---

---

•	enhances investors' understanding of the General Partner and the Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•	eliminates duplicative disclosure and provides a more streamlined and readable presentation of information since a substantial portion of the Company's disclosure applies to both the General Partner and the Partnership; and

•	creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

---

---

---

•	Changes in general economic and business conditions, including the financial condition of our tenants and the value of our real estate assets;

•	The General Partner's continued qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes;

•	Heightened competition for tenants and potential decreases in property occupancy;

•	Potential changes in the financial markets and interest rates;

•	Volatility in the General Partner's stock price and trading volume;

•	Our continuing ability to raise funds on favorable terms;

•	Our ability to successfully identify, acquire, develop and/or manage properties on terms that are favorable to us;

•	Potential increases in real estate construction costs;

•	Our ability to successfully dispose of properties on terms that are favorable to us, including, without limitation, through one or more transactions that are consistent with our previously disclosed strategic plans;

•	Our ability to retain our current credit ratings;

•	Inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; and

•	Other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the Securities and Exchange Commission ("SEC").

---

---

---

---

---

---

•	We could become engaged in a dispute with any of our joint venture partners that might affect our ability to develop or operate a property;

•	Our joint venture partners may have different objectives than we have regarding the appropriate timing and terms of any sale or refinancing of properties;

•	Our joint venture partners may have competing interests in our markets that could create conflict of interest issues; and

•	Maturities of debt encumbering our jointly owned investments may not be able to be refinanced at all or on terms that are as favorable as the current terms.

•	Changes in the general economic climate;

•	The availability of capital on favorable terms, or at all;

•	Increases in interest rates;

•	Local conditions such as oversupply of property or a reduction in demand;

•	Competition for tenants;

•	Changes in market rental rates;

•	Oversupply or reduced demand for space in the areas where our properties are located;

•	Delay or inability to collect rent from tenants who are bankrupt, insolvent or otherwise unwilling or unable to pay;

•	Difficulty in leasing or re-leasing space quickly or on favorable terms;

•	Costs associated with periodically renovating, repairing and reletting rental space;

•	Our ability to provide adequate maintenance and insurance on our properties;

•	Our ability to control variable operating costs;

•	Changes in government regulations; and

•	Potential liability under, and changes in, environmental, zoning, tax and other laws.

---

•	Unsuccessful development opportunities could result in direct expenses to us;

•	Construction costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated, or possibly unprofitable;

•	Time required to complete the construction of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity;

•	Occupancy rates and rents of a completed project may not be sufficient to make the project profitable; and

•	Favorable sources to fund our development activities may not be available.

•	Prices paid for acquired facilities are based upon a series of market judgments; and

•	Costs of any improvements required to bring an acquired facility up to standards to establish the market position intended for that facility might exceed budgeted costs.

---

•	liabilities for clean-up of undisclosed environmental contamination;

•	claims by tenants, vendors or other persons against the former owners of the properties;

•	liabilities incurred in the ordinary course of business; and

•	claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.

---

•	The General Partner would not be allowed a deduction for distributions to shareholders and would be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate rates;

•	Unless the General Partner was entitled to relief under certain statutory provisions, it would be disqualified from treatment as a REIT for the four taxable years following the year during which it ceased to qualify as a REIT;

•	The General Partner's net earnings available for investment or distribution to its shareholders would decrease due to the additional tax liability for the year or years involved; and

•	The General Partner would no longer be required to make any distributions to shareholders in order to qualify as a REIT.

---

•	The holders of 80% of the General Partner's outstanding shares of capital stock approve the transaction;

---

•	The transaction has been approved by three-fourths of those directors who served on the General Partner's board before the shareholder became a 10% owner; or

•	The significant shareholder complies with the "fair price" provisions of the General Partner's charter.

•	Any voluntary sale, exchange, merger, consolidation or other disposition of all or substantially all of the assets of the Partnership in one or more transactions other than a disposition occurring upon a financing or refinancing of the Partnership;

•	The General Partner's merger, consolidation or other business combination with another entity unless after the transaction substantially all of the assets of the surviving entity are contributed to the Partnership in exchange for Common Units;

•	The General Partner's assignment of its interests in the Partnership other than to one of its wholly-owned subsidiaries; and

•	Any reclassification or recapitalization or change of outstanding shares of the General Partner's common stock other than certain changes in par value, stock splits, stock dividends or combinations.

