail facilities have been added to the street frontage in recent years.

Uniquely located adjacent to office, hotel, apartment, retail and cinema facilities.

32-44 Flinders Street Melbourne, VIC

A 530 bay car park built over 10 levels, which was constructed in 1998. It services residential and office patrons, as well as entertainment, including the MCG, Melbourne Park and Federation Square.

Located at the 'Paris' end of Flinders Street. with dual access to Flinders Lane.

Details
Building Type	Car park
羽絵	Freehold
Owaership (%)	300
1977 - Redeveloped in 2002 Year Built
Zoning Commercial Car park and anciliary uses
Site Area (ha)	0.3
Car Parking Spaces .	785
Acquisition Date	Sep-1987
Acquisition Price plus Additions (A\$'m)	30.3
Book Value (A\$'m). .	39.4
independent Valuation Date -	Sep-2003
independent Valuation (A\$'m)	40.0
Capitalisation Rate (%)	8.75
initial Yield (%)	-9.86
Discount Rate (%)	10.50
Major Tenant	Kings Parking 300
(Jecupancy (%) – Weighted Lease Term by Income (years)	10.0
Year 2006 (%)	0
Year 2007 (%)	Q
Year 2008 (%)	0
Year 2009 (%)	Q
Year 2010 (%) —	Ô
Year 2011 (%)	0
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	Ô
Year 2015+ (%)	100

Details
Building Type	Car park
Title	Freehold
Ownership (%) .	100
Year Built	n/a
iser. Peru. Zoning __ Malti Purpose Centre -- MPI -- City Centre
Site Area (ha)	0.4
Car Parking Spaces	-669
Acquisition Date Acquisition Price plus Additions (A\$'m) 13.8	Oct-1984

Book Value (A\$'m) .	- 32.0
Independent Valuation Date	Sep~2003
Independent Valuation (A\$'m) 22.0
Capitalisation Rate (%) [100]	-9.00
8.00 Initial Yield (%)
Discount Rate (%)	10.25
Major Tenant
Оссиралсу (%)	$\frac{100}{200}$
Weighted Lease Term by Income (years) 10.0
Year 2006 (%).	0
Year 2007 (%)	Q
Year 2008 (%)	0
Year 2009 (%)	$\frac{0}{0}$
Year 2010 (%) Year 2011 (%)	0
Year 2012 (%) [19]	Ö
Year 2013 (%)	0
Year 2014 (%)	Ó
Year 2015+ (%)	100

Car park
Freehold
100
1998
Capital City Zone 1
0.2
- 530
Jun-1998
- 21.2
24.6
– Sep-2003
Independent Valuation (A\$'m) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[ 24.6
8.00
8.13
9.25

100
Weighted Lease Term by Income (years) 10.0
О
0
0

0 Ö
0
0
0
Ő
100

Filinders Gate Car park, 172-189 Flinders Street Melbourne, VIC

A 1,077 bay car park attached to two small. office buildings also owned by the Trust. It is located centrally in the Melbourne CBD. diagonally opposite Flinders Street Railway Station and directly opposite Federation Square.

34-60 Little Collins Street, Melbourne, VIC

A 960 bay, freestanding car park with a coffee shop and rental car outlet on the ground floor. It is focated in the eastern core of the Melbourne CBD providing convenient access to Melbourne's premium office and entertainment precincts.

Details
Building Type	Car park
Title	Freehold
Ownership (%)	100
Year Built	- 1998
Capital City Zone 1 Zoning .
Site Area (ha) - .	0.4
Car Parking Spaces [19] [19] Car Parking Spaces [19] [19] [19] [19] [19] [19] [19] [19]	- 1.077
Acquisition Date .	Mar-1999
Acquisition Price plus Additions (A\$4n)	$-47.0$
Book Value (A\$'m) - .	45.3
independent Valuation Date	Sep-2003
independent Valuation (A\$'m) [1999]	45.3
Capitalisation Rate (%)	8.25
initial Yield (%) . .	8.34
Discourit Rate (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	9.50
Major Tenant
Occupancy (%) .	100
Weighted Lease Term by Income (years)	10.0
Year 2006 (%)	0
Year 2007 (%)	Ő
Year 2008 (%) ______	0
Year 2009 (%)	Ő 0
Year 2010 (%) _______
Year 2011 (%)	0 0
Year 2012 (%)
Year 2013 (%) Year 2014 (%)	0 0
Year 2015* (%)	100

Details Building Type Car park Title Leasehold $\sim 10^{11}$ km $100 -$ Ownership (%) Year Built 1965 ...................................... Capital City Zone لتنتبت Site Area (ha) $\begin{array}{c} 0.4 \end{array}$ Car Parking Spaces 960 Nov-1984 Acquisition Date $_16.2$ Acquisition Price plus Additions (A\$'m) Book Value (A\$'m) .... 41.5 Independent Valuation Date Sep-2003 Independent Valuation (A\$'m) 41.5 Capitalisation Rate (%) 8.50 8.50 Initial Yield (%) Discount Rate (%) $10.00$ $\sim$ Kings Parking Major Tenant Occupancy (%) 100 Weighted Lease Term by Income (years) 10.0 Year 2006 (%)... $\overline{0}$ Year 2007 (%) $\mathbb{Q}$ Year 2008 (%) $\circ$ Year 2009 (%) Ő Year 2010 (%) Ö ö Year 2011 (%) Year 2012 (%) $\Diamond$ Year 2013 (%) ö $\cdots$ Year 2014 (%) Ő Year 2015+ (%) $100$

Industrial portfolio - Australia

industrial portfolio - Australia

52 Holbeche Road, Arndell Park, NSW

The property is located at the intersection of Holbeche Road and Martha Street at Arndell Park, an established industrial suburb located along the M4 corridor within western Sydney.

Arndell Park is a newly developed industrial precinct located on the opposite side of the Great Western Highway to the Huntingwood industrial precinct. Arndell Park is approximately 10 kilometres west of Parramatta and 35 kilometres from the Sydney CBD.

79-97 St Hilliers Road, Aubum, NSW

St Hilliers Estate is situated on the north eastern side of Parramatia Road and St Hilliers Road at Auburn, approximately 20 kilometres west of the Sydney CBD and four kilometres. south-east of the Parramatta CBD.

Entry and exit points to the M4 Motorway are situated 400 metres to the north.

1 Garigal Road, Belrose, NSW

The property is situated on the south eastern corner of Garigal Road and Forest Way at Belrose within Austlink Business Park. Austlink Business Park is located approximately 24 kilometres north west of the Sydney CBD.

Details

Building Type	Distribution Centre
Title	Freehold
Ownership (%)	100
Year Built .	1999
Zorang .	General Industrial 4(a)
Site Area (ha)	1.9
Lettable Area ('000m'').	9.8
Site Coverage (%)	63
Number of Buildings $\cdots$	J.
Number of Suites	1
Average Suite Size ('000m*)	9.8 .
Office Content (%) $\mathcal{L} = {1, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots$	4
Car Parking Spaces .	ċ
Acquisition Date .	Jui-1998
Acquisition Price plus Additions (A\$3m)	-11.3
Book Value (A\$'m)	11.1 .
Independent Valuation Date	Sep-2003
independent Valuation (A\$'m)-	$\frac{11.1}{2}$
Capitalisation rate (%)	8.50
Average Passing Rent (A\$/m2)	106 .
Average Market Rent (A\$/m ² )	105
initial Yield (%)	8.97 .
Discount Rate (%) Contract	10.25
Major Tenant	Exel (Australia) Pty Ltd
(Scoupancy (%)	100
Weighted Lease Term by Income (years)	3.1
Year 2006 (%)	Ċ
Year 2007 (%)	Ç
Year 2008 (%)	Ċ
Year 2009 (%)	ЮC
Year 2010 (%)	C
Year 2011 (%)	Ċ
Year 2012 (%)	C
Year 2013 (%)	¢
Year 2014 (%)	Ċ
Year 2015+ (%)	Ċ

Details Building Type... Business Park Freehold Title and the company of the company - - - - - - - - - - - - - - - - - - - 100 Year Built 1989 Industrial Enterprise Zone 4(c) Zoning Site Area (ha) $3.5$ Lettable Area ('000m') 25.7 73 Site Coverage (%) Number of Buildings 2 Number of Suites $15$ Average Suite Size ('000m') $1.7$ Office Confent (%) 43 Car Parking Spaces 425 Acquisition Date Sep-1997 Acquisition Price plus Additions (A\$'m) 34.0 $\overline{\phantom{a}}$ Book Value (A\$'m) 41.0 . . . . . . . . . . . . . . . Independent Valuation Date Jun-2005 Independent Valuation (A\$'m) 41.0 Capitalisation rate (%) ..... 8.00 $\ldots$ . Average Passing Rent (A\$/m2) 136 129 Average Market Rent (A\$/m') Initial Yield (%) 7.34 $9.25$ Discount Rate (%) OPSM Pty Limited Major Tenant $1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.$ Occupancy (%) 100 29 Weighted Lease Term by Income (years) Year 2006 (%) $6 \n$ Year 2007 (%) 7 Year 2008 (%) 66 Year 2009 (%) 21 Year 2010 (%) $\Diamond$ Year 2011 (%) $\circ$ Year 2012 (%) ΪÏ Year 2013 (%) $\circ$ Year 2014 (%) $\overline{0}$

Year 2015* (%)

Details
Building Type	Business Park
Title	Freehold
(Wnership (%)	100
Year Built	1992
Locality C9 Austlink Business Park Zoning
Site Area (ha)	.2.6
Lettable Area ('000m°).	12.6
Site Coverage (%)	-49
Number of Buildings	1
Number of Suites
Average Suite Size ('000m')	-6.3
Office Content (%) [ [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	-49
Car Parking Spaces .	331
Acquisition Date [1] [1] [1] [1] [1] [1]	Dec-1998
Acquisition Price plus Additions (A\$'m).	23.4
Book Value (A\$'m). .	-27 A
Independent Valuation Date	Dec~2004
Independent Valuation (A\$'m) 27.4
Capitalisation rate (%)	8.50
Average Passing Rent (A\$/m ³ )	$\begin{array}{c} \boxed{181} \end{array}$
Average Market Rent (A\$/m°) –	- 185
Initial Yield (%) .	8.51
Discount Rate (%) -	9.75
Panasonic Australia Pty Ltd Major Tenant
Оссправсу (%)	100
Weighted Lease Term by income (years)	4.9 0
Year 2006 (%)
Year 2007 (%)	O 0
Year 2008 (%)	24
Year 2009 (%)	0
Year 2010 (%) Year 2011 (%)	76
Year 2012 (%)	0
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	û

industrial portfolio - Australia (continued)

2 Minna Close, Belrose, NSW

The property is located in the Austlink Corporate Park, Terrey Hills, approximately 24 kilometres north west of the Sydney CBD and is situated. on the south east corner of Forest Way and Mona Vale Road, Terrey Hills.

Mona Vale Road (Route 3) provides a major ring road from the northern suburbs of Sydney to the western and southern regions.

Details
Building Type	Business Park
Title	Freehoto
Ownership (%) .	100
Year Buift	1992
Locality C9 Austlink Business Park Zoning
Site Area (ha)	2.E
Lettable Area ('000m')	13.6
Site Coverage (%) .	52
Number of Buildings
Number of Suites	$\epsilon$ Contract Commercial
Average Suite Size ('000m") ______	2,3
Office Content (%)	74 and a strong company of the
Car Parking Spaces .	513
Acquisition Date a a característica	Dec-1998
Acquisition Price plus Additions (A\$4a).	33.9
Book Value (A\$'m)	33,3 .
Independent Valuation Date Independent Valuation Date Independent Valuation (A\$1n)	Dec-2004
	32.4
Capitalisation rate (%)	8.50
Average Passing Rent (A\$/m2)	206
Average Market Rent (A\$/m2)	206
initial Yield (%)	8.52
Discount Rate (%) =	9.7S
Major Tenant	Getronics Pty Ltd
Оссиравсу (%)	300
Weighted Lease Term by Income (years)	35
Year 2006 (%)	C
Year 2007 (%)	ïŚ
Year 2008 (%) $\sim$	0
Year 2009 (%) $\cdots$	Ó
Year 2010 (%) $\sim$	81 C
Year 2011 (%) .	Ć
Year 2012 (%)	Ċ
Year 2013 (%) . Year 2014 (%)	Ó
.	(
Year 2015* (%)

3-7 Bessemer Street, Blacktown, NSW

The property forms part of the comprehensive, old established Blacktown Industrial area situated three kilometres north of the commercial/retail centre of Blacktown.

Bessemer Street extends off the western side of Sunnyholt Road which forms part of a major north-south road system extending from the Great Western Highway and M4 Motorway north to the Old Windsor and Windsor Roads. The M2 Motorway is easily accessed some four kilometres to the east.

Details

Building Type	Distribution Centre
litle	Freehold
(%) Ownership	100
Year Built	1995
Zorsing	General Industrial 4(a)
Site Area (ha)	1.6
Lestable Area ('000m°)	8.0
Site Coverage (%)	60
Number of Buildings	l 1
Number of Suites
Average Suite Size ("000m*)	8.0
Office Content (%)	36
Car Parking Spaces	101
Acquisition Date	Jun–1997
Acquisition Price plus Additions (A\$'m)	1.0
Book Value (A\$'m).	10.2
Independent Valuation Date	Sep-2003
Independent Valuaãon (A\$′m).	30.1
Capitalisation rate (%).	8.75
Average Passing Rent (A\$/m°)	106
Average Market Rent (A\$/m°)	106
Initial Yield (%)	11.62
Discount Rate (%)	10.60
Major Tenant	Atlas Copco Australia Pty Etd.
Occupancy (%)	100
Weighted Lease Term by Income (years)	4.4
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	100
Year 2011 (%)	0
Year 2012 (%)	Ö
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

30-32 Bessemer Street. Biacktown, NSW

The property forms part of the comprehensive, old established Blacktown Industrial area situated three kilometres north of the commercial/retail centre of Blacktown.

Bessemer Street extends off the western side of Sunnyholt Road which forms part of a major. north-south road system extending from the Great Western Highway and M4 Motorway north to the Old Windsor and Windsor Roads. The M2-Motorway is easily accessed some four kilometres to the east.

Distribution Centre Building Type
Tale	Freehold
Ownership (%)	100
Year Built	1980
General Industrial 4(a) Zoning
Site Area (ha)	4.5
Łełtable Area ('000m').	14.7
Site Coverage (%)	33
Number of Buildings
Number of Suites
Average Suite Size ('000m ^s )	14.7
Office Confent (%)
Car Parking Spaces	185
Acquisition Date	. May-1997
Acquisition Price plus Additions (A\$'m)	11.9
Book Value (A\$'m)	14.5
Independent Valuation Date	Sep-2003
Independent Valuation (A\$'m)	14.5
Capitalisation rate (%)	9.00
Average Passing Rent (A\$/m ³ )	85
Average Market Rent (A\$/m ^s )	$^{83}$
Initial Yield (%)	-9.09
Discount Rate (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	10.25
Major Tenant Chips a Mixers Pty Ltd
Occupancy $(\%)$ ______	100
Weighted Lease Term by Income (years)	5.2
Year 2006 (%)	O
Year 2007 (%)	O
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	Ő
Year 2011 (%)	100
Year 2012 (%)	0
Year 2013 (%)	Ο
Year 2014 (%)	0
Year 2015+ (%)	û

114-120 Old Pittwater Road, Brookvate, NSW

The property is located on the western side of Old Pittwater Road Brookvale. Brookvale is a nerthern suburb of Sydney situated about 15 kilometres from the CBD. The property has good access to Pittwater Road and is the main thoroughfare between the northern beaches and the city, with Route 3 linking the area to each of Sydney's major arterial routes.

2 Alspec Place, Eastern Creek, NSW

The premises consists of a newly completed 16,875 square metre distribution facility. The facility is located within one kilometre of the M7 Westlink currently under construction. Eastern Creek is recognised as the premier industrial precinct in the Sydney Metropolitan area.

145-151 Arthur Street, Flemington, NSW

Flemington is approximately 16 kilometres west of the Sydney CBD and eight kilometres east of Parramatta.

The property forms part of a relatively minor industrial location but enjoys good exposure and access to Arthur Street and major traffic arteries. in western Sydney including Centenary Drive, Great Western Highway, M4 Motorway, Silverwater and St Hilliers Roads.

Details

Building Type	Business Park
Title	Freehold
Ownership (%)	100
Year Built	1976 and 1987
G10 Brookvale Industrial West Zorang
Site Area (ha)	4.2
Lettable Area ('000m')	30.8
Site Coverage (%)	74
Number of Buildings $\cdots$	2
Number of Suites	6
Average Suite Size ('000m ² ) .	5.1
Office Content (%) $\ldots$	46
Car Parking Spaces .	539
Acquisition Date	Sep-1997
Acquisition Price plus Additions (A\$'m)	32.7
Book Value (A\$'m)	42.6
Independent Valuation Date	Sep-2003
independent Valuation (A\$'m)	42.C
Capitalisation rate (%)	9.00
Average Passing Rent (A\$/m2)	127
Average Market Rent (A\$/m ² )	126
initial Yield (%) .	9.07
Discount Rate (%)	10.25
Major Tenant – Avon Products Pty Ltd
Cocupancy (%)	96
Weighted Lease Term by Income (years)	З.С
Year 2006 (%)	10
Year 2007 (%)	41
Year 2008 (%)	8
Year 2009 (%)	Ċ
Year 2010 (%)	Ċ
Year 2011 (%)	36
Year 2012 (%)	C
Year 2013 (%)	C
Year 2014 (%)	Ċ
Year 2015+ (%)	Ċ

Details Building Type... Distribution Centre Title Freehold Ownership (%) 300 Year Built 2004 Industrial Zoning Site Area (ha) 2.6 Lettable Area ('000m') 16.9 Site Coverage (%) $65$ Number of Buildings Ï. Number of Suites Ï Average Suite Size ('000m') 16.9 Office Confent (%) $\tilde{z}$ $\overline{144}$ Car Parking Spaces . . . . . . . . . . . . Mar-2004 Acquisition Date Acquisition Price plus Additions (A\$'m) 23.5 $23.5$ Book Value (A\$'m) Independent Valuation Date Jan-2004 Independent Valuation (A\$'m) r/a Capitalisation rate (%) n/a Average Passing Rent (A\$/m2) 109 Average Market Rent (A\$/m2) 309 Initial Yield (%) $n/a$ Discount Rate (%) $n/a$ Controlled Climate Logistics Major Tenant Occupancy (%) 100 Weighted Lease Term by Income (years) $9.8$ Year 2006 (%) $\circ$ Year 2007 (%) $\overline{Q}$ Year 2008 (%) $\overline{0}$ Year 2009 (%) 0 Year 2010 (%) $\bullet$ Year 2011 (%) ö Year 2012 (%) Ő Year 2013 (%) $\bar{o}$ Year 2014 (%) 0 100 Year 2015* (%)

Details
Building Type	Business Park
Title	Freehold
(%) Ownership	100
Year Built	1985 and 2001
Zoning .	Industrial 4
Site Area (ha)	3.2
Lettable Area ('000m ^s ) ______	19.3
Site Coverage (%)	- 60
_________ Number of Buildings
Number of Suites	30
Average Suite Size ('000m')	$\overline{\phantom{0}1.9}$
Office Content (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	51
Car Parking Spaces .	2ī7
Acquisition Date [1] [1] [1] [1] [1] [1]	Sep-1997
Acquisition Price plus Additions (A\$'m) 23.0
Book Value (A\$'m) ion Date	31.0
Independent Valuation Date	Jun~2005
Independent Valuation (A\$'m)	31.0
Capitalisation rate (%) باباباني المسيسي المسيسي المستقار المسيحية المسيحية المسيحية المسيحية المسيحية المسيحية المسيحية ال Average Passing Rent (A\$/m*)	-8.00

Average Market Rent (A\$/m ² )	140
Initial Yield (%)
Discount Rate (%) [11, 11, 11, 11, 11, 11, 11, 11, 11, 11	9.25
Major Tenant Ingram Micro Australia Pty Ltd
Occupancy (%) Weighted Lease Term by income (years)	100 2.4
Year 2006 (%)	19
Year 2007 (%)	$\overline{11}$
Year 2008 (%)	48
Year 2009 (%)	23
	0
Year 2010 (%) Year 2011 (%)	O
Year 2012 (%)	Ó
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	û

industrial portfolio - Australia (continued)

436-484 Victoria Road, Gladesville, NSW

The property is focated in a prominent position on the intersection of Victoria Road and Tennyson Road, Gladesville, approximately 10 kilometres north west of the Sydney CBD and 11 kilometres east of the Parramatta CBD.

Details
Building Type	Business Part
Title	Freehok
Ownership (%) [100]	30
Year Buift .	199
Zoning .	Industrial 4(b2) Ligh
Site Area (ha)	2.
Lettable Area ('000m')	19.9
Site Coverage (%) .	20
Number of Buildings
Number of Suites $\mathcal{L} = {1, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots, 2, \ldots$	ŀ
Average Suite Size ('000m")	1,4
Office Content (%) .	68
Car Parking Spaces .	33.
Acquisition Date .	Sep-1991
Acquisition Price plus Additions (A\$'m)	27.(
Book Value (A\$'m). .	43.
Independent Valuation Date	Dec-200
independent Valuation (A\$'m)	43.
Capitalisation rate (%)	8.50
Average Passing Rent (A\$/m ² )	19. 390
Average Market Rent (A\$/m2)	8.91
initial Yield (%) . Discount Rate (%)	9.7
Major Tenant Spotless Services Australia Limited
(Secuparicy (%)	30
Weighted Lease Term by Income (years)	4.)
Year 2006 (%)
Year 2007 (%)	ī.
Year 2008 (%)	$\ddot{2}$
Year 2009 (%)	ī.
Year 2010 (%)	$\mathfrak{c}$
Year 2011 (%)	Ľ
Year 2012 (%)	ţ
Year 2013 (%)	ţ
Year 2014 (%)	Ż.
Year 2015* (%) .	ĺ

1 Foundation Place, Greystanes, NSW

The property is well located within the Sydney metropolitan area being approximately six kilometres west of Parramatta and 26 kilometres west of the Sydney CBD.

The estate is situated in close proximity to the M4 Motorway, which is situated approximately 500 metres to the west and accessed via the Prospect Highway. The Great Western Highway, Hersley Drive and Cumberland Highway are also (ocated nearby,

Details

Building Type.	Industrial Estate
Title	Freehold
Ownership (%)	100
Year Built	2004
Employment Lands (SEPP69) Zorsing
Site Area (ha)	5.8
Lettable Area ('000m')	30.7
Site Coverage (%)	53
Number of Buildings	4
Number of Suites	\$
Average Suite Size ('000m ² )	6.1
Office Content (%)	2 1
Car Parking Spaces	278
Acquisition Date	Dec-2002
Acquisition Price plus Additions (A\$'m)	39.1
Book Value (A\$'m)	41.9
Independent Valuation Date	Dec-2004
Independent Valuation (A\$'m) –	41.2
Capitalisation rate (%)	8.00
Average Passing Rent (A\$/m2)	107
Average Market Rent (A\$/m2)	113
Initial Yield (%)	7.85
Discount Rate (%)	9.75
Allied Pickfords Pty Limited Major Tenant $\mathcal{L}$
Occupancy (%)	100
Weighted Lease Term by Income (years)	7.4
Year 2006 (%)	0
Year 2007 (%)	Ö
Year 2008 (%)	0
Year 2009 (%)	13
Year 2010 (%)	0
Year 2011 (%)	0
Year 2012 (%)	32
Year 2013 (%)	0
Year 2014 (%)	$\tilde{27}$
Year 2035* (%)	28

27-29 Liberty Road, Huntingwood, NSW

The property is located on the northern side of Liberty Road, Huntingwood in a well established good quality industrial location.

Liberty Road is a loop road leading from Huntingwood Drive, which joins the Great Western Highway and Horsley Road. The Great Western Highway provides a direct link between Penrith and Parramatta. Huntingwood is located about 10 kilometres. west of Parramatta and 35 kilometres west of the Sydney CBD.

Building Type	Distribution Centre
Täle	Freehold
Ownership (%)	100
Year Built	1996
Zoning	4(d) Huntingwood Industrial Zone
Site Area (ha)	1.4
Lettable Area ('000m')	6.8
Site Coverage (%)	48
Number of Buildings	Ï
Number of Suites	ı
Average Suite Size ("000m")	6.8
Office Confent (%)	19
Car Parking Spaces	107
Acquisition Date	iul-1998
Acquisition Price plus Additions (A\$'m)	8.0
Book Value (A\$'m)	7.3
Independent Valuation Date	Sep-2003
Independent Valuation (A\$'m)	7,3
Capitalisation rate (%)	9.00
Average Passing Rent (A\$/m2)	105
Average Market Rent (A\$/m ² )	104
Initial Yield (%)	9.44
Discount Rate (%)	10.25
Major Tenant	Canon Australia Pty Ltd
Occupancy (%)	100
Weighted Lease Term by Income (years)	1.0
Year 2006 (%) Year 2007 (%)	100 O
Year 2008 (%)	0
Year 2009 (%) ____	0
Year 2010 (%)	0
Year 2011 (%) $\sim$	0
Year 2012 (%)	ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ű

706 Mowbray Road, Lane Cove, NSW

The property is focated on the south eastern side of Mowbray Road, some 250 metres east. of its intersection with Epping Road. The suburb of Lane Cove is situated approximately. 11 kilometres north of the Sydney CBD, close to the North Ryde hi-tech and Lane Cove industrial precincts.

11 Talavera Road, Macquarie Park, NSW

The property is located in the Macquarie Park corridor approximately 10 kilometres north of the Sydney CBD.

The property is situated on the southern side. of Talavera Road and is bounded by Lane Cove Road to the east and is approximately 100 metres south of the M2 Motorway. With two street frontages (inclusive of a wide frontage to Lane Cove Road) the estate has a very good exposure to passing traffic.

