Exhibit 99.1

Table of Contents

Selected Financial Data of Bradley Operating Limited Partnership	1

Business of Bradley Operating Limited Partnership	4

Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Management	32

Index to Historical Financial Statements of Bradley Operating Limited Partnership	F-1

SELECTED FINANCIAL DATA OF BRADLEY OPERATING LIMITED PARTNERSHIP

The following selected historical consolidated financial and operating data of Bradley OP should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements of Bradley OP beginning on page F-1 of this document. The following data does not include any information with respect to Heritage or any of its subsidiaries other than Bradley OP and its subsidiaries. Consolidated financial information with respect to Heritage and its subsidiaries may be found in Heritage’s filings with the SEC.

On September 18, 2000, Heritage acquired Bradley Real Estate, Inc. (“Bradley”), a publicly traded REIT based in Illinois with nearly 100 shopping center properties located primarily in the Midwest, at an aggregate cost of approximately $1.2 billion. Heritage acquired Bradley through a merger in which all of the holders of Bradley capital stock received cash in exchange for their shares. Through the acquisition, Heritage also acquired a controlling interest in Bradley OP through the acquisition of all of the general partnership units and substantially all of the limited partnership units of Bradley OP. Heritage accounted for the transaction using the purchase method of accounting and, accordingly, the acquisition cost was allocated to the estimated fair values of the assets received and liabilities assumed. As a result of Heritage’s accounting for the transaction, several significant changes were required affecting Bradley OP’s financial position and future results of operations. These changes included but were not limited to, recognizing straight-line rental income over a different period, increasing the book value of the real estate investments acquired to their estimated fair values and writing off any unamortized deferred leasing and financing costs. Based on these changes, the financial position and results of operations of Bradley OP for the periods subsequent to the acquisition have been shown separately from the financial position and results of operations for the period prior to the acquisition.

	Year Ended December 31,
	2003			2002			2001			2000(1)
	(Dollars and units in thousands except per-unit data)
STATEMENT OF OPERATIONS DATA:
Revenue:
Rentals and recoveries	$	187,613		$	172,633		$	157,350		$	46,322
Interest and other	36			58			132			823
Total revenue	187,649			172,691			157,482			47,145
Expenses:
Operating	56,632			52,627			48,195			13,121
General and administrative	11,775			15,324			8,256			2,294
Depreciation and amortization	48,389			43,386			39,398			12,356
Interest	33,030			35,537			47,102			7,580
Loss on prepayment of debt	—			4,215			—			—
Total expenses	149,826			151,089			142,951			35,351
Income before net gains	37,823			21,602			14,531			11,794
Net derivative (losses) gains	—			(7,766		)	986			—
Net income	37,823			13,836			15,517			11,794
Preferred stock distributions	(6,656		)	(6,656		)	(6,656		)	—
Net income attributable to common unitholders	$	31,167		$	7,180		$	8,861		$	11,794
Per Unit Data:
Basic and diluted income attributable to common unitholders	$	0.92		$	0.24		$	0.38		$	0.50
Weighted average common units outstanding—Basic and diluted	33,787			30,073			23,379			23,379
BALANCE SHEET DATA: (at end of period)
Real estate investments, before accumulated depreciation	$	1,282,989		$	1,312,694		$	1,143,111		$	1,164,549
Total assets	1,312,641			1,339,680			1,173,004			1,185,192
Total liabilities	642,877			639,967			661,002			627,747
Minority interests	2,425			2,425			2,425			2,425
Redeemable capital	84,681			83,497			75,527			75,556
Partners’ capital	582,658			613,791			434,050			479,464
OTHER DATA:
# of shopping centers (at end of period)	105			105			96			96
Gross leasable area of shopping centers (sq. ft. at end of period, in thousands)(2)	17,589			17,589			15,378			15,378
Total portfolio net operating income	$	130,981		$	120,006		$	109,155		$	33,201
Cash flows from operating activities	89,154			75,129			50,780			18,612
Cash flows from investing activities	(19,250		)	(119,448		)	(13,768		)	(9,567		)
Cash flows from financing activities	(68,839		)	41,212			(33,231		)	(28,230		)

(1) Represents the period from September 18, 2000, the date Heritage acquired Bradley OP, through December 31, 2000.

(2) Represents the total gross leasable area of all Bradley OP-owned and operated shopping center square footage.

