7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-09-30 2019-06-30 2019-03-31 2018-09-30 2018-06-30 2018-03-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-12-31 2013-09-30 2013-06-30 2013-03-31 
      
    		                                                
      operating activities
    		                                                
      net income
    		-739,000 6,717,000 -4,343,000 29,036,000 -7,546,000 3,279,000 17,725,000 -21,062,000 8,423,000 14,885,000 5,417,000 14,541,000 42,369,000 30,767,000 12,276,000 3,243,000 7,748,000 8,455,000 6,009,000 4,689,000 10,826,000 12,309,000 9,135,000 12,063,000 5,826,000 6,514,000 5,669,000 5,945,000 6,983,000 10,461,000 4,943,000 8,753,000 5,145,000 7,946,000 3,131,000 26,533,000 8,443,000 4,337,000 10,285,000 8,118,000 5,226,000 2,754,000 2,273,000 2,506,000 2,866,000 1,252,000 8,404,000 1,931,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                                
      depreciation of buildings and tenant improvements
    		18,397,000 17,129,000 18,516,000 17,935,000 18,350,000 16,249,000 15,748,000 16,720,000 17,480,000 15,148,000 14,114,000 13,778,000 13,157,000 13,975,000 13,638,000 13,028,000 13,312,000 12,610,000 12,599,000 12,106,000 10,751,000 10,304,000 10,510,000 10,318,000 9,132,000 7,743,000 7,864,000 6,767,000 6,773,000 6,455,000 6,457,000 6,473,000 6,398,000 5,950,000 5,637,000 5,468,000 4,680,000 5,048,000 4,750,000 4,200,000 4,373,000 3,815,000 3,318,000 3,478,000 3,324,000 3,307,000 3,330,000 2,845,000 
      amortization of leasing costs, in-place lease intangibles, and right-of-use assets
    		4,716,000 4,622,000 4,701,000                                              
      accrued straight-line rental revenue
    		-2,984,000 -2,635,000 -2,167,000 -2,755,000 -2,380,000 -1,867,000 -1,252,000 -1,524,000 -1,504,000 -1,789,000 -1,455,000 -1,636,000 -1,506,000 -1,544,000 -1,492,000 -729,000 -882,000 -1,436,000 -1,891,000 -2,493,000 -1,924,000 -953,000 -557,000 -685,000 -1,371,000 -837,000 -760,000 -467,000 -562,000 -287,000 -257,000 -383,000 -326,000 -317,000 -260,000 -188,000 -200,000 -375,000 -624,000 -725,000 -473,000 -880,000 -381,000 -469,000 -292,000 -222,000 -241,000 -300,000 
      amortization of leasing incentives and above or below-market rents
    		-494,000 -398,000 -573,000 -419,000 -426,000 -404,000 -397,000 -441,000 -389,000 -1,068,000 -292,000 -291,000 -259,000 -256,000 -264,000 -271,000 -286,000 -256,000 -252,000 -221,000 -179,000 -195,000 -219,000 -190,000 -62,000 -35,000 -70,000 -85,000 -56,000 -50,000 -43,000 -47,000 -24,000 -12,000 -55,000 6,000 174,000 170,000 217,000 177,000         
      accrued straight-line ground rent expense