Details

Building Type	Business Park
Title	Freehold
Ownership (%)	100
Year Built	1987
Zoning	General Industrial 4(a
Site Area (ha)	1.8
Leãable Area ('000m ^s )	37.4
Site Coverage (%)	99
Number of Buildings
Number of Suites	14
Average Suite Size ('000m*)	1.2
Office Content (%)	43
Car Parking Spaces	312
Acquisition Date	Sep-1997
Acquisition Price plus Additions (A\$'m)	21.8
Book Value (A\$'m)	25.8
Independent Valuation Date	Sep~2003
Independent Valuation (A\$'m).	25.3
Capitalisation rate (%)	9.29
Average Passing Rent (A\$/m2)	138
Average Market Rent (A\$/m ² )	136
Initial Yield (%) .	9.04
Discount Rate (%)	10.40
Major Tenant	AP Facilities Pty Limited
(%) Occupancy	76
Weighted Lease Term by Income (years)	6.3
Year 2006 (%)	22
Year 2007 (%)	€
Year 2008 (%)	l
Year 2009 (%)	⟨
Year 2010 (%)	ŗ
Year 2011 (%)	$\overline{\mathcal{L}}$
Year 2012 (%)	Ç
Year 2013 (%)	⟨
Year 2014 (%)	€
Year 2015* (%)	41

Details

レンロロン
Building Type	Office Park
Tiste	Freehold
Ownership (%)	300
2000, 2001 and 2003 Year Built
Industrial Special (University) 4(d) Zoning
Site Area (ha)	3.6
Łeźłable Area ('000m°)	36.3
Site Coverage (%)	100
Number of Buildings	$\frac{3}{12}$
Number of Suites
Average Suite Size ('000m*)	3.0
Office Content (%)	100
Car Parking Spaces	1,029
Acquisition Date 75% Apr~2002 + 25% Jun~2002
Acquisition Price plus Additions (A\$'m)	131.3
Sook Value (A\$'m).	134.0
Independent Valuation Dafe	Jun-2003
Independent Valuation (A\$'m)	130.0
Capitalisation rate (%)	8.25
Average Passing Rent (A\$/m*)	262
Average Market Rent (A\$/m2)	259
Initial Yield (%)	8.45
Discount Rate (%).	10.25
AC Nielson Holdings Pty Ltd Major Tenant
Occupancy (%)	89
Weighted Lease Term by Income (years)	4.3
Year 2006 (%)
Year 2007 (%)	12
Year 2008 (%)	4
Year 2009 (%)	ş
Year 2010 (%)	27
Year 2011 (%)	29
Year 2012 (%)	11
Year 2013 (%)	4
Year 2014 (%)	Ö
Year 2015* (%)	0

40-50 Talavera Road, Macquarie Park, NSW

40-50 Talavera Road is a three-level office/warehouse comprising 12,700 square metres, with an office component. of approximately 50%. The building was partially refurbished in 1997 and was again. upgraded by the Trust last financial year.

The property is located at the corner of Talaveral and Khartoum Roads in North Ryde, NSW. It has four different access points, which provides further flexibility for individual tenancies. It is approximately 500 metres from the Macquarie Shopping Centre.

Building Type	Business Park
Title	Freehold
Ownership (%)	100
Year Built	3974
Zoning	Industrial Special
Site Area (ha)	25
Lettable Area ('000m ² )	12.8
Site Coverage (%)	51
Number of Buildings	1
Number of Suites	$\overline{1}$
Average Suite Size ('000m ² )	$\overline{1.2}$
Office Content (%):	50
Car Parking Spaces	379
Acquisition Date	Oct-2002
Acquisition Price plus Additions (A\$'m)	29.4
Book Value (A\$'m)	29.4
Independent Valuation Date	Apr~2005
Independent Valuation (A\$'m)	28.5
Capitalisation rate (%)	8.25
Average Passing Rent (A\$/m2)	179
Average Market Rent (A\$/m ² )	177
Initial Yield (%)	8.77
Discount Rate (%)	9.50
Major Tenant British Aerospace Engineering
Occupancy (%)	100
Weighted Lease Term by Income (years)	4.3
Year 2006 (%)	0
Year 2007 (%)	$\frac{0}{51}$
Year 2008 (%)
Year 2009 (%)	0
Year 2010 (%)	21
Year 2011 (%) J.	10
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	Ű
Year 2015+ (%)	37

industrial portfolio - Australia (continued)

Kings Park Industrial Estate. Vardys Road, Marayong, NSW

An industrial estate of over 60,000 square metres, comprising eight office/warehouses developed by the Trust since 1993. The buildings range from 2,500-27,000 square metres and include major tenants such as VisyPet and Allied Pickford.

Kings Park is located in Marayong near the Marayong Railway Station. Its location has been substantially enhanced over recent years. following the completion of the M2 Motorway.

Details
Building Type	Industrial Estate
Tale	Freehold
Ownership (%)	100
Year Built 1.11111111111111111111111111111111111	1991 – 2004
Zoning	General Industria
Site Area (ha)	13.7
Lettable Area ('000m*)	58.3
Site Coverage (%)	43
Number of Buildings	8
Number of Suifes	1
Average Suite Size ('000m2)	ŝ.
Office Content (%)	ĭŚ
Car Parking Spaces .	484
Acquisition Date	May~3990
Acquisition Price plus Additions (A\$'m)	79.5
Book Value (A\$'m)	78.S
Independent Valuation Date	Jun~2005
Independent Valuation (A\$'m)	78.5
Capitalisation rate (%)	8.00
Average Passing Rent (A\$/m ^s )	105
Average Market Rent (A\$/m ² )	104
Initial Yield (%)	8.22
Discount Rate (%)	9.0C
Major Tenant	Visy Pet Pty Ltd
Occupancy (%)	100
Weighted Lease Term by Income (years)	5.1
Year 2006 (%) Year 2007 (%)	Ŀ
	ïέ
Year 2008 (%)	€
Year 2009 (%)	€
Year 2010 (%)	łέ
Year 2011 (%)	٤
Year 2012 (%)	47
Year 2013 (%)	€
Year 2014 (%)	Ċ
Year 2015+ (%)	€

154 O'Riordan Street, Mascot, NSW

The property is located in Mascot, an established industrial suburb of Sydney, (ocated approximately nine kilometres by road) from the Sydney CBD. The Sydney Kingsford Smith Airport is located one to two kilometres. south and the Botany Port Container Terminals. are located approximately five kilometres to the south east.

Details

Building Type	Industrial Estate
iitie	Freehold
Ownership (%)	300
Year Built	1985
Zoning	Industrial 4(a)
Site Area (ha)	1.4
ettable Area ('000m'')	8.2
Site Coverage (%)	57
Vumber of Buildings
Number of Suites
Average Suite Size ('000m°)	1.2
Office Content (%)	27
Car Parking Spaces	309
Acquisition Date	Jun-1997
Acquisition Price plus Additions (A\$3n)	10.8
Book Value (A\$'m).	13.7
independent Valuation Date	Jun~2004
independent Valuation (A\$'m)	13.7
Capitalisation rate (%)	7.75
Average Passing Rent (A\$/m°)	340
Werage Market Rent (A\$/m°)	140
initial Yield (%).	7.96
Discount Rate (%)	9.50
Major Tenant Nippon Express (Australia) Pty Ltd
Эссирапсу (%)	300
. Weighted Lease Term by Income (years)	1.6
(%) Year 2006	24
Year 2007 (%)	31
Year 2008 (%)	34
Year 2009 (%)	11
Year 2010 (%)	Ó
Year 2011 (%)	0
Year 2012 (%)	Ó
Year 2013 (%)	¢
Year 2014 (%)	Ó
Year 2015# (%)	Ö

3 Brookhollow Avenue, Norwest, NSW

The property is located within the Norwest Business Park, Baulkham Hillis and is on the corner of Brookhollow Avenue and Norwest Boulevard. It has extensive frontage to both Norwest Boulevard and Brookhollow Avenue, close to the Windsor Road entrance to Norwest. Business Park.

Norwest Business Park is one of Australia's leading technology and business parks and provides. campus style office, high-technology and manufacturing/production facilities within proximity to the M2 Moterway, previding rapid access to the Sydney CBD.

Building Type	Business Park
Täle	Freehold
Ownership (%)	100
Year Built	1995
Zoning Employment area 10(a)
Site Area (ha)	5.2
Lettable Area ('000m'')	13.4
Site Coverage (%)	26
Number of Buildings	ī
Number of Suites	1
Average Suite Size ('000m'')	13.4
Office Confent (%)	100
Car Parking Spaces	O
Acquisition Date	Dec-2002
Acquisition Price plus Additions (A\$'m)	41.8
Book Value (A\$'m)	41.8
Independent Valuation Date	Dec-2003
Independent Valuation (A\$'m).	36.6
Capitalisation rate (%)	10.75
Average Passing Rent (A\$/m ² )	253
Average Market Rent (A\$/m ^s )	240
Initial Yield (%)	10.50
Discount Rate (%)	11.50
Major Tenant (BM Global Services Australia Limited
Occupancy (%)	100
Weighted Lease Term by Income (years)	3.6
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%) ____	100
Year 2010 (%)	0
Year 2011 (%) $\sim$	0
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ű

Rosebery and Rothschild Avenues. Rosebery, NSW

The location provides excellent main road exposure and has a four street frontage. Rosebery Avenue runs parallel to Botany Road which is one of the major thoroughfares of the locality, providing direct access to the CBD which is five kilometres to the north and Betany Container Terminal to the south.

Convenient access is also available to Southern Cross Drive, the Eastern Distributor and the Sydney Kingsford Smith Airport.

10-16 South Street, Rydalmere, NSW

The property is located towards the western end of South Street, with the Parramatta River located at the southern boundary of the property. Rydalmere is a western suburb of Sydney located approximately 20 kilometres from the Sydney CBD.

The surrounding development comprises mostly established industrial uses associated with light manufacturing, warehousing and automotive uses.



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	en en grund. Statistike
REAL PROPERTY

DB RREEF Industrial Estate. Egerton Street, Silverwater, NSW

The estate is focated primarily on Egerton Street. which is in close proximity to Silverwater Road. in the Silverwater industrial area. Silverwater is regarded as one of the premier established industrial regions in Sydney and is accessed. via Victoria Road, the M4 Motorway and Parramatta Road. The Silverwater industrial precinct is located approximately 20 kilometres. west of the Sydney CBD and four kilometres from Parramatia.

Details

Building Type:	Business Park
Title	Freehold
Ownership (%) [26]	10X
Year Built	1984 and 1986
Zorang .	Mixed Use Zone 10(e
Site Area (ha)	6.,
Lettable Area ('000m'').	44,4
Site Coverage (%)	Ñ
Number of Buildings	ξ
Number of Suites	44
Average Suite Size ('000m*)	1.0
Office Content (%) .	48
Car Parking Spaces .	478
Apr - 1998 and Oct - 200 Acquisition Date
Acquisition Price plus Additions (A\$4n)	69.4
Book Value (A\$'m) .	81.
Independent Valuation Date	Jun-2003
independent Valuation (A\$'m)	78.7
Capitalisation rate (%)	8.0(
Average Passing Rent (A\$/m2)	160
Average Market Rent (A\$/m2)	167
initial Yield (%) .	7.99/8.75
Discount Rate (%)	10.18
Major Tenant Commonwealth of Australia (AQIS
(Xccupancy (%)	100
Weighted Lease Term by Income (years)	3.6
Year 2006 (%)
Year 2007 (%)	44
Year 2008 (%)	14
Year 2009 (%)
Year 2010 (%) $\sim$
Year 2011 (%)	⟨
Year 2012 (%)	ŗ
Year 2033 (%)	26
Year 2014 (%)	ļ
Year 2015+ (%)	l

Details

Building Type-	Industrial Estate
Title	Freehold
Ownership (%)	100
Year Built	1980
Zoning	Employment 4
Site Area (ha)	, 6.3
Lettable Area ('000m°)	34.7
Site Coverage (%)	66
Number of Buildings	6
Number of Suites	$-22$
Average Suite Size ('000m ² )	1.6
Office Conferst (%)	32
Car Parking Spaces	502
Acquisition Date	Sep-1997
Acquisition Price plus Additions (A\$'m)	35.4
Book Value (A\$'m)	42.6
Independent Valuation Dafe	Jun-2004
Independent Valuation (A\$'m)	42.0
Capitalisation rate (%)	8.75
Average Passing Rent (A\$/m2)	115
Average Market Rent (A\$/m2)	115
Initial Yield (%)	9.55
Discount Rate (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	9.82
Major Tenant	Kawasaki Pty Limited
Оссираясу (%)	93
Weighted Lease Term by Income (years)	2.6
Year 2006 (%)	Ż
Year 2007 (%)	31
Year 2008 (%)	15
Year 2009 (%) $\mathbf{r}$	16
Year 2010 (%)	17
Year 2011 (%)	8
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ó

Details Building Type Business Park Tale Freehold Ownership (%) 100 Year Built 1969~1990 Zoning General industrial 4(a) Site Area (ha) 8.8 Lettable Area ('000m°) 29.3 Site Coverage (%) 33 Number of Buildings 1Ó ğ. Number of Suites Average Suite Size ('000m') 3.3 Office Content (%) 30 . . . . Car Parking Spaces 290 Acquisition Date May-1997 Acquisition Price plus Additions (A\$'m) $37.3$ 39.5 Book Value (A\$'m) Independent Valuation Date Sep-2003 Independent Valuation (A\$'m) 39.4 Capitalisation rate (%) 9.00 Average Passing Rent (A\$/m2) 123 120 Average Market Rent (A\$/m^e) Initial Yield (%) 9.30 Discount Rate (%) $9.67$ Automotive Parts Group Limited Major Tenant .............(REPCO) $100^{\circ}$ Occupancy (%) Weighted Lease Term by income (years) 4.0 Year 2006 (%) Ó Year 2007 (%) 9 Year 2008 (%) 24 Year 2009 (%) 24 Year 2010 (%) 26 Year 2011 (%) Ö Year 2012 (%) ïΫ Year 2013 (%) 0 Year 2014 (%) 0 Year 2015+ (%) € $\ldots$ .

industrial portfolio - Australia (continued)

19 Chifley Street, Smithfield, NSW

The property is located at the northern end. of Chiffey Street, Smithfield. Smithfield is a western suburb of Sydney situated about 35 kilometres from the CBD and seven kilometres south west of Parramatia.

The property has good access to the M4 Motorway to the north and the M5 Motorway to the south.

Details
Building Type	industriai Estafe
Title	Freehoïd
Ownership (%)	300
Year Buift .	1988
General Industrial 4(a) Zoning
Site Area (ha)	27
Lettable Area ('000m') .	18.5
Site Coverage (%) .	68
Number of Buildings	13
Number of Suites and a company	13
Average Suite Size ('000m ³ ) ______	1.4
Office Content (%) .	10
Car Parking Spaces .	80
Acquisition Date .	Dec - 1998
Acquisition Price plus Additions (A\$4n)	31.4
Book Value (A\$'m). .	13.5
Independent Valuation Date $\mathcal{L}_{\text{max}}$	Jun~2003
independent Valuation (A\$'m) [[11]	13.4
Capitalisation rate (%)	9.75
Average Passing Rent (A\$/m2)	79
Average Market Rent (A\$/m2)	-82
{nitial Yiekś (%)	10.10
Discount Rate (%)	11.00
Major Tenant .	BOC Ltd
Occupancy (%)	300
Weighted Lease Term by Income (years)	1,5
Year 2006 (%)	44
Year 2007 (%)	5
Year 2008 (%)	46
Year 2009 (%)	¢
Year 2010 (%)	Ć
Year 2011 (%)	4
Year 2012 (%)	Ċ
Year 2013 (%)	Ó
Year 2014 (%)	Ć
Year 2015* (%) .	Ó

239-251 Woodbark Road, Smithfield, NSW

The property is located on the northern side. of Woodpark Road approximately one kilometre west of the intersection with the Curaberland Highway in Smithfield.

The Cumberland Highway links the area with the M4 Motorway a further five kilometres to the porth.

The property is situated in a well-established and popular industrial location with good access to transport facilities.

Details

Building Type	Distribution Centre
litle	Freehold
(%) Ownership	100
Year Built	1980
Zorsing	General Industrial 4(a)
Site Area (ha)	2.0
Lestable Area ('000m°)	5.2
Site Coverage (%)	26
Number of Buildings	נ נ
Number of Suites
Average Suite Size ("000m*)	5.2
Office Content (%)	7
Car Parking Spaces	0
Acquisition Date	May~1997
Acquisition Price plus Additions (A\$^m)	5.1
Book Value (A\$'m).	5.8
Independent Valuation Date	Sep-2003
Independent Valuaãon (A\$′m).	5.8
Capitalisation rate (%)	8.75
Average Passing Rent (A\$/m°)	105
Average Market Rent (A\$/m*)	100
Initial Yield (%)	8.96
Discount Rate (%)	10.60
Major Tenant	Guransersen Timbermark Pty Etd
(%) Occupancy	100
Weighted Lease Term by Income (years)	4.6
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	100
Year 2011 (%)	0
Year 2012 (%)	Ö
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

12 Frederick Street, St Leonards, NSW

The estate includes 13 office/warehouse units. The total gross lettable area of the estate is approximately 19,200 square metres and has 283 car spaces, which is a significant attraction in leasing/re-leasing. The units offer modern quality accommodation, ranging between 901 square metres to 2,049 square metres. Frederick Street is located on the south-eastern corner of the intersection of Frederick Street and Reserve Road at St Leonards, within the St Leonards/Artarmon industrial precinct. The estate is approximately six kitometres north of the Sydney CBD. It is accessible via the major thoroughfares, Gore Hill Freeway and Pacific Highway and is close to the North Shore railway line.

алкавя, туре	pusatess førk
Täle	Freehold
Ownership (%)	100
Year Built	1974~1992
General Industrial Zoning
Site Area (ha)	25
Lettable Area ('000m')	19.2
Site Coverage (%)	77
Number of Buildings
Number of Suites	13
Average Suite Size ('000m ² )	1.5
Office Confent (%)	17
Car Parking Spaces	283
Acquisition Date	.iul~2000
Acquisition Price plus Additions (A\$'m)	30.3
Book Value (A\$'m)	31.5
Independent Valuation Date	Jun-2005
Independent Valuation (A\$'m)	31.5
Capitalisation rate (%)	8.50
Average Passing Rent (A\$/m ^s )	154
Average Market Rent (A\$/m ^s )	153
Initial Yield (%)	8.69
Discount Rate (%)	9.75
Australian Surgical Design Major Tenant
Оссираясу (%) —	92
Weighted Lease Term by Income (years)	2.0
Year 2006 (%)	34
Year 2007 (%)	JÓ.
Year 2008 (%)	36
Year 2009 (%) ____	17
Year 2010 (%)	γ
Year 2011 (%) $\sim$	0
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ű

40 Biloeta Street. Villawood, NSW

The building is located on the northern side. of Biloela Street between Marple Avenue and Miller Road in Villawood.

The property is local to major transport routes with the Hume Highway approximately one kilometre to the south and the M4 Motorway. approximately six kilometres to the north. The property is located approximately nine kilometres south of Parramatta and 20 kilometres west of the Sydney CBD.

2a Birmingham Street, Villawood, NSW

The property is located on the western side of Birmingham Avenue in Villawood, approximately 250 metres north of the intersection with Christina Road. The property has access to the Hume Highway, M4 Motorway, and Parramatta Road via Woodville Road.

Villawood is an established industrial locality, approximately 25 kilometres west of the Sydney CBD and nine kilometres from the Parramatta CBD.

27-33 Frank Street. Wetherill Park, NSW

Sydney CBD is approximately 30 kilometres to the east with the retail/commercial centre. of Parramatia approximately 11 kilometres to the north east.

Major arterial roads including the Cumberland Highway, Great Western Highway and the M4 Metorway are readily accessible to the property.

Details

Building Type	Distribution Cenfre
Title	Freehold
Ownership (%)	100
Year Built	1985
Zorang .	General Industrial 4(a)
Site Area (ha)	1.5
Lettable Area ('000m')	7.3
Site Coverage (%)	50
Number of Buildings	$\frac{2}{2}$ .
Number of Suites
Average Suite Size ('000m ² )	3,6
Office Content (%)	15
Car Parking Spaces	23
Acquisition Date	Jui-1997
Acquisition Price plus Additions (A\$'m).	7.1
Book Value (A\$'m)	7.0
Independent Valuation Date	Sep-2003
independent Valuation (A\$'m) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	7.0
Capitalisation rate (%)	8.75
Average Passing Rent (A\$/m ³ )	- 90
Average Market Rent (A\$/m ² )	90
initial Yield (%)	9.11
Discount Rate (%)	10.75
Major Tenant	Bishop Manufacturing
	Technology Limited
(Secuparicy (%)	100
Weighted Lease Term by Income (years)	2.9
Year 2006 (%)	43
Year 2007 (%)	0
Year 2008 (%)	Ò
Year 2009 (%)	0 57
Year 2010 (%)
Year 2011 (%) Year 2012 (%)	0 Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ó

Details Building Type Distribution Centre Title Freehold Ownership (%) $100$ Year Built 1979 $industria(4(a)$ Zoning Site Area (ha) $2.2$ Lettable Area ('000m') $31.4$ Site Coverage (%) -52 Number of Buildings ï Number of Suites $\mathbf 1$ Average Suite Size ('000m') 11.4 Office Confent (%) 8 التبيين Car Parking Spaces 345 Acquisition Date Jun-1997 Acquisition Price plus Additions (A\$'m) $7.8$ $\ddotsc$ Book Value (A\$'m) 8.8 Independent Valuation Date Sep-2003 Independent Valuation (A\$'m) 8.6 $9.25$ Capitalisation rate (%) Average Passing Rent (A\$/m^s) 80 80 Average Market Rent (A\$/rn2) Initial Yield (%) 11.14 . . . . . . . . . . . . . . . Discount Rate (%) 11.00 Major Tenant Road Sea Rail Logistics Pty Ltd Occupancy (%) 100 Weighted Lease Term by Income (years) $1.0$ Year 2006 (%) 100 Year 2007 (%) Ő Year 2008 (%) $\overline{0}$ Year 2009 (%) 0 Year 2010 (%) $\bullet$ Year 2011 (%) Ö Year 2012 (%) Ő Year 2013 (%) ö Year 2014 (%) $\overline{0}$ Ö Year 2015* (%)

Details
Building Type Distribution Centre
T≵le Freehold
(Wnership (%) 100
1989 Year Built
Zoning industrial 4(a) .
Site Area (ha) 4.2
Lettable Area ('000m°) — 13.8
Site Coverage (%) 33
Number of Buildings 1
Number of Suites 1
Average Suite Size ('000m°) – 13.8
Office Content (%)
173 Car Parking Spaces
Jul-1998 Acquisition Date
Acquisition Price plus Additions (A\$'m) 15.1
Book Value (A\$'m) 12.7
Independent Valuation Date Dec-2003
Independent Valuation (A\$'m) 12.7
9.75 Capitalisation rate (%)
Average Passing Rent (A\$/m2) 106
Average Market Rent (A\$/m ² ) . 85
12.55 Initial Yield (%) .
Discount Rate (%) 10,25
Benckiser Australia Pty Ltd Major Tenant
Оссиралсу (%) 100
Weighted Lease Term by income (years) 1.5
Year 2006 (%) 0
Year 2007 (%) 100 0
Year 2008 (%) O
Year 2009 (%) 0
Year 2010 (%) 0 Year 2011 (%)
Ó Year 2012 (%)
Year 2013 (%) O
0 Year 2014 (%)
O Year 2015+ (%)

industrial portfolio - Australia (continued)

30 Bellrick Street, Acada Ridge, QLD

The property is located on the southern side of Belirick Street in Acacia Ridge and forms part. of a modern industrial estate which offers good. access to major arterial roadways and is located within the southern industrial hub of Brisbane. The property is (ocated 13 kilometres south of the Brisbane CBD.

Details
Building Type	Distribution Centre
Title	Freehold
Ownership (%) .	300
Year Built	1988
Ceneral Industry Zoning
Site Area (ha)	-3.5 .
Site Area (na) Lettable Area ('000m')	17.8
Site Coverage (%) $\ldots$	51
Number of Buildings	5
Number of Suites Number ot Suites Average Suite Size ('000m'')	3
	5.9
Office Content (%) .	9
Car Parking Spaces	Ċ
Acquisition Date .	Jun-1997
Acquisition Price plus Additions (A\$'m)	$-12.8$
Book Value (A\$'m) .	11.9
independent Valuation Date	Sep-2003
independent Valuation (A\$'m) .	11.9 9.50
Capitalisation rate (%) Average Passing Rent (A\$/m2)	76
Average Market Rent (A\$/m2)
initial Yield (%)	.72 $1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.$ 10.71
. Discount Rate (%)	10.50
لتستشاب Specialised Container Makor Tenant
	Transport Pty Ltd
Occupancy (%)	300
vecuparaly (%) [[[[[[[[[[[[[[[]]]]]]]]] Weighted Lease Term by Income (years)	2.2
Year 2006 (%)	Ċ
Year 2007 (%) .	Ó
Year 2008 (%)	300
Year 2009 (%) .	¢
Year 2010 (%) $\cdots$	Ġ
Year 2011 (%)	¢
Year 2012 (%) .	C
Year 2013 (%)	C
Year 2014 (%) .	Ċ
Year 2015+ (%) . المناجح والمتبد	Ó

121 Evans Road, Salisbury, QLD

The property is located approximately 16 kilometres south of the Brisbane CBD. Salisbury is an established industrial suburbwhich, together with the nearby suburbs of Coopers Plains, Acacia Ridge, Archerfield and Rocklea forms part of Brisbane's premier south side industrial precinct.

The area is well serviced by major roads. including, Beaudesert Road, Ipswich Road and both the South East Freeway/ Pacific Motorway and the Gateway Arterial.

Details

Building Type	Distribution Centre
Title	Freehold
Ownership (%)	100
Year Built	1993 to 1995
Zoning-	General Industry Area GI
Site Area (ha)	3.8
Leãable Area ('000mº)	24.8
Site Coverage (%)	65
Number of Buildings	$\ddot{\phantom{a}}$
Number of Suites	$\frac{4}{1}$
Average Suite Size ("000m*)	6.2
Office Content (%)	Ş
Car Parking Spaces	371
Acquisition Date	Ju(~1997
Acquisition Price plus Additions (A\$'m)	16.6
Book Value (A\$'m).	18.5
Independent Valuation Date	Dec-2004
Independent Valuation (A\$'m)	18.5
Capitalisation rate (%)	8.75
Average Passing Rent (A\$/m ² )	70
Average Market Rent (A\$/m2)	65
Initial Yield (%)	9.24
Discourst Rate (%)	10.25
Major Tenant	Tyres 4U Pty Ltd
Occupancy (%)	100
Weighted Lease Term by Income (years)	5.0
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	70
Year 2031 (%)	30
Year 2012 (%)	0
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

25 Donkin Street, West End Brisbane, QLD

The complex is (ocated in the inner city, south side suburb of West End. The property is located approximately two kilometres south west of the Brisbane CBD.

Immediate surrounding development comprises recently constructed high-tech office/warehouse developments together with semi-modern warehouses and light industrial premises. More recently, the area has captured the focus of residential developers capitalising on the proximity to the CBD and river views.

Building Type	Business Park
Title	Freehold
Ownership (%)	100
Year Built	1987
Special Purpose Centre SP12 Zoning
- Mixed Industry and Business
Site Area (ha)	1.7
Lettable Area ('000m'')	ïi.2
Site Coverage (%) -	66
Number of Buildings	3
Number of Suites	$\overline{31}$
Average Suite Size ("000m")	0.4
Office Confent (%)	65
Car Parking Spaces	203
Acquisition Date	Dec-1998
Acquisition Price plus Additions (A\$'m)	18.6
Book Value (A\$'m)	20.7
Independent Valuation Date	Jun~2005
Independent Valuation (A\$'m)	20.7
Capitalisation rate (%)	8.25
Average Passing Rent (A\$/m ^s )	168
Average Market Rent (A\$/m ² )	157
Initial Yield (%)	7.61
Discount Rafe (%)	9.75
Major Tenant Sony Australia Limited
Occupancy (%)	96
Weighted Lease Term by Income (years)	2.1
Year 2006 (%)	14
Year 2007 (%)	15
Year 2008 (%)	46
Year 2009 (%)	$\frac{9}{21}$
Year 2010 (%)
Year 2011 (%)	O
Year 2012 (%)	0
Year 2013 (%) Year 2014 (%)	O 0
Year 2015+ (%)	û

15-23 Whicker Road, Gillman, SA

The property is situated within an established industrial precinct in the north-western suburbof Gillman, approximately 12 kilometres from the Adelaide CBD. The Gillman precinct is dominated by large warehousing facilities, dockyards and harbour facilities. Transport to the CBD is via the major transport corridors. of the Grand Junction Road and Port Road. The Port of Adelaide is expected to be a major beneficiary of infrastructure spending by the South Australian Government in the future.