	Year Ended December 31,
	2000(1)			1999
	(Dollars and units in thousands except per-unit data)
STATEMENT OF OPERATIONS DATA:
Revenue:
Rentals and recoveries	$	113,574		$	151,950
Interest and other	245			2,883
Total revenue	113,819			154,833
Expenses:
Operating	31,180			45,830
General and administrative	7,875			7,797
Depreciation and amortization	20,194			26,456
Interest	23,725			29,404
Total expenses	82,974			109,487
Income before equity in earnings of partnership	30,845			45,346
Equity in earnings of partnership	—			500
Gain on sale of properties	205			—
Income allocated to minority interest	—			84,000
Net income	31,050			45,762
Preferred stock distributions	(9,584		)	(11,791		)
Net income attributable to common unitholders	$	21,466		$	33,971
Per Unit Data:
Basic income attributable to common unitholders	$	0.86		$	1.34
Diluted income attributable to common unitholders	$	0.86		$	1.34
Weighted average common units outstanding—basic	25,002			25,380
Weighted average common and common equivalent units outstanding—diluted	25,002			25,409
BALANCE SHEET DATA: (at end of period)
Real estate investments, before accumulated depreciation	$	1,164,549		$	1,014,158
Total assets	1,185,192			996,167
Total liabilities	627,747			478,298
Minority interests	2,425			381
Redeemable capital	75,556			—
Partners’ capital	$	479,464		$	517,488
OTHER DATA:
# of shopping centers (at end of period)	97			98
Gross leasable area of shopping centers (sq. ft. at end of period, in thousands)(2)	15,460			15,500
Total portfolio net operating income	$	33,201		$	106,120

(1) Represents the period from January 1, 2000 through September 18, 2000, the date Heritage acquired Bradley OP.

All references to “we,” “us,” “our,” “ours” or “Heritage” in this document refer to Heritage Property Investment Trust, Inc. and its consolidated subsidiaries, unless the context indicates otherwise. All references to “Bradley OP” in this document refer to Bradley Operating Limited Partnership, one of Heritage’s subsidiary operating partnerships, and its consolidated subsidiaries, unless the context indicates otherwise.

BUSINESS OF BRADLEY OPERATING LIMITED PARTNERSHIP

Overview

Bradley Operating Limited Partnership, or Bradley OP, is one of the legal entities through which Heritage Property Investment Trust, Inc., a fully integrated, self-administered and self-managed real estate investment trust, or “REIT,” conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. Heritage is one of the nation’s largest owners of neighborhood and community shopping centers, with properties located in the Eastern, Midwestern and Southwestern United States. As of September 30, 2004, Heritage had a shopping center portfolio consisting of 164 shopping centers, located in 29 states and totaling approximately 33.2 million square feet of GLA, of which approximately 27.9 million square feet was Company-owned GLA.

Heritage conducts its business primarily through its two operating partnerships, Heritage Property Investment Limited Partnership, or Heritage OP, and Bradley OP. Bradley OP is a Delaware limited partnership and is the primary entity through which Heritage conducts its operations in the Midwest. As of September 30, 2004, Bradley OP and its subsidiaries owned 106 shopping centers, located in 21states and totaling approximately 17.6 million square feet of Company-owned GLA.

From Heritage’s formation in July 1999 until it completed the Bradley acquisition (described below), Heritage operated its business through a structure commonly referred to as an “umbrella partnership” REIT or “UPREIT.” This structure generally consists of a corporate REIT with shares of capital stock and a limited partnership with both entities coordinating to operate a single real estate business. The limited partnership typically owns all or substantially all of the real estate properties and the REIT controls the partnership’s business activities as the sole general partner. In our case, we are the sole general partner of Heritage OP and hold directly and indirectly through one of our subsidiaries, all of the partnership interests in Heritage OP. Until September 2000, Heritage OP owned all of our real estate properties, either directly or indirectly through other subsidiaries.

In September 2000, we acquired Bradley Real Estate, Inc. (“Bradley”), a publicly-traded REIT headquartered in Illinois, as a result of which, one of our subsidiaries became the sole general partner of Bradley OP. As is the case with our structure, Bradley was also organized and operated as an “UPREIT.” Bradley, a corporate REIT, was the general partner of, and owned approximately 83% of the partnership interests in, Bradley OP. Bradley OP owned either directly or indirectly through other subsidiaries, substantially all of the real estate properties in Bradley’s real estate portfolio. Prior to our acquisition of Bradley, Bradley OP had issued units of common and preferred limited partnership interests to unaffiliated third parties in connection with acquisitions by Bradley of properties and other real estate companies and other financing transactions.

