Arden Realty, Inc., a self-administered and self-managed real estate investment trust (REIT), through its controlling interest in Arden Realty Limited Partnership, engages in the ownership, management, leasing, development, renovation, and acquisition of commercial office properties located in southern California. As of December 31, 2004, its portfolio consisted of 120 suburban office properties and 197 buildings containing approximately 18.2 million net rentable square feet. Arden has qualified as a REIT for federal income tax purposes. As a REIT, the company is allowed to reduce taxable income by all or a portion of distributions to stockholders and must distribute at least 90% of its taxable income to qualify as a REIT. Arden Realty was incorporated in 1996 and is headquartered in Los Angeles, California.