---

---

(1)	Represents the average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants as of December 31, 2014, excluding additional amounts paid by tenants as reimbursement for operating expenses. Joint venture properties are shown at 100% of square feet and net effective rents, without regard to our ownership percentage.

(2)	Annual net effective rent per leased square foot.

(3)	Represents properties not located in our primary markets, totaling 1.4% of the total square footage of our consolidated properties.

---

---

---

---

---

•

Owned or jointly controlled 729 industrial, office, medical office and other properties, of which 706 properties with approximately 146.9 million square feet were in service and 23 properties with approximately 6.3 million square feet were under development. The 706 in-service properties were comprised of 621 consolidated properties with more than 127.0 million square feet and 85 jointly controlled properties with more than 19.8 million square feet. The 23 properties under development consisted of 20 consolidated properties with approximately 5.0 million square feet and three jointly controlled properties with more than 1.3 million square feet.

•	Owned, including through ownership interests in unconsolidated joint ventures, approximately 3,600 acres of land and controlled an additional 1,650 acres through purchase options.

---

---

---

•	We had development starts with expected total costs of $563.5 million during 2014 across all product types, which includes $55.3 million of expected total costs for three development starts within unconsolidated joint ventures. These 2014 development starts were, in aggregate, 57.1% pre-leased.

•	During 2014, we placed 24 wholly-owned developments in service, across all product types, which totaled 5.3 million square feet with total costs of $527.8 million. These properties were 80.3% leased at December 31, 2014.

•

The total estimated cost of our consolidated properties under construction was $470.2 million at December 31, 2014, with $220.9 million of such costs incurred through that date. The total estimated cost for jointly controlled properties under construction was $55.3 million at December 31, 2014, with $33.5 million of costs incurred through that date. The consolidated properties under construction are 66.0% pre-leased, while the jointly controlled properties under construction are 30.0% pre-leased.

•	During 2014, we acquired four industrial properties, totaling 1.7 million rentable square feet, and one medical office property with a total combined value of $131.0 million. These properties were, in aggregate, 100.0% leased at their acquisition dates.

•	We generated $493.2 million of total net cash proceeds from the disposition of 29 consolidated buildings and 174 acres of wholly-owned undeveloped land.

•	Same property net operating income, on a cash basis, as defined hereafter under "Supplemental Performance Measures" grew by 4.4% for the twelve months ended December 31, 2014, as compared to the same period in 2013.

•	The percentage of total square feet leased for our in-service portfolio of consolidated properties increased from 94.1% at December 31, 2013 to 95.2% at December 31, 2014.

•	Total leasing activity of 21.4 million square feet in 2014 compared to 24.5 million square feet in 2013. Largely as the result of the occupancy level that we have achieved, total leasing activity was slightly lower than 2013.

•

Total leasing activity for our consolidated properties in 2014 included 7.9 million square feet of renewals, which represented a 65.2% retention rate on a square foot basis, and resulted in an 8.5% increase in net effective rents. Lease expirations for the year were, for the most part, backfilled with new tenants, and the increased second generation leasing volume more than compensated for a decreased level of renewals.

•	Throughout 2014, we redeemed or repurchased all of our remaining preferred shares, for aggregate cash payments totaling $446.6 million. These transactions resulted in an on-going annual reduction to preferred dividends of over $29.0 million.

•	Throughout 2014, we issued 16.4 million shares of common stock pursuant to our at the market ("ATM") equity program at an average price of $17.85 per share, generating gross proceeds of $292.3 million and, after deducting underwriting fees and offering costs, net proceeds of approximately $289.1 million.

•	During 2014, we repaid nine secured loans, totaling $99.3 million, which had a weighted average stated interest rate of 5.56%.

•	In November 2014, we issued $300.0 million of unsecured notes that bear interest at an effective rate of 3.90% and mature on December 1, 2024.

---

---

---

---

---

---

---

---

---

•	We acquired 22 properties, of which 20 were industrial and 2 were medical office, and placed 37 developments in service from January 1, 2013 to December 31, 2014, which provided combined incremental revenues of $69.1 million in the year ended December 31, 2014 when compared to 2013.