Although we integrated the operations of Bradley OP with our other operations, essentially, we are operating two distinct umbrella partnerships as we have elected not to merge or combine Heritage OP and Bradley OP as a legal matter at this time. We continue to act as the sole general partner and hold of all of the partnership interests in Heritage OP. Through our wholly-owned subsidiary, we are also the sole general partner of Bradley OP and manage and conduct the business of Bradley OP and its portfolio of real estate properties in accordance with the Bradley OP limited partnership agreement.

Although the operations of Bradley OP are separate from the operations of Heritage OP and our other subsidiaries, our business strategy, competitive strengths, financing strategy and growth strategy with respect to the operations of Bradley OP are identical to our strategies in managing our other operations. For a more detailed discussion of Heritage’s business and strategies, refer to Heritage’s filings with the Securities and Exchange Commission.

Heritage is a full service real estate company, with in-house expertise and resources in acquisitions, financing, capital markets, construction management, property management, marketing, leasing, accounting, tax and legal services. As of September 30, 2004, we had 147 total employees, including 28 leasing and support personnel, 55 property management and support personnel, 8 legal and support personnel, and 56 corporate management and support personnel. Our principal executive office is located at 131 Dartmouth Street, Boston, Massachusetts 02116 and our telephone number at that address is (617) 247-2200. In addition, we have sixteen regional offices.

Heritage maintains a Web site located at http://www.heritagerealty.com. On this Web site, you can obtain a copy of Heritage’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act of 1934, as amended, as soon as reasonably practicable after those reports are electronically filed with, or furnished to, the SEC. In addition, Bradley OP also files annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K pursuant to Section 15(d) of the Exchange Act, and those reports will also be posted on Heritage’s Web site.

Bradley OP Partnership Agreement

The following summary describes the material provisions of the Bradley OP partnership agreement. This summary is qualified in its entirety by reference to the limited partnership agreement, which we have previously filed with the SEC.

Management

Bradley OP was organized as a Delaware limited partnership on September 2, 1993. In connection with our acquisition of Bradley, the general partner of Bradley OP, Heritage-Austen Acquisition, Inc., one of our wholly owned subsidiaries, became the sole general partner of Bradley OP. We own, either directly or indirectly, 99% of the economic interests in Bradley OP.

Pursuant to the Bradley OP partnership agreement, through our subsidiary acting as the sole general partner of Bradley OP, we generally have full, exclusive and complete responsibility and discretion in the management, operation and control of Bradley OP, including the ability to cause Bradley OP to enter into certain major transactions, including acquisitions, developments and dispositions of properties and refinancings of existing indebtedness. Our subsidiary may not be removed as general partner of Bradley OP except with cause.

Partnership Interests

Interests in Bradley OP are evidenced by two classes of unit holders: general partner “common” units owned by our subsidiary as “GP Units,” and limited partner “common” units evidenced by “LP Units.” The holders of LP Units have the right, under certain circumstances, to exchange their units for shares of Heritage common stock on a one-for-one basis. Holders of GP Units and LP Units are referred to as “common unit holders.”

LP Units are held by persons who received limited partner interests in connection with their contributions of direct or indirect interests in one or more properties to Bradley OP. Bradley OP is obligated to redeem each LP Unit at the request of the holder for cash equal to the fair market value of a share of our common stock at the time of the redemption. Heritage may elect to acquire those LP Units presented for redemption for either one share of common stock or cash. With each redemption of LP Units, our percentage ownership interest in Bradley OP increases. Bradley OP may issue additional LP Units to purchase additional properties or to purchase land parcels for the development of properties in transactions that defer some or all of the seller’s tax consequences. Offering LP Units instead of cash for properties may provide potential sellers with partial federal income tax deferral.

Bradley OP has authority to issue additional preferred units that may have distribution and other rights senior to the rights of holders of common or preferred units.

Although there is no separate trading market for LP Units, we believe the market value of the shares of Heritage common stock on the New York Stock Exchange may provide existing and potential holders of LP Units with a mechanism by which to value LP Units from time to time, after giving effect to the particular tax position of each holder. The trading value of the common stock serves as a useful

surrogate for the value of LP Units because the distributions to the holders of LP Units are made concurrently with and in the same amount per LP Unit as distributions we pay to each share of Heritage common stock and because of the redemption rights of the holders of the LP Units.