Details

Building Type:	Distribution Cenfre
Title	Freehold
Ownership (%)	100
Year Built .	1970 and 1980
Zorang	General (ndustry 2 Zone
Site Area (ha)	9.7
Lettable Area ('000m') -	72.1
Site Coverage (%)	74
Number of Buildings
Number of Suites
Average Suite Size ('000m")	36.1
Office Content (%)	O
Car Parking Spaces	n/a
Acquisition Date	Dec-2002
Acquisition Price plus Additions (A\$'m)	-39.8
Book Value (A\$'m).	21.3
Independent Valuation Date -	Jun~2005
independent Valuation (A\$'m) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	21.3
Capitalisation rate (%)	9.75
Average Passing Rent (A\$/m2)	$\frac{28}{2}$
Average Market Rent (A\$/m ² )	26
initial Yield (%) .	9.50
Discount Rate (%)	10.25
Makor Tenant	Elders Limited
(Xccupancy (%)	100
Weighted Lease Term by Income (years)	7.0
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	Ó
Year 2011 (%)	0
Year 2012 (%)	100
Year 2013 (%)	0
Year 2014 (%)	Ó
Year 2015+ (%)	Ó

Target Distribution Centre, Tarras Road, Altona North, VIC

A state-of-the-art 41,447 square metre distribution warehouse purpose built for Target. It is their national distribution centre, which currently caters for 130 stores and canaccommodate up to 200 stores.

The centre is located in Altona North, which is approximately 12 kilometres west of the Melbourne CBD.

Details
Building Type	Distribution Centre
Title	Freehold
Ownership (%)	100
Year Built	1996
Zoning .	Special Industrial
Site Area (ha)	10.2
Lettable Area ('000m*) _______	41.4
Site Coverage (%)	41
Number of Buildings	1 .
Number of Suites
Average Suite Size ('000m')	41.4
Office Content (%) .	5
Car Parking Spaces .	210
Acquisition Date .	Oct~1995
Acquisition Price plus Additions (A\$'m)	28.5
Book Value (A\$'m) .	35.0
Independent Valuation Date	Jun-2005
Independent Valuation (A\$'m)	35.0
Capitalisation rate (%)	8.00
Average Passing Rent (A\$/m2)	81
Average Market Rent (A\$/m")	81
Initial Yield (%)	9.54
Discount Rate (%)_	9.00
Major Tenant .	Target Australia
Occupancy (%) $\cdots$	100
Weighted Lease Term by Income (years)	6.8
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	Ō
Year 2009 (%)	0
Year 2010 (%)	Ó 0
Year 2011 (%)
Year 2012 (%)	100
Year 2013 (%)	0 0
Year 2014 (%) Year 2015+ (%)	0

114 Fairbank Road, Clayton, VfC

The property is (ocated in an established and well-regarded industrial location approximately 20 kilometres south east of the Melbourne CBD.

The Clayton industrial precinct is reasonably well serviced by major road networks. These include the Monash Freeway, approximately five kilometres east of the property and Danderlong Road approximately three kilometres east of the property.

аакакту туре	estribution centre
Title	Freehold
Ownership (%)	100
Year Built $\cdots$	1986
Zoning –	Industrial 1
Site Area (ha)	3.6
Lettable Area ('000m ^s )	18.2
Site Coverage (%)	50
Number of Buildings –	1
Number of Suites	1
Average Suite Size ('000m')	18.2
Office Content (%)
Car Parking Spaces .
Acquisition Date	1ul-1997
Acquisition Price plus Additions (A\$'m)	10.8
Book Value (A\$'m).	10.9
Independent Valuation Date	Sep-2003
Independent Valuation (A\$'m)	10.8
Capitalisation rate (%)	9.75
Average Passing Rent (A\$/m ^s )	70
Average Market Rent (A\$/m ² )	55
Initial Yield (%)	11.10
Discount Rate (%)	10.00
K&S Blakistons Pty Limited Major Tenant
Occupancy (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	100
Weighted Lease Term by income (years)	0.4
Year 2006 (%)	100
Year 2007 (%)	O
Year 2008 (%)	0
Year 2009 (%)	O
Year 2010 (%)	0
Year 2011 (%)	O
Year 2012 (%)	0
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	Ű

industrial portfolio - Australia (continued)

Pound Road West, Dandenong, VIC

The property is focated in the south east of Melbourne, approximately 36 kilometres from the CBD. The property has excellent access to the South Gippsland Freeway (Monash Freeway) and South Gippsland Highway.

Redwood Gardens Industrial Estate, Boundary Road, Dingley, VIC

An estate of 24 larger office/warehouses comprising a total of around 35,000 square metres. The estate underwent a major refurbishment during 2002 at a cost of 1.6 million, which included upgraded facades and fandscaping.

The estate is focated on Boundary Road opposite the Moorabbin Airport.

Details
Building Type	Industrial Estate
litle	Freehold
(%) (%) Ownership	100
Year Built	1980s
Zoning,	Industrial 1
Site Area (ha)	9.0
Lestable Area ('000mº)	34.5
Site Coverage (%)	38
Number of Buildings	14
Number of Suites	14
Average Suite Size ("000m*)	2.5
Office Content (%)	26
Car Parking Spaces	798
Acquisition Date:	Dec-1994
Acquisition Price plus Additions (A\$^m)	23.1
Book Value (A\$'m).	23.0
Independent Valuation Date	Sep-2003
Independent Valuation (A\$′m)	29.0
Capitalisation rate (%)	9.25
Average Passing Rent (A\$/m ² )	61
Average Market Rent (A\$/m ² )	$\overline{61}$
Initial Yield (%)	7.11
Discount Rate (%)	9.38
Major Tenant EDAG Future Pty Ltd
Эссирапсу (%)	92
Weighted Lease Term by Income (years)	3.6
Year 2006 (%)	17
Year 2007 (%)	23
Year 2008 (%)	$\circ$
Year 2009 (%)	26
Year 2010 (%)	8
Year 2011 (%)	Ö
Year 2012 (%)	Z
Year 2013 (%)	0
Year 2014 (%)	Ó
Year 2015+ (%)	13

352 Macaulay Road, Kensington, VIC

The property is situated on the northern side of Macaulay Road within the suburbof Kensington and the municipal boundaries. of the City of Moonee Valley.

The estate is situated approximately four kilometres north west of Melbourne's CBD. Kensington benefits from a central (ocationclose to major roads including the Citilink. toliway, Westgate, Tuilamarine and Monash Freeways and the Western Ring Road.

алкавя, туре	maastriai estate
Täle	Freehold
Ownership (%)	100
Year Built	1985
Zoning	Industrial Zone 1
Site Area (ha)	1.0
Lettable Area ('000m')	6.4
Site Coverage (%)	66
Number of Buildings	З
Number of Suites
Average Suite Size ('000m ² )	1.1
Office Confent (%)	63
Car Parking Spaces	100
Acquisition Date	Oct~1998
Acquisition Price plus Additions (A\$'m)	7.6
Book Value (A\$'m)	7,3
Independent Valuation Date	Jun~2003
Independent Valuation (A\$'m)	73
Capitalisation rate (%) .	8.72
Average Passing Rent (A\$/m ^s ). .	110
Average Market Rent (A\$/m ^s )	112
Initial Yield (%)	9,25
Discount Rate (%)	9.91
Major Tenant Dairy Technical Services Limited
Оссираясу (%) (%)	100
Weighted Lease Term by Income (years)	2.9
Year 2006 (%)	O
Year 2007 (%)	47
Year 2008 (%)	0
Year 2009 (%)	24
Year 2010 (%)	0
Year 2011 (%) $\mathcal{L}$	29
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ű

Knoxfield Industrial Estate. Henderson Road, Knoxfield, VIC

The property consists of two substantial office/warehouses for Toll Holdings (36,000 square metres) and the Distribution Group (12,600 square metres).

The estate is focated on Henderson Road in the south-eastern suburb of Knoxfield.

Details

250 Forest Road South, Lara, VIC

The property is located at Lara, between the ports of Melbourne and Geelong approximately 57 kilometres south-west of Melbourne and 10 kilometres north of Geelong. The property is situated on the western side of Forest Road. South approximately 400 metres north of the Heales Road intersection.

Surrounding development is generally large scale industrial uses with tenants including the Ford Motor Company and BHP Billiton, and rural enterprise.

Details

Building Type	Distribution Centre
Title	Freehold
Ownership (%)	100
Year Built	1985 and 1990
Zoning .	Industrial 2
Site Area (ha)	24.6
Eettable Area ('000m'')	117.3
Site Coverage (%)	48
Number of Buildings	4
Number of Suites	$\mathbf{1}$
Average Suite Size ('000m ² )	117.3
Office Conferst (%)
Car Parking Spaces .	122
Acquisition Date $\ldots$ . $\ldots$ .	Dec-2002
Acquisition Price plus Additions (A\$'m)	33.8
Scok Value (A\$'m)	34.6
	Jun-2005
Independent Valuation Date Independent Valuation (A\$'m)	34.6
Capitalisation rate (%)	9.8
Average Passing Rent (A\$/m ² ) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	31
Average Market Rent (A\$/m")	26
Initial Yield (%) .	10.57
Discount Rate (%) _	10.00
Major Tenant .	Elders Limited
Оссираясу (%) and and	100
Weighted Lease Term by Income (years)	7.0
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%) $\mathbf{r}$	Ó
Year 2010 (%)	Ó
Year 2011 (%)	0
Year 2012 (%)	100
Year 2013 (%)	Ő
Year 2014 (%)	Ō
Year 2015+ (%)	Ó

DB RREEF Industrial Estate Boundary Road, Laverton North, VIC

The property is located in Laverton North, approximately 17 kilometres to the east of the Melbourne CBD and Ports. The property's location is seen to be a natural extension. westward of the popular and now essentially fully committed Angliss Industrial Estate.

The site is within close proximity to the Western Ring Road which is accessed at the interchange at Boundary Road approximately three kilometres to the east and Fitzgerald Road approximately three kilometres to the north. The West Gate freeway/ Geelong Road and Hume freeway are accessible via the Western Ring Road.

Details

Building Type Industrial Estate
Title	Freehold
(%) Ownership	100
Year Built	шlс
Zoning .	Industrial 2
Site Area (ha)	92.5
Lettable Area ('000m°)*	63.9
Site Coverage (%)	7
Number of Buildings $\ddotsc$	l
Number of Suites	1
Average Suite Size ('000m')	63.9
Office Content (%) ر محمد المستقل	8
Car Parking Spaces .	a/a
Acquisition Date المناطق المستدا	Jul-2002
Acquisition Price plus Additions (A\$'m)	$-36.4$
Book Value (A\$'m) .	42.0
Independent Valuation Date Jun~2004
Independent Valuation (A\$'m) 23.7
Capitalisation rate (%)	7.75
Average Passing Rent (A\$/m ² ) 139
Average Market Rent (A\$/m ² )	114
Initial Yield (%) tva anno 11
Discount Rate (%)	_a/a
a/a Major Tenant
Occupancy (%)	100
Weighted Lease Term by Income (years)	15.8
Year 2006 (%)	0
Year 2007 (%)	Ű
Year 2008 (%)	0
Year 2009 (%)	O
Year 2010 (%) .	0
Year 2011 (%) $\mathbb{R}^2$	O
Year 2012 (%)	0
Year 2013 (%)	Ű
Year 2014 (%)	0
Year 2015+ (%) . v.	100
$\cdot$ .

* includes areas under construction

Building Type Distribution Centre $Freehold$ Title $\ldots$ . . . . Ownership (%) 300 Year Built
Year Built 1990 - 1996 Zoning Industrial Site Area (ha) $7.4$ Lettable Area ('000m') 48.5 Site Coverage (%) 66 Number of Buildings 2 Number of Suites ż Average Suite Size ('000m*) 24.3 Office Content (%) 3 Car Parking Spaces $275$ $1.1.1.1$ Acquisition Date Aug-1996 Acquisition Price plus Additions (A\$'m) $30.1$ Book Value (A\$'m) 31.9 Independent Valuation Date Sep-2003 independent Valuation (A\$1n) 31.3 Capitalisation rate (%) 8.75 Average Passing Rent (A\$/m3) $66$ Average Market Rent (A\$/m2) 58 $9.08$ initial Yield (%) $-10.25$ Discount Rate (%) . . . . . . . . . $\sim 100$ km s $^{-1}$ Toll Transport Major Tenant . . . . . . . . Occupancy (%) 100 Weighted Lease Term by Income (years) $\overline{1.5}$ 76 Year 2006 (%) Year 2007 (%) 1 Year 2008 (%) Ö Year 2009 (%) 0 Year 2010 (%) 23 ö Year 2011 (%) Year 2012 (%) Ő Year 2013 (%) ö $\ldots$ . Year 2014 (%) 0 0 Year 2015+ (%)

industrial portfolio - Australia (continued)

Axxess Corporate Park, Chr. Ferntree Gully and Gilby Rds, Mount Waverley, VIC

Axxess currently comprises around 75,500 square metres of office and office/warehouses. This encompasses smaller units of around 250-1,000 square metres primarily built from the mid-1980s to the 1990s, as well as modern office/warehouses ranging from 1,500-6,000 square metres.

Axxess is focated on Femtree Gulfy Road, but also has frontages to Forster and Gilby Roads. It is located within 250 metres of the Monash Freeway and is close to Monash University.

Details

Building Type	industriai Estate
Title	Freehold
Ownership (%) .	100
Year Buift .	1980 to 2004
Zoning .	Business 3 Zone
Site Area (ha)	18.3
Lettable Area ('000m').	75.5
Site Coverage (%)	41
Number of Buildings	29
Number of Suites	$\frac{119}{100}$
Average Suite Size ('000m")	$-0.6$
Office Content (%) .	40
Car Parking Spaces .	1,240
Acquisition Date .	0ct~1996
Acquisition Price plus Additions (A\$4n)	107.6
Book Value (A\$'m) .	109.3
Independent Valuation Date	Jun-2003
Independent Valuation (A\$'m)	89.0
Capitalisation rate (%)	10.00
Average Passing Rent (A\$/m2)	128
Average Market Rent (A\$/m2)	126
initial Yield (%)	7.25
Discount Rate (%)	10.50
Major Tenant .	Alinta Limited
Occuparicy (%)	98
Weighted Lease Term by Income (years)	4.4
Year 2006 (%)	14
Year 2007 (%)	12
Year 2008 (%)	$\gamma$
Year 2009 (%)	5
Year 2010 (%)	6
Year 2011 (%)	3
Year 2012 (%)	ĺ2
Year 2013 (%)	14
Year 2014 (%)	Ş
Year 2015* (%) .	$\overline{2}$

68 Haster Road, Herdsman, WA

The property is located in the Herdsman-Business Park which is approximately seven kilometres north-west of the Perth CBD.

The Herdsman Business Park is well serviced by the surrounding roads and freeways including the Mitchell Freeway which extends. from the Perth CBD to link with the north. western suburban coastal locations.

Building Type	Business Park
litle	Freehold
(%) Ownership	100
Year Built	1989
Zorsing	General Industrial
Site Area (ha)	0.8
Ležable Area ('000m°)	4.7
Site Coverage (%)	-60
Number of Buildings	$\frac{2}{3}$
Number of Suites	$\overline{1}$
Average Suite Size ('000m°)	4.7
Office Content (%)	67
Car Parking Spaces	128
Acquisition Date	Jui-1998
Acquisition Price plus Additions (A\$^m)	9.7
Book Value (A\$'m).	8.4
Independent Valuation Date	Jun-2004
Independent Valuation (A\$′m)	8.0
Capitalisation rate (%)	8.50
Average Passing Rent (A\$/m°)	150
Average Market Rent (A\$/m°)	150
Initial Yield (%)	8.50
Discount Rate (%)	10.90
Major Tenant	Canon Australia Pty Limited
Occupancy (%)	100
Weighted Lease Term by Income (years)	4.3
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	100
Year 2031 (%)	0
Year 2012 (%)	Ö
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

Industrial portfolio - United States

industrial portfolio - United States

3765 Atlanta Industrial Drive. Atlanta

i=20 West Fulton Submarket, approximately two miles from the intersection of the I-285 and Bankhead Highway and five miles from the I-20 Fulton Industrial Parkway Intersection. Fifteen miles west of Downtown Atlanta. Approximately ten miles from the Atlanta airport. One story, concrete ält-up, multi-tenant warehouse building. Roof system is membrane/EPDM.

7100 Highlands Parkway, Atlanta

1-20 West Fulton Submarket, three miles from I-285, approximately 15 miles from downtown Atianta and ten miles from the Atlanta airport. One story, concrete tilt-up, single terrant flex building. Roof system is membrane/EPDM.

Stone Mountain, Atlanta

Approximately 30 miles from I-85 and 3 miles from US 78. Stone Mountain is located approximately 23 miles from Downtown Atlanta and 28 miles from the Atlanta airport. The property is one mile from the intersection of South Royal Drive and Mountain Industrial/ Jamary Carter Boulevard. Three, one story, brick, multi-tenant warehouse buildings. Roof systems are built-up tar and metal.

Detans
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zorsing	12
Year Built	1986
Site Area (acres)	10.3
Lettable area ('000sf) [[1] [1] [1] [1] [1] [1] [1] [1] [1] [1	162.0
Site Coverage (%) .	36
Number of Buildings [1999] Number of Buildings	歪
Number of Suites	2
Average Suite Size ('000sf)	81.0
Office Content (%)	12
1.56 per 1,000 st Parking Space Ratio (sf) .
Acquisiãon Date .	Sep-2004
Acquisition Price plus Additions (US\$'m)	4.6
Book Value (US\$'m)	5.1
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m)	5.3
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf)	3.32
Average Market Rent (US\$/sf)	2.92
Discount Rate (%)	9.00
Fedex Ground Package System Major Tenant
(>Ccuparicy (%)	100
Weighted Lease Term by Income (years)	1.6
Year 2006 (%)	Ċ 79
Year 2007 (%)	$^{21}$
Year 2008 (%) Year 2009 (%)	C
Year 2010 (%)	Ċ
Year 2011 (%)	Ć
Year 2012 (%)	Ć
Year 2013 (%)	¢
Year 2014 (%)	Ċ
Year 2015* (%)	Ó

Details

Building Type	Business Park
Ownership (%)	80
Co-Owner	CalWest
Zoning	冈
Year Built	1997
Site Area (acres)	- 25.0
Lestable area (1000sf)	150.0
Site Coverage (%)	14
Number of Buildings	1
Number of Suites
Average Suite Size ('000sf)	150.0
Office Confent (%)	100
Parking Space Ratio (sf) - 70 per 1,000 sf
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m).	34.0
Book Value (US\$'m)	13.2
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	13.2
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	7.69
Average Market Rent (US\$/sf)	7.50
Discount Rate (%)	8.50
Major Tenant International Business Machine
(%) (00-cupancy	100
Weighted Lease Term by Income (years)	2.0
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	100
Year 2009 (%)	0
Year 2010 (%)	Ò
Year 2011 (%)	Q
Year 2012 (%)	Ő
Year 2013 (%)	Q
Year 2014 (%)	0
Year 2015* (%)	Ó

Details Building Type Industrial Estate Ownership (%) 80 $1.1.1.1.1.1$ CalWest Co-Owner M (Light Industrial) Zoning $1987 - 1989$ Year Built Site Area (acres) $6.5$ 134.2 Lettable area ('000sf) Site Coverage (%) 47 Number of Buildings $\ddot{3}$ Number of Suites 36 Average Suite Size ('000sf) 8.4 Office Confent (%) 22 1.48 per 1,000 sf Parking Space Ratio (sf) Acquisition Date Sep-2004 Acquisition Price plus Additions (US\$'m) 6.5 Book Value (US\$'m) 6.1 Independent Valuation Date เมก~2005 Independent Valuation (US\$ m) $5.1$ Capitalisation Rate (%) 9.00 Average Passing Rent (US\$/sf) 5.76 Average Market Rent (US\$/sf) 4.76 Discount Rate (%) 10.00 Major Tenant Valet Dry Cleaning Of Atlanta $\ldots$ Occupancy (%) 74 Weighted Lease Term by Income (years) $1.2\,$ 38. Year 2006 (%) ö Year 2007 (%) Year 2008 (%) 26 7 Year 2009 (%) Year 2010 (%) $\Omega$ 3 Year 2011 (%) Ó Year 2012 (%) Year 2013 (%) Ö Year 2014 (%) Ó Year 2015+ (%) 0

Town Park Drive, Atlanta

Northwest submarket, proximate to both t-75 and t-575 via Chastain Road. Two, one story, concrete tilt-up, multi-tenant flex buildings. Roof system is membrane/EPDM.

Williams Drive, Atlanta

Northwest submarket, along I-75 and I-575. Nearby to Canton Road (Highway Spur 5) at the intersection of Williams Drive and Guffen. Three, one story, brick and steel, single/multi-tenant. warehouse buildings. Roof systems are modified bitumen and roof membrane.

Bristol Court, Baltimore

Located in the Baltimore/Wash Industrial Park (BWP), which is just off US Route 1 between Route 175 and Route 32. Two, one story, concrete tilt-up multi-tenant warehouse buildings. Roof systems are membrane/EPDM.

Details
Building Type		Business Parl
Ownership (%)		80
Co-Owner		CalWes
Zoning .		ОS
Year Built .		1995
Site Area (acres) لتستدع	.	30.0
Lettable area ('000sf)		121.4
Site Coverage (%)		28
Number of Buildings [1999]
Number of Suites		Ś
Average Suite Size ('000sf)		.35.2
Office Conterst (%)		24
Parking Space Ratio (sf) 1.7 per 1,000 s
Acquisition Date		Sep~200}
Acquisition Price plus Additions (US\$'m)		-6.3
Book Value (US\$'m)		6.6
Independent Valuation Date		Jun-2008
independent Valuation (US\$'m)		6.6
Capitalisation Rate (%)		8.00
Average Passing Rent (US\$/sf)		4.09
Average Market Rent (US\$/sf)		5.19
Discount Rate (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[		8.50
Major Tenant	Healthtronics, Inc.
(Secupancy (%)		9ť
Weighted Lease Term by Income (years)		3.1
Year 2006 (%)		ł
Year 2007 (%)		23
Year 2008 (%)		18
Year 2009 (%)		17
Year 2010 (%)		Ó
Year 2011 (%)		$\overline{2}\overline{3}$
Year 2012 (%)		l
Year 2013 (%)		⟨
Year 2014 (%)		l
Year 2015* (%)		⟨

Details
Building Type. Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	LI
Year Built	1987
Site Area (acres)	-14.3
Lettable area ('000sf)	208.3
Site Coverage (%)	- 34
Site Coverage Arcordi Number of Buildings	3
Number of Suites	14
Average Suite Size ('000sf)	14.9
Office Content (%)	15
دد. 2.38 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m)	$-9.0$
Book Value (US\$'m) $\ldots$	8.3
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m).	8.3
. Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf) 4.91
Average Market Rent (US\$/sf) $\ldots$ 4.64
Discount Rate (%)	9.00
Computer Data Exchange Inc. Major Tenant
Occupancy (%)	-71
Weighted Lease Term by Income (years)	1.4
Year 2006 (%) [[[	40
Year 2007 (%)	6 3
Year 2008 (%)
Year 2009 (%)	9370
Year 2010 (%)
Year 2011 (%)
Year 2012 (%)
Year 2013 (%)	Ő
Year 2014 (%)	Ó
Year 2015* (%)	Ó

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
M~2 Manufacturing Heavy Zoning,
Year Built 1986 - 1987
Site Area (acres)	10.6
Lettable area ('000sf)	133.1
Site Coverage (%)	29
Number of Buildings	$\overline{c}$
Number of Suites	30
Average Suite Size ('000sf)	13.3
Office Content (%)	13
0.86 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	9.3
Book Value (US\$'m)	10.3
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	10.3
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	6.95
Average Market Rent (US\$/sf)	5.83
Discount Rate (%)	8.75
Nieto Engineering, Inc. Major Tenant
Occupancy (%) —	49
Weighted Lease Term by Income (years)	1.1
Year 2006 (%)	13
Year 2007 (%)	22
Year 2008 (%)	Ó
Year 2009 (%)	15
Year 2010 (%)	5
Year 2011 (%)
Year 2012 (%)	0 0
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	O

industrial portfolio - United States (continued)

Cabot Techs, Baltimore

Eccated just northeast of the intersection of I-295 (Battimore/Washington Expressway) and I-95. One story, masonry, multi-tenant, flex buildings. Roof systems are membrane/EPDM.

9112 Guilford Road, Baltimore

Located off Route 32, just East of i-95. One story, masonry, single tenant, flex building. Roof system is membrane/EPDM.

Fort Holabird Industrial, Baltimore

The buildings are located within one mile of the Interstate 95, Interstate 895 and the Port. of Baltimore. Three, one story, brick and block multi-tenant warehouse/distribution buildings.

Details Building Type Business Park 80 Ownership (%) ....................................... Co-Owner CalWest W1 - Industrial Park District Zoning ويستداد ويتور Year Built 1999 Site Area (acres) 30.5 Lettable area ('000sf) 130.7 . . . . . . . . . Site Coverage (%) 29 Number of Buildings $\overline{2}$ Ŝ Number of Suites Average Suite Size ('000sf) 26.1 Office Content (%) 92 Parking Space Ratio (sf) 5.06 per 1,000 sf Acquisition Date Sep-2004 Acquisition Price plus Additions (US\$'m) 20.2 Book Value (US\$'m) 24.0 Independent Valuation Date Jun-2005 independent Valuation (US\$'m) $24.0$ 8.00 Capitalisation Rate (%) Average Passing Rent (US\$/sf) 14.54 13.50 Average Market Rent (US\$/sf) Discount Rate (%) 8.50 Major Tenant Erickson Retirement Communities Occupancy (%) 300 Weighted Lease Term by Income (years) 3.7 Year 2006 (%) 28 Year 2007 (%) $\circ$ Year 2008 (%) $\overline{Q}$ Year 2009 (%) 18 Year 2010 (%) $\theta$ Year 2011 (%) 32 $14$ Year 2012 (%) Year 2013 (%) $\overline{8}$ $\mathcal{L}{\mathcal{F}}(\mathcal{L}{\mathcal{F}})$ . In particular, Year 2014 (%) $\ddot{o}$ Year $2015*(\%)$ ....... Ö

Details
Building Type Business Park
Ownership (%)	80
Co-Owner	CalWest
Zorang	NT
Year Built	1999
Site Area (acres).	-4.8
Lestable area ('000sf) :	55.0
Site Coverage (%).	27
Number of Buildings	$\mathbf{1}$
Number of Suites	٦
Average Suite Size ('000sf) -	55.0
Office Conferit (%)	100
2.93 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	8.0
Book Value (US\$'m)	9.4
Independent Valuation Date independent Valuation (US\$'m) Independent Valuation (US\$'m)	Jun~2005 9.4
Capitalisation Rate (%)	-7.50
Average Passing Rent (US\$/sf)	11.03
Average Market Rent (US\$/sf)	13.00
Discount Rate (%)	8.50
Major Tenant
(%) (0ccupancy	100
Weighted Lease Term by Income (years)	9.6
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	Ó
Year 2011 (%)	Ő
Year 2012 (%)	õ
Year 2013 (%)	ğ
Year 2014 (%)	Ó
Year 2015* (%)	100

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning M~2~1 Industrial
1987 - 1990 Year Built
Site Area (acres):	10.8
Lettable area ('000sf).	172.4
Site Coverage (%)	37
Number of Buildings	3
Number of Suites	14
Average Suite Size ('000sf)	12.3
Office Confent (%)	20
1.35 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Jun~2005
Acquisition Price plus Additions (US\$'m)	10.3
Book Value (US\$'m)	10.3
Independent Valuation Date Independent Valuation (US\$'m)	Apr-2005 10.0
Capitalisation Rate (%)	8.15
Average Passing Rent (US\$/sf)	5.8
Average Market Rent (US\$/sf)	5.5
Discount Rate (%)	n/a
Fedex Ground Package System Major Tenant
Occupancy (%)	97
Weighted Lease Term by Income (years)	1.9
Year 2006 (%)	52
Year 2007 (%)
Year 2008 (%)	8 0
Year 2009 (%)	$\frac{9}{27}$
Year 2010 (%)
Year 2011 (%) $\ddotsc$	Q
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ő

MD Food Park, Baltimore

The buildings are located in the MD Wholesale. Food Market which is just off Route US 1 at Route 175. Two, one story, masonry and metal, multi-tenant warehouse buildings. Roof systems are metal.