    		6,000 -32,000 4,000 5,000 5,000 10,000 8,000 9,000 15,000 20,000 20,000 22,000 21,000 28,000 48,000 79,000 76,000 48,000 33,000 46,000 47,000 13,000 -6,000 -66,000 59,000 -3,000 51,000 52,000 84,000 128,000 135,000 138,000 80,000 159,000 66,000 66,000 66,000 66,000 79,000 79,000 79,000 77,000 80,000 79,000 91,000 97,000 91,000 85,000 
      unrealized credit loss provision
    		  22,000 103,000 198,000 -228,000 83,000 -297,000 694,000 100,000 77,000 -232,000 -42,000 295,000 605,000 -508,000 -617,000 388,000 -55,000                              
      adjustment for uncollectible lease accounts
    		152,000 139,000 2,166,000 488,000 297,000                                            
      noncash stock compensation
    		1,074,000 1,362,000 3,464,000 1,241,000 921,000 744,000 2,192,000 726,000 814,000 291,000 1,846,000 561,000 597,000 506,000 1,609,000 400,000 390,000 423,000 1,017,000 471,000 456,000 421,000 1,030,000 322,000 328,000 689,000 252,000 271,000 549,000 215,000 421,000 411,000 218,000 212,000 215,000 437,000 176,000 173,000 203,000 379,000 197,000 198,000 193,000 329,000     
      noncash acquisition, development, and other pursuit costs
    		   0 0                                            
      impairment charges
    		   0 0   -5,000 5,000 0 102,000 83,000 0 286,000 47,000 18,256,000 0 83,000 3,039,000 461,000 47,000 0 158,000    3,000   19,000 27,000 4,000 171,000 149,000 0 35,000 18,000 0   0    47,000 0   
      noncash interest expense
    		1,172,000 1,460,000 1,335,000 759,000 905,000 1,014,000 1,048,000 1,385,000 1,309,000 2,151,000 2,261,000 2,468,000 2,217,000 1,234,000 909,000 700,000 849,000 703,000 626,000 705,000 645,000 445,000 409,000 197,000 397,000 304,000 270,000 231,000 326,000 380,000 283,000 277,000 293,000 212,000 284,000 191,000 215,000 233,000 240,000 318,000 107,000 117,000 160,000 133,000     
      gain on consolidation of real estate entities
    		0                                                
      noncash loss on extinguishment of debt
    		   134,000        475,000 2,123,000 618,000 158,000                                  
      change in fair value of derivatives and other
    		8,095,000 3,845,000 5,627,000 -2,497,000 16,669,000 1,950,000 -6,510,000  -1,484,000 -4,297,000 3,807,000  -782,000 -2,548,000 -4,182,000  -131,000 -314,000 -393,000                              
      adjustment for receipts on off-market interest rate derivatives
    		-6,568,000 -5,142,000 -5,232,000 -15,247,000 5,424,000 -5,506,000 -7,500,000 -4,792,000                                         
      equity in income of unconsolidated real estate entities
    		                       0 0 -273,000                       
      changes in operating assets and liabilities:
    		                                                