Transfer of the General Partner’s Interest

The Bradley OP partnership agreement provides that our subsidiary may, in its sole and absolute discretion, transfer or dispose of its GP Units.

Rights of Limited Partners

No outside limited partner may take part in the operation, management or control of the business of Bradley OP by virtue of being a holder of a limited partnership interest.

Transfer of Limited Partnership Units

The Bradley OP partnership agreement prohibits the sale, assignment, transfer, pledge or disposition of all or any portion of LP Units without our subsidiary’s written consent, which consent may be withheld in its sole and absolute discretion. However, a limited partner may transfer its units to a family member for estate planning purposes and may pledge its units to secure the repayment of a loan as long as the limited partner has first obtained the written agreement of the pledgee to exercise its redemption rights under the Bradley OP partnership agreement (discussed below) immediately upon taking any action with respect to those pledged limited partnership units and has submitted a copy of that agreement and the pledge to our subsidiary. In addition, the Bradley OP partnership agreement contains other restrictions on transfer if, among other things, that transfer would cause us to fail to comply with the REIT rules under the Internal Revenue Code, if that transfer would cause us to become a publicly-traded partnership under the Internal Revenue Code or if that transfer would cause us to become a “party in interest” or a disqualified person as to any employee benefit plan under ERISA.

Redemption

Under the Bradley OP partnership agreement, each limited partner (other than the general partner) has the right, subject to some limitations, to require Bradley OP to redeem all or a portion of the LP Units held by that partner for cash, or, at our option, we may elect to purchase the LP Units presented for redemption for an equivalent number of shares of our common stock. Each LP Unit that is purchased by us for shares of our common stock will upon that purchase be converted to a GP Unit.

Issuance of Additional LP Units

Our subsidiary is allowed under the Bradley OP partnership agreement to issue additional units in Bradley OP to new or existing limited partners as our subsidiary determines in its discretion as the sole general partner of Bradley OP.

Amendments

Generally, our subsidiary, as the general partner of Bradley OP, may amend the Bradley OP partnership agreement without the consent of any limited partner. However, any amendment which alters or changes the distribution or redemption rights of a limited partner (other than a change to reflect the seniority of any distribution or liquidation rights of any preferred units issued in accordance with the Bradley OP partnership agreement) requires the consent of holders of a majority of the LP Units.

In addition, our subsidiary, as the general partner of Bradley OP, may amend the Bradley OP partnership agreement without the consent of any limited partner in the event that—

• our subsidiary or any of its subsidiaries engages in any merger, consolidation or other combination with any other person in which the securities of our subsidiary are being issued, acquired, converted, or exchanged;

• our subsidiary engages in the sale of all or substantially all of its assets; or

• our subsidiary engages in the reclassification, recapitalization or change in the outstanding shares of its stock which results in the holders of its stock receiving cash, securities or any other property

as long as

• in connection with any of those transactions, the limited partners of Bradley OP are offered the opportunity to receive for each unit held by them an amount of cash, securities or other property equal to the product of a conversion factor described in the Bradley OP partnership agreement and the amount of cash, securities or other property, if any, paid to a holder of one share of its common stock in connection with the transaction; or

• our subsidiary is the acquiror in the transaction and the holders of its stock are not receiving any cash, securities or other property in connection with the transaction.

Operations

The Bradley OP partnership agreement requires that Bradley OP be operated in a manner that will enable Heritage to satisfy the requirements for being classified as a REIT for federal income tax purposes.

Distributions

The Bradley OP partnership agreement provides that the net operating cash flow of Bradley OP will be distributed from time to time as determined by our subsidiary (but not less frequently than quarterly) pro rata in accordance with the partners’ respective percentage interests and priorities. In the Bradley OP partnership agreement, we are required to pay to the holders of LP Units a quarterly distribution of at least the amount of the dividend we declare on our common stock, subject to the rights of the holders of preferred units, as described below. As of September 30, 2004, the holders of 1,552,238 LP Units were entitled to this distribution, which total includes 1,219,782 LP Units held by us. Under the Bradley OP partnership agreement, we are required to contribute the proceeds from an offering of shares of our common stock, if and to the extent that, at the time of the issuance, all required distributions under the Bradley OP partnership agreement have not been made.