NE Baltimore, Baltimore

The buildings are located just off Route 7, one-half mile north of 1-695 (Baltimore Beltway). Two, one story, masonry multi-tenant warehouse/flex buildings. Roof systems are membrane/EPDM.

Patuxent Range Road, Baltimore

Located in the Baltimore/Wash Industrial Park (BWP), which is just off US Route 1 between Route 175 and Route 32. One story, concrete tilt-up multi-tenant warehouse buildings. Roof system is membrane/EPDM.

Building Type $\ldots$	Distribution Centre
Ownership (%) .	80
Co-Owner .	CalWest
Zoning .	M~1
Year Built .	1987 - 1990
Site Area (acres)	19.8
Lettable area ('000sf)	453.9
Site Coverage (%)	53
Number of Buildings
Number of Suites	ă
Average Suite Size ('000sf)	151.3
Office Content (%)
Parking Space Ratio (sf)	$0.24$ per $3,000$ st
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	18.4
Book Value (US\$'m)	22.E
Independent Valuation Date	Jun-2008
Independent Valuation (US\$'m)	22.E
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	3.90 $\ddot{\phantom{0}}$
Average Market Rent (US\$/sf)	3.62
Discount Rate (%)	9.00
Major Tenant .	B&E Storage
(Secapancy (%)	10C
Weighted Lease Term by Income (years)	23
Year 2006 (%)	зс
Year 2007 (%)	C
Year 2008 (%)	49
Year 2009 (%)	C
Year 2010 (%)	Ċ
Year 2011 (%)	21
Year 2012 (%)	Ċ
Year 2013 (%)	Ç
Year 2014 (%)	Ċ
Year 2015* (%)	¢

Details
Building Type Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zoning	ME-IM
Year Built	1988
Site Area (acres)	7.0
. Lettable area ('000sf)	108.8
Site Coverage (%)	- 36
Number of Buildings	2
Number of Suites	16
Average Suite Size (1000sf)	6.8
Office Content (%)	33
$2.17$ per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	$-7.0$
Book Value (US\$'m) المستبد	8.0
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m)	8.0
Capitalisation Rate (%) .	8.25
Average Passing Rent (US\$/sf)	-6.17
Average Market Rent (US\$/sf)	5.80
Discount Rate (%)	9.00
Goodman Distribution, Inc. Major Tenant
Occupancy (%)	81
Weighted Lease Term by Income (years)	$^{2,4}$
Year 2006 (%)	12
Year 2007 (%)	17
Year 2008 (%)	16
Year 2009 (%)	0
Year 2010 (%)	30
Year 2011 (%)	ة
Year 2012 (%)
Year 2013 (%)	Ő
Year 2014 (%)	Ó
Year 2015* (%)	Ó

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner	CalWest
M~2 Maufacturing Heavy Zoning
Year Built	1985
Site Area (acres).	9.1
Lettable area ('000sf)	151.9
Site Coverage (%)	38
Number of Buildings
Number of Suites	$^{15}$
Average Suite Size ('000sf)	10.1
Office Content (%)
$0.85$ per $1,000$ sf Parking Space Ratio (sf)
Acquisition Date $\sim$	Sep-2004
Acquisition Price plus Additions (US\$'m)	10.9
Book Value (US\$'m)	11.9
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	11.9
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	6.26
Average Market Rent (US\$/sf)	6.02
Discount Rate (%)	8.50
Major Tenant
Occupancy (%)	100
Weighted Lease Term by Income (years)	2.2
Year 2006 (%)	27
Year 2007 (%)	33
Year 2008 (%)	O
Year 2009 (%)	38
Year 2010 (%)	$^{23}$
Year 2011 (%) $\frac{1500}{2012}$ (%)	Q
	ġ
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	û

industrial portfolio - United States (continued)

8155 Stayton Drive, Baltimore

Located in the Baltimore/Washington Industrial Park ('BWIP'), which is just off Route 1 between Route 175 and Route 32. One story, masonry, multi-tenant warehouse/flex building. Roof system is built-up tar.

West Nursery, Baltimore

Located just east of the intersection of I-295 (Baltimore/Washington Expressway) and i-695 (Baltimore Beltway) interchange. Two, one story, masonry and metal, multi-tenant, warehouse/flex buildings. Roof systems are metail.

10 Kenwood Circle, Boston

The property is located at the intersection of 495 and Route 140 (Exit 17) at Grove Street. One stery, masonry multi-tenant warehouse buildings. Roof system is built-up tar.

Details
Building Type	Industrial Estate
Ownership (%)	80
Co-Owner	CalWes
Zoning .	M-2 Manufacturing Heavy
Year Built	1985
Site Area (acres)	9.0
Lettable area ('000sf)	125.7
Site Coverage (%)	32
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	و 62
Office Content (%)
Parking Space Ratio (sf)	$0.72$ per $1,000$ s
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	-6.6
Book Value (US\$'m)	7,4
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m) -	7,4
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	2.30
Average Market Rent (US\$/sf)	4.42
Discount Rate (%)	8.50
Major Tenant	Builder Resource Supply
Occupancy (%)	73
Weighted Lease Term by Income (years)	33
Year 2006 (%)	Ć
Year 2007 (%)	Ć
Year 2008 (%)	36
Year 2009 (%)	C
Year 2010 (%)	l
Year 2011 (%)	C
Year 2012 (%)	ЗË
Year 2013 (%)	C
Year 2014 (%)	ť
Year 2015* (%) .	Ć

Details
Building Type Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
W3 - Industrial Park District Zoning
Year Built	1990
Site Area (acres)	7.8
Lestable area ('000sf).	88.1
Site Coverage (%)	26
Number of Buildings	Ş
Number of Suites	5
Average Suite Size ('000sf)	17.6
Office Confent (%)	46
2.38 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	.69
Book Value (US\$'m)	6.5
Independent Valuation Date Jun-2005
Independent Valuation (US\$'m) -	6.5
Capitalisation Rate (%)	8.50
Average Passing Rent (US\$/sf)	-6.42
Average Market Rent (US\$/sf)	6.68
Discount Rate (%) —	9.00
Airborne Freight Corporation Major Tenant
(%) Occupancy	77
Weighted Lease Term by Income (years)	1.2
Year 2006 (%)	53
Year 2007 (%)	4
Year 2008 (%)	10
Year 2009 (%)	0
Year 2010 (%)	Ö
Year 2011 (%)	Q
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	Ml
Year Built	1987
Site Area (acres):	11.6
Lettable area ('000sf).	153.4
Site Coverage (%)	30
Number of Buildings	1
Number of Suites
Average Suite Size ('000sf)	51.1
Office Confent (%)
1.03 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	10.6
Book Value (US\$'m)	10.3
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	10.3
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	5.30
Average Market Rent (US\$/sf)	5.50
Discount Rate (%)	8.00
KSI Trading Corporation Major Tenant
Оссираясу (%).	100
Weighted Lease Term by Income (years)	2.7
Year 2006 (%)	0
Year 2007 (%)	21
Year 2008 (%)	0
Year 2009 (%)	79
Year 2010 (%)	0
Year 2011 (%)	Ó
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ő

9900 Brookford Street, Charlotte

The property is located northwest of the intersection of I-77, Westinghouse Boulevard exit and southwest of the I-485, Tyron Avenue exit. One story, masonry, multi-tenant. warehouse building. Roof systems are membrace EPDM.

Commerce Park, Charlotte

Located at the intersection of I-77 and Westinghouse Boulevard. Three, one story, concrete tilt-up/masonry, multi-tenant warehouse buildings. Roof systems are membrane EPDM and built-up tar.

Westinghouse, Charlotte

The property is southwest of I-485 and northeast of Route 160 at the intersection of Westinghouse Boulevard and Goodrich Drive. Four, one story, concrete tilt-up masonry, singletenant warehouse buildings. Roof systems are membrane EPDM.

Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zorang	-542
Year Built	1984
Site Area (acres)	-30.9
Lettable area ('000sf)	122.0
Site Coverage (%)	26
Number of Buildings	$\begin{array}{c} 1 \end{array}$
Number of Suites	-2
Average Suite Size ('000sf)	-61.0
Office Content (%)	12
Parking Space Ratio (sf)	ے ۔ 0.66 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	3.8
Book Value (US\$'m)	3.7
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	3.7
Capitalisation Rate (%)	9.00
Average Passing Rent (US\$/sf)	1.86
Average Market Rent (US\$/sf) –	3.05
Discount Rate (%)	9.75
Major Tenant .	Lance, Inc.
(20 Compariely (%)	100
Weighted Lease Term by Income (years)	2.1
Year 2006 (%)	0
Year 2007 (%)	38
Year 2008 (%)	62
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	Ő
Year 2012 (%)	Ő
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ō

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	ł~2
$1981 - 1988$ Year Built
Site Area (acres)	$\frac{11.3}{2}$
.ettable area ('000sf)	192.6
Site Coverage (%)	39
Number of Buildings	$\overline{c}$
Number of Suites	- 10
Average Suite Size ('000sf) -	19.3
Office Content (%)	10
$0.60$ per $1,000$ sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	6.8
Book Value (US\$'m) $\sim$	6.6
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	6.6
Capitalisation Rate (%)	8.75
Average Passing Rent (US\$/sf)	3.66
Average Market Rent (US\$/sf)	3.26
Discount Rate (%)	9.75
Major Tenant Carolina Logistics Services
Occupancy (%)	89
Weighted Lease Term by Income (years)	1.6
Year 2006 (%)	15
Year 2007 (%)	33
Year 2008 (%)	41
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	o Ö
Year 2012 (%)
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning,	l~2
Year Built	1984~1994
Site Area (acres)	31.2
Lettable area ('000sf).	568.5
Site Coverage (%)	42
Number of Buildings	Ą
Number of Suites	4
Average Suite Size ('000sf)	142.1
Office Content (%)
$0.72$ per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	18.7
Book Value (US\$'m)	17.2
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	17.2
Capitalisation Rate (%)	8.75
Average Passing Rent (US\$/sf)	3.31
Average Market Rent (US\$/sf) -	3.00
Discount Rate (%)	9.50
Northern Tool & Equip Co Major Tenant
Occupancy (%) [[[[[COLORES]]	77
Weighted Lease Term by Income (years)	2.6
Year 2006 (%)	0
Year 2007 (%)	20
Year 2008 (%) -	Ű
Year 2009 (%)	18
Year 2010 (%)	40
Year 2011 (%)	0 O
Year 2012 (%) Year 2013 (%)	O
Year 2014 (%)
Year 2015+ (%)	0 O

industrial portfolio - United States (continued)

Airport Exchange, Cincinatti/ North Kentucky

The property is located north of the I-275, Mineola Pike exit. One story, concrete tilt-up multi-tenant flex building. Roof system is membrane/EPDM.

124 Commerce, Cincinatti/ North Kentucky

The property is located just south of the 1-71/Fields Ertel Road exit at Loveland Industrial Park. One story, masonry, single tenant warehouse building. Roof system is metal.

Empire Drive, Cincinatti/ North Kentucky

Proximate to I 71/75 and Dixie Highway just. southwest of the Dixie Highway and Industrial Road intersection. Three, one story, masonry single/multi-tenant warehouse buildings. Roof systems are membrane/EPDM.

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWes
Zoning .	6
Year Built .	1997
Site Area (acres) .	5.7
Lettable area ('000sf)	67.7
Site Coverage (%) .	27
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	13.6
Office Content (%)	23
Parking Space Ratio (sf)	1.98 per 1,000 s
Acquisition Date $\cdots$	Sep-2004
Acquisition Price plus Additions (US\$'m)	$-3.8$
Book Value (US\$'m) $\ldots \ldots \ldots \ldots$	3.6
Independent Valuation Date $\mathbf{r}$ independent Valuation (US\$'m).	- Jun-2005 3.6
Capitalisation Rate (%)	8.75
Average Passing Rent (US\$/sf)	- 5.41
Average Market Rent (US\$/sf)	5.33
Discount Rate (%)	9.50
Major Tenant	Comair, Inc
(Jecuparicy (%) —	80
Weighted Lease Term by Income (years)	23
Year 2006 (%)	ί
Year 2007 (%)	Ć
Year 2008 (%)	42
Year 2009 (%)	4(
Year 2010 (%)	(
Year 2011 (%)	C
Year 2012 (%)	Ć
Year 2013 (%)	(
Year 2014 (%)	Ć
Year 2015* (%) and a strain	Ć

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	1-3 Light Industrial
Year Built	1989
Site Area (acres)	4.3
Lestable area ('000sf).	34.6
Site Coverage (%)	18
Number of Buildings	1
Number of Suites	Ĩ.
Average Suite Size ('000sf)	34.6
Office Confent (%)	13
Parking Space Ratio (sf)	2.49 per 1,000 sf
Acquisition Date	Sen~2004
Acquisition Price plus Additions (US\$'m)	2.2
Book Value (US\$'m)	2.1
Independent Valuation Date	Jun~2005
Independent Valuation (US\$'m).	2.1
Capitalisation Rate (%)	8.50
Average Passing Rent (US\$/sf)	4.94
Average Market Rent (US\$/sf)	5.00
Discount Rate (%)	9.25
Major Tenant	Federal Express Corporation
Occupancy (%)	100
Weighted Lease Term by Income (years)	5.6
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	ö
Year 2009 (%) $\ddot{\phantom{a}}$	ö
Year 2010 (%)	Ō
Year 2011 (%)	100
Year 2012 (%)	0
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	}~2
Year Built	1991 - 1997
Site Area (acres) :	29.9
Lettable area ('000sf) -	196.9
Site Coverage (%)	15
Number of Buildings.	3
Number of Suites
Average Suite Size ('000sf)	21.9
Office Confent (%)	ž4
Parking Space Ratio (sf)	1.31 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	5.3
Book Value (US\$'m)	6.1
Independent Valuation Date	Jun~2005
Independent Valuation (US\$'m)	6.1
Capitalisation Rate (%)	9.50
Average Passing Rent (US\$/sf) -	-3.53
Average Market Rent (US\$/sf)	3.26
Discount Rate (%) ______	11.00
Major Tenant	BWF America Inc
Occupancy (%)	-46
Weighted Lease Term by Income (years)	1.7
Year 2006 (%)	3
Year 2007 (%)	7 ï
Year 2008 (%)
Year 2009 (%)	0
Year 2010 (%)	28
Year 2011 (%) Year 2012 (%)	Ó Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ő

International Way, Cincinatti/ North Kentucky

Eocated at the intersection of (-275 and North) Bend Road at South Park. One story, concrete tilt-up, single tenant warehouse building. Roof system is membrane/EPDM.

Kentucky Drive, Cincinatti/ North Kentucky

The property is located just east of L73/75, proximate to Dixie Highway and Industrial Road intersection. Two, one story, concrete tilt-up and masonry and metal, single/multi-tenant. warehouse/flex buildings. Roof systems are membrane/EPDM and metal.

Kenwood Road, Cincinatti/ North Kentucky

The property is focated just west of the I-71 /I-275 interchange. Seven, one story, concrete tilt-up/masonry and metal, single/multi-tenant warehouse buildings. Roof systems are built-uptar and metal.

Details Building Type industrial Estate 80 Ownership (%) CalWest Co-Owner Zoning $\mathbb{Z}$ $\ldots$ . $\ldots$ Year Built 1990 Site Area (acres) 30.4 Lettable area ('000sf) 300.0 Site Coverage (%) 66 Number of Buildings È Number of Suites Average Suite Size ('000sf) 150.0 Office Content (%) 1 0.45 per 1,000 sf Parking Space Ratio (sf) Acquisition Date Sep-2004 Acquisition Price plus Additions (US\$'m) $9.4$ $10.0$ Book Value (US\$'m) Independent Valuation Date Jun-2005 independent Valuation (US\$ m) 10.0 Capitalisation Rate (%) 8.75 Average Passing Rent (US\$/sf) 2.70 Average Market Rent (US\$/sf) 2.80 Discount Rate (%) 9.50 Qualis (Sublease C'Wealth) Major Tenant Occupancy (%) 100 Weighted Lease Term by Income (years) 9.3 Year 2006 (%) Ö Year 2007 (%) Ö Year 2008 (%) Ö Year 2009 (%) ö Year 2010 (%) 0 Year 2011 (%) $\mathcal{O}$ ő Year 2012 (%) Year 2013 (%) $\overline{O}$ Year 2014 (%) ö $100$ Year 2015* (%)

Building Type. Industrial Estate Ownership (%) 80 Co-Owner CalWest Zoning 1–2 $1991 - 1998$ Year Built Site Area (acres) - - 27.8 Lettable area ('QOOsf) 347.4 29 Site Coverage (%) Number of Buildings Number of Suites Average Suite Size ('000sf) 115.8 Office Content (%) 17 $1.07$ per $1,000$ sf Parking Space Ratio (sf) Acquisition Date Sep~2004 Acquisition Price plus Additions (US\$'m) $-10.8$ Book Value (US\$'m) 10.8 $\ldots$ Jun-2005 Independent Valuation Date Independent Valuation (US\$'m) 10.8 Capitalisation Rate (%) 8.75 Average Passing Rent (US\$/sf) 3.85 2.75 Average Market Rent (US\$/sf) Chemier Discount Rate (%) Occupancy (%) 100 Weighted Lease Term by Income (years) 0.9
























94
Year 2006 (%) Year 2007 (%) 0
Ö Year 2008 (%)
Year 2009 (%) 6
Ö Year 2010 (%)
Year 2011 (%)
$\frac{0}{0}$ Year 2012 (%)
Ő Year 2013 (%)
Ó Year 2014 (%)
Ó Year 2015* (%)

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
gming. M--1 Industrial District
1964 - 1975 Year Built .
Site Area (acres)	40.7
Lettable area ('000sf) -	770.1
Site Coverage (%)	43
Number of Buildings
Number of Suites	-31
Average Suite Size ('000sf)	70.0
Office Content (%)
Parking Space Ratio (sf) $0.44$ per $1,000$ sf
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m)	17.4
Book Value (US\$3n) .	17.1
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m).	$17.1\,$
Capitalisation Rate (%) $\ldots$	$-9.25$
Average Passing Rent (US\$/sf) $\ldots$ 2.71
Average Market Rent (US\$/sf) ____	2.00
Discount Rate (%)	10.00
Major Tenant Commonweath Inc
Occupancy (%)	95
Weighted Lease Term by Income (years)	1.8 10
Year 2006 (%) Year 2007 (%)	55
Year 2008 (%)	8
Year 2009 (%)	23
Year 2010 (%)	$\Omega$
Year 2011 (%)
Year 2012 (%)	0 Ö
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	Ű

industrial portfolio - United States (continued)

Lake Forest Drive, Cincinatti/ North Kentucky

Northwest of I-71 and proximate to the Blue Ash Airport, just off Reed Hartman Highway. Two, one story, masonry and metal, multi-tenant warehouse buildings. Roof systems are built-up tar.

Spiral Drive, Cincinati/ North Kentucky

The property is located just north of the I-717 Houston Road exit. Two, one story, brick on block, single/multi-tenant flex buildings. Roof systems are built-up tar.

Turfway Road, Cincinatti/ North Kentucky

The property is focated at the I-71/I-275 interchange. Three, one story, masonry and metal, multi-tenant warehouse/flex buildings. Roof systems are membrane/EPDM.

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner and a strong company of the company of the strong strong and the strong strong strong and the strong strong strong strong and the strong strong strong strong strong strong strong strong strong strong strong strong strong s	CalWest
Zoning M~1 Industrial District
$1978 - 1979$ Year Built
Site Area (acres) المتبين	23.3
Lettable area ('000sf)	417.0
Site Coverage (%)	42
Number of Buildings	$\dot{2}$
Number of Suites	9
Average Suite Size ('000sf)	46.3
Office Content (%)
0.43 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	$-11.5$
Book Value (US\$'m) .	11.3
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m) –	11.3
Capitalisation Rate (%)	9.00
Average Passing Rent (US\$/sf)	2.60
Average Market Rent (US\$/sf)	2.35
Discount Rate (%)	9.75
Patheon Pharmaceuticals Major Tenant
(Accuparicy (%)	88
Weighted Lease Term by Income (years)	3.3
Year 2006 (%)	6
Year 2007 (%)	Ó
Year 2008 (%).	25
Year 2009 (%)	9
Year 2010 (%)	26
Year 2011 (%)	19
Year 2012 (%)	0
Year 2013 (%)	Q
Year 2014 (%)	0
Year 2015* (%) .	Ó

Details
Building Type Business Park
Ownership (%)	80
Co-Owner	CalWest
Zorang,	$\left[\cdot\right]$
1988 - 1989 Year Built
Site Area (acres)	6.0
Lestable area ('000sf) .	61.6
Site Coverage (%)	24
Number of Buildings	$\overline{c}$
Number of Suites	13
Average Suite Size ('000sf)	4.7
Office Conferit (%)	74
4.09 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	$-5.1$
Book Value (US\$'m)	49
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	4.9
Capitalisation Rate (%)	9.00
Average Passing Rent (US\$/sf)	10.22
Average Market Rent (US\$/sf)	7.25
Discount Rate (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	9.00
Infernal Revenue Service Major Tenant
Occupancy (%)	94
Weighted Lease Term by Income (years)	1.0
Year 2006 (%)	68
Year 2007 (%)	23
Year 2008 (%)	6
Year 2009 (%)	0
Year 2010 (%)	9
Year 2011 (%)	o Ö
Year 2012 (%)
Year 2013 (%)	Ő
Year 2014 (%)	Ö
Year 2015* (%)	Ó

Details
Building Type Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zoning	$^{1-1}$
1990 - 1996 Year Built
Site Area (acres).	12.0
Lettable area ('000sf).	111.9
Site Coverage (%)	21
Number of Buildings	3
Number of Suites	Ş
Average Suite Size ('000sf)	12.4
Office Confent (%)
1.05 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	4.6
Book Value (US\$'m)	4.8
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m) -	4.8
Capitalisation Rate (%)	9.25
Average Passing Rent (US\$/sf)	- 4.27
Average Market Rent (US\$/sf)	5.00
Discount Rate (%)	10.25
Toshiba International Corporation Major Tenant
Occupancy (%)	93
Weighted Lease Term by Income (years)	1.5
Year 2006 (%)	19
Year 2007 (%)	43
Year 2008 (%)	19
Year 2009 (%)	10
Year 2010 (%)	0
Year 2011 (%) $\ddot{\phantom{a}}$	Q
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ő

World Park, Cincinatti/ North Kentucky

West of I-75 and east of Route 747. The property is focated near the intersection of International Boulevard and Duff Drive. Two, one story, concrete tilt-up, single tenant warehouse. buildings. Roof systems are built-up tar.

Equity/Westbelt/Dividend, Columbus

The properties are located (ust north of the (=70) and -270 interchange, between Tribune Road and Reberts Road. Five, one story, concrete tiltup, multi-tenant warehouse/flex buildings. Roof systems are built-up tar and membrane/EPDM.

2700 International Street, Columbus

Northwest of the I-270 and Roberts Road interchange. Single, one story, concrete tilt-up, multi-tenant warehouse building. Roof system is membrane/EPDM.

Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zorang .	M-2 General Industrial
Year Built	1990
Site Area (acres)	23.5
Lettable area ('000sf).	396.8
Site Coverage (%)	39
Number of Buildings -	2
Number of Suites
Average Suite Size ('000sf)	198.4
Office Content (%)
Parking Space Ratio (sf)	0.91 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	30.8
Book Value (US\$'m)	9.9 $\sim$ $\sim$
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m) -	9.9
Capitalisation Rate (%)	8.50
Average Passing Rent (US\$/sf)	1.52
Average Market Rent (US\$/sf)	2.65
Discount Rate (%)	9.60
Major Tenant	Multi Color Corporation
(20 Compariely (%)	52
Weighted Lease Term by Income (years)	1.8
Year 2006 (%)	$\overline{0}$
Year 2007 (%)	0
Year 2008 (%)	Ó
Year 2009 (%)	48
Year 2010 (%)	0
Year 2011 (%)	Ő
Year 2012 (%)	Ö
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type. Industrial Estate
Ownership (%)	80
CalWest Co-Owner
M-2 Manufacturing District Zoning
Year Built	1980
Site Area (acres)	56.0
Lettable area ('QOOsf) -919.7
Site Coverage (%)	- 38
Number of Buildings	\$
Number of Suites	14
Average Suite Size ('000sf) 65.7
Office Content (%)	33
$f)$ $1.32$ per 1,000 sf Parking Space Ratio (sf)
Acquisition Date Sep~2004
Acquisition Price plus Additions (US\$'m) $-33.7$
Book Value (US\$'m) .	38.1
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m) -	38.1
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf) Average Market Rent (US\$/sf)	3.53 2.83

City of Taxes Discount Rate (%)
Occupancy (%)	95
Weighted Lease Term by Income (years)	4.7
Year 2006 (%)
Year 2007 (%)	$\frac{4.2}{2.9}$
Year 2008 (%)
Year 2009 (%)	36
Year 2010 (%)
Year 2011 (%)	27
Year 2012 (%)	0
Year 2013 (%)	Q
Year 2014 (%)	Ó
Year 2015* (%)	15

Details
Building Type	industrial Estate
Ownership (%)	80
Co-Owner	CalWest
gming. M Manufacturing District
Year Built	1988
Site Area (acres)	12.4
Lettable area ('000sf).	152.8
Site Coverage (%)	28
Number of Buildings	l
Number of Suites	3
Average Suite Size ('000sf)	50.9
Office Content (%)
Parking Space Ratio (sf)	2.55 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	3.4
Book Value (US\$'m)	4.0
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	4.0
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf) Average Market Rent (US\$/sf)	$-2.30$ 2.40
Discount Rate (%)	8.50
USF Distribution Services Major Tenant
Occupancy (%)	62
Weighted Lease Term by Income (years)	2.7
Year 2006 (%)	0
Year 2007 (%)	O
Year 2008 (%) -	Ó
Year 2009 (%)	O
Year 2010 (%)	59
Year 2011 (%)	O
Year 2012 (%)	Ò
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	O

industrial portfolio - United States (continued)

SE Columbus, Columbus

Intersection of 270 and Alum Creek Drive at Rickenbacker Airport. Two, one story, concrete tilt-up, multi-tenant warehouse buildings.