      property assets
    		-5,094,000 -2,111,000 2,134,000 -1,797,000 -7,806,000 -7,987,000 6,554,000 -1,355,000 -3,647,000 -4,959,000 4,167,000 1,401,000 -5,187,000 -8,312,000 69,000 -2,418,000 166,000 -5,133,000 3,664,000 682,000 -2,098,000 -5,740,000 1,196,000 -6,510,000 -204,000 2,591,000 -1,105,000 -4,276,000 1,771,000 -2,751,000 -1,885,000 1,024,000 1,755,000 -2,919,000 -2,237,000 218,000 61,000 -457,000 -966,000 -1,101,000 512,000 -140,000 -481,000 -1,311,000 1,323,000 169,000 6,961,000 -692,000 
      property liabilities
    		16,591,000 -4,409,000 -6,092,000 -2,022,000 11,088,000 -4,044,000 2,398,000 6,979,000 5,705,000 3,225,000 -3,817,000 -229,000 5,618,000 2,352,000 -4,781,000 2,620,000 7,523,000 4,043,000 -7,011,000 2,406,000 424,000 7,083,000 -4,151,000 5,464,000 -2,702,000 -139,000 4,004,000 1,854,000 -3,827,000 5,987,000 -1,903,000 -875,000 -95,000 5,399,000 -857,000 -686,000 -43,000 1,559,000 429,000 381,000 -1,303,000 1,290,000 -1,067,000 11,000 -2,273,000 1,073,000 -3,297,000 1,661,000 
      construction assets
    		13,377,000 24,215,000 12,101,000 25,369,000 7,081,000 17,249,000 3,960,000 -35,695,000 751,000 -26,775,000 2,493,000 -25,785,000 -16,966,000 -8,226,000 -9,779,000 -6,045,000 -1,536,000 17,511,000 9,354,000 6,026,000 -1,772,000 -7,926,000 1,370,000 -7,594,000 4,644,000 -502,000 -1,399,000 961,000 3,482,000 10,560,000 6,642,000 -13,137,000 -522,000 -9,127,000 -1,593,000 4,857,000 11,690,000 -8,987,000 -11,489,000 -8,551,000 -1,595,000 -4,092,000 -97,000 -109,000 260,000 4,341,000 -3,707,000 -3,009,000 
      construction liabilities
    		-17,815,000 -23,028,000 -29,537,000 -16,275,000 -16,623,000 -11,342,000 10,777,000 20,717,000 10,801,000 27,828,000 -16,859,000 29,591,000 16,846,000 8,138,000 17,067,000 6,277,000 464,000 -15,582,000 -19,063,000 -5,116,000 777,000 15,950,000 2,097,000 3,362,000 -4,583,000 579,000 1,523,000 -3,898,000 -11,183,000 -12,669,000 -5,867,000 5,888,000 5,992,000 13,333,000 -66,000 -4,070,000 -6,414,000 9,178,000 8,498,000 1,402,000 4,285,000 8,254,000 628,000 -2,003,000 -2,520,000 -34,000 -2,207,000 1,170,000 
      interest receivable
    		-3,851,000 -3,829,000 -3,932,000 965,000 -4,267,000 -4,156,000 -4,188,000 -4,112,000 -3,252,000 -2,836,000 -3,709,000 389,000 -1,098,000 -3,242,000 -784,000 -3,827,000 -2,580,000 6,081,000 -2,114,000 -2,741,000 -1,534,000 -4,409,000 -7,224,000 421,000 -4,353,000 -3,186,000 -2,543,000                      
      net cash from operating activities
    		26,290,000 11,103,000 107,000 20,803,000 27,337,000 17,394,000 46,486,000 15,024,000 37,829,000 27,406,000 13,055,000 38,591,000 27,860,000 19,825,000 30,582,000 21,962,000 28,582,000 32,505,000 8,135,000 23,412,000 18,013,000 29,447,000 20,307,000 17,415,000 12,033,000 16,079,000 15,937,000 5,332,000 5,928,000 16,712,000 11,979,000 7,907,000 20,988,000 19,834,000 7,640,000 11,308,000 15,462,000 12,319,000 5,709,000 -404,000 10,070,000 12,295,000 5,784,000 3,213,000 3,987,000 11,338,000 2,563,000 4,287,000 
      investing activities
    		                                                