Exculpation and Indemnification of the General Partner

The Bradley OP partnership agreement provides that our subsidiary, as general partner of Bradley OP, and its directors, officers, and other persons acting on its behalf will not be liable to Bradley OP or to any of its partners for any acts or omissions performed or omitted to be performed by it or them as long as its or their conduct was taken in good faith and in the belief that the conduct was in, or not opposed to, the best interests of Bradley OP and does not constitute actual fraud, gross negligence or deliberately dishonest conduct. In addition, our subsidiary will not be responsible for any misconduct or negligence on the part of its agents. Our subsidiary may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisors, and any action it takes or omits to take in reliance upon the opinion of those persons, as to matters that it reasonably believes to be within their professional or expert competence, will be conclusively presumed to have been done or omitted in good faith and in accordance with that opinion.

In addition, Bradley OP will indemnify and hold our subsidiary and its directors, officers and any other person acting on its behalf harmless from any liabilities incurred by any of them by reason of any performed on Bradley OP’s behalf except where the action constitutes actual fraud, gross negligence or deliberately dishonest conduct. However, no partner of Bradley OP will have any personal liability with respect to this indemnification obligation as this indemnification obligation will be satisfied solely out of the assets of Bradley OP.

Tax Matters

Our subsidiary is the tax matters partner of Bradley OP and, as such, has the sole discretion to make tax elections under the Internal Revenue Code on behalf of Bradley OP.

Term

Bradley OP will continue until December 31, 2050 or until sooner dissolved pursuant to the terms of the Bradley OP partnership agreement.

Preferred Units

As permitted under the Bradley OP partnership agreement, prior to our acquisition of Bradley, Bradley OP issued three series of preferred units in Bradley OP. As provided in the Bradley OP partnership agreement, upon our acquisition of Bradley, all of the 8.4% Series A Convertible Preferred Units were cancelled. In addition, as provided in the Bradley OP partnership agreement, in February 2004, Bradley OP redeemed all of the 8.875% Series B Cumulative Redeemable Perpetual Preferred Units then outstanding. Finally, as provided in the Bradley OP partnership agreement, in September 2004, Bradley OP redeemed all of the 8.875% Series C Cumulative Redeemable Perpetual Preferred Units then outstanding. As a result, Bradley OP currently has no preferred units outstanding.

Employees

We run the day-to-day operations of Bradley OP. As of September 30, 2004, we had 147 total employees.

Legal Proceedings

Bradley OP is not involved in any material litigation nor, to our knowledge, is any material litigation threatened against it, other than routine litigation arising in the ordinary course of business, which is generally expected to be covered by insurance. In the opinion of our management, based upon currently available information, this litigation is not expected to have a material adverse effect on Bradley OP’s business, financial condition or results of operations.

Market Price, Distributions and Related Security Holder Matters

There is no established trading market for the LP Units. As of September 30, 2004, there were 17 holders of record of LP Units, including Heritage.

The following table sets forth the quarterly distributions per LP Unit declared by Bradley OP with respect to each period set forth below.

Quarter Ended	Distributions

September 30, 2004	$	0.525
June 30, 2004	$	0.525
March 31, 2004	$	0.525
December 31, 2003	$	0.525
September 30, 2003	$	0.525
June 30, 2003	$	0.525
March 31, 2003	$	0.525
December 31, 2002	$	0.525
September 30, 2002	$	0.525
June 30, 2002	$	0.525
March 31, 2002	$	0.380

At the present time, (i) there are no common units subject to outstanding options or warrants to purchase; (iii) there are 332,456 common units which could be sold pursuant to Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), subject to other restrictions on transfer in the securities laws or in our partnership agreement; and (iii) there are no common units that have been, or are proposed to be, publicly offered by Bradley OP.

Properties

The following table provides information about our properties, including those owned by Bradley OP and its subsidiaries.

Property Name and Location	Year Built / Renovated (1)	% Leased as of 9/30/2004		Company-Owned GLA (2)	Total GLA (3)	Anchor SF (4)	Anchors (5)	Annualized Base Rent (6)		Annualized Base Rent/Sq. Ft. (7)

Shopping Centers:

*Alabama*

* Montgomery Commons	1999	100	%	95,300	299,050	257,550	Super Wal-Mart (Non-Owned) Marshalls Michaels	$	1,052,298	$	11.04

Montgomery Towne Center	1996	83	%	176,361	266,895	198,165	Winn Dixie Supermarket (Non-Owned) Bed, Bath & Beyond Circuit City Carmike Cinemas (Non-Owned) Barnes & Noble OfficeMax	$	1,849,970	$	10.49