3800 Twin Creeks Drive, Columbus

The property is located just east of the I-70/ I-270 interchange, at the N. Wilson Road Exit. One story, concrete tilt-up, multi-tenant warehouse building. New fully adhered EPDM roof.

10th Street, Dallas

These properties are located north of i=90 in the city of Plano, Collin County, Texas. Two, multi-tenant, concrete tilt-up, warehouse/flexbuildings. Roof systems are built-up tar.

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Industrial, City of Colombus Zorsing
Year Built	1995
Site Area (acres)	17.5
Lettable area ('000sf)	361.1
Site Coverage (%)	47
Number of Buildings	$\overline{2}$
Number of Suites	4
Average Suite Size ('000sf)	90.3
Office Content (%)	10
Parking Space Ratio (sf) Acquisition Date	0.63 per 1,000 sf Sep~2004
Acquisition Price plus Additions (US\$'m)	32.1
Book Value (US\$'m)	11.2
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m)	__ 11.2
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	3.38
Average Market Rent (US\$/sf)	2.79
Discount Rate (%)	8.50
Major Tenant Amerisoarce Corporation
(Secuparicy (%)	49
Weighted Lease Term by Income (years)	0.3
Year 2006 (%) Year 2007 (%)	52 6
Year 2008 (%)	Ċ
Year 2009 (%)	¢
Year 2010 (%)	Ċ
Year 2011 (%)	Ć
Year 2012 (%)	Ć
Year 2013 (%)	¢
Year 2014 (%)	Ć
Year 2015* (%) .	Ó

Details
Building Type Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zoning LM Manufacturing District, Limited Overlay
Year Built	1989
Site Area (acres)	9.8
Leãable area ('000sf)	176.0
Site Coverage (%)	41
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	35.2
Office Confent (%)	lj
$0.54$ per $1,000$ sf Parking Space Ratio (sf)
Acquisition Date Acquisition Price plus Additions (US\$'m)	Sep~2004
	- 4.5
Book Value (US\$'m) 4.8 Jun-2005	-4.8
Independent Valuation Date
$-4.8$ Independent Valuation (US\$'m) )
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf) - 2.52
Average Market Rent (US\$/sf)	- 2.56
Discount Rate (%)	8.50
R.J. Schinner & Co. Major Tenant
Occupancy (%) —	100
Weighted Lease Term by Income (years)	3.7
Year 2006 (%)	$\overline{\phantom{0}}^0$
Year 2007 (%)	0
Year 2008 (%)	16
Year 2009 (%)	61
Year 2010 (%)	0
Year 2011 (%)	11
Year 2012 (%)	11
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zoning, LI ~3 Light Industrial
Year Built 1986 - 1999
Site Area (acres).	11.3
Lettable area ('000sf).	206.9
Site Coverage (%)	42
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	29.6
Office Confent (%)
2.1 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m)	8.6
Book Value (US\$'m)	8.8
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m)	8.8
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	$-3.32$
Average Market Rent (US\$/sf)	3.14
Discount Rate (%)	9.00
Plastic Solutions Molding Inc. Major Tenant
Occupancy (%)	76
Weighted Lease Term by Income (years)	2.9
Year 2006 (%)	O
Year 2007 (%)	28
Year 2008 (%)	ij
Year 2009 (%)	12
Year 2010 (%)	9
Year 2011 (%) $\ddotsc$	8 0
Year 2012 (%)
Year 2013 (%)	Q
Year 2014 (%)	0
Year 2015+ (%)	15

455 Airline Drive, Dallas

Located east of Highway 635 in the city of Coppell, Dallas County, Texas. This property is accessible from Airline Drive, One, single story, concrete tilt-up, single tenant warehouse/distribution building. Roof system is membrane/EPDM.

555 Airline Drive, Dallas

Situated east of Highway 35 in Carrollton, Texas, Denton County. The property can be accessed from Dickerson Parkway or Bradley Lane. One, single story, concrete tilt-up, single tenant office/warehouse building. Roof system is membrane/EPDM.

Arlington, Dallas

912 113th Street is focated near Interstate Highway 30 in Ariington, Texas, Tarrant County. 2300 Randol Mill Road is located between. Interstate Highway 30 and Interstate Highway 20 just west of Highway 360. Two, single story, concrete tilt-up, single tenant flex buildings. Roof systems are membrane/EPDM.

Details Building Type Industrial Estate Ownership (%) 80 . . . . . . . . . . . . . . . . . . . . CalWest Co-Owner Heart^on St.
Year Built
Kill LI 1 - Light Industrial $_1991$ $\ldots$ . Site Area (acres) $3.5$ Lettable area ('000sf) 75.0 Site Coverage (%) 50 Number of Buildings Ţ Number of Suites $\overline{1}$ Average Suite Size ('000sf) 75.0 Office Content (%) 1.09 per 1,000 sf Parking Space Ratio (sf) Acquisition Date Sep-2004 Acquisition Price plus Additions (US\$'m) 3.0 Book Value (US\$'m) 3.5 Independent Valuation Date Jun-2005 independent Valuation (US\$'m) 3.5 Capitalisation Rate (%) 7.50 Average Passing Rent (US\$/sf) 3.75 Average Market Rent (US\$/sf) 3.50 Discount Rate (%) ...... $9.00$ Toyo Tire (Usa) Corporation Major Tenant Occupancy (%) 100 Weighted Lease Term by Income (years) $1.3$ Year 2006 (%) $\theta$ Year 2007 (%) $100₁$ Year 2008 (%) Ö Year 2009 (%) ö Year 2010 (%) $\overline{0}$ Year 2011 (%) $\mathcal{O}$ õ Year 2012 (%) Year 2013 (%) Ö Year 2014 (%) Ő ö Year 2015* (%)

Details
Building Type Industrial Estate
Ownership (%) 80
Co-Owner CalWest
Zoning Office/Warehouse
1990 Year Built
3.0 Site Area (acres)
56.5 Lettable area ('000sf)
Site Coverage (%) 43
Number of Buildings
Number of Suites
Average Suite Size ('000sf) 56.5
Office Confent (%) 25
Parking Space Ratio (sf) Parking Space Ratio (sf) 234 per 1,000 sf
Acquisition Date Sep~2004 .
Acquisition Price plus Additions (US\$'m) 6.0
6.2 Book Value (US\$'m). .
Jun-2005 Independent Valuation Date
Indeperturum terminischer (US\$ m) Independent Valuation (US\$ m) Cooltelisation Rate (%) 6.2
7.50
Average Passing Rent (US\$/sf) n/a
3.75 Average Market Rent (US\$/sf)
Discount Rate (%) [1999] 9.00
Major Tenant Rediform, Inc. .
Оссиралсу (%) 100
Weighted Lease Term by Income (years) 2.5
Year 2006 (%) 0
Year 2007 (%) 0
ΪÖΟ Year 2008 (%)
Year 2009 (%) 0
0 Year 2010 (%)
Year 2011 (%) Ő
Ö Year 2012 (%)
Year 2013 (%) Q
Ó Year 2014 (%)
Ó Year 2015* (%)

Details
Building Type Business Park
Ownership (%)	80
Co-Owner CalWest
Zoning, 1M – Industrial Manufacturing
Year Built 1979 - 2000
Site Area (acres) 7.4
Lettable area ('000sf) 130.6
Site Coverage (%)	41
Number of Buildings
Number of Suites
65.3 Average Suite Size ('000sf)
Office Content (%)	55
– 1.51 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m)	8.0
Book Value (US\$'m) .	8.3
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m) 83
Capitalisation Rate (%) -8.00
Average Passing Rent (US\$/sf) 3.60
Average Market Rent (US\$/sf) 5.45
Discount Rate (%) == 9.00
B & E Industries, Limited Major Tenant
100 Occupancy (%)
Weighted Lease Term by Income (years)	5.8
Year 2006 (%)	0
Year 2007 (%)	O
Year 2008 (%)	Ó
Year 2009 (%)	0
Year 2010 (%)	O
Year 2011 (%) 100
Year 2012 (%)	0
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	O

industrial portfolio - United States (continued)

Avenue F, Dallas

The property is located east of North Central Expressway in the city of Plano, Collin County, Texas. Three, single story, masonry, multi-tenant flex buildings. Roof system is built-up tar.

1413 Bradley Lane, Dallas

Situated east of Highway 35 in Carrollton, Texas, Denton County. The property can be accessed from Dickerson Parkway or Bradley Lane, One, single story, concrete tilt-up, single tenantoffice/warehouse building. Roof system is membrane/EPDM.

Capital Avenue, Dallas

These buildings are located north of I-90 in the city of Piano, Collin County, Texas. Two, single story, concrete tilt-up, multi-tenant, warehouse/ flex buildings. Roof systems are built-up tar.

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner .	CalWest
LI 1 - Light Industrial Zoning anna a
Year Built .	1984
Site Area (acres) $\mathcal{L}_{\text{infinite}}$	5.3
Lettable area ('OOOsf) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	73.1
Site Coverage (%)	31
Number of Buildings	್ತ 3
Number of Suites	11
Average Suite Size ('000sf)	6.6
Office Content (%)	80
Parking Space Ratio (sf)	3.17 per 1,000 sf
Acquisition Date .	Sep-2004
Acquisition Price plus Additions (US\$'m)	6.3
Book Value (US\$'m)	-7.1
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m).	.7.3
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	10.54
Average Market Rent (US\$/sf)	9.50
Discount Rate (%)	9.00
Agilent Technologies Inc Major Tenant
Occupancy (%)	93
Weighted Lease Term by Income (years)	2.6
Year 2006 (%)	27
Year 2007 (%)	ïЗ
Year 2008 (%)	33
Year 2009 (%)	0
Year 2010 (%)	6
Year 2011 (%)	0
Year 2012 (%)	Ó
Year 2013 (%)	15
Year 2014 (%)	0
Year 2015* (%) .	Ó

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner	CalWest
Zorang	Office/Warehouse
Year Built	1984
Site Area (acres)	3.0
Leĝable area ('000sf)	56.5
Site Coverage (%)	43
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	56.5
Office Confent (%)
Parking Space Ratio (sf)	– 1.34 per 1,000 sf
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	3.1
Book Value (US\$'m)	2.7
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	27
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf)	5.25
Average Market Rent (US\$/sf)	5.50
Discount Rate (%)	9.00
Major Tenant I	Allmetal Inc
Occupancy (%) -	100
Weighted Lease Term by Income (years)	3.2
Year 2006 (%)	0
Year 2007 (%)	Ö
Year 2008 (%)	Ö
Year 2009 (%)	100
Year 2010 (%)	0
Year 2011 (%)	Q
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015* (%)	0

Details
Building Type Industrial Estate
Ownership (%) 80
CalWest Co-Owner
LI ~3 Light Industrial Zoning,
Year Built 1986 - 1999
- 5.7 Site Area (acres) :
Lettable area ('000sf) : 100.5
Site Coverage (%) 40
2 Number of Buildings
Number of Suites
33.5 Average Suite Size ('000sf)
Office Confent (%) 32
- 2.24 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m) $-5.4$
Book Value (US\$'m) 6.1
Independent Valuation Date Jun-2005
Independent Valuation (US\$'m) 5,1
Capitalisation Rate (%) 8.00
Average Passing Rent (US\$/sf) 3.48
4.50 Average Market Rent (US\$/sf)
Discount Rate (%) 9.00
Major Tenant Probity Electronics
Occupancy (%) 100
Weighted Lease Term by Income (years) 3.2
Year 2006 (%) 34
Year 2007 (%) O
Ó Year 2008 (%)
39 Year 2009 (%)
Year 2010 (%) 0
Year 2011 (%) 0 $\ddot{\phantom{a}}$
27 Year 2012 (%)
Year 2013 (%) O
Year 2014 (%) 0
Year 2015+ (%) û

1900 Diplomat Drive, Dallas

Eocated west of Highway 35 in Carrollton, Texas, Denton County. The property is accessible by Benchmark Drive and Diplomat Drive. One, single story, concrete tilt-up, multi-tenant flex building. Roof system is built-up tar.

2055 Diplomat Drive, Dallas

Located west of Highway 35 in Carrollton, Texas, Denton County. The property is accessible by Benchmark Drive and Diplomat Drive. One, single story, concrete tilt-up, single tenant flex building. Roof system is built-up tar.

East Collins, Dallas

The property is focated east of North Central Expressway in the city of Richardson, Dallas County, Texas. It is accessible from Firman Drive and Collins Boulevard. One, single story, concrete tilt-up, multi-tenant flex building. Roof system is membrane/EPDM.

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner .	CalWest
11-1 Light Industrial Zoning $\ldots$
Year Built .	1984
Site Area (acres) $\sim$	4.4
Lettable area ('000sf)	82.8
Site Coverage (%)	43
Number of Buildings [[11][11][11][11][11][11][11][11][11][1	1
Number of Suites	2
Average Suite Size ('000sf)	41.4
Office Content (%)	23
$1.90 \text{ per } 1.000 \text{ s}$ Parking Space Ratio (sf)
Acquisition Date 1.11111111111111111111111111111111111	Sep-2004
Acquisition Price plus Additions (US\$'m)	$\frac{4.1}{2}$
Book Value (US\$'m) .	4.3
Independent Valuation Date	Jun~2008
independent Valuation (US\$'m)	4.3
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf) Average Market Rent (US\$/sf)	-4.42 4.50
Discount Rate (%)	9.00
Major Tenant McDonald Technologies International
(Secapancy (%)	100
Weighted Lease Term by Income (years)	2.C
Year 2006 (%)	Ċ
Year 2007 (%)	39
Year 2008 (%)	61
Year 2009 (%)	C
Year 2010 (%)	Ċ
Year 2011 (%)	Ç
Year 2012 (%)	Ċ
Year 2013 (%)	¢
Year 2014 (%)	Ċ
Year 2015* (%)	Ċ

Details
Building Type. Business Park
Ownership (%)	80
Co-Owner ilia. Saad .	CalWest
Zoning LI-1 Light Industrial $\frac{1}{2}$
Year Built .	1997
Site Area (acres)	- 2.6
Lettable area ('000sf)	53.4
Site Coverage (%)	- 46
She Coverage v.e Number of Buildings	1
Number of Suites
Average Suite Size (1000sf) Average Suite Size (1000sf)	53.4
Office Content (%) رہ (sf) 2.7 per 1,000 sf	57
Parking Space Ratio (sf)
Acquisition Date Acquisition Price plus Additions (US\$'m)	Sep-2004
	2.5
Book Value (US\$'m) .	3.4 Jun-2005
Independent Valuation Date Independent Valuation (US\$"m) –	-3.4
Capitalisation Rate (%) 8.50
Average Passing Rent (US\$/sf)	…n/a
Average Market Rent (US\$/sf)	4.50
Discount Rate (%) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	9.00
Major Tenant	Ż,
Occupancy (%)	0
Weighted Lease Term by Income (years)	0.0
Year 2006 (%) 2008	0
Year 2007 (%)	0
Year 2008 (%)	ő
Year 2009 (%)	$\frac{0}{0}$
Year 2010 (%)
Year 2011 (%)	$\frac{0}{0}$
Year 2012 (%)
Year 2013 (%)	Ő
Year 2014 (%)	Ó
Year 2015* (%)	Ó

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner	CalWest
Zoning	IM (1) SPL
Year Built	1985

Site Area (acres):	4.5 56.5
Lettable area ('000sf).	29
Site Coverage (%)
Number of Buildings	1
Number of Suites
Average Suite Size ('000sf)	14.1
Office Content (%)	31 $4.34$ per 1,000 sf
Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	3.3
Book Value (US\$'m)	3.9
Independent Valuation Date Independent Valuation (US\$'m)	Jun-2005 39
	8.00
Capitalisation Rate (%)
Average Passing Rent (US\$/sf)	7.18
Average Market Rent (US\$/sf)	7.40
Discount Rate (%)	9.00
Air System Component Major Tenant
Occupancy (%) ______ __	75
Weighted Lease Term by Income (years)	3.5
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	Ó
Year 2009 (%)	O
Year 2010 (%)	44
Year 2011 (%)	28
Year 2012 (%)	O
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	O

industrial portfolio - United States (continued)

3601 East Plano/1000 Shiloh Road, Dallas

North of I-90 and east of North Central Expressway. The properties are accessible from East Plano Parkway. Two, one story, concrete tilt-up, multi-tenant warehouse/flex buildings. Roof systems are membrane/EPDM.

East Plano/Summit, Dallas

North of I-90 and east of North Central Expressway. The properties are accessible from East Piano Parkway. Four, one story, concrete tilt-up, multi-tenant warehouse/flex buildings. Roof systems are built-up tar.

Hillguard, Dallas

The properties are located east of I 635 between Forest Lane and Miller Road. Three, single story, concrete tilt-up, multi-tenant. warehouse/flex buildings. Roof systems are membrane/EPDM.

Detans
Building Type .	Indusžriai Estate
Ownership (%)	80
Co-Owner .	CalWes
RT -- Research Technology Zorsing المسد Same
Year Built	1998
Site Area (acres)	39.6
Lettable area ('000sf) .	286.9
Site Coverage (%)	34
Number of Buildings
Number of Suites $\ldots$
Average Suite Size ('000sf) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	71.7
Office Content (%)	12
Parking Space Ratio (sf) 2.17 per 1,000 s
Acquisition Date	,\$ep~2004
Acquisition Price plus Additions (US\$'m)	31.5
Book Value (US\$'m)	13.9
Independent Valuation Date	Jun-2005
Independent Valuation (US\$ m)	13.9
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf) .	1.60
Average Market Rent (US\$/sf)	4.47
Discount Rate (%) *Committee Committee States*	9.25
Major Tenant	Tekeled
Occuparicy (%) .	44
Weighted Lease Term by Income (years)	2.8
Year 2006 (%)	Ç
Year 2007 (%)	18
Year 2008 (%)	Ć
Year 2009 (%)	C
Year 2010 (%)	Ć
Year 2011 (%)	Ç
Year 2012 (%)	Ć
Year 2013 (%)	Ć
Year 2014 (%)	31
Year 2015* (%)	C

Details
Building Type Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
RT -- Research Technology Zorang,
Year Built	1998-1999
Site Area (acres)	21.2
Lestable area ('000sf) .	306.6
Site Coverage (%)	33
Number of Buildings	4
Number of Suites
Average Suite Size ('000sf)	. 38.3
Office Content (%)
3.04 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	$-20.0$
Book Value (US\$'m)	20.6
Independent Valuation Date Independent Valuation (US\$'m).	Jun-2005 20.6
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf)	6.72
Average Market Rent (US\$/sf)	6.42
Discount Rate (%)	9.25
XO Communications Major Tenant
Occupancy (%)	-96
Weighted Lease Term by Income (years)	2.6
Year 2006 (%)	0
Year 2007 (%)	44
Year 2008 (%) -	0
Year 2009 (%)	37
Year 2010 (%)	3
Year 2011 (%)	0 5
Year 2012 (%)
Year 2013 (%)	Ő
Year 2014 (%)	Ö
Year 2015* (%)	Ó

Details
Building Type	Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
IR - Industrial Research District Zoning
Year Built .	1980
Site Area (acres) -	12.6
Lettable area ('000sf) -	247.9
Site Coverage (%)	45
Number of Buildings $\ddotsc$	3
Number of Suites	$^{+8}$
Average Suite Size ('000sf)	31.0
Office Confent (%)	ž4
$1.22$ per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)
Book Value (US\$'m) .	8.0
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	8.0
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf) -	3.41
Average Market Rent (US\$/sf)	3.20
Discount Rate (%) __	9.00
Major Tenant	MBT International
Occupancy (%)	-66
Weighted Lease Term by Income (years)	2.1
Year 2006 (%)	0
Year 2007 (%)	27
Year 2008 (%)	8
Year 2009 (%)	37
Year 2010 (%)	18
Year 2011 (%)	Q
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ő

North Lake, Dallas

Located just north of Beltine Road in the city of Coppell, Dallas County, Texas, it is accessible from Beltline Road and North Lake Drive. One, single story, concrete tilt-up, multi-tenantwarehouse/ distribution building. Roof system is built-up tar.

11011 Regency Crest Drive, Dallas

The property is located east of I 635 in the city of Dallas, Dallas County, Texas. It is accessible from Sanden Drive and Regency Crest Drive. One, single story, concrete tilt-up, multi-tenant warehouse building. Roof system is built-up tar.

CTC at Valwood, Dallas

This building is located in the northwest region of Dailas County on the southwest corner of the intersection of Hutton Drive and Hutton Court between Route 175 and Route 32. Concrete tilt. wall panels with glass storefront, multi-tenant, flex building. Roof system is membrane/EPDM.

Building Type .	Distribution Centre
Ownership (%)	80
Co-Owner .	CalWest
Zorang .	LI-1 ~ Light Industrial
Year Built	$\frac{1982}{1582}$
Site Area (acres) Lettable area (1000sf) Site Coverant (1000sf) Site Coverant (111	$-11.5$
	230.4 ________
Site Coverage (%) and the state	46 $\begin{array}{c} \begin{array}{c} \begin{array}{c} \begin{array}{c} \end{array} \ \end{array} \end{array} \end{array}$
Number of Buildings [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	$\ldots$ 1
Number of Suites	4
Average Suite Size ('000sf)	57.6
Office Content (%)	19
2015 - Southern Mez Parking Space Ratio (sf) ______
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m) _____8.6
Book Value (US\$'m)	10.4 $\ldots$
Independent Valuation Date [11] [111-2005]
independent Valuation (US\$'m) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	10.4
Capitalisation Rate (%)	- 8.00 .
Average Passing Rent (US\$/sf) -	3.60 $\frac{1}{2}$
Average Market Rent (US\$/sf)	3.44
	9.00
Civersex	inc.
(Jecupancy (%).	100
Weighted Lease Term by Income (years)	4.0
Year 2006 (%)	15
Year 2007 (%)	0
Year 2008 (%)	14
Year 2009 (%)	0
Year 2010 (%)	71
Year 2011 (%)	Q
Year 2012 (%)	ő
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	Ó

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
IR - Industrial Research Zoning
Year Built	1999
Site Area (acres)	8.8
Lettable area ('000sf)	176.6
Site Coverage (%)	46
Number of Buildings	1
Number of Suites
Average Suite Size ('000sf)	44.2
Office Confent (%)
5 Parking Space Ratio (sf) ______
Acquisition Date - Sep~2004
Acquisition Date [11] Magnus Sep-26 Acquisition Price plus Additions (US\$'m)	6.5
Book Value (US\$'m) .	6.1
Independent Valuation Date Jun-2005
Independent Valuation (US\$'m)	6.1
Capitalisation Rate (%) .	8.25
Average Passing Rent (US\$/sf)	3.40
Average Market Rent (US\$/sf)	3.41
Discount Rate (%) [199]	9.00
Major Tenant
Оссиралсу (%)	62
Weighted Lease Term by Income (years)	1.5
Year 2006 (%)	24
Year 2007 (%) $\mathbb{R}^2$	0
Year 2008 (%)	23
Year 2009 (%)	0
Year 2010 (%)	16
Year 2011 (%)	0
Year 2012 (%)	Ő
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner	CalWest
Zoning	LI ~3 Light Industrial
Year Built	2001
Site Area (acres):	-3.2
Lettable area ('000sf)	46.7
Site Coverage (%)	34
Number of Buildings	1
Number of Suites
Average Suite Size ('000sf)	15.6
Office Content (%)	50~70
Parking Space Ratio (sf)	4.0 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	3.3
Book Value (US\$'m)	3.6
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	3,6
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	2.56
Average Market Rent (US\$/sf)	2.43
Discount Rate (%)	9.00
Major Tenant .	Lanvera, Limited
Occupancy (%)	100
Weighted Lease Term by Income (years)	5.0
Year 2006 (%)	0
Year 2007 (%)	O
Year 2008 (%)	43
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	0
Year 2012 (%)	57
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	û

industrial portfolio - United States (continued)

Brackbill, Harrisburg

Eccated in Cumberland County approximately 15 minutes west of Harrisburg off Silver Springs Road between Routes 641 and 11 (north of (-76). Two, one story, masonry and metal, single tenant, warehouse buildings. Roof systems are membrane/EPDM and built-up tac.

181 Fulling Mill Road, Harrisburg

The property is located off I-283 (north of I-76) at N. Union Street and Fulling Mill Road in Dauphin County near Harrisburg. One story, masonry and metal, multi-tenant, warehouse building. Roof system is metal.

Mechanicsburg, Harrisburg

Located in Cumberland County approximately 15 minutes west of Harrisburg, 201 Cumberland is located just off Route 15 and Winding Hill. Road (1 exit south of I-76). 5045 Ritter Road is located off Route 15 and Rossmoyne Road (3 exit north of I-76). Two, one story, masonry and concrete tilt-up, single tenant, warehousebuildings. Roof systems are membrane/EPDM.