      development of real estate investments
    		-10,524,000 4,279,000 -1,726,000 -2,748,000 -7,477,000 -7,651,000 -11,955,000 -18,255,000 -9,579,000 -15,695,000 -15,264,000 -13,794,000 -26,910,000 -6,803,000 -28,675,000 -9,966,000 -19,183,000 -10,122,000 -9,354,000 -11,328,000 -12,303,000 -16,962,000 -22,892,000 -31,779,000 -34,383,000 -41,296,000 -44,442,000 -31,303,000 -26,438,000 -13,734,000 -8,541,000 -6,456,000 -8,754,000 -16,002,000 -12,892,000 -19,777,000 -12,426,000 -9,243,000 -10,099,000 -20,951,000 -21,373,000 -29,385,000 -27,389,000 -20,320,000 -16,370,000 -14,194,000 -8,534,000 -2,200,000 
      tenant and building improvements
    		-8,739,000 -11,882,000 -15,152,000 -11,291,000 -7,628,000 110,000 -11,546,000 -8,646,000 -6,092,000 -2,598,000 -7,314,000 -5,342,000 -3,276,000 -7,740,000 -727,000 -8,875,000 -1,804,000 -1,763,000 -3,054,000 -1,882,000 -3,192,000 -2,477,000 -2,526,000 -4,370,000 -8,890,000 -3,629,000 -2,682,000 -3,353,000 -2,246,000 -3,766,000 -2,269,000 -2,069,000 -2,299,000 -1,524,000 -1,566,000 -1,309,000 -1,363,000 -1,323,000 -1,268,000 -1,203,000 -1,740,000 -942,000 -1,185,000 -2,495,000 -1,468,000    
      notes receivable issuances
    		-8,721,000 -9,849,000 -3,062,000 -10,677,000 -15,172,000 -10,697,000 -11,175,000 -6,174,000 -20,772,000 -14,539,000 -6,699,000 -13,556,000 -3,406,000 -3,178,000 -17,651,000 -4,426,000 -6,434,000 -12,264,000 -7,532,000 -6,797,000 -88,000 -579,000 -17,020,000 -19,176,000 -15,687,000 -9,668,000 -4,465,000 -209,000 -5,607,000 -1,918,000 -12,423,000 -1,413,000 -9,611,000 -10,624,000 -28,847,000 -2,639,000             
      notes receivable paydowns
    		   -5,202,000        22,609,000 1,694,000 0 11,545,000 0 3,811,000 26,199,000 12,291,000 120,000 13,807,000 1,413,000 1,000,000 15,273,000 0 1,692,000                       
      payments to purchase off-market interest rate derivatives
    		-13,958,000 0 -4,577,000     -14,455,000                                         
      receipts on off-market interest rate derivatives
    		6,568,000 5,142,000 5,232,000 15,247,000 -5,424,000 5,506,000 7,500,000 4,792,000                                         
      leasing costs
    		-4,666,000 -1,108,000 -162,000 -473,000 -1,772,000 921,000 -3,611,000 -842,000 -869,000 -1,398,000 -950,000 -3,826,000 -1,978,000 -974,000 -862,000 -1,990,000 -1,527,000 -398,000 -670,000 -987,000 -782,000 -1,089,000 -567,000 -686,000 -1,308,000 -575,000 -1,988,000 -1,380,000 -680,000 658,000 -314,000 -493,000 -773,000 -598,000 -513,000 -490,000 -403,000 -207,000 -171,000 -1,337,000 -1,311,000        
      leasing incentives
    		-1,000 0 -9,000     0 0 0 -20,000 0 0   -221,000    -37,000 -110,000      -16,000   -145,000   -48,000 -101,000 -65,000 -22,000 0 0 -738,000 -825,000 -688,000 0   -23,000 0 -203,000 -40,000 
      contributions to equity method investments
    		-507,000 -4,076,000 -2,032,000 -2,576,000 -2,715,000 -425,000 -10,159,000 -16,359,000 -23,301,000 -9,291,000 -21,097,000 -11,307,000 -11,232,000 -32,241,000 -8,092,000 -3,511,000 -2,175,000 -2,032,000 -3,889,000     0 0 -535,000 -2,273,000 -1,717,000 -1,410,000 -219,000 -156,000 -559,000  -62,000 -3,447,000 -5,440,000             
      net cash from investing activities
    		-40,548,000 -17,494,000 -21,488,000 40,883,000 -14,402,000 -12,236,000 -40,946,000 -59,939,000 -74,087,000 -51,896,000 -51,344,000 -50,788,000 104,496,000 50,674,000 -137,624,000 43,724,000 -69,748,000 -486,000 -31,119,000 -22,354,000 -21,525,000 66,822,000 -49,170,000 -9,284,000 -166,807,000 -79,803,000 -80,440,000 -33,369,000 -69,749,000 -32,428,000 -23,710,000 -13,347,000 -38,780,000 -38,292,000 -38,286,000 -111,103,000 4,274,000 -40,483,000 -11,842,000 -8,330,000 -17,836,000 -31,472,000 -30,100,000 -25,898,000 -18,732,000 -14,882,000 -11,151,000 -3,182,000 
      financing activities
    		                                                