Riverchase Village SC	1994	91	%	178,511	190,611	128,225	Bruno’s Supermarket Best Buy PetsMart	$	1,341,252	$	7.51

*Connecticut*

Torrington Plaza	1963/1994	95	%	125,710	132,910	42,037	TJ Maxx Staples	$	1,226,635	$	9.76

*Florida*

Barton Commons	1989	40	%	215,049	218,049	52,039	Bealls Dept. Store Bealls Outlet	$	425,807	$	1.98

Naples Shopping Center	1962/1997	100	%	198,843	202,343	162,486	Publix Supermarket Marshalls Linens N Things Office Depot Books A Million	$	2,037,498	$	10.25

Park Shore Shopping Center	1973/1993	100	%	231,830	240,330	188,180	Fresh Market K-Mart Rhodes Furniture Homegoods Sound Advice	$	1,856,878	$	8.01

Shoppers Haven Shopping Center	1959/1998	88	%	207,036	207,036	113,273	Winn Dixie Supermarket Bed, Bath & Beyond Walgreens Bealls Outlet	$	1,641,779	$	7.93

Venetian Isle Shopping Center (8)	1959/1992						Publix Supermarket
							TJ Maxx
							Linens N Things
		100	%	183,467	186,967	111,831	Rec Warehouse Pools and Spas	$	1,496,806	$	8.16

*Georgia*

* Shenandoah Plaza	1987						Ingles Market/Goodwill Emporium
		99	%	141,072	144,072	113,922	Wal-Mart/Big Lots/ACS	$	694,030	$	4.92

*Illinois*

* Bartonville Square	1972	100	%	61,678	61,678	41,824	Kroger Supermarket	$	296,634	$	4.81

* Butterfield Square	1997	96	%	106,767	121,370	51,677	Sunset Foods	$	1,343,039	$	12.58

* The Commons of Chicago Ridge	1992/1999						Home Depot
							Office Depot
							Marshalls
							Pep Boys (Ground Lease)
							Old Navy
		95	%	324,080	324,080	246,039	X Sport Fitness	$	3,803,526	$	11.74

* The Commons of Crystal Lake	1995/1998						Jewel Foods/Osco Drugs
							Marshalls
							Toys R Us
		97	%	273,060	365,335	210,569	Hobby Lobby (Non-Owned)	$	3,143,183	$	11.51

* Crossroads Centre	1975/1988						KM Fairview Heights LLC/Hobby Lobby (Ground Lease)
		95	%	242,470	247,970	129,468	TJ Maxx	$	1,525,883	$	6.29

* Fairhills Shopping Center	1971/1989	86	%	107,614	117,714	49,330	Jewel Foods/Osco Drugs	$	565,768	$	5.26

* Heritage Square	1992						Circuit City
							Carson Furniture Gallery
							DSW Shoe Warehouse
		99	%	210,852	210,852	164,706	Rhodes Furniture	$	2,558,827	$	12.14

* High Point Centre	1988						Cub Foods
							Office Depot
							Babies R Us
		98	%	240,002	240,002	141,068	Big Lots	$	2,313,106	$	9.64

* Long Meadow Commons	1996	93	%	118,471	118,471	65,816	Dominick’s Supermarket	$	1,646,940	$	13.90

* Parkway Pointe	1996						Wal-Mart (Non-Owned)
							Target (Non-Owned)
		100	%	38,737	222,037	179,300	Party Tree (Non-Owned)	$	531,319	$	13.7

* Rivercrest	1992/1999						Dominick’s Supermarket
							Best Buy
							PetsMart
							TJ Maxx
							Kimco Realty Corp./K-Mart
							Sears
							OfficeMax
							Hollywood Park
							Target (Non-Owned)
							Kohl’s (Non-Owned)
							Menards (Non-Owned)
		100	%	488,680	847,635	711,859	Sony Theaters (Non-Owned)	$	4,345,036	$	8.89

* Rollins Crossing	1995/1998						Super K-Mart (Non-Owned)
							Sears Paint & Hardware
		99	%	148,117	342,237	283,704	Regal Cinema (Ground Lease)	$	1,127,083	$	7.61

* Sangamon Center North	1970/1996						Schnuck’s Supermarket
		97	%	139,907	151,107	79,257	U.S. Post Office	$	1,117,564	$	7.99

* Sheridan Village	1954/1995						Bergner’s Dept Store
		96	%	303,915	303,915	177,409	Cohen’s Furniture Co.	$	2,328,907	$	7.66