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner .	CalWest
Zorsing and the company	Industrial Zone
Year Built .	1984 - 1986
Site Area (acres) [11] [11] [11] [11] [11] [11] [11] [11	28.5
Lettable area ('000sf)	494.4
Site Coverage (%) .	40
Number of Buildings	$\stackrel{2}{\cdot}$ .
Number of Suites a salah s
Average Suite Size ('000sf)	247.2
Office Content (%)
Parking Space Ratio (sf)	0.37 per 1,000 st
Acquisition Date $\cdots$	Sep-2004
Acquisition Price plus Additions (US\$'m) 21.0
Book Value (US\$'m) $\overline{\phantom{a}}$	23.0
Independent Valuation Date	Jun-2005
independent Valuation (US\$ m)	23.0 $\mathbf{H}^{\text{max}}$
Capitalisation Rate (%)	8.00 .
Average Passing Rent (US\$/sf)	$-4.23$
Average Market Rent (US\$/sf) [1999]	4.00
Discount Rate (%) $\cdots$	9.00
Major Tenant .	Exel inc
Occupancy (%)	300
Weighted Lease Term by Income (years)	2.4
Year 2006 (%)	Ć
Year 2007 (%)	Ċ
Year 2008 (%)	300
Year 2009 (%)	C
Year 2010 (%)	Ċ
Year 2011 (%)	Ć
Year 2012 (%)	Ó
Year 2013 (%)	¢
Year 2014 (%)	Ć
Year 2015* (%) and a strainer	Ó

	Detail

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zorang,	Industrial Zone
Year Built	1999
Site Area (acres)	10.6
Lestable area ('000sf).	186.0
Site Coverage (%)	40
Number of Buildings	1
Number of Suites	3
Average Suite Size ("000sf) -	62.0
Office Conferit (%)
Parking Space Ratio (sf)	61 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	8.4
Book Value (US\$'m)	9.0
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	9.0
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf).	4.17
Average Market Rent (US\$/sf)	4.00
Discount Rate (%)	9.00
Major Tenant	Ors Nasco
(%) Occupancy .	62
Weighted Lease Term by Income (years) Year 2006 (%)	2.2 $\circ$
Year 2007 (%)	Ó
Year 2008 (%)	30
Year 2009 (%) $\ddot{\phantom{a}}$	0
Year 2010 (%)	33
Year 2011 (%)	Q
Year 2012 (%)	0
Year 2013 (%)	Ö
Year 2014 (%)	0
Year 2015* (%)	0

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Industrial Zone Zoning,
1986 - 1992 Year Built
Site Area (acres)	-27.6
Lettable area ('000sf).	377.8
Site Coverage (%)	31
Number of Buildings.
Number of Suites
Average Suite Size ("000sf)	188.9
Office Confent (%)
Parking Space Ratio (sf) 0.73 per 1,000 sf
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m)	16.6
Book Value (US\$'m)	18.2
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m)	18.2
Capitalisation Rate (%)	- 8.00
Average Passing Rent (US\$/sf).	3.77
Average Market Rent (US\$/sf) -	4.00
Discount Rate (%)	9.00
Square D. Cornpany Major Tenant
Оссираясу (%) — $\cdots$	100
Weighted Lease Term by Income (years)	2.1
Year 2006 (%)	Ű
Year 2007 (%)	0
Year 2008 (%)	100
Year 2009 (%)	O
Year 2010 (%)	9
Year 2011 (%)	0
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015+ (%)	û

14555 Alondra/ 6530 Altura, Los Angeles

Adjacent to interstate 5 at the Los Angeles County/Orange County in the city of La Mirada and Buena Park. Access to Interstate 5 at Valley View or Knott Avenue are within one mile of both buildings. Two, concrete tilt-up, singletenant, warehouse buildings. Roof systems are built-up tar.

Glendale, Los Angeles

Regional access is provided via Interstate 5 at Glendate Boulevard or the Glendale (2) Freeway at San Fernando Road. The property is located between Glendale Boulevard and Fletcher Drive. Seven, concrete tilt-up, multi-tenant, warehouse buildings. Roof systems are built-up tar.

14489 Industry Circle, Los Angeles

Adjacent to Interstate 5 at the Los Angeles County/Orange County in the city of La Mirada. Access to Interstate 5 at Valley View or Knott Avenue are within one mile of the building. Seven, concrete tilt-up, multi-tenant, warehouse buildings. Roof systems are built-up tar.

Building Type $\ldots$	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning .	Industrial
Year Built .	1967 ~ 1969
Site Area (acres)	35.6
Lettable area ('000sf)	304.4
Site Coverage (%)	46
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	152.2
Office Content (%)	g
Parking Space Ratio (sf) 1.06 per 1,000 si
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	37.3
Book Value (US\$'m)	20.8
Independent Valuation Date	Jun--2006
Independent Valuation (US\$'m)	20.8 $\mathcal{L}_{\mathcal{A}}$ .
Capitalisation Rate (%)	7.OC
Average Passing Rent (US\$/sf)	4.90
Average Market Rent (US\$/sf)	4.40
Discount Rate (%)	7.78
Major Tenant .	Kittrich Corporation
(Secapancy (%)	10C
Weighted Lease Term by Income (years)	2.9
Year 2006 (%)	C
Year 2007 (%)	31
Year 2008 (%)	Ċ
Year 2009 (%)	69
Year 2010 (%)	C
Year 2011 (%)	C
Year 2012 (%)	Ċ
Year 2013 (%)	Ç
Year 2014 (%)	Ċ
Year 2015* (%)	¢

Details
Building Type. Industrial Estate
Ownership (%) 80
CalWest Co-Owner
LA MZ~1 Zoning
1966 - 1994 Year Built
Site Area (acres) 20.7
Lettable area ('000sf) 451.0
Site Coverage (%) 50
7 Number of Buildings
24 Number of Suites
Average Suite Size ('000sf) 18.8
Office Content (%) 13
$2.0$ per $1,000$ sf Parking Space Ratio (sf)
Acquisition Date Sep~2004
Acquisition Price plus Additions (US\$'m). $-48.3$
Book Value (US\$'m) 56.1 .
$\frac{1}{2}$ Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m) [111] 56.1
Capitalisation Rate (%) $\frac{8.00}{2}$
$-10.17$ Average Passing Rent (US\$/sf)
Average Market Rent (US\$/sf) - 8.36
7.25 Discount Rate (%)
Staples Contract & Commercial Major Tenant
-69 Occupancy (%)
Weighted Lease Term by Income (years) 2.5
21 Year 2006 (%) [[[
Year 2007 (%) 14
Year 2008 (%) $\overline{4}$
lĺ Year 2009 (%)
$\stackrel{3}{\scriptstyle\sim}$ Year 2010 (%) Year 2011 (%)
$\frac{0}{0}$ Year 2012 (%)
Year 2013 (%)
4 Ò Year 2014 (%)
6 Year 2015* (%)

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	Industrial
Year Built	1967 - 1973
Site Area (acres).	$\frac{6.2}{2}$
Lettable area ('000sf).	112.9
Site Coverage (%)	50
Number of Buildings	$\mathbb{L}^1$
Number of Suites
Average Suite Size ('000sf)	112.9
Office Content (%)	12
Parking Space Ratio (sf) 1.04 per 1.000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	6.8
Book Value (US\$'m)	8.3
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	-8.3
Capitalisation Rate (%)	7.00
Average Passing Rent (US\$/sf) $\cdots$	5.30
Average Market Rent (US\$/sf)	4.56
Discount Rate (%)	7.75
Damac Products Inc Major Tenant
Occupancy (%)	100
Weighted Lease Term by Income (years)	2.5
Year 2006 (%)	O
Year 2007 (%) $\ldots$	0
Year 2008 (%)	100
Year 2009 (%)	O
Year 2010 (%)	0
Year 2011 (%)	O
Year 2012 (%)	0
Year 2013 (%)	Ö
Year 2014 (%)	0
Year 2015+ (%)	Ű

industrial portfolio - United States (continued)

San Fernando Valley, Los Angeles

The property is located north of the intersection of the Golden State (5) Freeway and the Hollywood (170) Freeway on San Fernando Road at Sheldon Street. One, concrete tilt-up, multi-tenant, warehouse/flex building. Roof system is membrane/EPDM.

Memphis Industrial, Memphis

Due north of the intersection of E-240 and 78 (Lamer Avenue) on Pilot Drive, One story, brick and steel, single tenant, warehouse building. Roof system is metal.

7401 Cahill Road, Minneapolis

Cahill Road is located off Highway 169, just. south of the Highway 169 and I-694 interchange. {-694 serves as a bettway for the Twin Cities. One story, masonry, multi-tenant, warehouse building. Roof system is built-up tar.

Details
Building Type	industriai Estate
Ownership (%) .	80
Co-Owner	CalWes
Zoning	$M1 \sim 3$
Year Built	1980
Site Area (acres)	8,4
Lettable area ('000sf) ________	181.6
Site Coverage (%)	50
Number of Buildings
Number of Suites a sa sa manang pang
Average Suite Size ('000sf) ______	90.8
Office Content (%)
Strice Content (%) Parking Space Ratio (sf) ______
Acquisition Date .	,Sep~2004
Acquisition Price plus Additions (US\$'m)	34.5
Book Value (US\$'m) ar maalaa k	17.7
Independent Valuation Date	Jun 2008
independent Valuation (US\$'m) –	$\frac{17.7}{2}$
Capitalisation Rate (%)	7.00 .
Average Passing Rent (US\$/sf)	6.73 $\ldots$
Average Market Rent (US\$/sf)	6.42 $\ldots$
Discount Rate (%)	7.75
Ulasseath Adie (1891) Major Renant III – Fedex Ground Package System
(Secuparicy (%) -	300
Weighted Lease Term by Incorne (years)	3.9
Year 2006 (%)	C
Year 2007 (%)	Ć
Year 2008 (%)	14
Year 2009 (%)	86
Year 2010 (%)	Ć
Year 2011 (%)	C
Year 2012 (%)	Ó
Year 2013 (%)	Q
Year 2014 (%)	Ć
Year 2015+ (%)	Ć

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	IL-Light Industrial
Year Built	1987
Site Area (acres)	36.0
Lestable area ('000sf).	336.1
Site Coverage (%)	48
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	336.1
Office Confent (%)
Parking Space Ratio (sf)	$-1.02$ per $1,000$ sf
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	9.2
Book Value (US\$'m)	9.5
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	9.5
Capitalisation Rate (%)	9.25
Average Passing Rent (US\$/sf)	.3.10
Average Market Rent (US\$/sf)	2.95
Discount Rate (%)	10.25
Major Tenant	Reebok International Limited
(%) Occupancy	100
Weighted Lease Term by Income (years)	2.8
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	100
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	Q
Year 2012 (%)	Ó
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
PID - Planned Industrial District Zoning
Year Built	1979
Site Area (acres)	3.2
Lettable area ("000sf) :	45.8
Site Coverage (%)	32
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	22.
Office Confent (%)
1.64 per 1,000 sf Parking Space Ratio (sf)
Acquis#ion Date $\ldots$ .	Sep-2004
Acquisition Price plus Additions (US\$'m)	2.7
Book Value (US\$'m)	2.2
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	$\frac{2.2}{2}$
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf) -	5.82
Average Market Rent (US\$/sf)	5.71
Discount Rate (%) ______	9.00
Major Tenant
Оссираясу (%)	0
Weighted Lease Term by Income (years)	0.0
Year 2006 (%)	0
Year 2007 (%)	O
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	9
Year 2011 (%)	0
Year 2012 (%)	0
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	û

2950 Lexington Avenue S, Minneapolis

Located off the Loan Oak Road exit 35E, just south of the (-35 E/I-494 interchange, I-494 connects with I-694 serving as a belt way for the twin cities. One story, concrete tilt-up, multitenant, warehouse building. Roof system is built-up tar.

8575 Monticello Lane, Minneapolis

Monticello Lane is located off Highway 169, just north of the Highway 169 and I-694 interchange. I-694 serves as a beltway for the Twin Cities. One story, masonry, single tenant, warehouse building. Roof system is membrane/EPDM.

Mounds View, Minneapolis

Located off Highway 10 and 35E, just north of the (-35/I-694 interchange, I-694 serves as a beltway for the Twin Cities. Four, one story, masonry, multi-tenant, warehouse buildings. Roof systems are membrane/EPDM.

Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zorang .	11 - Limited Industrial
Year Built	1979
Site Area (acres)	-32.6
Lettable area ('000sf).	184.4 $\begin{minipage}{0.5\textwidth} \centering \begin{tabular}{ c c c c } \hline \multicolumn{1}{ c }{\textbf{1}} & \multicolumn{1}{ c }{\textbf{2}} & \multicolumn{1}{ c }{\textbf{3}} & \multicolumn{1}{ c }{\textbf{4}} & \multicolumn{1}{ c }{\textbf{5}} & \multicolumn{1}{ c }{\textbf{6}} & \multicolumn{1}{ c }{\textbf{7}} & \multicolumn{1}{ c }{\textbf{8}} & \multicolumn{1}{ c }{\textbf{9}} & \multicolumn{1}{ c }{\textbf{1}} & \multicolumn$
Site Coverage (%)	$\overline{34}$
Number of Buildings	ı
Number of Suites	Ś
Average Suite Size ('000sf)	.36.9
Office Conterst (%)	12
Parking Space Ratio (sf) 1.5 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	8.7
Book Value (US\$'m)	8.5 .
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m)	8.5
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf)	3.41
Average Market Rent (US\$/sf) ______	3.52
Discount Rate (%)	9.00
Major Tenant	Florstar Sales inc.
(Secupancy (%)	100
Weighted Lease Term by Income (years)	2.4
Year 2006 (%)	0
Year 2007 (%)	60
Year 2008 (%)	24
Year 2009 (%)	0
Year 2010 (%)	Ó
Year 2011 (%)	16
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
I ~ Industrial, City of Maple Grove Zoning,
Year Built	1986
Site Area (acres)	3.0
Lettable area ('000sf) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[	40.4
Site Coverage (%)	31
Number of Buildings	l
Number of Suites
Average Suite Size ('000sf)	40.4
Office Content (%)
$1.36$ per $1,000$ sf Parking Space Ratio (sf)
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m)	1.6
Book Value (US\$'m) .	1.9
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m) =	1.9
Capitalisation Rate (%) .	8.25
Average Passing Rent (US\$/sf)	$-2.80$
Average Market Rent (US\$/sf)	4.00
Discount Rate (%)	9.00
Major Tenant Palco Marketing
Occupancy (%) —	74
Weighted Lease Term by Income (years)	3.7
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	Ő
Year 2009 (%)	Ó
Year 2010 (%)	Ó
Year 2011 (%)	67
Year 2012 (%)	0
Year 2013 (%)	0
Year 2014 (%)	Ó
Year 2015* (%)	Ó

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
PUD, City of Mounds View Zoning
Year Built	1989 - 1992
Site Area (acres)	-22.7
Lettable area ('000sf)	321.1
Site Coverage (%)	32
Number of Buildings	م و
Number of Suites
Average Suite Size ('000sf)	35.7
Office Content (%)	20
Parking Space Ratio (sf)	$-2.2$ per $1,000$ sf
Acquisition Date للامتياز المتاب	Sep-2004
Acquisition Price plus Additions (US\$'m)	19.0
Book Value (US\$'m) .	18.9
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	18.9
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf)	6.35
Average Market Rent (US\$/sf)	4.58
Discount Rate (%)	9.00
Quanex Corporation Major Tenant
Occupancy (%) ______	94
Weighted Lease Term by Income (years)	4.1
Year 2006 (%)	0
Year 2007 (%)	19
Year 2008 (%)	33
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	0
Year 2012 (%)	30
Year 2013 (%)	12
Year 2014 (%)	0
Year 2015+ (%)	Ű

industrial portfolio - United States (continued)

6105 Trenton Lane, Minneapolis

Trenton Lane is located off Highway 169, just. south of the Highway 169 and I-694 interchange. I-694 serves as a beltway for the Twin Cities. One story, pre-cast concrete tilt-up, single tenant, warehouse building. Roof system is built-up tar.

Alexandria, Northern Virgina/ Washington DC

Located in the 1-395 Corridor submarket at the rear of Oakville Industrial Park along Route 1, approximately 3 miles south of Washington DC and one mile south of Ronald Reagan Airport. Five industrial, masonry and metal, multi-tenant, warehouse buildings. Roof systems are built-up tar.

Beaumeade Telecom, Northern Virgina/ Washington DC

The Beaumeade Circle buildings are located on Beaumeade Circle in the Beaumeade Corporate Park (ocated just off Waxpool Road in Ashburn, VA approximately 6 miles north of the Dulles International Airport and approximately 30 miles. west of DC. Two, one story, concrete tilt-up, single tenant, flex buildings. Roof systems are membrane/EPDM.

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
16-2 Industrial, City of Plymouth Zorsing
Year Built	1994
Site Area (acres)	-11.8
Lettable area ('000sf)	122.0
Site Coverage (%)	$^{24}$
Number of Buildings [1999]	Ă
Number of Suites	3
Average Suite Size ('000sf)	122.0
Office Content (%)	41
Parking Space Ratio (sf)	3.34 per 1,000 st
Acquisition Date .	Sep-2004
Acquisition Price plus Additions (US\$'m)
Book Value (US\$'m) .	7.3
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m).	7.3
Capitalisation Rate (%)	8.25
Average Passing Rent (US\$/sf)	4.75
Average Market Rent (US\$/sf)	5.60
Discount Rate (%) -	9.00
Major Tenant Select Direct Corporation
(Jecuparicy (%) –	300
Weighted Lease Term by Income (years)	3.9
Year 2006 (%)	Ċ
Year 2007 (%)	Ć
Year 2008 (%)	ö
Year 2009 (%)	100
Year 2010 (%)	Ć
Year 2011 (%)	Ć
Year 2012 (%)	Ć
Year 2013 (%)	¢
Year 2014 (%)	Ć
Year 2015* (%) .	Ć

Details
Building Type	Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zoning	I -- Industrial
Year Built	1946 - 1989
Site Area (acres)	11.2
Lestable area ('000sf).	388.5
Site Coverage (%)	80
Number of Buildings	\$
Number of Suites	21
Average Suite Size ('000sf)	18.5
Office Confent (%)
0.37 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	$-43.8$
Book Value (US\$'m)	52.9
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m) -	-52.9
Capitalisation Rate (%) 8.00
Average Passing Rent (US\$/sf)	5.64
Average Market Rent (US\$/sf)	- 8.73
Discount Rate (%)	9.00
Major Tenant Chesapeake Resource DBA Vault
(%) Occupancy	88
Weighted Lease Term by Income (years)	3.4
Year 2006 (%)	34
Year 2007 (%)	3
Year 2008 (%)	10
Year 2009 (%)	5
Year 2010 (%)	3
Year 2011 (%)	lĺ
Year 2012 (%)	s 6
Year 2013 (%)
Year 2014 (%)	$\ddot{3}$
Year 2015* (%)	10

Details
Building Type Business Park
Ownership (%)	80
Co-Owner	CalWest
PD - IP, Loudon County Zoning
Year Built	2000
Site Area (acres) -	- 14.1
Lettable area ('000sf).	164.45
Site Coverage (%)	27
Number of Buildings	$\overline{c}$
Number of Suites
Average Suite Size ('000sf)	82.2
Office Confent (%)	80
Parking Space Ratio (sf) 3.2 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	31.1
Book Value (US\$'m)	34.0
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	34.0
Capitalisation Rate (%)	7.50
Average Passing Rent (US\$/sf)	14.07
Average Market Rent (US\$/sf)	8.00
Discount Rate (%) ______	7.00
AT&T Corporation Major Tenant Occupancy (%) —	100

Weighted Lease Term by Income (years) Year 2006 (%)	10.5 0
Year 2007 (%)	O
Year 2008 (%)	Ó
Year 2009 (%)	0
Year 2010 (%)	Ó
Year 2011 (%)
Year 2012 (%)	0 Ö
Year 2013 (%)	O
Year 2014 (%)	Ò
Year 2015+ (%)	100

Calvert/ Murry's, Northern Virgina/ Washington DC

Located in the 1-395 Corridor submarket at the rear of Oakville Industrial Park along Route 1, approximately 3 miles south of Washington DC. and one mile south of Ronald Reagan Airport. Three, masonry and metal, multi-tenant, warehouse buildings. Roof systems are built-up tar.

CTC at Dulles, Northern Virgina/ Washington DC

The property is located just east of the Washington-Dulles International Airport. It is proximate to Sully Road at the intersection of Mclearen Road and EDS Drive. One story, concrete tilt-up, single tenant, office building. Roof system is membrane/EPDM.

Guilford, Northern Virgina/ Washington DC

The buildings are located on Beaumeade Circle in the Beaumeade Corporate Park located just off Waxpool Road in Ashburn, VA approximately 6 miles north of the Dulles International Airport. and approximately 30 miles west of DC. The property is readily accessible from State Road 28 via public road ways. Three, one story, masonry and metal, multi-tenant, flex buildings. Roof systems are membrane/EPDM.

Details
Building Type	industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zorang .	1~ Industrial
Year Built	1940~1961
Site Area (acres)	6.1
Lettable area ('000sf)	82.6
Site Coverage (%)	$-31$
Number of Buildings	$\mathbf{B}$
Number of Suites	10
Average Suite Size ('000sf)	8.3
Office Content (%)	15
c1 8.000, 0.95 per 3,000 Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	5.0
Book Value (US\$'m)	52
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m) -	5.2
Capitalisation Rate (%)	8.00
Average Passing Rent (US\$/sf)	6.41
Average Market Rent (US\$/sf)	6.21
Discount Rate (%)	9.00
Alexandria Volkswagon Major Tenant
(Secupancy (%):	92
Weighted Lease Term by Income (years)	3.3
Year 2006 (%)	13
Year 2007 (%)	12
Year 2008 (%)	-6
Year 2009 (%)	40
Year 2010 (%)	11
Year 2011 (%)	Q
Year 2012 (%)	Ó
Year 2013 (%)	Ó
Year 2014 (%)	Ò
Year 2015+ (%)	8

Details
Building Type. Business Park
Ownership (%)	80
Co-Owner	CalWest
Zoning
Year Built	2001
Site Area (acres)	- 10.8
Lettable area ('000sf)	103.5
Site Coverage (%)	22
Number of Buildings
Number of Suites
Average Suite Size (1000sf) Average Suite Size (1000sf)	103.5
Office Content (%)	100
بي. 3 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date .	Sep-2004
Acquisition Price plus Additions (US\$'m)	24.5
Book Value (US\$'m) .	26.0
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m) –	- 26.0
Capitalisation Rate (%) 7.25
Average Passing Rent (US\$/sf) Average Market Rent (US\$/sf)	$-23.80$
	- 20.00
Discount Rate (%)	7.25
US Government [TSA] Major Tenant
Occupancy (%)	100
Weighted Lease Term by Income (years)	8.4
Year 2006 (%) [1999]	0
Year 2007 (%)	0
Year 2008 (%)	Ö
Year 2009 (%)	Ő
Year 2010 (%)	Ö
Year 2011 (%)	$\frac{0}{0}$
Year 2012 (%)
Year 2013 (%)	Ō
Year 2014 (%)	100
Year 2015* (%)	0

Details
Building Type Business Park
Ownership (%)	80
Co-Owner	CalWest
PD ~ IP, Loudon County Zoning
Year Built	1987-1990
Site Area (acres)	13.7
Lettable area (1000sf) in the monomer control of the second second second second second second second second s	177.3
Site Coverage (%)	30
Number of Buildings
Number of Suites	- 15
Average Suite Size ('000sf)	11.8
Office Content (%)	31
$1.83$ per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	16.0
Book Value (US\$'m)	20.8
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	20.8
Capitalisation Rate (%)	7.50
Average Passing Rent (US\$/sf)	8.70
Average Market Rent (US\$/sf)	7.67
Discount Rate (%)	7.00
Major Tenant Old Dominion Brewing Co
Occupancy (%)	96
Weighted Lease Term by Income (years)	1.4
Year 2006 (%)	55
Year 2007 (%)	20
Year 2008 (%) - $\overline{a}$	0
Year 2009 (%)	15
Year 2010 (%)	Á
Year 2011 (%)	Ó
Year 2012 (%)	Ó
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	O

industrial portfolio - United States (continued)

Nokes Boulevard, Northern Virgina/Washington DC

The Nokes Boulevard buildings are in the eastern portion of Loudon County, VA in the city of Sterling. The property is situated in Loudon-Techcenter, a 280-acre park along Route 7 and Route 28. Nokes Boulevard extends to Route 28 with easy access to the Dulles Toll Road and Duiles Airport. Two, one story, concrete tilt-up, multi-tenant, flex buildings. Roof systems are membrane/EPDM.

7500 Exchange Drive, Orlando

The property is located in Oriando Central Park in Southwest Orlando. Access is provided by I-4 to the west (2 miles), the Beeline Expressway to the south (2 miles) and Fiorida's Turnpike to the east (1 mile). One, concrete tilt-up, multi-tenant, warehouse/flex building. Roof system is membrane/EPDM.

Orlando Central Park, Orlando

The properties are located in Orlando Central Park in Southwest Orlando and are accessible by I-4, the Beeline Expressway and Florida's Turnpike. Seven, concrete tilt-up, multi-tenant, warehouse/flex buildings. Roof systems are membrane/EPDM and built-up tar.

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner .	CalWes
PD - IP, Loudon County Zoning .
Year Built	1998~1999
Site Area (acres)	-32.3
Lettable area ('000sf)	167.2
Site Coverage (%)	31
Number of Buildings .
Number of Suites
Average Suite Size ('000sf)	83.6
Office Content (%)	45
Parking Space Ratio (sf)	3.12 per 1,000 s
Acquisition Date .	Sep-2004
Acquisition Price plus Additions (US\$'m)	20.0
Book Value (US\$'m) .	27.9
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m) -	27.5
Capitalisation Rate (%)	7.00
Average Passing Rent (US\$/sf)	9.67 $\cdots$
Average Market Rent (US\$/sf)	8.00 7.50
Discount Rate (%) Exodus Communications Inc Major Tenant
(Jecuparicy (%) –	300
Weighted Lease Term by Income (years)	3.8
Year 2006 (%)	C
Year 2007 (%)	Ć
Year 2008 (%)	Ć
Year 2009 (%)	54
Year 2010 (%)	46
Year 2011 (%)	C
Year 2012 (%)	Ć
Year 2013 (%)	(
Year 2014 (%)	Ć
Year 2015* (%) and a strain	Ć

Details
Building Type Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zoning 1-3 by Orange County Planning and Zoning
Year Built	1979
Site Area (acres)	- 6.6
Lestable area ('000sf) :	115.7
Site Coverage (%)	40
Number of Buildings.	1
Number of Suites	6
Average Suite Size ('000sf)	19.3
Office Conferit (%)	8
0.84 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sen~2004
Acquisition Price plus Additions (US\$'m)	- 49
Book Value (US\$'m) .	5.5
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	5.5
Capitalisation Rate (%)	8.50
Average Passing Rent (US\$/sf)	4.37
Average Market Rent (US\$/sf)	3.75
Discount Rate (%) __	9.00
Major Tenant Kavcan Limited
Оссирапсу (%) —	66
Weighted Lease Term by Income (years)	2.2
Year 2006 (%) Year 2007 (%)	0 14
Year 2008 (%)	0
Year 2009 (%)	34
$\ddotsc$ Year 2010 (%)	0
Year 2011 (%)	18
Year 2012 (%)	0
Year 2013 (%)	Ő
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type	Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zoning 1-3 by Orange County Planning and Zoning
Year Built	1984 - 1992
Site Area (acres)	60.3
Lettable area ('000sf).	1,274.8
Site Coverage (%)	49
Number of Buildings	Ż
Number of Suites
Average Suite Size ('000sf)	424.9
Office Confent (%)
Parking Space Ratio (sf)	1.0 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	- 54.6
Book Value (US\$'m)	58.2
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	58.2
Capitalisation Rate (%)	-7.50
Average Passing Rent (US\$/sf)	- 3.72
Average Market Rent (US\$/sf)	3.62
Discount Rate (%)	8.50
Major Tenant	Universal City Florida Partners
Occupancy (%)	97
Weighted Lease Term by Income (years)	2.7
Year 2006 (%)
Year 2007 (%)	33
Year 2008 (%)	19
Year 2009 (%)	13
Year 2010 (%)	10
Year 2011 (%) $\ddotsc$	7 0
Year 2012 (%)
Year 2013 (%)	Ö
Year 2014 (%)	5
Year 2015+ (%)	Ő

844 44th Avenue, Phoenix

The property is located 1 mile south of I-10 off 43rd Avenue, south of Roosevelt. One story, concrete tilt-up, multi-tenant, warehouse. building. Roof system is built-up tar.

Distribution Centre

$80^{\circ}$ CalWest

$\overline{12}$

1858 East Encanto Drive, Phoenix

The property is located southwest of the 202 and 101 Freeway interchange between University Drive and Broadway Road, Single, concrete tilt-up, multi-tenant, warehouse building. Roof system is built-up tar.