      (costs)/proceeds from issuance of common stock
    		-28,000                                                
      common shares tendered for tax withholding
    		-3,000 -75,000 -1,299,000 -426,000 -160,000 0 -980,000 0 -1,000 -5,000 -1,105,000 0 0 -1,000 -773,000 0 0 -14,000 -539,000 -35,000 0 0 -534,000 0 0 -344,000 0                      
      debt issuances, credit facility, and construction loan borrowings
    		177,140,000 133,000,000 29,904,000 53,888,000 51,486,000 121,887,000 42,208,000 92,166,000                                         
      debt and credit facility repayments, including principal amortization
    		-73,075,000 -92,931,000 -6,881,000 -111,342,000 -2,494,000 -131,259,000 -12,480,000 -18,476,000 -23,440,000 -136,536,000 -2,417,000 -160,304,000 -289,737,000 -55,344,000 -218,354,000 -162,024,000 -7,355,000 -12,878,000 -5,501,000 -118,136,000 -100,899,000 -72,312,000 -7,971,000 -62,704,000 -80,485,000 -57,690,000 -53,845,000 -45,004,000 -39,273,000 -21,527,000 -86,144,000 -44,530,000 -18,874,000 -91,959,000 -20,879,000 -54,821,000     -1,812,000        
      debt issuance costs
    		-1,024,000 -1,605,000 -15,000 -1,173,000 -47,000 -993,000 -8,000 0 -1,178,000   -1,589,000 -3,424,000 -203,000 -3,100,000 -368,000 -439,000 -314,000 -1,710,000 -283,000 -290,000 -33,000 -3,000 -58,000 -2,747,000 -420,000 -936,000 -180,000 -201,000 -280,000 0 -471,000 -5,000 -1,232,000 -117,000 -442,000 -43,000 -398,000 -314,000 -1,132,000 -413,000 0 -31,000 -4,000 -913,000 -2,000   
      cash paid on extinguishment of debt
    		-65,047,000   45,698,000                                             
      acquisition of non-controlling interest in consolidated real estate investments
    		-27,000                                                
      redemption of operating partnership units
    		-11,000 0 -4,000 -19,000 -68,000 0 -118,000 0 -122,000   0               0 -2,526,000 -5,000 0 -179,000 -50,000 0 0   -162,000 0           
      distributions to noncontrolling interests
    		-63,000 -135,000 -301,000 -217,000 -106,000 -151,000 -336,000 -326,000 -298,000 -427,000 -506,000 -249,000 -5,423,000                                    
      dividends and distributions
    		-28,381,000 -17,164,000 -23,665,000 -21,545,000 -21,159,000 -21,069,000 -20,121,000 -20,656,000 -20,359,000 -19,710,000 -19,673,000 -19,671,000 -17,907,000 -17,903,000 -17,094,000 -16,051,000 -15,983,000 -15,000,000 -11,679,000 -11,545,000 -509,000 -18,176,000 -17,373,000   -13,447,000 -13,213,000 -12,529,000 -11,808,000 -11,643,000 -10,371,000 -9,726,000 -9,141,000 -8,829,000 -8,252,000 -7,621,000 -6,974,000 -6,906,000 -6,776,000 -6,368,000 -6,367,000 -5,288,000 -5,286,000 -5,155,000     
      net cash from financing activities
    		9,481,000 12,425,000 -2,275,000 -35,189,000 11,094,000 -27,322,000 8,155,000 40,076,000 35,166,000 24,151,000 22,860,000 4,497,000 -149,203,000 -33,573,000 106,085,000 -58,696,000 21,377,000 -13,365,000 7,142,000 -29,852,000 7,625,000 -73,946,000 38,072,000 13,514,000 161,776,000 58,632,000 69,733,000 24,149,000 60,211,000 16,850,000 20,279,000 -6,463,000 15,844,000 22,364,000 31,820,000 91,616,000 -7,938,000 15,999,000 2,010,000 14,330,000 16,548,000 20,007,000 27,143,000 17,247,000 23,852,000 -1,418,000 19,224,000 -6,404,000 
      net increase in cash, cash equivalents, and restricted cash
    		  -23,656,000 26,497,000   13,695,000 -4,839,000 -1,092,000   -7,700,000 -16,847,000   6,990,000 -19,789,000 18,654,000 -15,842,000   22,323,000 9,209,000 21,645,000                         
      cash, cash equivalents, and restricted cash, beginning of period
    		0 0 72,223,000 0 0 0 30,166,000 0 0 0 51,865,000 0 0 0 40,443,000 0 0 0 50,430,000 0 0 0 43,579,000 0 0 24,051,000 0 0 22,916,000                    
      cash, cash equivalents, and restricted cash, end of period
    		-4,777,000 6,034,000 48,567,000 26,497,000 24,029,000 -22,164,000 43,861,000 -4,839,000 -1,092,000 -339,000 36,436,000 -7,700,000 -16,847,000 36,926,000 39,486,000 6,990,000 -19,789,000 18,654,000 34,588,000 -28,794,000 4,113,000 22,323,000 52,788,000 21,645,000 7,002,000 18,959,000 5,230,000 -3,888,000 19,306,000                    
      unrealized credit loss release
    		                                                
