What does this mean in words?

From the 2005 Building Block Plan (agency's portion of USDA's asset management plan):

Over 60 percent of the administrative buildings have exceeded their design life and are in need of major renovation or replacement. At the current funding level for facility assets, the replacement cycle for administrative buildings is over 300 years. The current annual maintenance funding level is lower than the standard 2-4 percent recommended by the Federal Facilities Council, a subcouncil to the National Research Council. This causes the deferred maintenance backlog to continue to grow at an increasing rate over time.