3802-3922 East University Drive, Phoenix

The property is (ocated east of I-10 and south of Sky Harbor Airport on University Drive. Five, one story, concrete tilt-up, multi-tenant, flexbuildings. Roof systems are built-up tar.

Ownership (%) Co-Owner للبيار Zoning — 2009.
Уеаг Влан

Details

Building Type

Year Built	1987
Site Area (acres)	7.8
Lettable area ('000sf). 144.6
Site Coverage (%)	42
Number of Buildings	ľ
Number of Suites	$\frac{2}{3}$
Average Suite Size ('000sf)	72.3
Office Conterst (%)	5
$0.93$ per $1,000$ sf Parking Space Ratio (sf)
Sep-2004 Acquisition Date
Acquisition Price plus Additions (US\$'m).	59
Book Value (US\$'m) .	7.2
Jun-2005 Independent Valuation Date
independent Valuation (US\$'m)	- 7.2
Capitalisation Rate (%)	7.25
Average Passing Rent (US\$/sf)	3.76
Average Market Rent (US\$/sf)	3.36
Discount Rate (%)	8.25
Pierce Leahy Corporation Major Tenant
(Secupancy (%)	100
Weighted Lease Term by Income (years)	6.4
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	0
Year 2009 (%)	43
Year 2010 (%)	0
Year 2011 (%)	Q
Year 2012 (%)	Ö
Year 2013 (%)	0
Year 2014 (%)	57
Year 2015+ (%)	0

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	1-2
Year Built	1990
Site Area (acres)	- 4.7
Lettable area ('000sf)	81.8
Site Coverage (%)	40
Number of Buildings	1
Number of Suites
Average Suite Size ('000sf) -	27.3
Office Content (%)
$\frac{1.77}{2.77}$ per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	$-3.9$
Book Value (US\$'m)	4.1
Independent Valuation Date	Jun-2005
Independent Valuation (US\$"m)	4.1
Capitalisation Rate (%)	8.50
Average Passing Rent (US\$/sf)	4.60
Average Market Rent (US\$/sf)	4.38
Discount Rate (%)	8.50
World Wide Parts & Accessories Major Tenant
Occupancy (%)	100
Weighted Lease Term by Income (years)	4.6
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	26
Year 2009 (%)	0
Year 2010 (%)	56
Year 2011 (%) $\mathbb{R}^2$	0
Year 2012 (%)	Ö
Year 2013 (%)	0
Year 2014 (%)	Ô
Year 2015* (%)	18

Details
Building Type Business Park
Ownership (%)	80
Co-Owner	CalWest
Zoning	A~2
Year Built	1988
Site Area (acres)	8.5
Lettable area ('000sf)	109.7
Site Coverage (%)	30
Number of Buildings	5
Number of Suites	18
Average Suite Size ('000sf)	6.1
Office Content (%)	72
3.24 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	8.9
Book Value (US\$'m)	9.6
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	9.6
Capitalisation Rate (%)	8.75
Average Passing Rent (US\$/sf)	9.80
Average Market Rent (US\$/sf).	8.63
Discount Rate (%)	8.75
Air Products 7 Chemicals Inc Major Tenant
Occupancy (%)	89
Weighted Lease Term by Income (years)	1.7
Year 2006 (%)	36
Year 2007 (%)	34
Year 2008 (%)	6
Year 2009 (%)	0
Year 2010 (%)	Ö
Year 2011 (%)	9 Ö
Year 2012 (%)
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	O

industrial portfolio - United States (continued)

431 North 47th Avenue, Phoenix

The property is located approximately one mile. south of I-10 at the northwest corner of Polk. and 47th Avenue. One story, concrete tilt-up, single tenant, warehouse building. Roof system is built-up tar.

220 South 9th Street, Phoenix

The property is located northwest of the I-10 and I-17 interchange. One story, concrete Blt-up, multi-tenant, warehouse building. Roof system is built-up tar.

1429-1439 South 40th Avenue, Phoenix

The property is focated approximately 2-3/2. miles west of I-17 and south of West Buckeye Road. Two, one story, concrete tilt-up, multitenant, warehouse buildings. Roof systems are built-up tar.

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zorsing	…]
Year Built	1986
Site Area (acres)	9.8
Lettable area ('000sf)	163.2
Site Coverage (%)	38
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	163.2
Office Content (%)
Parking Space Ratio (sf)	0.38 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	5.8
Book Value (US\$'m)	6.9
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m)	-6.9
Capitalisation Rate (%)	7.50
Average Passing Rent (US\$/sf)	3.32
Average Market Rent (US\$/sf)	3.36
Discount Rate (%)	8.75
Freeport Logistics Inc Major Tenant
(Gecuparicy (%)	300
Weighted Lease Term by Income (years)	1.4
Year 2006 (%)	0
Year 2007 (%)	100
Year 2008 (%)	0
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	0
Year 2012 (%)	Ó
Year 2013 (%)	Ó
Year 2014 (%)	Ó
Year 2015* (%)	0

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning	$A - 1$
Year Built	1983
Site Area (acres)	1.9
Lestable area ('000sf).	89.4
Site Coverage (%)	49
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	29.8
Office Conferit (%)
Parking Space Ratio (sf)	2.2 per 1,000 sf
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	6.3
Book Value (US\$'m)	6.7
Independent Valuation Date	Jun-2005
Independent Valuation (US\$"m) –	.6.7
Capitalisation Rate (%)	7.50
Average Passing Rent (US\$/sf)	-5.57
Average Market Rent (US\$/sf)	- 5.75
Discount Rate (%) –	8.50
Major Tenant	Chompies Bada Bing Bakery
(%) Occupancy	100
Weighted Lease Term by Income (years)	3.2
Year 2006 (%)	37
Year 2007 (%)	0
Year 2008 (%)	40
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	Ő
Year 2012 (%)	Ō
Year 2013 (%)	0
Year 2014 (%)	23
Year 2015* (%)	0

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner CalWest
Zoning A~2
1989 - 1990 Year Built
Site Area (acres) 12.4
253.4 Lettable area ('000sf).
Site Coverage (%)	47
Number of Buildings
Number of Suites
Average Suite Size ("000sf) - 50.
Office Confent (%)
0.64 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date Sep~2004
Acquisition Price plus Additions (US\$'m) $\qquad 8.7$
Book Value (US\$'m) 10.4
Independent Valuation Date - Jun-2005
Independent Valuation (US\$'m) 10.4
Capitalisation Rate (%) 7.25
Average Passing Rent (US\$/sf) 3.12
2.95 Average Market Rent (US\$/sf)
8.50 Discount Rate (%)
S.P. Richards Company Major Tenant
Оссираясу (%) —	100
Weighted Lease Term by Income (years)	2.1
Year 2006 (%)	O
Year 2007 (%)	46
Year 2008 (%)	47
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	0 7
Year 2012 (%)
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	û

105-107 South 41st Avenue. Phoenix

The property is located one mile south of I-10 at West Van Buren Street and South 41st Avenue. Two, concrete tilt-up, multi-tenant, warehouse buildings. Roof system is built-up tar.

601 South 55th Avenue, Phoenix

The property is located south of I-10 and west of I-17 between West Van Buren and West Buckeye Road. One story, concrete tilt-up, single tenant, warehouse building. Roof system is built-up tar.

1000 South Priest Drive, Phoenix

The property is located east of I-10. between University Drive and Broadway Road. One story, concrete tilt-up, single tenant, flex building. Roof system is built-up tar.

Details Building Type Distribution Centre Ownership (%) 80 CalWest Co-Owner Zoning $A - 2$ Year Built 1988 3.8 Site Area (acres) Lettable area ('000sf) ......
385.2 Site Coverage (%) .....
34 $\dot{2}$ Number of Buildings .
6 Number of Suites Average Suite Size ('000sf) 64.2 Office Content (%) 3 Parking Space Ratio (sf) 3.22 per 1,000 sf Acquisition Date Sep-2004 Acquisition Price plus Additions (US\$'m) $13.1$ Book Value (US\$'m) 15.0 Independent Valuation Date Jun-2005 independent Valuation (US\$'m). 15.0 7.60 Capitalisation Rate (%) Average Passing Rent (US\$/sf) 2.60 2.78 Average Market Rent (US\$/sf) Discourd Rate (%) 9.25 ...................................... Major Tenant $1.1.1.1.1.1$ Occupancy (%) 100 Weighted Lease Term by Income (years) $1.6\,$ Year 2006 (%) 69 Year 2007 (%) $Q$ Year 2008 (%) Ő Year 2009 (%) ö Year 2010 (%) 31 Year 2011 (%) $\overline{Q}$ õ Year 2012 (%) Year 2013 (%) Ö Year 2014 (%) Ö ö Year 2015* (%)

Details
Building Type Distribution Centre
Ownership (%) 80
CalWest Co-Owner
Zoning, $A_{\mathcal{I}}2$
Year Built 1986 .
Site Area (acres) 1.77
Lettable area ('000sf) 100.0
Site Coverage (%) - 30
Site Coverage v.e Number of Buildings $\mathbf{I}$
Number of Suites 1
Numper of Suites Average Suite Size (1000sf) 100.0
Office Content (%)
Parking Space Ratio (sf) Parking Space Ratio (sf) 6.5 per 1,000 sf
Acquisition Date Sep~2004
Acquisition Date Acquisition Price plus Additions (US\$'m) 4.3
Book Value (US\$'m) 4.7 .
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m) $-4.7$
7.50 Capitalisation Rate (%) .
Average Passing Rent (US\$/sf) 3.78
Average Market Rent (US\$/sf) 3.48
Discount Rate (%) Major Tenant Martin March 11 US Greenfiber LLC

100 Occupancy (%)
Weighted Lease Term by Income (years) 39
0 Year 2006 (%) [1999]
0 Year 2007 (%)
ö Year 2008 (%)
Year 2009 (%) 100
Year 2010 (%) 0
Year 2011 (%) o Ö
Year 2012 (%)
Ő Year 2013 (%)
Ó Year 2014 (%)
Ó Year 2015* (%)

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner	CalWest
Zoning	$\lfloor 1 \rfloor$
Year Built	1988
Site Area (acres)	3.8
Lettable area ('000sf)	54.9
Site Coverage (%)	33
Number of Buildings	l
Number of Suites	1
Average Suite Size ('000sf)	54.9
Office Content (%)	22
3.22 per 1,000 sf Parking Space Ratio (sf) Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	4.7
Book Value (US\$'m)	5.0
$\ldots \ldots$ Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	5.0
Capitalisation Rate (%)	8.50
Average Passing Rent (US\$/sf)	8.13
Average Market Rent (US\$/sf)	7.80
Discount Rate (%) ==	8.50
Major Tenant Dynaco Corporation
Occupancy (%)	100
Weighted Lease Term by Income (years)	2.9
Year 2006 (%)	ο
Year 2007 (%) Year 2008 (%)	0 100
Year 2009 (%)	0
Year 2010 (%)	0
Year 2011 (%)	Ó
Year 2012 (%)	Ó
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	Ű

industrial portfolio - United States (continued)

1120-1150 West Almeda Drive, Phoenix

The property is (ocated just east of I-10 and -53 interchange Broadway Road and Southern Avenue, Four, concrete tilt-up, multi-tenant, flex buildings. Roof systems are built-up tar.

10397 West Van Buren Street, Phoenix

The property is focated at 84th Avenue. between Harrison and Jefferson, approximately 1/4 mile from (-10 loop and Loop 101. One story, concrete tilt-up, multi-tenant, warehouse building. Roof system is built-up tar.

Chino, Riverside

The property is focated one mile south of the Pomona (60) Freeway between Central and Mountain Avenues. One story, concrete tilt-up, multi-tenant, industrial building. Roof system is built-up tar.

Building Type	Business Park
Ownership (%)	80
Co-Owner	CalWest
Zorsing	}~2
Year Built .	1984
Site Area (acres) -	5.9
Lettable area ('000sf)	122.4
Site Coverage (%)	48
Number of Buildings	$\overline{4}$
Number of Suites	12
Average Suite Size ('000sf)	30.2
Office Content (%)	16
1.7 per 1,000 sf Parking Space Ratio (sf)
Acquisiãon Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	6.9
Book Value (US\$'m) $\label{eq:1} \begin{array}{ll} \mathcal{L}{\text{infinite}}(x) & \mathcal{L}{\text{out}}(x) \ \mathcal{L}{\text{out}}(x) & \mathcal{L}{\text{out}}(x) \end{array}$	7.5
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m).	7.5
Capitalisation Rate (%)	8.50
Average Passing Rent (US\$/sf)	5.87
Average Market Rent (US\$/sf)	5.37
Discount Rate (%)	8.75
Major Tenant The Grant Company
(Jecuparicy (%)	58
Weighted Lease Term by Income (years)	13
Year 2006 (%)	21
Year 2007 (%)	19
Year 2008 (%)	Ï
Year 2009 (%)	$\overline{A}$
Year 2010 (%)	10
Year 2011 (%)	0
Year 2012 (%)	0
Year 2013 (%)	O
Year 2014 (%)	Ô
Year 2015* (%) .	Ó

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner CalWest
4~1 City of Tolleson Zorang
1997 Year Built
Site Area (acres) 34.7
278.1 Lestable area ('000sf).
Site Coverage (%)	44
Number of Buildings	l
Number of Suites
Average Suite Size ('000sf) 55.6
Office Conferit (%)
$0.62$ per $1,000$ sf Parking Space Ratio (sf)
Acquisition Date Sep~2004
Acquisition Price plus Additions (US\$'m) 7.0
8ook Value (U\$\$'m) 10.4
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m) 10.4
7.25 Capitalisation Rate (%)
Average Passing Rent (US\$/sf) 4.08
2.76 Average Market Rent (US\$/sf) –
Discount Rate (%) 8.25
States Logistics Services Inc Major Tenant
Occupancy (%) – 100
Weighted Lease Term by Income (years) 1.5
Year 2006 (%)	0
Year 2007 (%) 100
Year 2008 (%)	0
Year 2009 (%) $\ddot{\phantom{a}}$	0
Year 2010 (%)	0
Year 2011 (%)	Ő
Year 2012 (%)	Ö
Year 2013 (%)	Q
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type Distribution Centre
Ownership (%)	80
CalWest Co-Owner
M2 ~ 1 Light Industrial Zoning,
Year Built 1987
-4.8 Site Area (acres):
Lettable area ('000sf) 104.6
Site Coverage (%)	50
Number of Buildings	1
Number of Suites
34.9 Average Suite Size ('000sf)
Office Confent (%)
1.61 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date Sep~2004
Acquisition Price plus Additions (US\$'m) 5.7
Book Value (US\$'m) 6.5
Jun-2005 Independent Valuation Date
-6.5 Independent Valuation (US\$'m)
Capitalisation Rate (%) 7.00
Average Passing Rent (US\$/sf) 3.75
4.54 Average Market Rent (US\$/sf)
8.00 Discount Rate (%) Wayne Dalton Corporation Major Tenant
Оссираясу (%). 100
Weighted Lease Term by Income (years) $^{2.7}$
Year 2006 (%)	81
Year 2007 (%)	O
Year 2008 (%)	Ő
Year 2009 (%)	O
Year 2010 (%)	49
Year 2011 (%)	0
Year 2012 (%)	Ò
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	Ő

4190 East Santa Ana Street, Riverside

The property is located southwest of the -10 and 1-15 interchange just north of Jurupa Street, Single, concrete tilt-up, multi-tenant, warehouse/flex building. Roof system is built-up tar.

12000 Jersey Court, Riverside

The property is located northwest of the I-10 and I-15 interchange off Rochester Avenue with i=15 visibility. Single, concrete tilt-up, single tenant, warehouse building. Roof system is built-up tar.

Mira Loma, Riverside

The property is (ocated northeast of the I-15 and 60 Freeway interchange off Etiwanda. Single, concrete tilt-up, multi-tenant, warehouse building. Roof system is built-up tar.

Building Type .	Industrial Estate
Ownership (%)	80
Co-Owner $\ldots$	CalWest
Zoning .	M2 -- 1 Light Industrial
Year Built .	1989
Site Area (acres)	4.9
Lettable area ('000sf)	98.8
Site Coverage (%)	46
Number of Buildings $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$	1
Number of Suites	ĺ
Average Suite Size ('000sf)	.98.8
Office Content (%)	ıc
Parking Space Ratio (sf)	$1.2$ per $3,000$ st
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	4.7
Book Value (US\$'m)	6.C
Independent Valuation Date	Jun-2008
Independent Valuation (US\$'m)	-6.C
Capitalisation Rate (%)	7.OC
Average Passing Rent (US\$/sf)	-4.80 $\cdots$
Average Market Rent (US\$/sf)	4.32
Discount Rate (%)	8.00
Major Tenant .	Halsteel Inc
(Secapancy (%)	10C
Weighted Lease Term by Income (years)	1.6
Year 2006 (%) Year 2007 (%)	C 100
Year 2008 (%)	Ċ
Year 2009 (%)	C
Year 2010 (%)	Ċ
Year 2011 (%)	Ç
Year 2012 (%)	Ċ
Year 2013 (%)	Ç
Year 2014 (%)	Ċ
Year 2015* (%)	¢

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
M2 - 1 Light Industrial Zoning .
Year Built .	1989
Site Area (acres) –	4.3
Lettable area ('000sf)	88.1
Site Coverage (%)	- 47
Number of Buildings
Number of Suites
Average Suite Size ('000sf)	88.1
Office Content (%)
f) $\frac{2}{3.34}$ per 3,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	4.0
Book Value (US\$'m)	6.6
Independent Valuation Date Jun-2005
Independent Valuation (US\$'m).	… 5.6
. Capitalisation Rate (%)	7.00
Average Passing Rent (US\$/sf)	n/a
Average Market Rent (US\$/sf)	4.32
Discount Rate (%)	8.00
Metro Express, Inc. Major Tenant
Occupancy (%)	81
Weighted Lease Term by Income (years)	3.0
Year 2006 (%) [199]	$\circ$
Year 2007 (%)	0
Year 2008 (%)	20
Year 2009 (%)	20
Year 2010 (%)	$\theta$
Year 2011 (%)	40
Year 2012 (%)	$\overline{0}$
Year 2013 (%)	Ö
Year 2014 (%)	Ó
Year 2015* (%)	Ó

Details
Building Type	Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
M2 -- 1 Light Industrial Zoning
Year Built	1992
Site Area (acres)	12.3
Lettable area ('000sf)	250.6
Site Coverage (%)	47
Number of Buildings.	1
Number of Suites
Average Suite Size ('000sf)	83.6
Office Content (%)
Parking Space Ratio (sf)	60 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	10.2
Book Value (US\$'m)	13.7
Independent Valuation Date	$J$ un $-2005$
Independent Valuation (US\$'m)	13.7
Capitalisation Rate (%)	- 7.00
Average Passing Rent (US\$/sf) Average Market Rent (US\$/sf)	3.48 3.36
Discount Rate (%) ==	8.00
Major Tenant Weyerhaeuser Company
Occupancy (%)	100
Weighted Lease Term by Income (years).	1.9
Year 2006 (%)	O
Year 2007 (%)	100
Year 2008 (%)	О
Year 2009 (%)	O
Year 2010 (%)	Ó
Year 2011 (%)	o Ö
Year 2012 (%)
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	O

industrial portfolio - United States (continued)

Ontario, Riverside

The properties are located at the northeast end of Ontario, and accessed via the San Bernardino. (10), Pomona (60), and the Ontario (15) freeways. Five, concrete tilt-up, multi-tenant, warehouse/flex buildings. Roof systems are built-up tar.

Rancho Cucamonga, Riverside

Three of the buildings (Richmond Place, Buffalo Avenue and Sixth Street) are located northwest of the I-10 and I-15 interchange. Santa Anita is located northeast of the I-10 and I-15 interchange. The properties are also easily accessed via the Pomona (60) Freeway. Four, concrete tilt-up, multi-tenant, warehouse/flexbuildings. Roof systems are built-up tar.

Airway Road, San Diego

The property is focated in Otay Mesa off the 905 Freeway at the corner of Britannia Way and Airway Road. The 905 Freeway is located 12 miles east of the San Diego (5) Freeway. Single, concrete tilt-up, multi-tenant, warehouse/flex building. Roof system is built-up tar.

Detans
Building Type	Industrial Estate
Ownership (%)	80
Co-Owner .	CalWest
Zorsing . Same	M2 - 1 Light Industrial
Year Built	1989~1999
Site Area (acres)	37.6
Lettable area ('000sf) . .	571.8
Site Coverage (%)	35
Number of Buildings	S
Number of Suites	13 $\ldots$
Average Suite Size ('000sf)	44.0
Office Content (%)	5
Parking Space Ratio (sf) 1.52 per 1,000 sf
Acquisiãon Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	28.4
Book Value (US\$'m)	35.6
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m)	35.6
Capitalisation Rate (%)	7.00
Average Passing Rent (US\$/sf)	4.36
Average Market Rent (US\$/sf)	4.38
Discount Rate (%)	8.00
Major Tenant .	Skechers USA Inc
(Secuparicy (%)	97
Weighted Lease Term by Income (years)	2.4
Year 2006 (%)	7
Year 2007 (%)	13
Year 2008 (%)	51
Year 2009 (%)	12
Year 2010 (%)	13
Year 2011 (%)	C
Year 2012 (%)	Ć
Year 2013 (%)	Ć
Year 2014 (%)	Ć
Year 2015* (%) .	Ć

Details
Building Type	Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
Zorang,	M2 ~ 1 Light Industrial
Year Built	1988~2001
Site Area (acres)	31.5
Lestable area ('000sf)	429.5
Site Coverage (%)	31
Number of Buildings	4
Number of Suites	15
Average Suite Size ('000sf)	28.6
Office Conferit (%)
Parking Space Ratio (sf)	2.2 per 1,000 sf
Acquisition Date	Sep-2004
Acquisition Price plus Additions (US\$'m)	21.0
Book Value (US\$'m)	27.2
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	27.2
Capitalisation Rate (%)	7.00
Average Passing Rent (US\$/sf)	4.97
Average Market Rent (US\$/sf)	4.62
Discount Rate (%)	8.00
Major Tenant	Weber Distribution Warehouses
Occupancy (%)	93
Weighted Lease Term by Income (years)	2.3
Year 2006 (%)	12
Year 2007 (%)	41
Year 2008 (%)	3
Year 2009 (%)	0
Year 2010 (%)	35
Year 2011 (%)	o Ö
Year 2012 (%)
Year 2013 (%)	Ö
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type Industrial Estate
Ownership (%)	80
CalWest Co-Owner
Zoning M2--3 Light Industrial
1988 - 1997 Year Built
Site Area (acres) - 11.6
123.1 Lettable area ('000sf) -
Site Coverage (%)	24
Number of Buildings.	Ż
Number of Suites	5
Average Suite Size ('000sf)	24.6
Office Confent (%)	21
– 2.66 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m)	8.8
Book Value (US\$'m)	11.3
Jun-2005 Independent Valuation Date
Independent Valuation (US\$'m)	11.3
Capitalisation Rate (%)	8.00
7.98 Average Passing Rent (US\$/sf)
Average Market Rent (US\$/sf)	6.04
Discount Rate (%) __	8.25
Nancis Tool Works Inc Major Tenant
Occupancy (%) __	93
Weighted Lease Term by Income (years)	4.0
Year 2006 (%)	4
Year 2007 (%)	20
Year 2008 (%)	O
Year 2009 (%)	41
Year 2010 (%)	0
Year 2011 (%) $\mathbb{R}^2$	0
Year 2012 (%)	Ó
Year 2013 (%)	29
Year 2014 (%)	0
Year 2015+ (%)	û

5823 Newton Drive, San Diego

The property is located at the end of a cul-de-sac at Newton Drive just north of the intersection of College Boulevard and Palomar. Road, approximately three miles east of the of the I-5 and five miles west of the 78 Freeway off College Boulevard. Single, concrete tilt-up, single tenant, flex building. Roof system is built-up tar.

2210 Oak Ridge Way, San Diego

The property is located west of the 78 Freeway and south of Sycamore Avenue on the corner of Melrose and Oak Ridge Way. Single, concrete tilt-up, single tenant, flex building. Roof system is built-up tar.

26507 79th Avenue South, Seattle

Riverbend Commerce Park is located approximately two miles east of SR 167 and south of S. 259th Street and Green River Road. One story, concrete tilt-up, multi-tenant, flexbuilding. Roof system is built-up tar.

Building Type Business Park
Ownership (%) 80
Co-Owner CalWest
REI - Research Light Industrial Zorang
Year Built 1999
34.9 Site Area (acres)
179.7 Lettable area ('000sf)
Site Coverage (%) 28
Number of Buildings į
Number of Suites
Average Suite Size ('000sf) 179.7
Office Content (%) 50
Parking Space Ratio (sf) 2.37 per 1,000 sf
Acquisition Date Sep~2004
Acquisition Price plus Additions (US\$'m) 16.4
Book Value (US\$'m) 19.2
Independent Valuation Date Jun-2005
independent Valuation (US\$'m) 39.2
Capitalisation Rate (%) 7.75
Average Passing Rent (US\$/sf) 7.63
Average Market Rent (US\$/sf) 8.28
8.25 Discount Rate (%) Major Tenant

(20 Compariely (%) 100
Weighted Lease Term by Income (years) 4.0
Year 2006 (%) 0 Year 2007 (%) 0
Year 2008 (%) 0
Year 2009 (%) 0
Year 2010 (%) 100
Year 2011 (%) 0
Ő Year 2012 (%)
Year 2013 (%) 0
Year 2014 (%) 0
Year 2015* (%) 0

Building Type. Business Park Ownership (%) 80 CalWest Co-Owner RLE - Research Light Industrial Zoning 1972 - 1999 Year Built Site Area (acres) 3.4 53.3 Lettable area ('000sf) Site Coverage (%) 36 Site Coverage (76) Number of Buildings 1 Number of Suites Average Suite Size ('000sf) 53.3 Office Content (%) 33 2.5 per 1,000 sf Parking Space Ratio (sf) Acquisition Date Sep~2004 . Acquisition Price plus Additions (US\$'m) $-5.0$ Book Value (US\$'m) 6.0 i Albumina Jun-2005 Independent Valuation Date Independent Valuation (US\$'m). $-60$ Capitalisation Rate (%) 7.75 $\frac{1}{2}$ Average Passing Rent (US\$/sf) 9.03 8.62 Average Market Rent (US\$/sf) 8.25 Discount Rate (%) Major Tenant Solatube International Inc 100 Occupancy (%) Weighted Lease Term by Income (years) 3.7 0 Year 2006 (%) _____ 0 Year 2007 (%) ö Year 2008 (%)



























100 Year 2009 (%)
Year 2010 (%) 0
Year 2011 (%)
0 Ö Year 2012 (%)
Ő Year 2013 (%)
Ö Year 2014 (%)
Ó Year 2015* (%)

Details
Building Type	Business Park
Ownership (%)	80
Co-Owner	CalWest
gning ₂ M--1 Industrial Park District
Year Built	2000
Site Area (acres)	-6.7
Lettable area ('000sf)	35.9
Site Coverage (%)	12
Number of Buildings	1
Number of Suites
Average Suite Size ('000sf)	12.0
Office Content (%)	16
0.95 per 1,000 sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	2.6
Book Value (US\$'m) .	-2.7
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m)	27
Capitalisation Rate (%)	7.50
Average Passing Rent (US\$/sf)	6.20
Average Market Rent (US\$/sf)	5.63
Discount Rate (%)	8.75
. American Power Systems LLC Major Tenanti
Occupancy (%)	100
Weighted Lease Term by Income (years)	2.6
Year 2006 (%) Year 2007 (%)	O 30

Year 2008 (%)	38
Year 2009 (%)	31
Year 2010 (%) Year 2011 (%)	0
Year 2012 (%)	0 Ö
Year 2013 (%)	O
Year 2014 (%)	0
Year 2015+ (%)	O

industrial portfolio - United States (continued)

Kent West, Seattle

Kent West Corporate Park is located along the west side of the West Valley Highway (68th Avenue South), one half mile south of S. 212th Street. The property has excellent frontage on West Valley Highway, with easy access to Interstate 5 and Highway 167. Five, one story, concrete tilt-up, multi-tenant, warehouse/flex buildings. Roof systems are built-up tar.

