The rankings are based on data provided by participating companies. Developers were asked to provide their volume of activity for the 2004 calendar year, including the amount of space completed or under construction in the U.S. as of Dec. 31, 2004.

*Indicates tie

1. Opus Group
   10350 Bren Rd. West
   Minnetonka, MN 55343
   Phone: (952) 656-4444
   www.opuscorp.com
   Keith Bednarowski, Chairman, Opus Corp.
   Mark Rauenhorst, President/CEO, Opus Corp.
   Ron Schiferl, EVP/CFO, Opus Corp.
   Total Industrial Space Developed or Under Construction: 14.3 million sq. ft.

2. ProLogis
   14100 E. 35th Place
   Aurora, CO 80011
   Phone: (303) 375-9292
   E-mail: ir@prologis.com
   www.prologis.com
   Jeffrey Schwartz, CEO
   Walter Rakowich, President/COO
   Total Industrial Space Developed or Under Construction: 11 million sq. ft.

3. Panattoni Development Co.
   8401 Jackson Rd.
   Sacramento, CA 95826
   Phone: (916) 381-1561
   E-mail: cbrown@panattoni.com
   www.panattoni.com
   Carl Panattoni, Chairman
   Dudley Mitchell, President
   Jacklyn Shelby, COO/CFO
   Total Industrial Space Developed or Under Construction: 10.9 million sq. ft.

4. IDI
   3424 Peachtree Rd., Suite 1500
   Atlanta, GA 30326
   Phone: (404) 479-4000
   E-mail: getinfo@idi.com
   www.idi.com
   Henry D. “Greg” Gregory, Jr., President/CEO
   Tim Gunter, EVP/COO
   David Birdwell, SVP/CFO
   Total Industrial Space Developed or Under Construction: 7.3 million sq. ft.

5. Duke Realty Corp.
   600 E. 96th St., Suite 100
   Indianapolis, IN 46240
   Phone: (317) 808-6000
   E-mail: ir@dukerealty.com
   www.dukerealty.com
   Dennis D. Oklak, Chairman/CEO
   Matthew A. Cohoat, EVP/CFO
   Robert M. Chapman, SEVP/Head of Real Estate Operations
   Total Industrial Space Developed or Under Construction: 5.5 million sq. ft.

6. Trammell Crow Co.
   2001 Ross Ave., Suite 3400
   Dallas, TX 75201
   Phone: (214) 863-3000
   E-mail: ir@trammellcrow.com
   www.trammellcrow.com
   Robert E. Sulentic, Chairman/President/CEO
   Derek R. McClain, CFO
   Michael J. Lafitte, President, Global Services
   Total Industrial Space Developed or Under Construction: 5.4 million sq. ft.

7. Hillwood
   13600 Heritage Pkwy.
   Fort Worth, TX 76177
   Phone: (817) 224-6000
   E-mail: dave.pelletier@hillwood.com
   www.hillwood.com
   Ross Perot Jr., Chairman
   Mike Berry, President, Hillwood Properties
   Todd Platt, CEO, Hillwood Investments
   Total Industrial Space Developed or Under Construction: 5.3 million sq. ft.

8. First Industrial Realty Trust Inc.
   311 S. Wacker Dr., Suite 4000
   Chicago, IL 60606
   Phone: (312) 344-4300
   E-mail: soneill@firstindustrial.com
   www.firstindustrial.com
   Mike Brennan, President/CEO
   Johannson Yap, Chief
   Investment Officer
   David Draft, EVP, Operations
   Total Industrial Space Developed or Under Construction: 4.7 million sq. ft.

9. Catellus Development Corp.*
   201 Mission St., Second Floor
   San Francisco, CA 94105
   Phone: (415) 974-4500
   E-mail: margan_mitchell@catellus.com
   www.catellus.com
   Nelson C. Rising, Chairman/CEO
   Ted Antenucci, President, Catellus
   Commercial Development
   Bill Hosler, SVP/CFO
   Total Industrial Space Developed or Under Construction: 4.4 million sq. ft.

10. AMB Property Corp.*
    Pier 1, Bay 1
    San Francisco, CA 94111
    Phone: (415) 394-9000
    E-mail: ir@amb.com
    www.amb.com
    Hamid R. Moghadam, Chairman/CEO
    W. Blake Baird, President/Director
    Michael A. Coke, EVP/CFO
    Total Industrial Space Developed or Under Construction: 4.4 million sq. ft.

11. CenterPoint Properties Trust
    1808 Swift Dr.
    Oak Brook, IL 60523
    Phone: (630) 586-8000
    E-mail: pgilchrist@centerpoint-prop.com
    www.cntprop.com
    Michael M. Mullen, CEO
    Paul S. Fisher, President, CFO
    James N. Clewlow, CIO
    Total Industrial Space Developed or Under Construction: 3.9 million sq. ft.

12. Lincoln Property Co.
    500 N. Akard, Suite 3300
    Dallas, TX 75201
    Phone: (214) 740-3300
    E-mail: leverett@lpsi.com
    www.lincolnproperty.com
    Mack Pogue, Chairman
    Tim Byrne, President/CEO, Residential Division
    Bill Duvall, President/CEO, Commercial Division
    Total Industrial Space Developed or Under Construction: 3.8 million sq. ft.