* Sterling Bazaar	1992	95	%	84,535	84,535	52,337	Kroger Supermarket	$	742,288	$	8.78

* Twin Oaks Centre	1991	97	%	98,197	98,197	59,682	Hy-Vee Supermarket	$	712,995	$	7.26

* Wardcliffe Shopping Center	1976/1977						CVS
		89	%	67,681	67,681	48,341	Big Lots	$	341,549	$	5.05

* Westview Center	1992						Cub Foods
							Marshalls
							Value City Dept. Store (Non-Owned)
		79	%	325,507	416,307	184,265	Fashion Bug	$	2,507,569	$	7.70

*Indiana*

* Apple Glen Crossing	2001/2002						Super Wal-Mart (Non-Owned)
							Kohl’s (Non-Owned)
							Dick’s Sporting Goods
							Best Buy (Ground Lease)
		99	%	150,446	440,987	384,426	PetsMart	$	1,767,145	$	11.75

* County Line Mall	1976/1991						Kroger Supermarket
							OfficeMax
							Old Time Pottery
		90	%	268,589	271,389	213,950	Sofa Express	$	1,819,491	$	6.77

* Double Tree Plaza	1996	97	%	98,342	110,342	49,773	Amelia’s Supermarket	$	734,067	$	7.46

* Germantown Shopping Center	1985						Beuhler’s Supermarket
							Elder Beerman Department Store
		75	%	230,417	237,617	114,905	Peebles Department Store	$	1,078,514	$	4.68

* King’s Plaza	1965	87	%	102,788	104,888	60,200	Cub Foods	$	414,628	$	4.03

* Lincoln Plaza	1968	93	%	95,814	95,814	39,104	Kroger Supermarket	$	678,293	$	7.08

* Martin’s Bittersweet Plaza	1992						Martin’s Supermarket
		100	%	78,245	81,255	61,079	Osco Drug	$	581,590	$	7.43

Meridian Village	1990						O’Malia’s Supermarket
		99	%	130,774	130,774	65,030	Godby Home Furnishings	$	1,310,918	$	10.02

* Rivergate Shopping Center	1982						Super Foods
		96	%	133,086	137,486	108,086	Wal-Mart	$	520,238	$	3.91

* Sagamore Park Centre	1982	93	%	118,436	118,436	66,063	Payless Supermarket	$	973,042	$	8.22

* Speedway SuperCenter	1960/1998						Kroger Supermarket
							AJ Wright
							Kohl’s
							Sears
							Factory Card Outlet
							Old Navy
		86	%	569,879	569,879	252,624	Petco	$	4,645,843	$	8.15

* The Village	1950						US Factory Outlet
							AJ Wright
							Dollar Tree
		83	%	312,187	314,987	115,325	Indiana Department of Employment	$	1,899,186	$	6.08

* Washington Lawndale Commons	1957/1993						Stein Mart
							Dunham’s Sporting Goods
							Gensic’s Furniture House
							Jo-Ann Fabrics
							Books A Million
		75	%	331,912	331,912	168,409	Big Lots	$	1,513,972	$	4.56

*Iowa*

* Burlington Plaza West	1989	34	%	88,118	92,118	N/A	N/A	$	249,943	$	2.84

* Davenport Retail Center	1996						Staples
							PetsMart
		100	%	62,588	229,588	214,433	Super Target (Non-Owned)	$	645,531	$	10.31

* Kimberly West	1987/1997	86	%	113,713	116,513	76,896	Hy-Vee Supermarket	$	603,892	$	5.31

* Parkwood Plaza	1992	39	%	126,369	126,369	N/A	N/A	$	361,556	$	2.86

* Southgate Shopping Center	1972/1996						Hy-Vee Supermarket
		86	%	155,399	155,399	102,065	Big Lots	$	497,613	$	3.20

* Spring Village	1980/1991	98	%	90,263	92,763	45,763	Eagle Foods	$	478,281	$	5.30

* Warren Plaza	1980/1993						Hy-Vee Supermarket
		86	%	90,102	187,135	148,525	Target (Non-Owned)	$	607,499	$	6.74

*Kansas*

* Mid State Plaza	1971						Ashley Furniture Home Store
							Sutherlands Lumber
		78	%	286,601	293,101	157,017	Hobby Lobby	$	635,612	$	2.22

* Santa Fe Square	1987	100	%	133,698	133,698	55,820	Hy-Vee Supermarket/Office Depot/Bloom Brothers	$	1,269,656	$	9.50