      equity in loss of unconsolidated real estate entities
    		 322,000 1,913,000                                              
      net decrease in cash, cash equivalents, and restricted cash
    		          -15,429,000    -957,000                                  
      costs from issuance of common stock
    		  -14,000                                              
      amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases
    		   8,514,000 4,939,000 4,540,000 4,687,000  4,982,000 4,730,000 4,354,000 4,332,000 4,369,000 4,806,000 4,919,000 3,588,000 3,574,000 4,675,000 5,467,000 5,634,000 3,425,000 3,473,000 3,769,000                          
      gain on real estate dispositions
    		       0 -227,000   -42,000 -33,931,000   -15,436,000 113,000 0 -3,717,000 0 -3,612,000         -4,692,000 0 -3,395,000 -93,000 -3,753,000    0 -7,210,000 -6,197,000         
      acquisitions of real estate investments, net of cash received
    		       0 -39,000   -26,350,000 -76,000 -151,000 -93,162,000 -26,000 -45,396,000 -106,000 -28,067,000 -366,000 -25,932,000 -246,000 -8,607,000 0 -107,553,000 -25,792,000 -24,574,000 401,000 -33,368,000 -21,253,000 0 -6,767,000  -12,887,000               
      dispositions of real estate investments, net of selling costs
    		       0 266,000   778,000 149,680,000   72,739,000 3,427,000 0 9,156,000 1,000 7,075,000 87,941,000 1,442,000 31,454,000                         
      proceeds (costs) from issuance of common stock, net of issuance cost
    		   -53,000                                             
      repurchase and retirement of common stock
    		                                                