13. The Gale Co.
    100 Campus Dr., Suite 200
    Florham Park, NJ 07932
    Phone: (973) 301-9500
    www.TheGaleCompany.com
    Stan Gale, Chairman/CEO
    Mark Yeager, President/CIO
    Total Industrial Space Developed or Under Construction: 2.9 million sq. ft.

14. Voit Development
    21700 Oxnard St., Suite 350
    Woodland Hills, CA 91367
    Phone: (818) 593-6330
    E-mail: info@voitco.com
    www.voitco.com
    Robert D. Voit, President, The Voit Cos.
    David Allison, EVP/COO, The Voit Cos.
    Robin Rousselet, CFO, The Voit Cos.
    Total Industrial Space Developed or Under Construction: 2.4 million sq. ft.

15. McShane Corp.
    9550 W. Higgins Rd., Suite 200
    Rosemont, IL 60018
    Phone: (847) 292-4300
    E-mail: info@mcshane.com
    www.mcshanecorp.com
    James A. McShane, CEO
    Hunter Barrier, President
    Mel Meyer, CFO
    Total Industrial Space Developed or Under Construction: 2.3 million sq. ft.

16. Liberty Property Trust
    500 Chesterfield Pkwy.
    Malvern, PA 19355
    Phone: (610) 648-1700
    E-mail: jleonard@libertyproperty.com
    www.libertyproperty.com
    William P. Hankowsky, CEO
    George J. Alburger, CFO
    Robert E. Fenza, COO
    Total Industrial Space Developed or Under Construction: 2.2 million sq. ft.

17. RREEF
    101 California St., 26th Floor
    San Francisco, CA 94111
    Phone: (415) 781-3300
    E-mail: sol.raso@rreef.com
    www.rreef.com
    Stephen M. Steppe, Managing Partner
    Timothy K. Gonzalez, Partner in Charge, Acquisitions
    Sol A. Raso, Partner in Charge, Client Relations
    Total Industrial Space Developed or Under Construction: 2 million sq. ft.

18. The Alter Group
    5500 W. Howard St.
    Skokie, IL 60077
    Phone: (800) 637-4842
    E-mail: info@altergroup.com
    www.altergroup.com
    William A. Alter, Chairman/CEO
    Michael J. Alter, President
    Richard M. Gatto, EVP
    Total Industrial Space Developed or Under Construction: 1.8 million sq. ft.

19. HSA Commercial Real Estate
    180 N. Wacker Dr., Suite 500
    Chicago, IL 60606
    Phone: (312) 332-3555
    E-mail: mailbox@hsacommercial.com
    www.hsacommercial.com
    Jack Shaffer, Chairman
    Robert Smietana, Vice Chairman/CEO
    Daniel F. Miranda, President
    Total Industrial Space Developed or Under Construction: 1.6 million sq. ft.

20. LaSalle Investment Management Inc.
    200 E. Randolph Dr.
    Chicago, IL 60601
    Phone: (312) 782-5800
    E-mail: libby.montgomery@lasalle.com
    www.lasalle.com
    Lynn C. Thurber, CEO
    Kimball C. Woodrow, COO
    Jacques N. Gordon, PhD, Head of Global Research & Strategy
    Total Industrial Space Developed or Under Construction: 1.5 million sq. ft.

21. McDonald Development Co.
    3715 Northside Pkwy., Bldg. 300, Suite 650
    Atlanta, GA 30327
    Phone: (404) 239-0885
    E-mail: mramsey@mcdonalddevco.com
    www.mcdonalddevco.com
    John R. McDonald, President
    Carl E. Fowler, SVP
    Tracy A. White, SVP
    Total Industrial Space Developed or Under Construction: 1.44 million sq. ft.

22. The Pizzuti Cos.
    Two Miranova Place, Suite 800
    Columbus, OH 43215
    Phone: (877) PIZZUTI
    E-mail: jrolwing@pizzuti.com
    www.pizzuti.com
    Ronald A. Pizzuti, Chairman/CEO
    Joel S. Pizzuti, EVP/President, Pizzuti Solutions
    James J. Miller, EVP
    Total Industrial Space Developed or Under Construction: 1.4 million sq. ft.

23. Higgins Development Partners*
    101 E. Erie, Suite 800
    Chicago, IL 60611
    Phone: (312) 943-4999
    E-mail: tprescott@higginsdevelopment.com
    www.higginsdevelopment.com
    John W. Higgins, Chairman/CEO
    Dietrich Knoer, Chief Investment Officer
    Thomas R. Prescott, SVP
    Total Industrial Space Developed or Under Construction: 1.3 million sq. ft.

24. Heller Industrial Parks Inc.*
    205 Mill Rd.
    Edison, NJ 08837
    Phone: (732) 287-4880
    www.hellerpark.com
    Jeffrey J. Milanaik, President
    Total Industrial Space Developed or Under Construction: 1.3 million sq. ft.

25. USAA Real Estate Co.
    9830 Colonnade Blvd., Suite 600
    San Antonio, TX 78230
    Phone: (210) 498-3222
    E-mail: sharon.ballenger@usaa.com
    www.usaarealco.com
    Edward B. Kelley, President/CEO
    T. Patrick Duncan, SVP, Real Estate Operations
    Glen Sam Mitts, SVP/Senior
    Financial Officer
    Total Industrial Space Developed or Under Construction: 1.1 million sq. ft.