•

Recoveries of rental expenses and real estate taxes within properties other than the acquisitions, developments and dispositions described above, increased by $18.5 million in the year ended December 31, 2014 compared to the year ended December 31, 2013. These increased recoveries were driven by higher recoverable rental expenses that were attributable to a significant increase in recoverable snow removal and utility costs resulting from the extreme winter conditions in the first quarter of 2014, as well as due to increased recoverable real estate tax expense that was largely the result of increased tax rates and assessments across certain of our markets.

•	Increased occupancy and rental rates within our same property portfolio, as shown previously under "Supplemental Performance Measures", was the primary reason for the remaining overall increase in rental and related revenue from continuing operations.

•	The overall increase in rental and related revenue from continuing operations was partially offset by the sale of 30 properties that did not meet the criteria for inclusion within discontinued operations, since January 1, 2013, which resulted in a $35.0 million decrease in rental and related revenue from continuing operations in the year ended December 31, 2014 when compared to 2013.

•

Rental and related revenue from continuing operations includes lease termination fees, which relate to specific tenants who pay a fee to terminate their lease obligation before the end of the contractual lease term. The overall increase in rental and related revenue from continuing operations was also partially offset by a $4.9 million decrease in lease termination fees included in continuing operations in the year ended December 31, 2014 when compared to 2013.

---

---

---

---

•	We acquired 54 properties, of which 26 were industrial and 28 were medical office, and placed 21 developments in service from January 1, 2012 to December 31, 2013, which provided incremental revenues of $94.5 million in the year ended December 31, 2013 over 2012.

•	Lease termination fees included in continuing operations increased from $6.0 million in 2012 to $8.7 million in 2013.

•

The remaining increase in rental and related revenue from continuing operations was primarily due to increased rental expense recoveries that were attributable to an increase in snow removal costs, as the winter months of 2012 were significantly milder for many of our markets than they were in 2013. An increase in recoverable repair and maintenance costs, increased occupancy and increased rental rates also contributed, to a lesser extent, to the remaining increase in rental and related revenue from continuing operations.

---

---

---

---

•

The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in deferred leasing and other costs in the balance sheet and below market leases are included in other liabilities in the balance sheet; both are amortized to rental income over the remaining terms of the respective leases.

•

Factors considered in determining the value allocable to in-place leases include estimates, during hypothetical lease up periods, related to space that is actually leased at the time of acquisition. These estimates include (i) lost rent at market rates, (ii) fixed operating costs that will be recovered from tenants and (iii) theoretical leasing commissions required to execute similar leases. These intangible assets are included in deferred leasing and other costs in the balance sheet and are amortized over the remaining term of the existing lease.

•	Criteria for identifying and selecting our critical accounting policies;

---

•	Methodology in applying our critical accounting policies; and

•	Impact of the critical accounting policies on our financial statements.

---

•	property investment;

•	leasing/capital costs;

•	dividends and distributions to shareholders and unitholders;

•	long-term debt maturities;

•	opportunistic repurchases of outstanding debt and preferred stock; and

•	other contractual obligations.

---

---

---

•	Throughout 2014, the General Partner issued 16.4 million common shares for net proceeds of $289.1 million, compared to 46.2 million common shares for net proceeds of $649.7 million in 2013 and 22.7 million shares of common stock in 2012 for net proceeds of $315.3 million.

•	During 2014, the General Partner redeemed or repurchased all of its remaining outstanding preferred stock for $446.6 million. Cash outflows for the redemption of preferred stock totaled $178.0 million in 2013 and $168.3 million in 2012.

---

•	During 2014, we repaid nine secured loans, totaling $99.3 million with a weighted average stated interest rate of 5.56%. During 2013, we repaid twelve secured loans, at their maturity dates, totaling $153.8 million with a weighted average stated interest rate of 5.52%. During 2012, we repaid five secured loans totaling $102.1 million, which had a weighted average stated interest rate of 6.08%.

•

In November 2014, we issued $300.0 million of unsecured notes with a stated interest rate of 3.75%. Throughout 2013 we issued two series of unsecured notes, totaling $500.0 million with a weighted average stated interest rate of 3.75%, and fully drew down on a term loan with an aggregate commitment of $250.0 million with a variable interest rate of LIBOR plus 1.35%. During 2012, we issued two series of unsecured notes, totaling $600.0 million, with a weighted average stated interest rate of 4.125%.