* Shawnee Parkway Plaza	1979/1995	94	%	92,213	92,213	59,128	Price Chopper Supermarket	$	642,971	$	6.97

Village Plaza	1975	88	%	55,698	55,698	31,431	Falley’s Food 4 Less	$	250,094	$	4.49

* Westchester Square	1968/1998	94	%	164,944	168,644	63,000	Hy-Vee Supermarket	$	1,333,064	$	8.08

* West Loop Shopping Center	1986/1998						Dillons Supermarket
		89	%	199,032	199,032	78,558	Waters True Value	$	1,309,984	$	6.58

*Kentucky*

* Camelot Shopping Center	1969/1997						Winn Dixie Supermarket
		66	%	150,571	150,571	61,500	Gatti’s Pizza	$	702,949	$	4.67

* Dixie Plaza	1987						Winn Dixie Supermarket
		100	%	48,021	82,804	59,383	Frank’s Nursery (Non-Owned)	$	386,731	$	8.05

* Midtown Mall	1970/1994						Kroger Supermarket	$	962,450	$	6.26
							Big Lots/Odd Lots
		100	%	153,822	153,822	106,271	Gatti’s Pizza

* Plainview Village Center	1977	94	%	164,454	186,254	39,399	Kroger Supermarket	$	1,392,317	$	8.47

* Stony Brook	1988						Kroger Supermarket
		100	%	137,013	238,213	169,775	H.H. Gregg (Non-Owned)	$	1,620,718	$	11.83

*Maine*

Pine Tree Shopping Center	1958/1973						Shaw’s Supermarket (Ground Lease)
							Mardens
							Jo-Ann Fabrics
							AJ Wright
		100	%	254,378	254,378	200,178	Packard Development	$	1,391,865	$	5.47

*Massachusetts*

* Berkshire Crossing	1996						Price Chopper Supermarket
							Wal-Mart (Ground Lease)
							Home Depot (Ground Lease)
							Staples
							Michaels
		100	%	446,287	446,287	389,561	Barnes & Noble	$	3,480,324	$	7.80

Lynn Market Place	1966/1993	100	%	78,092	78,092	52,620	Shaw’s Supermarket	$	626,788	$	8.03

Watertower Plaza	1988/1998						Shaw’s Supermarket
							TJ Maxx
							OfficeMax
							Barnes & Noble
							Linens N Things
							Petco
							Michaels
		96	%	296,320	296,320	214,889	NAMCO	$	3,623,979	$	12.23

Westgate Plaza	1969/1996						Stop & Shop/Staples/Ocean State Job Lot
		100	%	103,903	103,903	77,768	TJ Maxx	$	1,021,333	$	9.83

*Michigan*

* Cherry Hill Marketplace	1992/1999	78	%	122,132	125,032	53,739	Farmer Jacks	$	1,112,592	$	9.11

* Grand Traverse Crossing	1996						Wal-Mart (Ground Lease)
							Home Depot (Ground Lease)
							Borders (Ground Lease)
							Toys R Us
							Staples
		100	%	387,273	387,273	339,156	PetsMart	$	2,696,188	$	6.96

* The Courtyard	1989						V.G. Food Center
							OfficeMax
							Dunham’s Sporting Goods
		96	%	125,967	265,622	219,421	Home Depot (Non-Owned)	$	997,250	$	7.92

* Redford Plaza	1956/1987						Kroger Supermarket
							Burlington Coat Factory
							Bally Total Fitness
							AJ Wright
							Aco Hardware
		100	%	284,448	284,448	194,014	The Resource Network	$	2,352,604	$	8.27

*Minnesota*

* Austin Town Center	1999						Staples
		47	%	110,680	200,680	170,789	Target (Non-Owned)	$	525,686	$	4.75

* Brookdale Square	1971/1994						Circuit City
							Office Depot
							Brookdale Theater
							Pep Boys
		78	%	185,883	185,883	133,620	Up Front Event Center	$	952,078	$	5.12

* Burning Tree Plaza	1987/1998						Best Buy
							TJ Maxx
							Hancock Fabrics
		98	%	182,969	182,969	117,716	Dunham’s Sporting Goods	$	1,578,004	$	8.62

* Central Valu Center	1961/1984						Rainbow Foods
		96	%	123,350	123,350	90,946	Slumberland Clearance	$	840,898	$	6.82

BRADLEY OPERATING L P 8-K