Spieker Properties, Inc. Company Profile

Spieker Properties, Inc. 'SPK' is a self-administered and self-managed equity real estate investment trust (REIT) in the business of owning, operating, managing, leasing, acquiring, developing and redeveloping high quality suburban commercial property.

SPK's management team has developed and acquired over 30 million square feet of commercial property since 1970. Since SPK's initial public offering in November 1993, the company has acquired thirteen industrial properties, seven suburban office properties and four retail properties bringing the total number of income-producing properties owned and operated as of September 18, 1995 to 121, aggregating approximately 15.4 million square feet. The Spieker portfolio comprises 69 industrial properties, 38 suburban office properties and 14 retail properties, all located in Northern California, Washington, Oregon and Idaho. SPK is continuously seeking acquisition and development opportunities in all of it's markets as a means of enhancing shareholder value.

The company's five executive officers have worked together on average for over 20 years through various cycles of the commercial real estate markets. The company's 23 most senior members of management have been partners or employees of the company and its predecessor on average for more than 12 years.

As of September 18, 1995, total company capitalization exceeded $1.3 billion with a total stock market capitalization of $850 million. In 1994 the company had revenues in excess of $120 million, Funds From Operations of $1.93 per share and paid dividends of $1.60 per share to its shareholders. The current annualized indicated dividend rate is $1.68 per share.