THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

(IRETS)

8/5/2005 Proxy Information

Mr. Wentz is the son of Thomas A. Wentz, Sr., the President and Chief Executive Officer of the Company

During fiscal year 2005, the Company purchased four vehicles from Fisher Motors, Inc., an automobile dealership wholly-owned by John D. Stewart, a member of the Company’s Board of Trustees. The Company paid $99,729 for these four vehicles, which were purchased for the use of Company employees, including the Company’s Chief Operating Officer. Property Management Services

Hoyt Properties, Inc., a provider of property management services (“Hoyt Properties”), is owned by Steven B. Hoyt, a former member of the Board. Mr. Hoyt resigned from the Board in September 2004 at the expiration of his term. During the fiscal year ended April 30, 2005, Hoyt Properties managed 18 office properties or complexes for the Company pursuant to written management contracts.

As compensation for its services, Hoyt Properties receives a monthly fee ranging from 3 percent to 5 percent of the gross rental income, provided that such management fee is reimbursable by the building’s tenants pursuant to the tenant’s lease agreement. In the event that the Company is not reimbursed for such fee by a tenant and must pay such fee from our rent proceeds, the annual fee is, in all but several of the management agreements, capped at 3 percent of the gross rental proceeds. In addition to such management fee, Hoyt Properties is paid a separate fee for leasing space to tenants at each location. Any leasing commissions earned by Hoyt Properties are not reimbursed by the building’s tenants. The leasing commission rates are set forth in a written contract between the Company and Hoyt Properties.

Each of the written management and leasing contracts with Hoyt Properties may be terminated by either party on 30 to 60 days written notice for any reason and without penalty. In fiscal year 2005, the Company paid management fees to Hoyt Properties in the amount of $682,286, a portion of which was reimbursed by the tenants. Additionally, during that same period, the Company paid leasing commissions to Hoyt Properties in the amount of $49,309. The Company believes that all of the terms of the management contracts are commercially reasonable and are on terms no less favorable than we could have obtained from unrelated property management firms.

Property Acquisitions

During fiscal year 2005, the Company purchased three commercial properties from a limited liability company in which Steven Hoyt was a member, and one commercial property from a corporation wholly-owned by Mr. Hoyt. The Company closed on its purchase of these buildings, the Plymouth I, II and III office buildings in Plymouth, Minnesota, and the Northgate I office building in Maple Grove, Minnesota, on June 30, 2004. At the time of the transaction, Mr. Hoyt was a trustee of the Company. The buildings together contain approximately 157,935 square feet. The Company paid approximately $14.0 million for these properties, excluding closing costs. Of the $14.0 million purchase price, $13.9 million was paid in cash, and the remainder was paid through the issuance to the sellers of 10,000 Units valued at $10 per Unit. The purchase price was negotiated based on the results of an appraisal obtained by the Company, which appraisal was carried out by an independent third-party appraiser. The purchase price paid was lower than the appraised value of the properties.

Related Employee

During fiscal year 2005, Karin M. Wentz, daughter of Thomas A. Wentz, Sr., the Company’s President and Chief Executive Officer, and sister of Thomas A. Wentz, Jr., a Trustee and Senior Vice President of the Company, was employed by the Company as Associate General Counsel. Ms. Wentz was paid a salary and bonus totaling $96,083 for her services during fiscal year 2005. Ms. Wentz also received in fiscal year 2005 the standard benefits provided to other Company employees.

Vehicle Purchases

During fiscal year 2005, the Company purchased four vehicles from Fisher Motors, Inc., an automobile dealership wholly-owned by John D. Stewart, a member of the Company’s Board of Trustees. The Company paid $99,729 for these four vehicles, which were purchased for the use of Company employees, including the Company’s Chief Operating Officer.