      acquisition of nci in consolidated re investments
    		           -750,000 0 0 -3,901,000 0 0                                
      contributions from noncontrolling interests
    		           0 0                                    
      amortization of right-of-use assets - finance leases
    		    395,000 394,000 395,000 300,000 425,000 347,000 277,000 277,000 278,000 277,000 278,000 277,000 278,000 278,000 189,000 146,000 147,000 146,000 147,000                          
      proceeds from issuance of common stock, net of issuance cost
    		     4,263,000 -10,000  -55,000 0 -149,000                                      
      adjustment for uncollectable lease accounts
    		      758,000  83,000 916,000 252,000 74,000 36,000 164,000 241,000 262,000 121,000 290,000 272,000  1,709,000 1,185,000 301,000                          
      amortization of leasing costs, in-place lease intangibles, and below market ground rents - operating leases
    		                                                
      unrealized change in the fair value of derivatives and other
    		                                                
      proceeds from issuance of common stock
    		           0 0 -35,000 65,194,000 24,249,000 4,331,000 14,116,000 8,981,000 12,263,000 1,622,000 4,416,000 1,349,000 34,045,000                         
      acquisition of noncontrolling interests in consolidated real estate investments
    		                                                
      debt issuances, credit facility and construction loan borrowings
    		         183,073,000 46,710,000 187,060,000 167,418,000 39,983,000 284,113,000 101,864,000 40,823,000 1,529,000 17,590,000 95,615,000 6,332,000 12,068,000 62,604,000 57,765,000 191,065,000 100,327,000 127,179,000 35,750,000 111,498,000 50,300,000 28,954,000 44,952,000 26,747,000 104,866,000 40,555,000 144,684,000 14,140,000 26,273,000 48,527,000 125,467,000 25,236,000 35,722,000       
      change in the fair value of derivatives and other
    		                                                
      proceeds from issuance of cumulative redeemable perpetual preferred stock
    		                   0 101,369,000   0                         
      adjustment for annapolis junction modification fee
    		                                                
      interest expense on finance leases
    		                  362,000 229,000 229,000 228,000 229,000                          
      benefit from unrealized credit losses
    		                   29,000 -33,000 -117,000 377,000                          
      adjustment for uncollectable accounts
    		                       211,000 -119,000 128,000                       
      change in the fair value of interest rate derivatives
    		                          -298,000 11,000 -969,000                    
      adjustment for annapolis junction loan discount amortization
    		                                                
      net increase in cash and cash equivalents
    		                                  1,174,000 -8,179,000   -4,123,000 5,596,000 8,782,000 830,000   9,107,000 -4,962,000   
      change in fair value of interest rate derivatives
    		                     6,000 1,736,000 530,000 1,933,000 1,463,000                       
      amortization of leasing costs and in-place lease intangibles
    		                       5,134,000 4,346,000 2,161,000 2,332,000 2,412,000 2,505,000 2,784,000 2,847,000 3,002,000 3,294,000 2,935,000 2,965,000 2,681,000 1,482,000 1,269,000 1,016,000 708,000         
      annapolis junction loan discount amortization
    		                       -1,371,000                         
      dividends on common stock and distributions on operating partnership units
    		                       -15,534,000                         
      adjustment for annapolis junction purchase option
    		                         -1,118,000                       
      proceeds from sales of common stock
    		                         30,609,000 10,709,000   0 92,521,000 3,523,000 17,387,000 19,908,000 21,091,000 10,089,000 38,775,000 4,091,000           
      offering costs
    		                         -403,000 -161,000   0 -4,502,000 -161,000 -270,000 -390,000 -520,000 -273,000 -106,000 -118,000   -96,000 -77,000 -94,000 -149,000 -333,000 -1,942,000 -3,075,000 -2,587,000 
      net decrease in cash and cash equivalents
    		                         -5,092,000 5,230,000 -3,888,000 -3,610,000 1,134,000 8,548,000 -11,903,000            -5,438,000    -5,299,000 
      bad debt expense
    		                          133,000 60,000 52,000 259,000 98,000 68,000 25,000 83,000 50,000 45,000 8,000 51,000 38,000 34,000 31,000 37,000 0 11,000 7,000 38,000 0 117,000 
      loss on extinguishment of debt
    		                                     3,000 180,000 227,000         
      supplemental disclosures
    		                                                
      increase in dividends payable
    		                          160,000 706,000 744,000                    
      increase in accounts payable and accrued liabilities for capital expenditures
    		                          3,411,000 11,126,000 -4,434,000                    
      issuance of operating partnership units for acquisitions
    		                          0 0 1,702,000                    
      operating partnership units redeemed for common shares
    		                          1,347,000                      
      redeemable noncontrolling interest from development
    		                             0 0 2,000,000                 
      deferred payment for land acquisition
    		                             0 0 600,000                 
      dispositions of real estate investments
    		                             8,116,000 0 4,441,000 358,000 3,537,000 9,027,000 83,748,000 28,953,000 0 35,389,000 15,224,000         
      supplemental disclosures:
    		                                                
      noncash transactions:
    		                                                
