Industrial

With a market value of $1.7 billion (70% of which having been built or re-developed by the firm), Kennedy's industrial portfolio measures 27 million square feet and is spread among 224 warehouse, flex, manufacturing, R&D and showroom buildings located throughout the United States. With assets in large markets such as Los Angeles metro, the San Francisco Bay Area, Washington-Baltimore, St. Louis, Chicago, Philadelphia, New York and Boston, the portfolio is geographically distributed among many of the countries largest distribution markets.

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Trade Center I — Dallas, Texas (case study)

The Opportunity

Ground up 630,800 sf Class A industrial development

Excellent location / access just north of the DFW airport in the heart of the
    “Dallas/Ft. Worth Metroplex” and Foreign Trade Zone

100% leased to Amazon.com

Transferred to core December 2005 (purchased developers interests)

Success of first phase lead to development of Trade Center II-V totaling
    1.2 million sf; in lease-up phase

Current tenants include DHL, Simmons Mattress Co., and Valeo Compressors

	The Investment
	Acquisition Closed:	July 2003
	Acquisition Price:	N/A – Ground Lease
	Market Value*:	$24.6 million
	Cost*:	$19.0 million
	Transfer to Core Closed:	December 2005
	Transfer Value:	$24.0 million
	Current Yield*:	7.5%
	*as of transfer date 12/31/05