•	During 2013, we repaid three series of unsecured notes with a weighted average effective interest rate of 6.37% totaling $675.0 million. In 2012, we repaid $200.0 million of unsecured debt.

•	We increased net borrowings on the Partnership's line of credit by $18.0 million in 2014, paid down $197.0 million in 2013 and increased net line of credit borrowings by $264.7 million in 2012.

•	Changes in book drafts are classified as financing activities within our consolidated Statements of Cash Flows. Book overdrafts were $7.8 million, $12.4 million and $45.3 million at December 31, 2014, 2013 and 2012, respectively.

•	We paid cash dividends or distributions of $0.68 per common share or per Common Unit in each of the years ended December 31, 2014, 2013 and 2012.

---

(1)	Our long-term debt consists of both secured and unsecured debt and includes both principal and interest. Interest payments for variable rate debt were calculated using the interest rates as of December 31, 2014.

(2)	Our unsecured line of credit consists of an operating line of credit that matures January 2019. Interest payments for our unsecured line of credit were calculated using the most recent stated interest rate that was in effect.

(3)	Our share of unconsolidated joint venture debt includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rate at December 31, 2014.

(4)	Represents estimated remaining costs on the completion of owned development projects and third-party construction projects.

---

---

---

---

---

---

(a)	The following documents are filed as part of this Annual Report:

---

---

---

---

---

---

(b)	Exhibits

---

(c)	Financial Statement Schedule

---

•	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the company;

•	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

•	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

---

---

•	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Partnership;

•	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the General Partner; and

•	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership's assets that could have a material effect on the financial statements.

---

---

---

---

---

---

---

---

---

---

(1)	The Company

(2)	Summary of Significant Accounting Policies

---

---

---

---

---

---

---

---

---

(3)	Acquisitions and Dispositions

---

---

(4)	Related Party Transactions

(5)	Investments in Unconsolidated Companies

---

(6)	Discontinued Operations, Assets Held-for-Sale and Impairments

---

---

---

(7)	Indebtedness

---

•	In November 2014, we issued $300.0 million of unsecured notes that bear interest at a stated rate of 3.75%, have an effective rate of 3.90%, and mature on December 1, 2024.

•	In December 2013, we issued $250.0 million of unsecured notes that bear interest at a stated rate of 3.875%, have an effective rate of 3.91%, and mature on February 15, 2021.

•

During the year ended December 31, 2013, we repaid three unsecured notes totaling $675.0 million. These notes had a weighted average effective rate of 6.37% and a weighted average stated rate of 5.57%. An unsecured note was repaid prior to its maturity date, and we incurred a loss on extinguishment of $9.4 million, which related to a make-whole payment to the bondholders as well as the write-off of unamortized deferred financing costs.

•

In May 2013, we issued and fully drew down on a term loan with an aggregate commitment of $250.0 million. In October 2014, we refinanced and extended the loan which previously bore an interest rate of LIBOR plus 1.35% and matured on May 14, 2018. It now bears interest at a variable rate of LIBOR plus 1.15% (equal to 1.31% for outstanding borrowings at December 31, 2014) and matures January 15, 2019.

•	In March 2013, we issued $250.0 million of unsecured notes that bear interest at 3.625%, have an effective rate of 3.72%, and mature on April 15, 2023.

---

(8)	Segment Reporting

---

---

---

(9)	Leasing Activity

(10)	Employee Benefit Plans

(11)	Shareholders' Equity of the General Partner and Partners' Capital of the Partnership

---

---

(12)	Stock Based Compensation

(13)	Financial Instruments

---

(14)	Commitments and Contingencies

(15)	Selected Interim Financial Information (unaudited)

---

(16)	Subsequent Events

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

(1)	The tax basis (in thousands) of our real estate assets at December 31, 2014 was approximately $7,700,110 for federal income tax purposes.

(2)	Depreciation of real estate is computed using the straight-line method over 40 years for buildings and 15 years for land improvements for properties that we develop, 30 years for buildings and 10 years for land improvements for properties that we acquire, and shorter periods based on lease terms (generally 3 to 10 years) for tenant improvements.

---

---

---