8005 South 266th Street, Seattle

Riverbend Commerce Park is located approximately 2 miles east of SR 167 and south of S. 259th Street and Green River Road. One story, concrete tilt-up, multi-tenant, warehouse building. Roof system is built-up tac.

West Palm Beach, South Florida

The buildings are located in the Northpoint. Business Park three miles east of the FLA Turnpike interchange and 1/2 mile west of i-95 interchange via 45th Street. Three, one story, concrete tilt-up, multi-tenant, warehouse buildings. Roof systems are built-up tar.

Details
Building Type	Industrial Estate
Ownership (%)	80
Co-Owner	CalWest
M-1 Industrial Park District Zorsing a calaa .
Year Built	1989~2000
Site Area (acres)	19.6
Lettable area ('000sf) . .	402.8
Site Coverage (%)	47
Number of Buildings	5
Number of Suites	11
Average Suite Size ('000sf) [1999] Average Suite Size ('000sf)
Office Content (%)	15
Parking Space Ratio (sf) 1 per 1,000 sf
Acquisition Date Acquisizon Date Acquisizon Price plus Additions (US\$'m)	Sep-2004
	- 24.6
Book Value (US\$'m) .	27.3
Independent Valuation Date	Jun-2005
independent Valuation (US\$'m) -	27.1
Capitalisation Rate (%)	7.75
Average Passing Rent (US\$/sf)	- 5.32
Average Market Rent (US\$/sf)	4.49
Discount Rate (%)	8.75
Carpet Services, Inc. Major Tenant
Occupancy (%) .	61
Weighted Lease Term by Income (years)	1.0
Year 2006 (%)	48
Year 2007 (%)	З
Year 2008 (%)	Ċ
Year 2009 (%)	9
Year 2010 (%)	3
Year 2011 (%)	¢
Year 2012 (%)	Ć
Year 2013 (%)	Ć
Year 2014 (%)	Ć
Year 2015* (%) and a strain of	Ó

Details
Building Type Distribution Centre
Ownership (%)	80
Co-Owner	CalWest
Zoning M--1 Industrial Park District
Year Built	2000
Site Area (acres)	6.7
Leffable area ('000sf).	92.4
Site Coverage (%)	32
Number of Buildings	1
Number of Suites	5
Average Suite Size ('000sf)	18.5
Office Conferit (%)	11
$= 1.05$ per $1,000$ sf Parking Space Ratio (sf)
Acquisition Date	Sep~2004
Acquisition Price plus Additions (US\$'m)	6.8
Book Value (US\$'m)	7.4
Independent Valuation Date	Jun-2005
Independent Valuation (US\$'m).	7.4
Capitalisation Rate (%)	7.50
Average Passing Rent (US\$/sf)	6.79
Average Market Rent (US\$/sf)	5.07
Discount Rate (%) JPC International, Inc.	8.75
Major Tenant
Occupancy (%) —	87
Weighted Lease Term by Income (years)	3.6
Year 2006 (%)	31
Year 2007 (%)	10
Year 2008 (%)	0
Year 2009 (%)	Ş
Year 2010 (%)	Ó
Year 2011 (%)	0
Year 2012 (%)	Ô
Year 2013 (%)	41
Year 2014 (%)	0
Year 2015* (%)	Ó

Details
Building Type Distribution Centre
Ownership (%) 80
Co-Owner CalWest
CPD Commercial Planned Development Zoning,
2000~2001 Year Built
Site Area (acres) : 12.9
Łełtable area (1000sf) 147.4
Site Coverage (%) 26
Number of Buildings 3
32 Number of Suites
Average Suite Size ('000sf) 12.3
Office Confent (%) 34
Parking Space Ratio (sf) 3 per 1,000 sf
Acquisition Date Sep-2004
Acquisition Price plus Additions (US\$'m) 20.8
20.5 Book Value (US\$'m)
Independent Valuation Date Jun-2005
Independent Valuation (US\$'m) 20.5
7.50 Capitalisation Rate (%)
Average Passing Rent (US\$/sf) 11.74
Average Market Rent (US\$/sf) 10.81
Discount Rafe (%) 8.40
Major Tenant Lockheed Martin
Aerospace Corporation
100 Occupancy (%)
Weighted Lease Term by Income (years) 5.1
0 Year 2006 (%)
ë Year 2007 (%)
20 Year 2008 (%)
Year 2009 (%) 2
27 Year 2010 (%) 28
Year 2011 (%) 0
Year 2012 (%) 21
Year 2013 (%) Year 2014 (%) 0
Year 2015+ (%) Ű

portfolio - Australia

retail portfolio - Australia

Westfield Hurstville 262-264 Forest Road and 292 Forest Road, Hurstville, NSW

A major regional shopping centre located approximately 18 kilometres south west of the Sydney CBD. The centre was constructed during 1977/78 and later extended and refurbished in 1989/90. The centre comprises nine major and mini-major tenants in addition to approximately 250 specialty retailers. Car parking is provided for some 3,023 vehicles.

Westfield Mount Druitt Onr Carliste and Luxford Road, Mt Druitt, NSW

Located in the western suburbs of Sydney, this regional centre commenced trade in 1973. and has undergone several additions and redevelopments since. Presently the centre is undergoing significant further redevelopment. due for completion in early 2006. On completion the centre will be anchored by 8 major tenants. in addition to some 230 specialty retailers.

Westfield North Lakes Chr Anzac Avenue and North Lakes Drive, Mango Hill, QLD

A sub-regional shopping centre (ocated approximately 25 kilometres north of the Brisbane CBD. The centre was constructed in August 2003 and is anchored by four major tenants in addition to some 90 specialty. retailers.

Details

Building Type Major Regional - shopping centre
Title	Freehold
Ownership (%)	50
Co-Owner	Westfield
Year Built . .	1978
Site Area (ha) .	3.3
Letîable Area ('000m') - .	62.7
Car Parking Spaces .	3,023
Acquisition Date .	May-2005
Acquisition Price plus Additions (A\$4n)	232.5
Book Value (A\$'m) .	232.7
Independent Valuation Date	Feb-2005
independent Valuation (A\$'m)-	232.5
Capitalisation Rate (%)	6.76
initial Yield (%) .	6.81
Discount Rate (%)	9.00
Moving Annual Turnover
(GST included) (A\$'m) .	347.7
Occupancy Costs (%) .	10.9
Speciality Occupancy Costs (%)	17.8
Major Tenant Coles Myer Ltd (Myer/K-Mart)
Occupancy (%)	100
Year 2006 (%)	$^{12}$
Year 2007 (%)	12
Year 2008 (%)	18
Year 2009 (%)	14
Year 2010 (%)	17
Year 2011 (%)	6
Year 2012 (%)	3
Year 2013 (%)	$\overline{c}$
Year 2014 (%)	8
Year 2015+ (%)	8

Details

Title Freehold Ownership (%) 50 Co-Owner ______ Year Built - 1973 $-15.7$ Site Area (ha) - . Lestable Area ('000m") 59.3 2,600 Car Parking Spaces Car Parking Spaces Aug-2004 Acquisition Date Acquisition Price plus Additions (A\$'m) 153.9 Acquisition (AS m) Book Value (AS m) Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Co Independent Valuation (A\$'m) 132.6 7.25 Capitalisation Rate (%) 7.63 Initial Yield (%). . Discount Rate (%) [111] 9.55 Moving Annual Turnover (GST included) (A\$'m) [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[ -266.5 Speciality Occupancy Costs (%) Speciality Occupancy Costs (%) 15.1 Major Tenant Major Tenant Coles Myer Ltd (K-Mart) Оссирансу (%) 100 29 Year 2006 (%) Year 2007 (%) 10 Year 2008 (%) 6 Year 2009 (%) 8 8 Year 2010 (%) [11] Year 2011 (%) 10 0 Year 2012 (%) Year 2013 (%) Ó 0 Year 2014 (%) Year 2015+ (%) 29	amoiu8' sybe'''''''''' - кедолаг» зпордня севте

Building Type Regional ~ shopping centre
Täle	Freehold
Ownership (%)	50
Co-Owner	Westfield
Year Built	2003
Site Area (ha) .	-25.9
Lettable Area ('000m")	$-25.4$
Car Parking Spaces	1,490
Acquisition Date [11, 111, 111, 111]	Aug-2004
Acquisition Price plus Additions (A\$'m) 65.0
Book Value (A\$'m). .	, 65.0
Independent Valuation Date Independent Valuation (A\$'m)	Jun-2004
	60.0
Capitalisation Rate (%)	7.50
Initial Yield (%)	7.31
Discount Rate (%)	9.50
Moving Annual Turnover
(GST included) (A\$'m)	- 116.9
Occupancy Costs (%)	. 77
Speciality Occupancy Costs (%)	- 12.3
Coles Myer Ltd (Target) Major Tenant
Occupancy (%)	100
Year 2006 (%)	0
Year 2007 (%)	0
Year 2008 (%)	Ű
Year 2009 (%)	43
Year 2010 (%)	10
Year 2011 (%)	$\frac{4}{12}$
Year 2012 (%)
Year 2013 (%)	Q
Year 2014 (%)	4
Year 2015+ (%)	28

Westfield West Lakes Shopping Centre, 11 West Lakes Boulevarde, West Lakes, SA

A regional shopping centre, which recently underwent a major upgrade and expansion over a two year period completing in August. 2005. West Lakes is located approximately 14 kilometres north-west of the Adelaide CBD.

Regional - shopping centre

Freehold

Westfield

1974

$61.6$ 3,600

Plenty Valley Town Centre McDonalds Road. South Morang, VIC

A Greenfield site, which will be ublised to create a Town Square style retail precinct. in conjunction with the City of Whittlesea. The site covers 50 hectares and includes a Coles Supermarket and 20 specialty stores. Stage One was built to the standard of a full regional shopping centre to facilitate efficient. expansions of the centre over future years. Plenty Valley is located in Mill Park, 25 kilometres north of the Melbourne CBD, and part of Plenty Valley, the northern Melbourne metropolitan growth corridor.

Details

Building Type Neighbourhood - shopping centre

Treehold Co-Owner Freehold Year Butt Year Butt

2001 and 2003 Year Built
Site Area (ha)	47.8
Leftable Area ('000m') ______	6.2
Car Parking Spaces	-429
Acquisition Date 1.1.1.1.1.1	Nov-1999
Acquisition Price plus Additions (A\$'m)	$_17.2$
Book Value (A\$'m)	20.6 .
Independent Valuation Date	Jun-2003
Independent Valuation Date ______	16.0
Capitalisation Rate (%)	-8.50
Initial Yield (%) .	-8.36
Discount Rate (%)	10.50
Moving Annual Turnover
(GST included) (A\$'m). .	47.3
Occupancy Costs (%)	$\sim$ 5.0
Speciality Occupancy Costs (%)	30.0
Major Tenant	Coles Myer Ltd (Coles)
Occupancy (%)____	100
Year 2006 (%)	$\Omega$
Year 2007 (%)	31
Year 2008 (%) __	$\tilde{z}$
Year 2009 (%)	$\overline{1}$
Year 2010 (%)	8
Year 2011 (%)	0
Year 2012 (%)	23
Year 2013 (%)	Ó
Year 2014 (%) $\overline{\phantom{a}}$	Ō
Year 2015* (%)	34

Westfield Whitford City Shopping Centre, Whitford Ave and Lot 6, Endeavour Road, Hillarys, WA

Whitford City is classified as a regional shopping centre and is located in the suburbof Hillarys around 24 kilometres north-west from the Perth CBD. Adjacent to Whitford City is Łot 6, Endeavour Road, a retail bulky goods and showroom site currently incorporating a Bunning's Warehouse and 11 showcoms.

Details

виката туре	кединаг - зпоррад
	centre/Bulky Goods
Tale	Freehold
Ownership (%) – .	50
Co-Owner	Westfield
Year Built
Site Area (ha) .	22.7
Lettable Area ('000m')	. 77.3
Car Parking Spaces	4,170
Acquisition Date Cod-1984 and Dec-1992
Acquisition Price plus Additions (A\$'m) [132.7]
Book Value (A\$'m)	-194.6 .
Independent Valuation Date	$_{\text{Jup}\text{-}2003}$
Independent Valuation (A\$'m)	$\sim$ 161.3
Capitalisation Rate (%)	Main Centre ~ 7.50
Initial Yield (%) .	Main Centre ~ 7.46
Discount Rate (%)	Main Centre ~ 10.27
Moving Annual Turnover!
(GST included) (A\$'m).	341.9
Occupancy Costs ^(%)	8.8
Speciality Occupancy Costs ³ (%)	13.7
Major Tenant	Woolworths Ltd
	(Wookworths/B级 W)
Occupancy (%) _____	99
Year 2006 (%)	10
Year 2007 (%)	.6
Year 2008 (%)	30
Year 2009 (%)	24
Year 2010 (%)	12
Year 2011 (%) Year 2012 (%)	13
Year 2013 (%)	5 Ó
Year 2014 (%)	4
Year 2015+ (%)	16

I data exclusses tiol 6, Erxleavour Road (tailty goods).

Car Parking Spaces

Details

Title

Building Type

Ownership (%)

Site Area (ha)

Lettable Area ('000m")

Co-Owner

Year Built

лсдавяюл цате	NOV-1556
Acquisition Price plus Additions (A\$'m) 134.7
Book Value (A\$'m) .	122.9
Independent Valuation Date	Jun-2003
independent Valuation (A\$'m)	86.C
Capitalisation Rate (%)	7.5C
initial Yield (%) .	-7.10
Discount Rate (%)	10.00
Moving Annual Turnover
(GST included) (A\$'m)	249.9
(Secuparicy Costs (%)	7.5
Versier wy Nobel (%) Speciality Occupancy Costs (%) Mains Transformed
Major Tenant Coles Myer Etd (K-Mart)
Occupancy (%)	100
Year 2006 (%)	S
Year 2007 (%)	lĭ
Year 2008 (%)	Š
Year 2009 (%)	7
Year 2010 (%)	26
Year 2031 (%)
	9
Year 2012 (%)	3
Year 2013 (%)	l
Year 2014 (%) Year 2015+ (%)	Ċ 24

index

Office portfolio - Australia	King
Garema Court 140~180 City Walk, Cariberra, ACT	164
14 Moore Street, Canberra, ACT	3 B
The Zenith 821-843 Pacific Highway, Chatswood, NSW	Ros
Victoria Cross 60 Miller Streel, North Sydney, NSW	10.
Ferguson Centre 130 George Street, Parramatta, NSW	DΒ
O'Connett House 15-19 Bent Street, Sydney, NSW	I9)
1-7 Brigh Street, Sydney, NSW	239
9~13 Bligh Street, Sydney, NSW	12.
45 Ciarence Street, Sydney, NSW	40.
201-217 Elizabeth Street, Sydney, NSW	2а І
GPT/GMT Complex and Terraces 1 Farrer Place, Sydney, NSW	27.
Australia Square Complex 264-278 George Street, Sydney, NSW	30.
30 The Bond 30~34 Hickson Road, Sydney, NSW	121
309~321 Kent Street, Sydney, NSW	25.
383-395 Kent Street, Sydney, NSW	16.
Ose Margaret Street, Sydney, NSW	Tary
44 Market Street, Sydney, NSW	114
2 O'Connell Street, Sydney, NSW	Pοι
4 O'Connell Street, Sydney, NSW	Rec
Flinders Gate Complex 172 Flinders Street (and 189 Flinders Lane). Melbourne, VIC	352
8 Nicholson Street, Melbourge, VIC	Kn.
Southgate Complex 3 Southgate Avenue, Southbank, VIC	250 DB.
Woodside Plaza 240 St George's Terrace, Pertit, WA
Lumiey Centre 88 Shortland Street, Auckland, NZ	Αхχ Mо
Car park portfolio - Australia	68.
383–395 Kent Street, Sydney, NSW	luda
Albert and Charlotte Streets, Brisbane, QLD	376
32-44 Flinders Street, Metbourne, ViC	710
Flinders Gate Carpark, 172~189 Flinders Street, Melbourne, V(C27	Sko
34~60 Little Collias Street, Melbourne, VIC	Tow
Industrial portfolio - Australia	Will
52 Holbeche Road, Arndell Park, NSW	Bris
79~97 St Hillers Road, Auburn, NSW	Cat
_≚ Garigal Read, Belrese, NSW………………………………………………………………………………………………	911
2 Minna Close, Bel ro se, NSW ……………………………………………………………………30	Fod
3-7 Bessemer Street, Blacktown, NSW	ΜÖ
30-32 Bessemer Street, Blacktown, NSW	NË
图24~120 Old Pittwater Road, Brookvale, NSW	Pab
2 Aispec Place, Eastern Creek, NSW	816
145-151 Arthur Street, Flernington, NSW	We:
436–484 Victoria Road, Gladesville, NSW	10.
E Foundation Place, Greyslanes, NSW	990
27~29 Eiberly Road, Huntlegwood, NSW	Cor
706 Mowbray Read, Lane Cove, NSW	Wes
11 Tatavera Road, Macquarie Park, NSW	Airp
40~50 Talavera Road, Macquarie Park, NSW	124

16	Kings Park Industrial Estate, Vardys Road, Marayong, NSW34
17	154 O'Riordan Street, Mascot, NSW
$\dots 17$	3 Brookhoffow Avenue, Norwest, NSW
$\dots$ 17	Resebery and Rethschild Avenues, Rosebery, NSW
$\dots$ 18	10-16 South Street, Rydalmere, NSW
18	DB RREEF Industrial Estate, Egerton Street, Silverwater, NSW
$\dots18$	19 Chifley Street, Smithfield, NSW
19	239-251 Woodpark Road, Smithfield, NSW
$\dots 19$	12 Frederick Street, St Leonards, NSW
19	40 Bilosia Street, Villawood, NSW
20	2a Birmingham Street, Villawood, NSW
$\dots 20$	27-33 Frank Street, Wetherill Park, NSW
$\dots 20$	30 Bellrick Street, Acacia Ridge, QLD
21	121 Evans Road, Salisbury, QLD
21	25 Donkin Street, West End Brisbarie, QLD
21	15~23 Whicker Road, Gillanan, SA
22	Target Distribution Centre, Tarras Road, Allona North, VIC39
22	114 Fairbank Road, Clayton, VIC
22	Pound Road West, Dandenong, VIC
23	Redwood Gardens Industrial Estate, Boundary Road, Dingley, VIC40
	352 Macaulay Road, Kensington, VIC
23	Knoxfield Industrial Estate, Henderson Road, Knoxfield, VIC 41
23 $\dots$ 24	250 Forest Road South, Lara, VIC
$\dots$ 24	DB RREEF Industrial Estate Boundary Road, Eaverton North, VIC 41
$\dots$ 24	Axxess Corporate Park, One Ferntree Gully and Gilby Ros, Модит Waverley, VIC
25	68 Hasler Road, Herdsman, WA
26	Industrial portfolio - United States
26	3765 Atlanta Industrial Drive, Atlanta
26	7100 Highlands Parkway, Atlanta
$\dots$ 27	Sitone Mountain, Atlanta
27	Towe Park Orive, Atlanta
28	Williams Drive, Abanta
29	Bristoi Court, Baltimore
29	Cabol Techs, Baltimore
29	9112 Galford Road, Baltimore
30	6. Fort Holabird Industrial
30	MD Food Park, Baltimore
30	NE Baltimore, Baltimore
31	Patuxent Range Road, Baltimore
31	8155 Slayton Drive, Baltimore
31	West Nursery, Baltimore
$\dots$ 32	10 Kenwood Circle, Boston
32	9900 Brookford Street, Charlotte
32	Commerce Park, Charlotte
33	Westinghouse, Charlotte
33	Airport Exchange, Cincinativ North Kentucky
33	124 Commerce, Cincinatti/ North Kentucky

index

Empire Drive, Cincinatti/ North Kentucky
International Way, Cincinatti/ North Kentucky
Kentucky Drive, Cincinatti/ North Kentucky
Keriwood Road, Cincinatti/ North Kestucky
Lake Forest Drive, Cincinatty North Keelucky
Spirał Drive, Cincinatti/ North Kentucky
Turfway Road, Credinatli/ North Kentucky
World Park, Cincinalti/ North Kentucky
Equity/Westbelt/Dividend, Columbus
2700 International Street, Columbus
SE Columbus, Columbus
3800 Twin Creeks Drive, Columbus
10th Street, Dallas
455 Airline Drive, Dallas
555 Airline Drive, Daltas
Arlington, Dallas
Avenue F. Dallas
1413 Bradley Lane, Dallas
Capital Avenue, Dallas
1900 Diplomat Drive, Dallas
2055 Diplomat Drive, Dagas
East Collins, Dallas
3601 East Place/1000 Shilch Road, Dallas
East Plano/Surnmit, Dallas
Hilguard, Dailas
North Lake, Dallas
11011 Regardy Crest Drive, Dallas
CTC at Valwood, Dallas
Brackbäl, Harrisburg
181 Fulling Mill Road, Harrisburg
Mechanicsburg, Harrisburg 14555 Alondra/ 6530 Allura, Los Angeles
Glendale, Los Angeles
14489 Industry Circle, Los Angeles
San Fernando Valley, Los Angales
Memphis Industrial, Memphis
7401 Cahili Road, Minneapolis
2950 Lexington Avenue S, Minneapolis
8575 Monticello Lane, Minneapolis
Mounds View, Minneapolis
6105 Treston Lane, Misseapolis
Alexandria, Northern Virginal Washington DC
Beaumeade Telecom, Northern Virgina/ Washington DC
Calvert/ Murry's, Northern Virgina/ Washington DC
CTC at Oulles, Northern Virgina/ Washington DC
Guilford, Northern Virgina/ Washington DC
Nokes Boulevard, Northern Virginal Washington DC

7500 Exchange Drive, Orlando
Oriando Central Park, Oriando
844 44th Avenue, Phoenix
1858 East Encanto Drive, Phoenix
3802-3922 East University Drive, Phoenix
431 North 47th Avenue, Phoenix
220 South 9th Street, Phoenix
1429-1439 South 40th Avenue, Phoenix
105-107 South 41st Avenue, Phoenix
601 South 55th Avenue, Phoenix
1000 South Priest Orive, Phoenix
1120~1150 West Almeda Drive, Phoenix
10397 West Van Buren Street, Phoenix
Chino, Riverside
4190 East Santa Aria Streel, Riverside
12000 Jersey Court, Riverside
Mira Loma, Riverside
Ontario, Riverside
Rancho Cucamonga, Riverside
Airway Road, San Diego
5823 Newton Drive, San Diego
2210 Oak Ridge Way, San Diego
26507 79th Avenue South, Seattle
Kent West, Seattle
8005 South 266th Street, Seattle
West Paint Beach, South Florida
Retail portfolio – Australia
Westfield Hursbville 262-264 Forest Road and 292 Forest Road, Harsballe, NSW
Westfield Moudt Druitt Chr Carlisle and Luxford Road, Mt Druitt, NSW
Westfield North Lakes Chr Arizac Avenue and North Lakes Drive, Mango Hill, QLD
Westfield West Eakes Shopping Cantre, 11 West Lakes Boulevarde, West Lakes, SA
Plenty Vatley Town Centre McDonalds Road, South Morang, VIC
Westfield Whitford City Shopping Centre, Whitford Ave- and Lot 6, Endeavour Road, Hillarys, WA

AI assistant

DEXUS — Fund Information / Factsheet 2005

64807_rns_2005-08-24_71321a15-1142-4a81-85ad-e469b2333ba4.pdf

DB RREEE

DB RREEF Trust (ASX: DRT) DRT Property Synopsis 2005

DB RREEF Trust property synopsis 2005

contents

introduction

overview di DER REINER

objectives

summary of properties

summary of properties (continued)

summary of properties (continued)

summary of properties (continued)

summary of properties (continued)

summary of properties (continued)

summary of properties (continued)

OHICA portfolio - Australia

office portfolio - Australia

Garema Court 140-180 City Walk, Canberra, ACT

14 Moore Street. Canberra, ACT

The Zenith 821-843 Pacific Highway Chatswood, NSW

DB RREEF Trust Property Synopsis 2005 17

office portfolio - Australia (continued)

Details

O'Connell House 15-19 Bent Street, Sydney, NSW

9-13 Bligh Street Sydney, NSW

45 Clarence Street Sydney, NSW

office portfolio - Australia (continued)

201-217 Elizabeth Street Sydney, NSW

GPT/GMT Complex and Terraces 1 Farrer Place, Sydney, NSW

Details

Australia Square Complex 264-278 George Street Sydney, NSW

30 The Bond 30-34 Hickson Road Sydney, NSW

Details

383-395 Kent Street Sydney, NSW

office portfolio - Australia (continued)

44 Market Street Sydney, NSW

2 O'Connell Street Sydney, NSW

Details

Flinders Gate Complex 172 Flinders Street (and 189 Flinders Lane), Melbourne, VIC

office portfolio - Australia (continued)

Details

car park portfolio - Australia

Albert and Charlotte Streets Brisbane, QLD

Filinders Gate Car park, 172-189 Flinders Street Melbourne, VIC

34-60 Little Collins Street, Melbourne, VIC

Industrial portfolio - Australia

industrial portfolio - Australia

52 Holbeche Road, Arndell Park, NSW

Details

industrial portfolio - Australia (continued)

3-7 Bessemer Street, Blacktown, NSW

Details

30-32 Bessemer Street. Biacktown, NSW

2 Alspec Place, Eastern Creek, NSW

145-151 Arthur Street, Flemington, NSW

Details

industrial portfolio - Australia (continued)

1 Foundation Place, Greystanes, NSW

Details

27-29 Liberty Road, Huntingwood, NSW

11 Talavera Road, Macquarie Park, NSW

Details

Details

40-50 Talavera Road, Macquarie Park, NSW

industrial portfolio - Australia (continued)

154 O'Riordan Street, Mascot, NSW

Details

10-16 South Street, Rydalmere, NSW

DB RREEF Industrial Estate. Egerton Street, Silverwater, NSW

Details

Details

industrial portfolio - Australia (continued)

Details

40 Biloeta Street. Villawood, NSW

2a Birmingham Street, Villawood, NSW

27-33 Frank Street. Wetherill Park, NSW

Details

industrial portfolio - Australia (continued)

DEXUS Fund Information / Factsheet 2005

Ownership (%) Co-Owner للبيار Zoning — 2009.
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