      decrease in capital improvement reserves
    		                                                
      cash and cash equivalents, beginning of period
    		                             0 0 21,942,000 0 0 0 26,989,000 0 0 0 25,883,000 0 0 0 18,882,000 0 0 0 9,400,000 
      cash and cash equivalents, end of period
    		                             1,134,000 8,548,000 10,039,000 -1,948,000 3,906,000 1,174,000 18,810,000 11,798,000 -12,165,000 -4,123,000 31,479,000 8,782,000 830,000 2,827,000 13,444,000 9,107,000 -4,962,000 10,636,000 4,101,000 
      change in the fair value of derivatives
    		                              81,000 -294,000  -498,000 373,000 2,389,000 -9,000 51,000 40,000 147,000 110,000 -46,000 262,000 -93,000 53,000 115,000 -46,000 -110,000 
      decrease in restricted cash
    		                                            -362,000 181,000   
      increase in restricted cash
    		                               -31,000  -31,000 -166,000 -13,000     -111,000 -936,000 -742,000 -35,000     
      other noncash gain
    		                                                
      acquisitions of real estate investments
    		                                   -165,161,000 -3,500,000            
      government development grants
    		                                    0    0    0    
      decrease (increase) in restricted cash
    		                                    838,000 -437,000 417,000 762,000        -95,000 
      contributions to real estate joint ventures
    		                                            0 0 0 -81,000 
      supplemental cash flow information:
    		                                                
      cash paid for interest
    		                                        3,165,000 3,172,000 3,001,000 2,794,000 2,447,000 2,679,000 3,743,000 3,748,000 
      cash refunded (paid) for income taxes
    		                                                
      common shares and op units issued for acquisitions
    		                                                
      change in accrued capital improvements and development costs
    		                                                
      gain on real estate dispositions and acquisitions
    		                                   -26,674,000             
      income from real estate joint ventures
    		                                            0 0 -117,000 -93,000 
      return of capital from real estate joint ventures
    		                                            0 0 381,000 130,000 
      formation transactions
    		                                            -229,000 0   
      predecessor contributions
    		                                                
      predecessor distributions
    		                                            -2,218,000    
      changes in operating assets and liabilities, net of acquisitions:
    		                                                
      debt and credit facility payments, including principal amortization
    		                                     -6,943,000 -42,741,000 -103,637,000   -864,000 -714,000 -12,872,000 -16,896,000   
      acquisitions of real estate investments, net of cash acquired
    		                                        0 141,000 0 -2,895,000 0 0   
      results from discontinued operations
    		                                                
      income from continuing operations
    		                                            2,866,000 1,252,000 8,404,000 1,931,000 
      net cash from continuing operations
    		                                            3,987,000 11,338,000 2,563,000 4,287,000 
      net cash from discontinued operations
    		                                                
      proceeds from sale of common stock
    		                                        0    0 0   
      cash paid for income taxes
    		                                                
      amortization of deferred leasing costs and in-place lease intangibles
    		                                         752,000 739,000 491,000 462,000 626,000   
      amortization of lease incentives and above or below-market rents
    		                                         144,000 157,000 160,000 146,000 154,000   
      gain on acquisitions
    		                                            0 0   
      debt assumed in acquisitions of real estate investments
    		                                                
      deferred leasing costs
    		                                          -721,000 -153,000 -509,000 -427,000 -94,000 -150,000 
      credit facility and construction loan borrowings
    		                                           23,269,000     
      loss on disposal of real estate assets
    		                                                
      debt issuances and credit facility borrowings
    		                                            43,354,000 20,000,000   
      common stock dividends and common unit distributions
    		                                                
      noncash contributions
    		                                                
      increase in distributions payable
    		                                               967,000 
      income from discontinued operations
    		                                                
      non-cash stock compensation
    		                                             243,000   
      non-cash interest expense
    		                                             145,000   
      non-cash loss on extinguishment of debt
    		                                             34,000   
      dividends
    		                                                
      decrease in distributions payable
    		                                             0   
      second generation tenant and building improvements
    		                                              -964,000 -746,000 
      contributions to predecessor
    		                                                
      distributions from predecessor
    		                                                
      amortization of deferred leasing costs
    		                                               314,000 
      amortization of lease incentives
    		                                               196,000 
      amortization of debt issuance costs
    		                                               172,000 
      debt issuances
    		                                                
      debt repayments
    		                                               -1,453,000 
      contributions
    		                                               250,000 
      distributions
    		                                               -2,614,000 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.