CRT PROPERTIES, INC.

CRT PROPERTIES, INC.

Previous company name
KOGER EQUITY, INC.
Name change date
7/1/2004
Company Overview
CRT Properties Inc. is a fully integrated, self-administered and self-managed equity real estate investment trust, engaged in the development, operation and management of office buildings in metropolitan areas in the Southeastern United States, Maryland and Texas. The company, formerly known as Koger Equity Inc., was incorporated in 1988. Its headquarters is located in Boca Raton, Florida.
As of December 2004, the company owned 136 office buildings located in 26 suburban and urban office projects. The company also owned approximately 68.6 acres of unencumbered land held for development and approximately six acres of land that are not suitable for development.
In 2005, the company merged with and into DRA CRT Acquisition Corp, an investment fund managed by DRA Advisors LLC, a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors. DRA CRT Acquisition Corp. now owns the portfolio of office properties previously held by CRT Properties.
Business Summary
CRT Properties, Inc. is a fully integrated, self-administered and self-managed equity real estate investment trust (REIT), which develops, owns, operates, leases and manages office buildings in metropolitan areas in the southeastern United States, Maryland and Texas. As of December 31, 2004, the Company owned 136 office buildings totaling 11.4 million rentable square feet, located in 26 suburban and urban office projects in 12 metropolitan areas in the southeastern United States, Maryland and Texas. In addition to its office projects, the Company owns approximately 68.6 acres of unencumbered land held for development and approximately six acres of land that are not suitable for development. A majority of the land held for development adjoins six of the office projects, which have infrastructure, including roads and utilities, in place.
Description and history
CRT Properties, Inc., incorporated in 1988, is a fully integrated, self-administered and self-managed equity real estate investment trust (REIT), which develops, owns, operates, leases and manages office buildings in metropolitan areas in the southeastern United States, Maryland and Texas. As of December 31, 2004, the Company owned 136 office buildings totaling 11.4 million rentable square feet, located in 26 suburban and urban office projects in 12 metropolitan areas in the southeastern United States, Maryland and Texas. In addition to its office projects, the Company owns approximately 68.6 acres of unencumbered land held for development and approximately six acres of land that are not suitable for development. A majority of the land held for development adjoins six of the office projects, which have infrastructure, including roads and utilities, in place.

As of December 31, 2004, CRT Properties’ portfolio was 82% occupied compared to 81% as of December 31, 2003. The Company uses a number of approaches to maintain and increase occupancy, including prioritizing efforts to retain existing tenants, using rental concessions, such as free rent and improvement allowances, offering market-specific broker incentives and employing highly skilled and proactive management and leasing professionals.

Two major governmental tenants, when all of their respective departments and agencies which lease space in the Company’s buildings are combined, leased more than 10% of the rentable area of the buildings and contributed more than 10% of the annualized rentals as of December 31, 2004. At that date, the United States of America leased 10.1% of the rentable square feet and accounted for an aggregate of 9.7% of the annualized gross rents. In addition, the State of Florida leased 7.3% of the Company’s rentable square feet and accounted for 6.5% of CRT Properties’ annualized gross rents. In addition to the United States of America and the State of Florida, some of the Company’s principal tenants are Blue Cross and Blue Shield, Alston & Bird, Bechtel Corporation, Six Continents Hotels, CitiFinancial, Spirent, Cigna General Life Insurance, Landstar System Holdings, Citigroup and Zurich Insurance.

Formerly known as Koger Equity Inc

Business Line
Fully integrated, self-administered and self-managed equity real estate investment trust, engaged in the development, operation and management of office buildings in metropolitan areas in the Southeastern United States, Maryland and Texas
Subsidiary

Advisor
DELOITTE & TOUCHE LLP
IPO date
3/9/2000
US SIC Code
6798
Company Address
Suite 200
225, NE Mizner Boulevard
City province or state postal code
33432, BOCA RATON, FL
Phone: +1 561 395 9666
Fax: +1 561 394 7712
Country address: UNITED STATES OF AMERICA
Website url: www.crtproperties.com